WEDNESDAY 4 FEBRUARY 2015 WORLD BUSINESS NEWSPAPER UK £2.50 Channel Islands £2.80; Republic of Ireland €3.

00

Introverts united Tech’s next 25 years Arming Ukraine

Lisa Pollack on the trend in silent Michael Moritz: the future lies A misguided and dangerous
reading parties — PAGE 10 outside the US — BUSINESS LIFE, PAGE 12 idea — COMMENT, PAGE 11

Bitcoin Briefing
revolution i BP faces action over use of oil pipelines

takes new turn BP said that a US financial regulator was preparing

to name it and other companies in an enforcement
action alleging they broke anti-fraud and reporting
Democratis rules while using oil pipelines in Canada.— PAGE 15
FT series
Democratising
i Ocado finally delivers full-year profit
Ocado made its first annual profit 0f £7.2m, a
finance milestone for the online grocery business founded
in 2000 by three former Goldman Sachs bankers.—
PAGE 15; ANALYSIS, PAGE 21; LEX, PAGE 14
Leanne Kemp hopes bitcoin will spell
the end for diamond thieves. Her peer- i Tax avoidance policies under scrutiny
to-peer software company is using the
digital currency to create an online
100,000 $250 George Osborne has raised less than the last Labour
government from tackling corporate tax avoidance
record book called Blocktrace, which Bitcoin system’s Bitcoin price for most but has cracked down more heavily on individual
allows insurers and purchasers to check number of transactions of January, compared tax dodgers, according to FT analysis.— PAGE 2
the history of a precious stone. She is per day, compared with about $1,200 in
one of a wave of entrepreneurs prepar- with Visa’s 150m November 2013 i Botín reforms drive Santander profit
ing to exploit the technology behind the Increased revenues and reduced
digital currency by applying it to other provisions for bad loans have helped
industries. “I’m not excited about bit- boost profits at Spanish bank
coin. It’s the underlying technology that Santander by almost 70 per cent in
excites me,” she says. the first full quarter under Ana Botín.
Bitcoin looking spent page 17 — PAGE 18; LEX, PAGE 14
Reuters

i Future grim for 10,000 empty shops

Some 10,000 empty British shops — a fifth of the

ECB’s ‘hardball’ stance threatens

total of vacant stores — will “never be reoccupied”
and should be demolished or converted to other
uses, according to a retail analysis group.— PAGE 4

i Fresh twist in Argentine lawyer death

An arrest warrant for President Cristina Fernández

to leave Greece without funding has been found in a bin in the flat of Alberto
Nisman, deepening the mystery around the death
of the Argentine prosecutor. — WWW.FT.COM/WORLD

i QE spurs demand for corporate debt

Nestle’s bonds traded at negative yields,
highlighting investors’ desperate search for cash-
3 Resistance to Athens plan for bridge finance 3 Stand-off likely to puncture optimism conserving investments after the ECB’s move to
drive down continental borrowing costs through
quantitative easing.— PAGE 15
PETER SPIEGEL — BRUSSELS $25bn as requested, according to two Greece’s alternative rescue plan and a ‘[Finance rent bailout when they meet today in
officials involved in the deliberations. softening of its insistence on debt can- Brussels, where fears are rising that Datawatch
The European Central Bank is resisting “The Greek plan relies fully on the cellation, which lifted the Athens stock minister Greece is entering uncharted waters.
a key element of the Greek govern- ECB,” said another eurozone official market 11.3 per cent yesterday and Yanis But officials who have met Mr Varou-
ment’s new rescue plan, potentially briefed on the talks. “The ECB will play pared 10-year borrowing costs by nearly fakis said he has insisted the govern- Greek privatisation revenues Greece’s new
leaving Athens with no source of outside hardball.” a full percentage point. Varoufakis] ment cannot ask for an extension for €bn government says it
funding when its international bailout In the absence of treasury bill financ- The Greek government has said it political reasons, since it would send a 25 will halt the
expires at the end of the month. ing, Athens would exit its bailout with- could survive without additional cash
gives the signal they are willing to go along with
Annual privatisation of the
Cumulative 20
Yanis Varoufakis, Greek finance min- out access to emergency funds for the until June, when a €3.5bn bond comes impression the current bailout — a message Mr Var- country’s biggest
power group and
ister, had proposed to European officials first time since the first bailout in 2010. due. But many EU officials fear allowing oufakis reiterated at a meeting in Lon- 15
that Athens raise €10bn by issuing The ECB’s stance raises the stakes in the programme to lapse could spur mar-
they are don on Monday. “They realise their lev-
the sale of a stake
10 in its largest port.
short-term treasury bills as “bridge the stand-off between the radical anti- ket panic and a bank run. Large-scale prepared to erage is low but they feel they are on a Athens has so far
financing” to tide the country over for austerity government in Athens and its withdrawals from Greek lenders had mission, and he gives the impression 5
the next three months while a new bail- international creditors, which, if unre- slowed in recent days, officials said.
risk a lot’ that they are prepared to risk a lot,” said 0
raised €4.1bn via
privatisations, far
out is agreed with its eurozone partners. solved, could end with Greece running Jean-Claude Juncker, European Com- a top banker at the meeting. 2011 14 16 18 20 less than the
Forecasts
But the ECB is unwilling to approve out of cash within weeks. mission president, is expected to press Analysis page 6 €22bn agreed as
the debt sale. It will not raise a €15bn It is also likely to puncture a sense of Alexis Tsipras, the Greek premier, to ask Martin Wolf page 11 Source: Thomson Reuters part of its bailout
ceiling on treasury bill issuance to optimism among investors over for a “technical” extension of the cur- Greek banks lifted page 28

Labour warns Miliband’s corporate

critics of risks in pre-election clashes
GEORGE PARKER, JIM PICKARD shareholders’ best interests, or the himself, was attended by more than
AND PATRICK JENKINS
board’s, where they don’t have a good 20 City chiefs, including Michael Spen-
Business leaders who criticise Labour constructive relationship with a pro- cer, the former Tory treasurer who
before the election risk damaging the spective party of government.” heads brokerage firm ICAP.
interests of their companies, Chuka The shadow business secretary said Labour is also hoping to contain the
Umunna, shadow business secretary, that party political interventions by row with business by claiming that this
has claimed. company chiefs got in the way of week’s critics are either ill-placed to
Tesco to hand over £2m engagement with ministers on business- lecture Mr Miliband — Mr Pessina lives
withheld amid probe Mr Umunna’s comments came after friendly policies. He added that he was in Monaco and moved Alliance Boots to
48 hours of vitriolic exchanges between “definitely not” threatening revenge. low-tax Switzerland — or are Tory sym-
Tesco has agreed to hand over £2m to Labour and several high-profile busi- Despite Labour’s confrontational tone pathisers. The party pointed out that
former chief executive Philip Clarke ness critics. These began with claims by this week, it has behind the scenes con- Stuart Rose, the former Marks and
and former finance director Laurie Stefano Pessina, chief executive of ducted a charm offensive in the City, Spencer chief executive who accused
McIlwee, which the supermarket group Boots, that an Ed Miliband government conscious that its anti-business reputa- Mr Miliband of being a “1970s throw-
had withheld after a £263m profit would be “a catastrophe”. tion could backfire on election day. back” is now a Conservative peer.
overstatement. It said yesterday it was Mr Umunna tried to calm the row, This week Mr Miliband’s close adviser Mr Umunna believes business leaders
‘contractually committed to make the insisting Labour was “not spoiling for a Lord Wood hosted a lunch attended by who become Tory peers must expect to
relevant payment to each former fight with any particular business per- City institutions and organised by the be challenged but says most FTSE 100
director unless it can legally establish a son”. But he said it was not in a com- CityUK lobby group at JPMorgan’s chief executives will keep off the party
case of gross misconduct against him’. pany’s interest if its boss did not “engage Blackfriars offices. Late last year, political stage before the May election.
Report & Lombard i PAGE 20 with us in a fair fashion”. He told the another dinner organised by the same Additional reporting by Elizabeth Rigby
Financial Times: “I’m not sure it’s in the group, and hosted by Mr Miliband Opposition and business page 3

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2 ★ FINANCIAL TIMES Wednesday 4 February 2015

NATIONAL

Financial Times analysis Genetics

Tax dodging study reveals party differences MPs vote for

IVF research
Conservative chancellor its 13 years in power to counter corpo-
rate tax avoidance are projected to raise
gaps in the public finances. It is easy to
say and actually quite difficult to do.”
tested.” The FT’s findings — based on an
analysis of Budget forecasts — come
In addition, some UK measures aimed
at curbing corporate tax planning have
on babies with
clamps down more heavily
on individual avoiders
10 times as much over the next four
years as those introduced by the current
Richard Murphy, a tax campaigner,
called for a new watchdog — an Office
ahead of an election campaign that will
see politicians defending their record
been delayed because of an interna-
tional effort to redesign tax rules.
three parents
coalition government. But the coalition, for Tax Responsibility, reporting to the and stressing their determination to Although Mr Osborne last month
VANESSA HOULDER which has ruled since 2010, has tried to public accounts committee. He said: ensure taxpayers pay their “fair share”. decided to pre-empt this agreement by
do more than Labour to make individu- “The claims for tax need to be better Labour plans to provide extra funding introducing a “diverted profits tax” — CLIVE COOKSON AND CHRIS TIGHE
George Osborne has raised much less als pay their “fair share” of tax. for the health service by targeting avoid- dubbed the “Google tax” — the new
Babies with DNA from three people
income than the last Labour govern- If the tax take kept up with gross ance by hedge funds and others, while measure is not comprehensive and is
could be born in Britain as soon as next
ment from reforms to tackle corporate domestic product growth, about David Cameron has promised to recoup forecast to raise just £1bn by 2018-19.
year after MPs voted in favour of the
tax avoidance but has cracked down £100bn is forecast to flow into the pub- an extra £5bn a year “from tax lost The UK tax authority estimates that
controversial IVF technique.
more heavily on individual tax dodgers, lic coffers over the next four years through avoidance, evasion and aggres- five times as much revenue is lost from
according to a Financial Times analysis. because of measures introduced since sive tax planning”. Tackling avoidance illegal activity compared with avoid- After a 90-minute Commons debate,
The figures highlight the different tar- 1997. In practice, revenue from tax will continue to be a big priority for the ance, suggesting that more depends on MPs decided by 382 votes to 128 to allow
gets chosen by successive chancellors crackdowns tends to decline over time Liberal Democrats. the effectiveness of HM Revenue & Cus- mitochondrial replacement as a way to
but show a similar appetite for raising as avoidance routes are discovered. MPs The coalition’s relatively small take toms than on government reforms. prevent some inherited diseases that
billions of pounds by being tough with and tax experts have repeatedly ques- from new measures are partly because The coalition says its decision to boost damage biochemical energy generation
evaders and avoiders. tioned the reliability of projected yields of its reforms aimed at attracting busi- the Revenue’s focus on compliance is in human cells.
Both Gordon Brown, Labour chancel- from anti-avoidance measures, nesses to the UK. It eased laws aimed at achieving record yields. “HMRC have The Anglican and Roman Catholic
lor before he was prime minister, who although a recent review by the Office stopping companies using tax havens, secured over £85bn in compliance yield churches, and some genetic “watchdog”
said he would wage a “relentless” war for Budget Responsibility found no evi- which had been tightened under since the beginning of the parliament, groups, oppose the procedure on ethical
against avoidance, and Mr Osborne, dence of systematic over-optimism. Labour, and cut the corporate tax rate. £31bn of which was from large busi- and safety grounds. The scientific and
who described tax abuse as “morally Ian Young of the Institute of Char- The coalition could also argue that nesses,” the Treasury said. medical establishment is overwhelm-
repugnant”, have relied heavily on clos- tered Accountants in England and there is less need for specific measures “This government has taken major ingly in favour, as is the government,
ing loopholes. Wales said: “I am concerned that avoid- because tax avoidance now carries more steps to tackle tax avoidance, including but it allowed MPs the traditional free
Measures put in place by Labour over ance is political [filler] to address the reputational risk than before. the . . . diverted profits tax.” vote on a matter of conscience.
Newcastle University has led interna-
tional research into mitochondrial ther-
apy, with funding chiefly from the Well-
Palace of Westminster come Trust. If the House of Lords fol-
lows the lead of the Commons, Doug
Turnbull, the project leader in Newcas-
£234m tle, hopes to apply to the Human Fertili-
sation and Embryology Authority to go
Cost of building
Portcullis House ahead with a clinical trial later this year.
extension, which Dr Turnbull celebrated the vote as a
already has victory for patients with mitochondrial
problems disease but declined to go into details
about the planned clinical trial. “We
2,000 have to wait until the HFEA has drawn
Number of rooms
up its licensing conditions,” he said.
throughout Jeremy Farrar, director of the Well-
the palace come Trust, added: “This is a vote of
confidence in the patients, scientists,
doctors and ethicists who have worked
£1bn hard for a decade to explain this com-
Upper estimate plex research to politicians, the public
of maintenance
backlog costs and the media — and in the exemplary
process for reviewing scientific, ethical
and public opinion led by the HFEA.”
110 But opponents said that the diseases
Number of could instead be prevented by conven-
staircases used tional egg donation. “The public has
by MPs and
support staff been grossly misled about both the sci-
ence and the ethics of these techniques
Parliament by their advocates,” said David King,
and, to the director of Human Genetics Alert.
right of the Bishop John Sherrington, on behalf of
clock tower, the Catholic Bishops Conference of Eng-
Portcullis land and Wales, said the decision of par-
House liament was “clear on this issue”, but it
Feng Li/Getty remained “opposed in principle to these
procedures where the destruction of
human embryos is part of the process”.
Mitochondria are microscopic power

Call for Olympic-style body to oversee £3bn parliament renovation packs that provide biochemical energy
to every cell. Inherited defects in their
genes, which are separate from the main
DNA in the nucleus, lead to energy star-
vation with symptoms from muscle
GEORGE PARKER — POLITICAL EDITOR technology spanning centuries, from Commons Speaker, has criticised a new would “almost certainly have to be bility of closing the entire building for weakness to heart failure.
high-pressure steam and antiquated visitor entrance at Cromwell Green established by primary legislation”; a five years and moving both Commons The problem can be overcome
Plans to carry out renovation work on
sewers to air-conditioning and IT. whose uncovered ramp has left visitors new law might also suspend planning and Lords to a temporary home: some through IVF by replacing the mother’s
the Houses of Parliament, which could
Officials carried out a “disaster sce- “waiting for inordinate lengths of time laws to hasten completion. have suggested outside London. Other faulty mitochondria with healthy ones
cost up to £3bn, should be handed over
nario” that saw the failure of the main in all weathers”. Improvements to the The Palace of Westminster dates options involve a “partial decant”, mov- from an egg donor. The main genome in
to an expert delivery authority, senior
sewer, an outcome that Lord Lisvane parliamentary gym have cost £1m, four largely from 1840 to 1870 and was an ing out the Lords and Commons in turn, the cell nucleus, which contributes 99.9
politicians have said.
said would lead to the building “becom- times the original estimate. innovative building of its time: a pur- or completing work around politicians. per cent of DNA, comes from the
The scale of the work at the Palace of ing unusable pretty quickly”. But work on restoring the entire Pal- pose-built parliament designed by the The scale of the problems will feature mother and father.
Westminster is so immense that MPs John Thurso, chairman of the Com- ace of Westminster — part of a Unesco architect Sir Charles Barry assisted by in a BBC documentary series, Inside the The donor provides 37 genes affecting
and peers have argued that it cannot be mons finance and services committee, World Heritage site — is on a far greater Augustus Pugin. However, many fea- Commons, which started last night and energy production out of 20,000 in the
managed in-house and that a new body said recently that “restoration and scale, with both Mr Thurso and Lord tures have never undergone major reno- included rare access to the palace’s human genome. “Mitochondrial DNA is
— based on the Olympic Delivery renewal will be a massive capital project Lisvane arguing it should be put in the vation and the heating, ventilation, 2,000 rooms and 110 staircases. not the DNA which determines our char-
Authority — should oversee the project. with many noughts at its end”; one well- hands of a dedicated delivery authority. water, drainage and electrical systems Mr Thurso said decisions on the acter as people,” said George Freeman,
Lord Lisvane, the former clerk of the placed official claimed it could cost Lord Lisvane said the body, which are antiquated; the roofs are leaking and extent of the restoration would be taken life sciences minister. “If we were dis-
House of Commons, said the situation more than £3bn. would be answerable to MPs and peers, the stonework is decaying. in the next parliament but that a back- cussing allowing the DNA which shapes
had become so dire that “a catastrophic MPs and peers are haunted by previ- The work could require MPs to move log of maintenance already ran to human characteristics to come from
failure of services is never far away” and ous projects, managed internally, that out temporarily, as they did during the between £500m and £1bn. threeparents,thiswouldbeamajorethi-
that the basement of the largely 19th- have run into trouble, including the Sir Charles Barry: second world war when the Commons “Whether it’s a museum or a parlia- calandmoralstep,butwearenot.”
designed the
century building was “a cathedral of £234m Portcullis House extension, purpose-built chamber was destroyed and they moved ment it would still have to be repaired,” A New England Journal of Medicine
horrors”. which came in over original budget and parliament to the nearby Church House annexe. he said, adding that the idea of a dedi- study last week estimated that in the UK
The peer, formerly Sir Robert Rogers, whose glass roof has started cracking. alongside An initial independent report on cated delivery authority was “being 2,500 women of childbearing age who
said the basement contained layers of Sir Alan Haselhurst, a former deputy Augustus Pugin restoring the palace suggested the possi- seriously considered”. areatrisk couldbenefitfromthestep.

Annuities revolution. Consumer safeguards

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any other. Critics round on ‘panic’ over pensions reform
government-backed Pensions Advisory of Hargreaves Lansdown, the invest- ple would be able to go to their local Citi-
‘It has always been high risk Service. “The whole policy has been ment management company. “But they zens Advice Bureau for “expert” face to
introducing such big changes done on the hoof. It has always been have massively underestimated the face guidance, or receive telephone help
very high risk introducing such big complexity and scale of what they have from the Pensions Advisory Service.
30 global locations • www.efginternational.com
so close to the election’ changes so close to the election in May.” promised. It was always going to be But only 44 of 316 Citizens Advice
One sign of alarm, say observers, was complicated for the industry to deliver.” offices in England and Wales are ear-
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Tel: 020 7873 3000; Fax: 020 7407 5700 lions of retirees into irreversible annuity political pressure. However, it has given Weeks industry Citizens Advice would get down the pub,” said Margaret
Editor: Lionel Barber Reprints contracts. Now observers detect signs of the industry just 10 weeks to comply has to comply offices set to Snowdon, chairman of the Pensions
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Letters to the editor: lution, savers aged 55 and over will, ness champion for older workers, and voters ahead of May’s general election. The Labour party said it remained
Fax: 020 7873 5938; letters.editor@ft.com FT Cityline from April, have the freedom to cash in several leading charities and think- This chaos is evidence by the fact only a “extremely concerned about the inade-
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Wednesday 4 February 2015 ★★★ FINANCIAL TIMES 3

NATIONAL

Opposition and business

Labour counts on popular

Economic trust

City dines out on charm

opinion to back tough tone offensive designed to slew
off bad reputation and
Focus on cost of living, inequality and tax avoidance finds favour in polls polish Europe credentials
JIM PICKARD
— CHIEF POLITICAL CORRESPONDENT PATRICK JENKINS — FINANCIAL EDITOR of communicating with the business
The war of words this week between community as was the case under Tony
Labour has stepped up its charm offen-
Labour and business is a far cry from the Blair’s leadership of Labour. Lord Wood,
sive on the City of London, conscious
mid-1990s when Tony Blair and Peter orchestrator of much of the City out-
that its anti-business reputation could
Mandelson led a “prawn cocktail offen- reach work, is thinly spread, they say.
backfire on election day.
sive” of social engagements to persuade Even so, there has been a profusion of
business chiefs that a Labour govern- Through a series of lunches and dinners lunches and dinners of late. One of the
ment posed them no threat. — both in groups and one-on-one — the biggest set-piece events took place last
Senior Labour politicians remained leadership is trying to convince City year with a dinner organised by the
defiant yesterday after three days of sceptics that it can be trusted to run the CityUK lobby group, which also organ-
argument with senior business figures. economy by supporting business and ised this week’s lunch, and hosted at
Chuka Umunna, the shadow business the financial institutions that grease its Lloyds Bank’s Gresham Street head-
secretary, warned that outspoken wheels. quarters. Mr Miliband addressed the
attacks on the party were “not in the On Monday Ed Miliband’s close gathering attended by more than 20
shareholders’ best interests”. adviser Lord Wood hosted a lunch City bosses, including Michael Spencer,
The reason? Labour leader Ed Mili- attended by City institutions at JPMor- the former Tory treasurer who heads
band believes that today’s voters are gan’s Blackfriars offices. brokerage firm ICAP, Xavier Rolet, chief
more concerned with rising inequality, Labour knows the City is particularly executive of the London Stock
the “cost of living crisis” and tax avoid- nervous of the Tories’ anti-European Exchange, and the chairmen of Lloyds,
ance than they are with warnings from wing, and the destabilising prospect of a Barclays, Prudential and Old Mutual.
some of Britain’s boardrooms. referendum on EU membership. With There were also the regional heads of
The polls suggest he is probably right. that in mind, Ed Balls, the shadow chan- international financial groups from
A poll last year by Populus found that cellor, Chuka Umunna, shadow busi- Goldman Sachs and BNP Paribas to
61 per cent of voters wanted the next ness secretary, and Chris Leslie, shadow Nomura and Nasdaq.
election winner to be “tough on big busi- chief secretary to the Treasury, have People who attended the dinner
ness” and 68 per cent felt it was good made communications with City audi- reported a more emollient tone than
that parties were campaigning to ences a priority.
change the way business operated. “The card that they are really playing
Labour’s proposed new tax on expen- is Europe,” said one City executive who
‘You might hear
sive homes is one of the party’s most has been wooed. “But the question is anti-City sentiment from
popular policies. whether they are resting too much on
An aide of Mr Miliband insisted that that and whether that is enough to coun-
Ed Miliband but you’ll
the warmth between Labour and busi- teract the broader impression that never hear it from me’
ness under Tony Blair had been exag- Labour and Mr Miliband in particular
gerated, claiming that there were no let- are anti-business.” expected from the Labour leader, with a
ters of support from FTSE 100 chief One senior financier who attended a reassuring message, for example, that
executives in the run-up to the 1997 recent event recounted an effort by the corporation tax levels would be kept at
election: “There wasn’t a time that lions shadow chancellor to play down Mr competitively low levels. But those
slept with sheep, when business was in Miliband’s populist rhetoric: “Balls said: present were still unsettled by the deter-
thrall to Labour,” he said. ‘You might hear anti-City sentiment mination to introduce more redistribu-
At the shadow cabinet meeting yes- from Ed Miliband but you’ll never hear tive personal taxation policies, in partic-
terday no frontbench Labour MPs spoke it from me.’” ular the proposed tax on expensive
up to criticise the party’s stance. That split is undermining the pro- properties and bankers’ bonus tax.
Yet some Labour figures are con- European message, City financiers say. “It was presented as a balance sheet —
cerned, including Lord Mandelson, who A number of senior figures express con- a mix of give and take,” said one person
recently warned that his party was fail- fidence in private that Mr Balls and Mr who was there. “There was support for
ing to provide an “explanation of how Umunna understand the importance of Europe and the TTIP [Transatlantic
we’re going to bring about economic the City in terms of jobs and tax reve- Trade and Investment Partnership] free
growth”. The peer now runs a consul- nue, but they feel nervous of Mr Mili- trade deal with the US on the one hand.
tancy advising big business. band. “Despite the quantity of events But tougher taxes on the other.”
Mr Miliband’s team feel lucky that it they’re holding, they’re not being as Chris Cummings, CityUK chief execu-
was Boots boss Stefano Pessina who consistent or coherent as in the run-up tive, said: “It’s important that the City
prompted the current row by warning at to 1997 election,” said one Labour sym- has the chance to engage with Labour
the weekend that a Labour government pathiser. “There are different messages party politics, particularly in the areas
would be a catastrophe. Mr Pessina, a from different people, sometimes dif- of tax and regulation, as they develop
billionaire based in Monaco, did not ferent messages from the same people their manifesto.” He said Labour had
criticise any particular party policy, depending on the audience.” stepped up its lobbying but stressed that
they point out. Lobbyists complain that fewer CityUK had also helped host events for
Lord Myners, a former Labour City resources are being devoted to the effort the Conservatives and Lib Dems.
minister, said the party needed to
improve its links with the business about criticising politicians: “I wouldn’t Ed Balls rolls out anything else’.” Mr Caring, who owns
world. “ ‘Rich non-dom businessman imagine it will encourage many others a barrel during restaurants and clubs, is non-domiciled Banks
criticises Labour’ is hardly a story,” Lord to come out vocally,” he said. a tour of in the UK for tax purposes. Regulators would probe the market
Myners said. “But Labour does need to John Longworth, director-general of JW Lees Brewery Ed Balls, shadow chancellor, told an share of high street banks and
work harder on its communications the British Chambers of Commerce, said in Heywood, audience at the Institute of Civil Engi- customers would be given a permanent
with business, including underlining its that business leaders had a legitimate Manchester neers in Westminster that there would account number to make it easier to
commitment to Europe.” voice that should be heard. Joel Goodman/LNP/Rex always be disagreements in any society Three areas where party switch banks. Labour would increase by
Labour sees its commitment not to The BCC commissioned research last about how much tax should be paid. £850m the government’s £2.5bn annual
have a referendum on EU membership autumn after John Redwood, the former “Most businesspeople don’t take a
may clash with boardrooms levy on bank balance sheets.
as a trump card in maintaining the ear Tory minister, appeared to threaten Labour or Conservative view, they take
of business — if not its love. businesses that opposed Britain’s pull- a company view: what’s the best thing Industry
Mr Pessina, ironically, said the one ing out of the EU. “Our research showed for the country over the next 30 years to Personal tax Labour would set a statutory minimum
policy he most feared was that of a Brit- that 72 per cent of the public believe that create and support jobs growth,” he said. A Labour government would wage target, undermining the
ish exit from the EU. Labour figures
‘Research business should have a voice,” he said. Mr Balls vowed that a Labour govern- increase the top rate of income independence of the Low Pay
hope that by coming out against the showed 72% Richard Caring, a tycoon who lent ment would set up an independent tax from 45p to 50p. Commission. The party would
Boots boss so vociferously they will money to Labour a decade ago but infrastructure commission to decide on It would impose an annual impose a cap on energy bills
deter other potential critics.
of the public switched allegiances to the Tories in big projects, such as energy schemes. “mansion tax” on all for 20 months after the
That has led to accusations that the feel business 2010, said Mr Miliband’s stance could For now, Labour believes it is on the properties worth more than election. It would tackle
party is behaving like the Scottish deter investment in the UK. right side of public opinion. Party insid- £2m, to raise at least £1.2bn housebuilders with “use it or
National party, which sought to intimi-
should have “The beating-up of the industrialists ers point to Boris Johnson, the Tory a year for the public purse. lose it” powers on sites with
date business critics in the lead-up to a voice’ or the bosses of the companies, the mayor of London, who has joined in crit- It would also introduce a bankers’ planning permission. A tax on tobacco
the Scottish referendum. investors in this country, is a cheap vote- icising the tax affairs of the Boots chief. bonus tax to raise £1.5bn to £2bn in its companies, limits on the use of private
One City figure said Labour’s reaction
British catching, typical Miliband-type move,” “I have to say I find it disappointing first year — and further windfall taxes companies in the NHS and a crackdown
Chambers of
to the Pessina comments was likely to Commerce he said. “Labour party policy is to get that he [Mr Pessina] does not cough up in the absence of restraint by on zero-hours contracts would also be
make business leaders think twice elected and ‘we don’t give a damn about for Britain,” said Mr Johnson yesterday. the industry. in the offing. Jim Pickard

Hague proposals NHS 111

‘West Lothian’ solution hits resistance Helpline adds to strain on doctors, says BMA
SARAH NEVILLE that 111 service referrals accounted for “with colds, sore thumbs or other
— PUBLIC POLICY EDITOR
KIRAN STACEY This would apply to any measure that allowing the Scots to set income tax. almost all the recent sharp rise in conditions that could have been treated
— POLITICAL CORRESPONDENT
has been devolved. Mr Hague’s solution is an attempt to An NHS advice line is adding to strains patients attending A&E. safely by sensible advice over the
William Hague claimed yesterday to The measure is an attempt to tackle compromise between his own col- on GP services as well as accident and Dr Charlotte Jones, a GP who leads the phone”.
have resolved one of the thorniest the problem first posed by Tam Dalyell, leagues, many of whom do not want emergency departments by advising BMA’s work on NHS 111, said the associ- The NHS, she said, could not afford to
problems in British politics as he the Labour MP for West Lothian, in Scottish MPs to have any say over Eng- people with colds or sore thumbs to see ation had “consistently highlighted seri- have “unnecessary workload being cre-
unveiled his proposals to deprive Scot- 1977. During a debate on devolving pow- lish-only legislation, and those who doctors, the British Medical Associa- ous concerns about NHS 111 and how it ated, given the unprecedented pressure
tish MPs of full voting rights on issues ers to Scotland and Wales he asked why warn that splitting parliament in such a tion says. is not delivering appropriate advice and on our health service”.
that do not affect their constituents. he should be able to vote on matters way would undermine the union. Dr Mark Porter, who chairs the BMA’s
affecting Blackburn, Lancashire, but But it has upset people on both sides Based on its analysis of official data, the ruling council, suggested that the funda-
The Commons leader said he wanted to not Blackburn, West Lothian. That of that debate. Bill Cash, a Tory MP, said: BMA said the number of telephone call-
‘Non-clinically trained mental problem with the 111 service was
give English and Welsh MPs a veto on problem has become more pressing “Even after all this, there is no guarantee ers to NHS 111 that were referred to GP staff follow a formulaic that it employed “non-clinically trained
legislation that applies only to their since the parties agreed to devolve fur- that the issue of [an] English vote for services rose 186 per cent between 2013 staff who follow a formulaic script
seats, saying the move was an answer to ther powers to Holyrood, including English matters has been resolved.” and 2014 with referrals to accident and
script rather than using rather than using clinical judgment to
the “West Lothian question”. Gordon Brown, the Labour former emergencydepartmentsup192percent. clinical judgment’ assess how calls are dealt with”.
But the move is likely to be resisted prime minister, warned in the Guardian Separately, figures from the Primary This had inevitably led call handlers,
not only by Labour and the Liberal that the Tories risked furthering the Care Foundation research group esti- outcomes for patients who call the serv- with limited experience of medicine, to
Democrats but also by Conservatives. cause of Scottish independence: “Will mated the number of calls designated as ice”. refer patients to the NHS “when a
Mr Hague said: “In the Conservative history remember David Cameron for “self-care”, when patients were told they The BMA analysis of referrals since trained professional could have encour-
party we have now been discussing this just one thing . . . that on the morning could safely treat their own condition, the service’s launch in March 2013, aged them to effectively self-care”.
for a good 16 years . . . This is the of 19 September 2014 he lit the fuse that fell from 48 per cent in 2012 to an aver- when it replaced NHS Direct, demon- He urged the government “to do a
answer to the West Lothian question.” eventually blew the union apart?” age of 15 per cent in 2013 and 2014. strated a huge rise in the number of peo- serious and urgent analysis of the effect
Mr Hague proposed that English and The Lib Dems are also opposed, say- The BMA’s findings follow last ple put through to key parts of the NHS of NHS 111 on the wider urgent and
Welsh MPs should be given the chance ing the veto should be given to a smaller month’s claim by Dr Clifford Mann, such as A&E and GPs. unscheduled care system to determine
to reject bills that do not apply to Scot- William Hague: his plan faces group of English and Welsh MPs. head of the College of Emergency Medi- Dr Jones said some GPs told the BMA where it may be working inefficiently
land at a new “grand committee” stage. opposition in all three main parties Editorial Comment page 10 cine, which represents A&E doctors, that patients had been referred to them and to ensure that it is cost effective”.
4 ★ FINANCIAL TIMES Wednesday 4 February 2015

NATIONAL

High street Investment risk

Future for fifth of empty stores in doubt Watchdog

cracks down
Almost 10,000 disused second half of 2014, trouble in the
supermarket sector could undo the
fore something has to change,” he said.
Almost 10,000 empty retail and lei-
addition, the move away from one big
weekly shop means further supermar-
northwest of England showing the big-
gest improvement. Overall, about one in
on equity
shops should be converted
or demolished, analysts say
effects of the recovery on the high street,
said the Local Data Company.
sure properties, a fifth of the total
number of vacant premises, should be
ket closures could be expected, said Mr
Hopkinson.
six stores across in northern England is
vacant. For the first time, the northwest
crowdfunding
Smaller businesses that rely on large demolished or converted to other uses, Tesco is to close 43 stores, affecting up is no longer the worst region in the UK
KADHIM SHUBBER supermarkets to drive footfall may suf- he added. to 2,000 jobs, as part of a turnround for store vacancies after it moved ahead
fer as grocers such as Tesco consolidate Retail parks in the West Midlands had plan. Britain’s biggest retailer was left of the northeast, which has a vacancy JUDITH EVANS AND EMMA DUNKLEY
A fifth of empty shops in Britain will their store base, said Matthew Hopkin- the worst rate of long-term vacancies, reeling last year after a £263m profit rate of 16.8 per cent.
The City regulator is cracking down on
“never be reoccupied” and should be son, LDC director. with almost a third vacant for more than misstatement was discovered. London is significantly ahead of the
equity crowdfunding after finding that
demolished or converted, according to Changing consumers habits, such as three years, while Skelmersdale in Lan- Other supermarkets are taking steps rest of the UK, with a store vacancy rate
most companies in the fast-growing
market analysts. the rise of online shopping, meant that cashire has one of the worst-hit high to address their large store portfolios, of 7.8 per cent. The vacancy rate across
sector were misleading investors about
The call comes as the high street is stores that have been unoccupied for streets. Almost 80 per cent of high- with Wm Morrison announcing the clo- the southwest and southeast is 10.3 per
the risks.
braced for a spate of supermarket clo- more than three years were unlikely to street shops in the town have been sure of 10 stores last month and Argos cent and 10.9 per cent respectively,
sures, with Tesco, J Sainsbury and Wm be reoccupied even as the economy vacant since at least 2011. set to open 10 outlets in Sainsbury, while Wales is 14.8 per cent and Scot- The Financial Conduct Authority found
Morrison under pressure from the dis- picked up, he said. Large supermarket chains, whose which is itself shelving new stores as it land 11.9 per cent. Although retail parks that crowdfunders were giving a “mis-
counters amid a shift away from big “If something’s been vacant for more property expansion during the past two grapples with excess space. had lower vacancy rates than high leading or unrealistically optimistic
weekly shopping trips. than three years, it really does beg the decades helped to minimise the store Store vacancies fell from 12.3 per cent streets or shopping centres, small loca- impression of the investment” while
Although the vacancy rate for retail question of what’s it’s purpose in life. It’s vacancy rate, are under pressure from in the second half of 2013 to 11.8 per cent tions with fewer than five outlets were attracting retail customers with little
and leisure properties fell slightly in the clearly not to be a retail outlet and there- discount chains Aldi and Lidl. In in the second half of 2014, with the no longer sustainable, said the LDC. experience of investing.
The warning is the second in a week
after the watchdog said it would clamp
down on the marketing of peer-to-peer
Engineering prize lending companies amid concerns that
some were mis-selling their products as

Biomedical pioneer
risk-free savings.
The FCA has previously warned
investors “it is very likely you will lose
all your money” in equity crowdfund-

wins award for tissue ing, which involves taking stakes in

unlisted companies that are often in
their early stages.

and drug inventions

Some companies failed to meet capi-
tal requirements last year, while others
made misleading claims that they were
placing retail investors on an equal foot-
ing with venture capitalists, the FCA
said.
CLIVE COOKSON — SCIENCE EDITOR Gliadel for brain tumours — and other “This becomes significant if venture
Robert Langer, a pioneering biomedi- diseases from schizophrenia to diabetes. capitalists are able to profit from suc-
cal engineer and entrepreneur whose He has also made many innovations cessful investment opportunities, but
inventions have transformed drug in tissue engineering, working with crowdfunding investors find when an
delivery and tissue engineering, has Joseph Vacanti, another Harvard sur- investment succeeds, that equity dilu-
won the £1m Queen Elizabeth Prize for geon, to develop synthetic polymers tion means they do not share in the prof-
Engineering. that can deliver living cells to form new its to the same extent,” said the FCA.
tissues and organs. This concept has led The watchdog said it had heard of
Prof Langer, 66, runs the 100-strong to artificial skin, approved by the US cases in which companies deleted nega-
bioengineering department at Massa- Food and Drug Administration for treat- tive user comments on investment
chusetts Institute of Technology. “It is a ing burns and leg ulcers, while other tis- opportunities, despite the sector’s
great honour to win what is by far the sue engineering systems are in clinical claims to harness the wisdom of crowds.
biggest engineering award in the world,” trials for forming cartilage and even Barry James, founder of the Crowdfund-
he told the Financial Times ahead of repairing damaged spinal cord. ing Centre, a research group, said the
the prize announcement yesterday at Prof Langer’s lab is working on several claim was “deeply worrying”.
the Royal Academy of Engineering in bioelectronics projects. One is a micro- Julia Groves, who chairs the UK
London. chip implant that can store and release Crowdfunding Association, an industry
The prize, which the Queen will precise drug doses over long periods; it body, said the FCA review was an “abso-
present to Prof Langer later this year, is can respond to wireless signals or a lutely welcome intervention to make
a UK initiative intended to promote sure that everyone is following the rules.
engineering globally. It makes up for the There needs to be a level playing field”.
absence of a Nobel award for engineer-
‘I want to make sure that Equity crowdfunding has been in
ing, said Lord Browne, the former BP discoveries from our lab existence for about three years and has
chief executive who chairs the prize processed £67m of equity investment,
foundation.
get out into the world according to statistics from AltFi, a data
Prof Langer, pictured below, said he as fast as possible’ provider. Its biggest companies include
felt particularly honoured to be the Crowdcube, Seedrs and Syndicate-
sole winner of the 2015 prize — the sec- biochemical sensor in the body. More Room, but many smaller start-ups have
ond time it has been awarded. The first futuristic is a microscopic “injectrode” joined the fray and there are 35 in total.
prize, presented in 2013, was shared by that will act like an artificial neuron Unlike on sites such as Kickstarter,
five people who developed the internet. inside the brain. where donors contribute money to
Prof Langer, who trained as a chemi- “I want to make sure that findings and projects often in exchange for token
cal engineer, began biomedical work in discoveries from our lab get out into the Paddington was the most successful UK independent film last year, taking £34.7m at the box office — Studio Canal “rewards”, equity crowdfunding gives
1974 as a postdoctoral researcher in the world as fast and as efficiently as possi- investors a stake in the companies
laboratory of Judah Folkman, a Harvard ble,” he said. For that reason he has Bearing up the UK the most exciting place on the domestic films — those made in the UK involved. But it is far riskier than its
scientist developing treatments for can- become a businessman too. “I have been Film production spending planet to do business”. by a UK production company — rose 28 loan-based cousin, P2P lending, while
cer that work by cutting off the tumour’s involved in founding 27 or 28 compa- One of the main attractions of the UK per cent to £200m. some 62 per cent of funders on equity
blood supply. “All my chemical engi- nies,” he said. “Though I think of myself soars to record level is its film tax relief, which allows Sajid Javid, culture secretary, crowdfunding sites have no experience
neering friends were going into the oil as a scientist and a professor first, I have production companies to reclaim up to described the UK film industry as “a of early-stage investment, a study found
industry then but that didn’t interest become something of an entrepreneur.” Film production spending in the UK 25 per cent of their UK expenditure. powerhouse for growth”. He signalled last year.
me,” he said. Lord Broers, the chairman of the surged to a record level last year as Some 36 international films made the the government’s backing for film tax The FCA is keen to promote innova-
His first success was to find a way to prize judges, explained they honoured Hollywood studios took advantage of UK their production base in 2014, many relief, saying that supporting the tive financial technology as well as indi-
release biological anti-cancer com- Prof Langer for “his immense contribu- tax breaks to shoot movies including of them shooting scenes at Pinewood creative industries was “a key part of vidual investing in stock markets, and is
pounds slowly and reliably into the tion to healthcare and to numerous the latest instalments of Star Wars and Shepperton’s Buckinghamshire studios. the government’s long-term economic understood not to want to kill off the
patient’s bloodstream — something other fields by applying engineering Mission Impossible. Inward investment, which accounts plan and we have worked hard to fledgling sector.
never achieved before. Through systems thinking to biochemical The British Film Institute said for the majority of film production create the right environment here for It took over regulation of P2P and
experimentation, he engineered problems”. yesterday that total spending on film spending, jumped 40 per cent to the UK film industry to flourish”. crowdfunding last year, although some
biodegradable polymers (special- He added: “Not only has he production in the UK rose 35 per cent £1.23bn in 2014. This figure includes The BFI said total box office crowdfunders were already regulated
ised plastics) that could absorb the revolutionised drug delivery but to £1.47bn in 2014, thanks largely to an spending on post-production and revenues from cinemas fell 2 per cent to under existing securities rules.
large molecules required for can- his open-minded approach influx of money from the US. Amanda computer-generated images produced £1bn in 2014. The most successful UK The watchdog said crowdfunders’
cer treatment and release to innovation and his Nevill, BFI chief executive, said the by UK companies such as Framestore independent film was Paddington, websites featured a “lack of balance”
them at the required rate. ability to think outside figures demonstrated the film industry and Double Negative. But while the which took £34.7m last year and is together with “insufficient, omitted or
His drug delivery the b ox have le d was “a sector alive with opportunity bulk of investment came from abroad, among UK films that are in the running the cherry-picking of information” and
system is the basis of to great advances in and energy, where creativity and fiscal British film-makers also increased their for the British Academy Film Awards in downplayed risk warnings. The compa-
many of today’s cancer the field of tissue policy is working hand in hand to make spending in 2014. Spending on London this weekend. Robert Cookson nies made changes in response to the
treatments — such as engineering.” FCA’s criticism, it added.

Construction

Housebuilding recovery on shaky foundations as demand exposes shortage of skills

CONOR SULLIVAN in the past 18 months demand has construction companies by the Federa- government. Census data show that,
AND ELIZABETH PATON
recovered sharply and the industry is tion of Master Builders found that 44 between 2001 and 2011, the proportion
A lack of bricklayers, electricians and racing to keep up. Between 2007 and per cent reported problems hiring car- of construction tradespeople aged 40 or
plasterers has emerged as one of the 2010 the number of houses built each penters during the last three months of older rose from 51 to 57 per cent.
biggest obstacles to overcoming Brit- year slumped about 40 per cent to 2014, up from 23 per cent a year earlier. The new political consensus on the
ain’s acute shortage of housing. 107,000, according to the government. The industry has an image problem, need to build more housing and exten-
A swift recovery followed last year said Stephen Radley of the Construction sion of the Help to Buy scheme until
The swift recovery in housebuilding has with 140,000 houses that started being Industry Training Board, with not 2020 have given the industry a confi-
exposed a scarcity of people with the constructed during the year to Septem- enough school-leavers viewing the con- dence to invest in training that was pre-
requisite skills, figures from the ber, a 17 per cent rise on the preceding 12 struction trade as a desirable career. viously absent, Mr Turner said.
construction industry show. months. Mr Radley cited research showing Labour wants to see housebuilding
“There is no question that we are fac- “The sheer volume of skilled trade that a third of school careers advisers rise to 200,000 a year, the Liberal Dem-
ing a skills shortage in the sector,” said workers is just not out there to meet the discourage pupils from the sector, add- ocrats want 300,000 while the Tories
John Tutte, chief executive of house- demand for new houses,” said James ing that “we need to improve the image want more but do not give a target.
builder Redrow. “We can’t get away Hick, managing director of recruiter Sector rebound Tim Moore, senior economist at and reality of working in the sector”. “Only in recent years have politicians
from the fact we have an ageing work- ManpowerGroup Solutions. PMI data ease fears survey data compiler Markit, said that The emergence of shortages of certain demonstrated a real commitment to
force, lack of broad investment in Rob Perrins, managing director of “the peak speed of the construction skills “strongly suggests”, said the train- increasing supply,” Mr Turner said.
education and vocational training, as housebuilder Berkeley, said in Decem- over civil engineering recovery seems to be over, but reports ing board, that the industry has perma- Wages have risen in the face of rising
well as a cultural hangover.” ber that in the capital, skills shortages of its death have been greatly nently lost many of those who were demand. “We are certainly seeing
An estimated 240,000 houses a year had overtaken planning and land availa- Activity in the UK construction sector exaggerated”. made unemployed during the recession. double-digit percentage wage inflation”
need to be built to meet demand accord- bility as the biggest business constraint. rebounded in January, although it The index has now been above the Those that remain in the industry are for certain trades such as bricklayers
ing to an estimate by the Town and The number of construction trades- remained weaker than the peaks of 50 mark, which separates expansion older and not enough young people are and electricians, said Duncan Bulli-
Country Planning Association, but in people claiming unemployment benefit last summer. from contraction, for 21 months. being trained to replace them, said John more, a director at Hays Construction, a
the year to September only 117,000 were at the peak of the boom in 2007 was Housebuilding, civil engineering and Howard Archer of IHS Global Seasman, a director of recruitment recruitment agency.
built. about 35,000. This soared to more than commercial construction all Insight, said the survey was “pretty agency Reed Property & Construction. He said bricklayers could earn £1,000
Housebuilders slashed workers when 100,000 during the worst of the reces- contributed to the Markit/CIPS reassuring”, suggesting that the sector About 8,000 people completed con- a week. “There are plenty of developers
the recession hit in 2008 and many of sion but in December the figure was at purchasing managers’ index rising to was “seeing decent expansion”. struction apprenticeships in the that are willing to pay that if the level of
those tradesmen have since left the 17,000 — far below the pre-crisis norm. 59.1, up from 57.6 the previous month. Emily Cadman. Photo: Bloomberg 2013-14 academic year, down 58 per production and quality is right,” Mr Bul-
country or found a new profession. But A survey of small and medium-sized cent on 2008-09, according to the limore said.
Wednesday 4 February 2015 ★★★ FINANCIAL TIMES 5

INTERNATIONAL

Interview. Myanmar opposition leader Jordanian pilot

Isis posts video

Suu Kyi hits at ‘parody of democracy’ said to show
hostage being
Head of NLD refuses to give up
on her presidential hopes
In her burned alive
own words
during election year
‘It is JOHN REED — JERUSALEM
ERIKA SOLOMON — BEIRUT
MICHAEL PEEL AND DAVID PILLING dangerous
— NAYPYIDAW particularly A video posted on social media yester-
day evening appeared to show the
Aung San Suu Kyi insists she can still because it’s Jordanian pilot captured in December
lead Myanmar despite her fears that the not a real by Isis militants being burned alive.
transition from dictatorship has
become a “parody of democracy” ahead
democracy. Muath al-Kasaesbeh, who was part of
of elections due this year. But there are the US-led coalition launching strikes
The opposition leader vowed to cam- many who against the Islamic State of Iraq and the
paign to curb the former ruling generals’ would like Levant, is shown walking through what
power and scrap a law that would stop appears to be the site of a building hit by
her from becoming president once polls to believe air strikes. In an orange uniform, his left
billed as a decisive break from more or to pretend eye blackened, he walks into a cage and
than half a century of military control that it is’ is burnt alive, watched by Isis fighters.
take place. Jordanian state television confirmed
While the Nobel peace laureate also Kasaesbeh’s death and said he had been
sounded more conciliatory notes, her ‘We have to killed on January 3. Al Jazeera television
comments underscore the daunting reported that Jordanian authorities had
constitutional and power-sharing issues move on. The moved two jihadi prisoners on to death
in the politically complex and conflict- past is there row in Amman. Jordan’s government
ridden country. for us to learn did not make any immediate comment.
“It is dangerous particularly because In an address to Jordanians last night,
it’s not a real democracy,” she said in an from, not for King Abdullah condemned what he
interview in her offices in the vast par- us to be called “cowardly” Isis and called for
liamentary complex in Naypyidaw, the shackled by’ national unity after the pilot’s killing.
generals’ purpose-built, eerily empty The Isis video begins with television
capital city. “But there are many who clips discussing Jordan’s involvement in
would like to believe or . . . to pretend the US-led coalition against Isis, with
that it’s a real democracy.” King Abdullah saying “every pilot”
Suzanne Plunkett/Reuters
Ms Suu Kyi said she had not given up raised his hand when he asked for vol-
on being president, even though many gave way to long periods of imperial rule down” approach of negotiations among Ms Suu Kyi declined to go into detail criticism since being elected to parlia- unteers to join air strikes. It moves to
doubt she can overturn a constitutional or military dictatorship. While Ms Suu a few senior political leaders favoured on her National League for Democracy’s ment in 2012. Kasaesbeh, shown discussing coalition
provision that bars her selection by a Kyi’s battle with the generals for politi- by Ms Suu Kyi. policies on the economy, foreign invest- Some Suu Kyi sceptics who are benefi- operations against Isis. “To the parents
post-election parliament because her cal rights during the past quarter of a Ye Htut, information minister, criti- ment and resource-licensing, amid ciaries of the status quo worry that she of the pilots, stop your sons from doing
children are not Myanmar nationals. century — including more than 15 years cised Ms Suu Kyi’s stance, saying she growing concerns over issues ranging may seek to shake up the established these types of flights and striking
She said constitutional reform was a under house arrest — is part of the story, sometimes talked “too bluntly” about from huge China-backed dam projects order. Even some admirers say her Islamic targets so that they do not fall
“live issue” in parliament, on both this the country is also grappling with how to the military. “This kind of speech works to the smuggling of drugs, gems and tim- dominance of the pro-democracy into the same situation as me,” he says.
provision and another that guarantees accommodate myriad ethnic groups in the western political culture but in ber. She stressed instead the need first to movement has stifled the emergence of The video was produced by al-Furqan
the military a quarter of seats in the leg- that have been in conflict with the gov- the Myanmar political culture it will not cut corruption — starting within the alternative leaders and may have sty- Media foundation and distributed on
islature and, in effect, a veto on consti- ernment for decades and fear the bring the results she wants,” he said. government itself — and build the rule mied earlier possibilities for the mili- Twitter. Images are spliced with those of
tutional reform. hegemony of the majority Bamar. While Ms Suu Kyi was combative at of law in a country where institutions tary to cede power. children injured by air strikes and res-
“I am sure it will change, but when I Ms Suu Kyi said plans of President times, she also sought to reassure the have been hollowed by the military. “What surprises me is this remark cue workers pulling bodies out of rub-
cannot say,” Ms Suu Kyi, who will turn Thein Sein, a former general, and his military-centred elite that any future “This is not just an economic matter. that I was not criticised before,” she said. ble. After the pilot is burned, the fight-
70 this year, said of the legal block on almost four-year-old quasi-civilian gov- government she led would not punish It’s very much a political matter,” she “I was criticised. There were many, ers bring in a truck and pour rubble over
her candidacy. “But this kind of clause ernment for broad-ranging talks with them for past wrongdoings. “We have to said, referring partly to resource-shar- many people, including in the west, who his body. It was not immediately possi-
cannot exist forever.” various interest groups were an effort to move on because I don’t think we can tie ing agreements with ethnic minorities. said I was not flexible enough, that I ble to verify the authenticity of the film.
Myanmar is still struggling with how sabotage the transition by making it ourselves to the past forever,” she said. Ms Suu Kyi has faced a backlash from should be nicer to the military govern- Kasaesbeh was reportedly captured
to govern itself 130 years after the oust- chaotic. The government says its pro- “The past is there for us to learn from, some over her presidential ambitions, ment — and that if I were more co-oper- on December 24 after his F-16 jet
ing of King Thibaw by the British in 1885 posal is more democratic than the “top- not for us to be shackled by.” although she denied she had faced more ative, they would be nicer to me.” crashed near the Syrian city of Raqqa.
6 ★★★ FINANCIAL TIMES Wednesday 4 February 2015

INTERNATIONAL
GLOBAL INSIGHT
US recovery
MADRID

Lew flags concern on global economy Tobias

Buck
Treasury secretary tells cited a pledge last year from the G20 three times the rate of the euro area this ‘The rest of highly political budget proposal that
group of leading economies for more to year. calls for Congress to loosen the purs-
Congress other countries the world
must stimulate demand
be done to stimulate domestic demand
around the world but hinted at US frus-
tration that other major economies
Mr Lew gave voice to broader fears
among US officials that the rebound in
the US could be curtailed by sluggish
cannot
estrings and deliver more help to a
struggling US middle class while contin-
uing to cut the deficit.
Outbreak of jitters in
SHAWN DONNAN AND SAM FLEMING
— WASHINGTON
were not living up to that promise.
“Our strength allows us to maintain
demand overseas. That worry was
flagged up by the US Federal Reserve
depend on
the United
That budget drew a rebuff yesterday
from Paul Ryan, the Republican chair-
Madrid rules out any
The US economy appears to have
entered a period of “self-sustaining”
our leadership in the global community
and while we must lead by example, we
cannot do it alone,” he told the hearing.
last week when it added “international
developments” to a list of swing factors
informing its interest rate policy.
States to
man of the House ways and means com-
mittee, to which Mr Lew was testifying.
The former vice-presidential candidate
southern solidarity
growth but governments in other major The US was the only major economy With central banks elsewhere cutting
be the sole noted that the administration had
economies must do more to stimulate apart from Spain to have its growth out- interest rates — and the European Cen- engine released its budget proposal on Ground-

T
demand, US Treasury secretary Jack look upgraded last month by the Inter- tral Bank having embarked on quantita- of growth’ hog Day and accused it of repeating past he travel schedule of Greece’s new finance
Lew warned yesterday. national Monetary Fund. tive easing last month — the US dollar attempts to increase spending and raise minister says a lot about the state of the euro-
Mr Lew said, in evidence to Congress, While the US economy decelerated in has been surging, creating headwinds Jack Lew taxes. “It’s the same thing every year, zone — and the political shifts created by
that 2.5 per cent growth last year and the fourth quarter of 2014, expanding at for US exporters. The Fed has been lay- even a little worse,” Mr Ryan said point- seven years of economic turmoil.
robust forecasts for this year indicated an annualised 2.6 per cent pace, com- ing the ground for a rate increase this ing to $2.1tn in tax rises in the proposal. In recent days, Yanis Varoufakis has held
that the US was set to expand “substan- pared with 5 per cent a year ago, its year from the current 0 per cent to 0.25 “The last thing this economy needs is meetings in Paris, London and Rome where he urged lead-
tially faster than all of the other growth rate was still faster than the per cent, with a move expected in June another whopping tax increase.” ers to ease the pressure on Greece and reduce its towering
advanced economies combined” in average set in the first 21 quarters of the or later. That could put more upward But the Republican budget hawk also debt burden. On Thursday, he is expected in Berlin.
2015. But he added: “While the recov- recovery. This contrasts sharply with pressure on the dollar, prompting com- welcomed what he called “baby steps in Madrid, in contrast, has yet to appear on the itinerary.
ery in the US economy has helped to other major economies, including nota- plaints from big US companies whose the right direction” by the administra- The omission of Spain underlines how the eurozone cri-
drive global growth, the rest of the world bly the eurozone, which has been head- earnings are being squeezed. tion on tax reform and cited it as an area sis has turned Europe’s political geography upside down:
cannot depend on the United States to ing into deflation. Mr Lew’s warning came a day after the for possible bipartisan co-operation. when it comes to helping Greece, there will be no such
be the sole engine of growth.” Mr Lew The IMF expects the US to grow at Obama administration unveiled a John Kay page 11 thing as southern solidarity or peripheral patronage.
Italy and France may see merit in engaging with the new
Greek leadership, if only to put pressure on Germany in
the broader European economic policy struggle. But Spain
Debt talks has more reason than most to advocate a tough line against
Athens, as do countries such as Ireland and Portugal.

Greek plan depends on creditors accepting sacrifices Viewed from Madrid, the political faultline in the euro-
zone runs not between a prosperous north and a crisis-
ridden south, but between countries that have done their
economic homework and those that have not.
The Spanish government of Mariano Rajoy believes it
ELAINE MOORE — LONDON various times by the economist Robert belongs firmly in the former camp, while Greece — and to a
Shiller, the International Monetary lesser extent Italy and France — are in the latter.
Greece’s new finance minister Yanis
Fund and the Bank of England. Over the past two years, Spain has styled itself as having
Varoufakis has charmed markets with
But their popularity has been con- proved that Europe’s orthodox response to the crisis
a surprise proposal for a “menu” of
strained by two main criticisms. The works. The country has had six quarters of economic
bond swaps to reduce his country’s
first is the concern that governments growth, unemployment is falling faster than expected, and
onerous debt burden.
might cheat on their GDP figures to confidence and investment have started flooding back.
That approach appears far less conten- reduce what they have to pay creditors. Once an economic bas-
tious than earlier demands from the Then there is the problem of agreeing ket-case on the brink of a
new Greek government that a large interest rates for such esoteric securi- bailout, Spain now thinks
If Greece can
share of its debts be forgiven. Yet a ties, which are often turned to only in of itself as the Prussia of lighten its debt
closer reading of the menu suggests that times of crisis. the south — austere, disci-
its contents may not prove so appetising Alberto Gallo at Royal Bank of Scot- plined and ready to
load, why did
to the country’s eurozone creditors. land said if such practical issues could absorb short-term pain Spain not get
Details are still scarce but the govern- be overcome, then growth-linked bonds for longer-term gains.
ment’s idea is to exchange European were a better proposition for borrowers After enduring many
such a deal?
rescue loans for debt linked to future such as Greece than the more conven- lectures on economic
gross domestic product growth and con- tional approach of merely extending housekeeping, Spanish leaders seem to relish the chance
vert bonds owned by the European Cen- debts long into the future. to engage in finger-wagging themselves. “It cannot be that
tral Bank to new instruments without a “For public sector debts, the hope is we change the rules just because there is a political change
maturity date — perpetual bonds. that interest rate cuts and maturity in a country,” Cristóbal Montoro, the budget minister, said
The question is whether creditors will extensions will eventually make debt on Monday. “It would mean the collapse of Europe.”
accept the alternative plan. Beneath the disappear,” Mr Gallo said. “This is Officials insist that Spain’s initial response to the crisis —
technical details of the latest proposals unlikely.” For the creditor, he argued, structural reform, budget cuts and tax increases — was
lies a difficult dilemma, say analysts: such bonds presented a chance to be based on authentic and independent decisions taken in
debt exchanges that give Greece mean- repaid and avoid the risk of suffering Madrid. But in selling this to voters, the Rajoy government
ingful relief are likely to imply meaning- certain losses from a “haircut”. relied on the argument that there was no alternative. The
ful sacrifices for its creditors. Perpetual bonds are similarly rare but medicine had to be taken, no matter how bitter the taste.
“If done in a neutral way that does not were once far more widespread. In 1751, But that narrative is now under threat; if Greece can
lead to losses for official creditors, then Britain’s prime minister, Henry Pelham, lighten its debt load while lifting social spending and hiring
it will serve as insurance against unex- converted the entire stock of British more public workers, why did Spain not get such a deal?
pected GDP shocks but it won’t lead to debt into perpetual bonds that would With a general election looming, it is a question that the
gains for Greece,” Zsolt Darvas, a pay out interest but came with no Spanish government would rather was not on the agenda.
research fellow at the Bruegel think- requirement for the government ever to Then there is the Podemos factor. Unlike other Euro-
tank, explained. “It will not reduce the repay the face value. The Netherlands pean countries, Spain’s political system has been trans-
debt burden.” and Portugal also have small sums of formed by the rise of a new anti-establishment group that
Eurozone governments have shown perpetual debt and as recently as 2012 looks very much like Greece’s now-ruling Syriza party.
little willingness to make bigger sacri- the UK Treasury was said to be consid- Any easy victory for the new Greek government is likely
fices for Greece and its government, led ering selling more perpetual bonds to to embolden Podemos, and signal to Spanish voters that
by the leftwing Syriza party. Closed shop: the form of warrants to existing bond- lock in low market interest rates and backing the far-left might produce the results that main-
Mr Varoufakis will travel to Frankfurt a man walks holders who are repaid a maximum of Greece's debt repayments reduce the future costs of servicing the stream parties so conspicuously failed to obtain.
today to try to drum up support from past shuttered 1 per cent of face value every year from €bn (2015) government’s debt. Against all this, Mr Rajoy has to weigh two countervail-
Mario Draghi, ECB president, and then stores in Athens 2015 to 2042 if Greek GDP hits a compli- Treasury bill roll-over The ECB is not legally allowed to ing arguments. The first is that pushing Greece towards a
Berlin tomorrow to meet Wolfgang yesterday. cated set of targets. IMF plus interest payments extend its loans. In theory, though, eurozone exit could have calamitous effects on Spain’s eco-
Schäuble, Germany’s finance minister. Greece already Costa Rica, Bulgaria and Bosnia Bond redemptions 8 Greece could take out an exceedingly nomic recovery. The second is that the rise of Podemos has
Mr Schäuble, in particular, has given the has some Herzegovina all turned to growth- long maturity loan from eurozone’s bail- so far come largely at the expense of the Socialists.
new Greek government a cool reception, GDP-linked linked securities in the 1990s, as did 6 out fund to repay its ECB debts. But to Indeed, some strategists in Mr Rajoy’s ruling Popular
last week warning the newly appointed debt Argentina after its 2002 default. Simi- do so, it would need to be in a formal party are rubbing their hands with glee at the prospect of a
Mr Varoufakis against trying to “black- Petros Giannakouris/AP
larly, Mexico has issued bonds linked to eurozone rescue programme — pre- fragmented adversary and at the chance to attack the main
mail” Berlin into debt forgiveness and oil prices. 4 cisely what Athens is trying to forgo. opposition party as an unwitting ally of the radical left.
demanding that Greece fulfil its obliga- Such bonds pay more to creditors “European partners cannot accept As disparate as all these factors appear, there is a com-
tions. when times are good and less when they 2 everything,” Mr Darvas said, “but in my mon theme: Spain and like-minded countries on the Euro-
Perpetual bonds and GDP-linked debt are bad. Advocates say they give their view, giving up the haircut demand by pean periphery no longer feel that they are in the same
are not new ideas, nor are they widely issuers some form of protection — par- 0 Greece is a good start and reasonable boat as Greece. In Madrid, that clearly counts as progress.
popular ones. Greece already has GDP- ticularly during an economic downturn Feb Mar AprMay Jun Jul Aug Sep Oct compromises should be found.” In Athens, it should be cause for deep concern.
linked debt that was created in the — as long as creditors are willing to be Martin Wolf page 11
Sources: Kathimerini; Bloomberg
midst of a 2012 restructuring. It came in flexible. The idea has been promoted at Greek stocks page 29 tobias.buck@ft.com

Lost novel

Harper Lee to publish book 55 years after ‘To Kill a Mockingbird’

SHANNON BOND — NEW YORK “I hadn’t realised it had survived, so I able literary event . . . [and] an extraor- worldwide sales topping 40m copies. It
was surprised and delighted to hear it dinary gift to the many readers and fans has never gone out of print and became
Fifty-five years after To Kill a Mocking-
had been found,” Ms Lee said. “After of To Kill a Mockingbird”. available as an ebook last year.
bird first appeared in print, author
much thought and hesitation, I shared it Harper plans to publish a first run of The 1962 film adaptation earned Gre-
Harper Lee’s second novel will be
with a handful of people I trust and was 2m copies. The publisher, which negoti- gory Peck an Academy Award for play-
published in July.
pleased to hear that they considered it ated the deal with Ms Carter, did not ing the role of Atticus Finch, Scout’s
Go Set a Watchman was presumed lost worthy of publication. I am humbled disclose the sum it paid for the book. It father. In 2007, Ms Lee was awarded the
but it was unearthed last year by Ms and amazed that this will now be will be published in the UK by Penguin Presidential Medal of Freedom, the
Lee’s lawyer, publisher HarperCollins published after all these years.” Random House. highest US civilian award.
said yesterday. Jonathan Burnham, senior vice- Since its publication in 1960, To Kill a She worked on another novel, The
The book was completed before the president and publisher of Harper, the Mockingbird, a tale of racial injustice in Long Goodbye, in the years after To Kill a
Pulitzer Prize-winning To Kill a Mocking- HarperCollins imprint publishing Go Set the southern US during the Great Mockingbird was published but aban-
bird but is set two decades later, when a Watchman, described it as “a remark- Depression, has become a classic, with doned it. She told an interviewer in 1964
Scout Finch, the child heroine of the that she wanted to be “the Jane Austen
best-selling first novel, returns home to of south Alabama”.
Alabama as an adult. Ms Lee, 88, was born in Monroeville,
Ms Lee, who rarely speaks to the Alabama, where she grew up near
press, said in a statement that when she Truman Capote. She assisted Capote in
first wrote Go Set a Watchman in the mid- researching the story that became his
1950s, her editor suggested she write a true crime best-seller In Cold Blood. She
book from the viewpoint of Scout as a has lived in an assisted living facility in
child. “I was a first-time writer, so I did Monroeville since suffering a stroke in
as I was told,” she said. 2007.
The manuscript was set aside and In 2013 she settled a lawsuit with her
long considered lost, including by Ms former literary agent, whom she had
Lee, until Tonja Carter, Ms Lee’s lawyer, accused of taking advantage of her fail-
found it several months ago “in a secure ing eyesight and hearing to deceive her
location where it had been affixed to an into signing over the To Kill a Mocking-
original typescript of To Kill a Mocking- bird copyright in 2007. The copyright
bird”, HarperCollins said. Gregory Peck, front left, as Atticus Finch in the film ‘To Kill a Mockingbird’— AP was returned to Ms Lee in 2012.
Wednesday 4 February 2015 ★ FINANCIAL TIMES 7
8 ★ FINANCIAL TIMES Wednesday 4 February 2015

INTERNATIONAL

Corruption crackdown Nigeria election

China anti-graft drive targets financial elite Jonathan

pressed to
Banker arrests appear to financial sector. Bank of Beijing said on
Monday night that board member Lu
who rose through the ranks of state oil
company China National Petroleum
month it had lost contact with chairman
Lei Jie. A battle has raged in recent
and were replaced. Apart from arrests
targeting specific politicians, signs of
publish audit
show focus on political
patronage networks
Haijun was under investigation for “sus-
pected serious violations of discipline”
Corp and counted the energy sector as a
key power base.
months between the brokerage’s parent,
technology and finance conglomerate
broader anti-corruption efforts in finan-
cial markets began to emerge in 2013
into ‘missing’
GABRIEL WILDAU — SHANGHAI
— the standard euphemism in China for
official corruption.
The probe into Mr Lu follows the
The probe into Mr Lu, who served on
Bank of Beijing’s board as a representa-
tive of Beijing Energy Investment Hold-
Founder Group, and property developer
Beijing Zenith Holdings.
Zenith said Founder is linked to Mr
when the securities regulator targeted
bond fund managers for profit-skim-
ming and insider dealing.
oil revenues
China’s anti-corruption campaign is arrest of Minsheng Bank president Mao ing, may also be linked to Mr Zhou. Mr Ling, while respected Chinese financial Last year the regulator shifted focus
spreading to the financial sector follow- Xiaofeng in an investigation linked to an Lu was formerly the chairman of Beijing magazine Caixin quotes sources linking to insider trading in the stock market, WILLIAM WALLIS — LONDON
ing the arrest of two senior bank officials aide to Hu Jintao, the former president Energy Investment, a large shareholder Zenith to Mr Ma. In a series of postings targeting a practice known as “rat trad-
Goodluck Jonathan, the Nigerian pres-
in recent days. of China. in Bank of Beijing. He had previously on its official Weibo account, Zenith ing” in which fund managers buy shares
ident, has received a long-awaited
Financial elites had been largely Apart from government, Communist chaired a string of other energy compa- accused Founder Group executives of for their personal accounts, then sell at a
audit into billions of dollars of allegedly
immune from the sweeping initiative party and military officials, corporate nies. Mr Lu could not be reached for financial crimes including insider trad- profit after purchases from the funds
“missing” oil revenues just 11 days
that has claimed hundreds of scalps executives from the energy sector have comment. ing, market manipulation and illegally they manage boosted the share price.
before a closely fought presidential
within the government, military and been the most frequent targets of the The turn towards the financial system selling state assets. People’s Daily, the Communist party
election.
state-owned energy companies. But the anti-corruption campaign. also appears to be linked to probes into Founder has denied the allegations. newspaper, reported last year that
recent arrests of bankers appear to be The most senior leader to face formal Mr Hu’s former aide Ling Jihua and spy- The disappearance of Mr Lei came days the Central Commission on Discipline The auditor-general was asked to
targeting patronage networks linked to corruption charges since the founding master Ma Jian. after the chairman and three top execu- Inspection, the party’s anti-corruption release key findings of the audit “within
specific political figures, rather than sig- of the People’s Republic in 1949 is Founder Securities, China’s ninth- tives of Founder Group were ordered to organ, had set up a division focused on a week”, Nigerian media reported.
nalling a broader crackdown on the former security tsar Zhou Yongkang, largest brokerage by assets, said last co-operate with an official investigation financial institutions. The long-delayed completion of the
report coincides with a growing furore
in the final days of campaigning over Mr
Jonathan’s stewardship of Africa’s larg-
India. Aam Aadmi party challenge est economy, which has been battered
since last year by the falling price of oil,
billions of dollars of foreign investment

BJP electoral juggernaut faces crucial test in Delhi outflows and a depreciating currency.
The opposition All Progressives Con-
gress, whose presidential candidate,
former military ruler Muhammadu
Buhari, has positioned himself as a
strongman who can rein in corruption
Polls indicate close contest as and end Nigeria’s terrorist insurgency,
is calling for the report to be published
Kejriwal battles Modi for in full ahead of the February 14 polls.
PwC, the international accountancy
capital megacity of 17m people firm, was commissioned to carry out the
AMY KAZMIN — NEW DELHI audit last March after Lamido Sanusi,
then governor of the Central Bank of
Arvind Kejriwal electrified Indian poli- Nigeria, publicly questioned discrepan-
tics just over a year ago, as the unexpect- cies of more than $1bn per month
edly strong performance of his upstart between oil sales and income. Mr Sanusi
Aam Aadmi party in local government warned the alleged shortfalls — up to
elections in New Delhi catapulted the $20bn between January 2012 and July
anti-corruption campaigner into power. 2013 — meant foreign reserves were
But the former tax collector’s honey- under pressure, even though Nigeria
moon period proved shortlived, as he should have been benefiting from the
struggled with the transition from fiery soaring price of oil and saving against an
activist to effective administrator. Only eventual fall.
49 days after he had been sworn in as The allegations prompted a political
Delhi’s chief minister, Mr Kejriwal quit storm in Nigeria. Following the revela-
in frustration, leaving many former tions, Mr Jonathan suspended Mr
supporters disillusioned. Sanusi, now the emir of Kano, before his
A year on, Mr Kejriwal and his Aam term as governor ended last June. The
Aadmi, or Common Man, party are back
on the campaign trail, waging a fierce
battle against prime minister Narendra
‘Everyone should see it
Modi’s Bharatiya Janata party as Delhi’s to reassure us that there is
residents prepare to elect a new city gov-
ernment on Saturday.
nothing they are hiding’
The stakes are even higher than the Bukola Saraki, opposition senator
right to govern a poorly planned and
unwieldy megacity of 17m people. president described the PwC report,
Just eight months after the reformist commissioned on the advice of Ngozi
Mr Modi took over following his decisive Okonjo-Iweala, minister for finance and
general election victory, the Delhi con- the economy, as “voluminous”.
test is seen as a crucial test of the “The auditor-general will have a look
momentum of the BJP’s electoral jug- at it and within a week let us have key
gernaut. The party still lacks a majority highlights because the media will want
in the upper house of parliament, which nationally — as the once-mighty Con- credited incumbents in three important Supporters of who was active in the same anti-corrup- to the know the key findings,” Mr
would help it push through its ambi- gress party languishes under the unin- state assembly elections. Aam Aadmi, tion campaign as Mr Kejriwal — into the Jonathan said, and vowed to push
tious legislative reform agenda. spiring leadership of Rahul Gandhi. Mr Kejriwal, meanwhile, is still bat- above, hope party has dismayed many loyalists. through oil industry reform held up in
Analysts say victory in Delhi for Aam “Whatever happens in Delhi has tling against the image that he is a sin- their party will “You have all these people who have the National Assembly for years.
Aadmi — or even a close contest — national repercussions,” Mr Verniers cere but temperamental naïf, more burst the aura dedicated their lives to work for the BJP But the APC insists the entire audit,
would puncture the air of political said. “Even if they [Aam Aadmi] do not suited to moral crusading than the mun- of political suddenly being trumped by a last- rather than just “key findings”, should
invincibility that surrounds Mr Modi win but give a tough fight, they can gain dane details of city governance. The invincibility minute candidate who had been oppos- be made public. The party has made
and reinvigorate his demoralised politi- legitimacy to speak on national issues.” party, which depends mostly on small surrounding ing them,” Mr Verniers said. “And she is curtailing mismanagement and graft a
cal rivals. In the previous Delhi campaign, Aam individual donations, many raised via Narendra Modi, not such a consensual figure for the centrepiece of its campaign to prise
“The symbolism and psychology of Aadmi and its leader captured the pub- the internet, also has limited financial below left Delhi elite or the Delhi middle classes.” power from the People’s Democratic
these elections are what is important,” lic imagination with promises to bring resources compared with the BJP, which Chandan Khanna/ Polls indicate it will be a close contest, party in what are expected to be the
said Hartosh Singh Bal, political editor transparency to campaign financing, has deep pockets and strong corporate AFP/Reuters with Aam Aadmi popular among poorer closest elections since Nigeria’s transi-
at The Caravan, a monthly magazine. “If crack down on corrupt officials and backing. and lower middle-class voters, and the tion from military rule in 1999.
[Aam Aadmi] can come out and defeat encourage greater citizen participation And despite its promise to transform BJP favoured by the more affluent. With “Our position is that a full report
him, questions will begin to be asked: ‘Is in governance. It was an appealing for- India’s feudal political culture, Aam its prestige at stake, the BJP has in recent should be submitted to the public. Eve-
the Modi electoral magic waning?’ mula to voters in a city with severe Aadmi has also been criticised by some weeks mobilised its heavily artillery, ryone should see it to reassure us that
“It will give the opposition the sense challenges in housing, transportation, former supporters who have accused it including Mr Modi himself, to descend there is nothing they are hiding,” said
that he is like any other politician — you power, water and security — many of lacking internal democracy. on the capital for the final few days of Bukola Saraki, an APC senator who sat
can fight and win elections against him.” frustrated by what they saw as aloof Yet the BJP has problems too. without campaigning. on the senate committee investigating
Gilles Verniers, political scientist at and unaccountable politicians who a compelling internal candidate to rival Saturday’s contest is “a litmus test on Mr Sanusi’s allegations last year.
Ashoka University, said a strong per- were only accessible at election times. Mr Kejriwal’s popularity, the party was Modi’s performance”, said Siddharth The controversy surrounding missing
formance in the Delhi vote could give Aam Aadmi faces tough odds this forced to select an outsider, former Varadarajan, a senior fellow for public oil revenue was revived again last week
Aam Aadmi a platform from time round. Since his victory in May, policewoman Kiran Bedi, as its chief affairs at Shiv Nadar University. “It is when Charles Soludo, another former
which to articulate opposition Mr Modi’s personal popularity has minister-in-waiting. The induction of close and the BJP is nervous. Aam central bank governor, wrote a long
to Mr Modi’s programme helped the BJP to easy victories over dis- Ms Bedi — formerly a critic of the BJP Aadmi is giving them a tough fight.” public treatise alleging an even larger
sum than $20bn had been squandered,
prompting a furious public response
from Mrs Okonjo-Iweala.
Farming Experts on Nigeria’s oil industry said
the audit was unlikely to provide clarity

Egypt’s cotton growers hanging by a thread after subsidy withdrawal on how much went missing because it
had narrow terms of reference. It covers
some of the money Mr Sanusi suggested
was owed to the treasury but does not
HEBA SALEH — CAIRO per feddan, an area slightly larger than exported, with the remainder used in industry relies on imports of cheaper But Mr Beltagui, of the exporters’ address opaque crude oil swaps, in
an acre, and the government hopes its domestic production. short and medium staple varieties, association, said it was impossible for which crude oil is exchanged for refined
A byword for luxury, Egyptian cotton is
abolition will encourage farmers not to “The area under cultivation is shrink- which are more suited to the production his members to offer farmers an agreed petroleum imports without cash chang-
famed the world over. In Egypt itself,
grow the crop unless they have a con- ing because the crop is less profitable to of T-shirts and denim that form the bulk price in advance because there is no ing hands, or the legality of production
the so-called “white gold” has been cel-
tract for it. But for Egypt’s poorly-organ- farmers than alternatives,” said Mr al of Egypt’s garment output. futures market in long-staple cotton. agreements that Mr Sanusi contended
ebrated in songs and films, funded fam-
ised farmers, who have little negotiating Beltagui. “All cotton-producing coun- A surplus of high-end cotton in 2013 “It could prove damaging to the had transferred control of revenues and
ily weddings and allowed the settling of
power, the subsidy was a valuable tries, even the US, operate some form of meant that last year the government farmer or the seller,” he said. “If the profits from state-owned assets into the
debts in the fertile Nile Delta.
incentive to grow cotton. subsidy.” also had to subsidise spinning and weav- market price ends up being higher than hands of private companies.
But the former mainstay of Egypt’s Egyptian cotton is rivalled only by Domestic demand for high-end Egyp- ing companies — many of them cash- that agreed, the farmer will pull out “The key questions relating to crude
economy, and the source of many a American Pima. It is marked by its long tian cotton is low, said Adel El-Beltagy, strapped public-sector buyers — in from the sale, if it is lower, the buyer will oil swaps and strategic alliance agree-
trader’s fortune, has been declining for and extra-long staples or fibres that can agriculture minister, as he announced order to offload unsold stocks. Accord- disappear.” ments that Sanusi raised were not on
years owing to changing government be spun into fine yarns and used to the end of the subsidy. The local textile ing to farmers and exporters, last year’s He wants the government to offer the table,” one expert said.
policy, a shrinking domestic market and weave luxury fabrics. surplus was because foreign buyers farmers a subsidy if prices fall below an
the vagaries of international cotton The US and Egypt dominate the niche rejected some of the harvest as it had agreed threshold.
prices. market for superior cottons, each with a been mixed with lower-grade varieties. Experts argue that the crop’s domes-
Now a decision by the Egyptian gov- market share of 40 per cent. Superior But the government insists that subsi- tic woes should not detract from the fact
ernment to end a subsidy to cotton varieties account for 90 per cent of the dies are not the way forward for grow- that high-quality cotton still has an
growers introduced only last year has cotton grown in Egypt. The remaining ers, and that they should instead negoti- international market. “I think there will
angered farmers and prompted warn- 10 per cent is medium staple. ate prices in advance with buyers. always be room for Egyptian cotton
ings they may stop growing the crop. Even before the subsidy was “The shape of the industry has imports, even in China and India, which
“After the statement by the minister abolished, production and exports were changed,” said Ali Ismail, an agriculture are also cotton-exporting countries,”
[last month], farmers will choose to falling. According to US Department of ministry official. “Those who want cot- said Andrei Guitchounts, director of
plant anything else,” said Mohamed Agriculture figures, Egypt exported ton for export should pay a decent price trade analysis at the International Cot-
Farag, who heads the Independent 221,000 tonnes of cotton in 2006. Last $200 40% for it. We have 260 companies that work ton Advisory Committee, a US-based
Farmers Union. “I think there will be year exports were only 50,000 tonnes, Value of subsidy Egypt and US in cotton, and when the crops come out association.
less cotton planted and the price will go according to Mefreh al Beltagui, head of per feddan, an world market they put pressure on farmers [to “If Egyptian production doubles, it
up next season.” Alcotexa, the exporters’ association. area just larger share each for depress the price]. We want them to will still be possible for the international Murky view: the audit is not expected
The subsidy was worth about $200 About 50 per cent of Egypt’s crop is than an acre superior cottons agree with the growers in advance.” market to absorb it,” he said. to clarify just how much went missing
Wednesday 4 February 2015 ★ FINANCIAL TIMES 9

FT BIG READ. BATTLE FOR UKRAINE

Feeling abandoned by the west, Petro Poroshenko used cunning to bring Vladimir Putin to the
bargaining table. In the second of a two-part series on the Ukraine crisis, FT reporters reveal the
behind-the-scenes story of how a diplomatic success quickly unravelled.

I
t was late August and Petro Porosh- including renegotiating the thousands
enko, Ukraine’s president, was run- of tariff lines Mr Putin objected to.
ning out of time: separatist rebels Mr Obama responded first, according
backed by thousands of Russian to a person in the room. Was this some-
troops were pounding Ukrainian thing Ukraine wanted, or Mr Putin
forces in the east of his country. He wanted? Mr Poroshenko made clear he
needed Vladimir Putin to agree to a was the one seeking it. Mr Obama
ceasefire — and fast. So he played what turned to Ms Merkel: if the Ukrainians
he thought was his trump card. want it, why not? She agreed.
Mr Poroshenko told the Russian pres- But when José Manuel Barroso, the
ident that if there were no ceasefire, his European Commission president who
staff would post on the internet hun- had fought hard for the trade deal, was
dreds of dog tags seized from Russian told of the plan later, he was incredu-
soldiers captured or killed in Ukraine. lous. “Barroso was, like, WTF?” recalls a
They would also contact the Russians’ US official. Did Mr Poroshenko fully
wives and mothers to explain where understand the consequences of his
their husbands and sons were. request? After all, the failure of his pred-
It was a potent threat in the east-west ecessor, Mr Yanukovich, to sign the EU
propaganda war. Mr Putin was denying deal had brought Ukrainian protesters
to the world that regular Russian sol- on to Kiev’s Maidan square. If it was not
diers had ever set foot in Ukraine. The ratified as planned, “[we feared] he
Russian leader then began to shift posi- would be defenestrated like Yanukovich
tion. A few days later, Mr Poroshenko was,” said an official who discussed the
arrived at a Nato summit in Wales with a issue with Mr Barroso in Wales.
draft ceasefire deal, which would be To many observers, it was clear Mr
signed within 24 hours. Obama wanted a peace deal at any cost.
Mr Poroshenko has told the dog tag Domestic pressure was mounting over
story to several senior western officials, the rise of the Islamic State of Iraq and
though Russian officials do not confirm the Levant. US officials had been ringing
it. Some suspect it reflects a certain bra-
vado on the part of a billionaire politi-
cian desperate to save his country from
’Maybe Putin’s advisers
being torn apart. are telling him that
The Minsk accord, which was signed
in the Belarusian capital on September Russia is better off in a
5, allowed all sides to pretend for a while
that diplomacy could solve the Ukraine
world without order’
crisis. But with deadly fighting flaring German ambassador
up again in recent weeks, the document
has come to represent another failure to other capitals even before the summit to
check Russia’s ambitions in Ukraine. search for something that could placate
In the struggle for the country, Mr the Kremlin so Mr Obama could focus
Poroshenko is the man in the middle — on Isis at the Nato meeting. “I got a
caught between Russia’s aggression and phone call from the Americans as well:
the west’s refusal to help him to counter- can’t we offer something, a symbol for
punch. Nicknamed Ukraine’s “Choco- the Russians,” said one European sum-
late King” for the $1.3bn fortune he mit insider. “I told them there’s no such
made from his Roshen confectionery thing as a symbol. It’s a really big gift.”
business, Mr Poroshenko is not neces- Mr Barroso held his ground — and a
sarily the warts-free president the pro- compromise plan emerged. The Euro-
testers who massed in central Kiev last pean Parliament and Ukraine’s Rada
winter against a corrupt, oligarch-domi- Vladimir Putin and Petro Poroshenko shake hands in the Belarusian capital on August 26. The leaders agreed a ceasefire that did not hold — Sergei Bondarenko/Reuters (parliament) would ratify the trade deal
nated system would have envisaged. on September 16. But measures allow-
Mr Poroshenko was an oligarch him- ing EU goods open access to Ukraine’s

The Minsk moment

self. But he was the only one to stand markets, the substantive issue behind
with demonstrators on the Maidan, and Mr Putin’s request to amend 2,340 tariff
his Channel 5 television network firmly lines, would be suspended until 2016. (A
backed the protesters. He was also a sea- Russian minister accepted this compro-
soned insider, a former foreign minister mise, later earning a stern reprimand
and economy minister who served in from the Kremlin.)
both the “Orange” government after All the elements were in place for the
Ukraine’s 2004 pro-democracy revolu- ceasefire to be signed. As Nato leaders
tion and, briefly, under pro-Russia pres- held the second day of their summit on
ident Viktor Yanukovich. September 5, a thousand miles away in
Mr Poroshenko straddles east and Minsk, representatives of Kiev, Moscow,
west, with businesses in Russia as well as over Ukraine, and to try to persuade Kiev. For Mr Putin, allowing a land seen and eastern Ukraine’s two rebel “peo-
Ukraine. During his presidential cam- Reporting them to join him in talks with Russia. as the cradle of Russian civilisation to ple’s republics” signed the 12-point deal.
paign in May, he presented his ties to One of the most important of those move into Europe’s orbit was unthinka- It was supposed to provide considera-
Russia as an advantage. “Of course I team meetings came on August 26, as the ble. For the EU, the stakes were also ble autonomy for the rebel republics —
know Putin well,” he said. “I have a lot of Neil Buckley, fighting raged in eastern Ukraine. high: Ukraine was central to its plans to while allowing Mr Poroshenko to claim
experience of talking with him. I can Peter Spiegel, spread democracy and European stand- he had preserved Ukraine’s borders.
confirm these discussions are not Roman Putin’s demands ards to more former Soviet states Regional motive Putin was keen to see Within hours, the fighting began to
always easy.” Moscow officials say pri- Olearchyk, The dinner in Minsk, according to one through its “Eastern Partnership” pro- how any trade deal between Kiev and lessen. But it never stopped.
vately Mr Poroshenko is someone they Sam Jones, person present, was “one of the most gramme. Brussels could be made to work with
feel they can deal with. Stefan Wagstyl, surrealistic meetings I have ever had”. This, in fact, was the ostensible reason Moscow’s nascent Eurasian Union Failed accord
As well as being able to talk to the Geoff Dyer, Along with Mr Putin, Mr Poroshenko for the Minsk meeting: to discuss how Any optimism about the Minsk deal
Kremlin, Mr Poroshenko is the first Roula Khalaf and three European commissioners, the Ukraine’s EU deal could be made com- Course of action Poroshenko told would be shortlived. Russia failed to
Ukrainian president to speak English guest list included the ageing authori- patible with the nascent “Eurasian western leaders that sanctions against implement key provisions allowing
fluently and is comfortable navigating tarian leaders of Belarus and Kaza- Union” Mr Putin was forming with Bela- Moscow should be toughened when he Ukraine to secure its borders, and Rus-
western diplomacy. At times during the khstan — Alexander Lukashenko and rus and Kazakhstan. The Russian presi- presented the terms of the ceasefire sian military support continues to flow
Nursultan Nazarbayev. A US official dent had long wooed Kiev to join his across it today. Face-to-face attempts in
‘I have a lot of experience quipped it was a “Star Wars bar of inter-
national diplomacy”.
group — and saw Ukraine’s revolution
not just as a western plot, but also as a
Tariff troubles A Russian minister was
reprimanded for accepting the terms
Brisbane and Milan by Ms Merkel and
other leaders to persuade Mr Putin to
of talking with Putin. The tone was set by Mr Lukashenko, serious blow to his economic prospects. of the compromise trade deal between comply with the deal have failed.
often referred to as “Europe’s last dicta- Now Mr Putin would try again to tor- Ukraine and the EU Dozens of civilians have been killed
These discussions are not tor”. Over dinner, he bragged of a new pedo the deal, which Mr Poroshenko by heavy shelling since mid-January in
always easy’ Belarusian bread that caused no weight
gain and watermelons as tasty as Span-
had signed in June, but not ratified. He
insisted on renegotiating 2,340 tariff practised denial that any Russian troops
east Ukraine, and with the fighting back
near the levels of last August, the Minsk
Petro Poroshenko ish ones, but with less sugar. lines, which could delay the trade pact were there. Then he added menacingly accord is all but dead.
Yet most surreal was what was left by months or years. Ukraine’s president that if he really wanted to invade, he had The escalation has left western capi-
crisis, the stocky, smooth-tongued unsaid. Though Russian tanks had stood firm: negotiators could talk some 1.2m soldiers armed with the world’s tals baffled once again about Mr Putin’s
leader has inveigled himself into the begun pouring over Ukraine’s borders, more, but nothing would keep the coun- most sophisticated weaponry. They motives. Is he seeking to force the west
heart of European decision-making. no one wanted to mention the war. Even try from ratifying the deal. could be in Kiev in two days — or in into broader negotiations on issues such
During a summit of EU heads of state, in earlier plenary meetings when Mr As the other guests left, Mr Porosh- Tallinn, Vilnius, Riga and Bucharest, all as his demand for guarantees that
he lingered in an anteroom closed to vis- Poroshenko tried to discuss the fighting, enko and Mr Putin retired to a separate capitals of EU and Nato countries. Ukraine will not join Nato? Or is he seek-
itors so he could nab Angela Merkel Mr Putin steered the talks back to some- room — for their first solo face-to-face Despite the threats, Mr Poroshenko ing to create a “frozen conflict” in the
when she came out to consult advisers. thing else: a trade deal. meeting as presidents. Mr Poroshenko put forward a peace plan. If Mr Putin east as a way of destabilising the Kiev
His persistence paid off, persuading the By now it was easy to forget the opened by demanding Russian troops didn’t like it, he said, the Russian presi- government? It has also revived the
German chancellor to secure tougher Ukraine crisis had been sparked by EU leave Ukraine, an official present in dent should suggest his own ideas. debate about providing arms to Ukraine
language on the Ukraine crisis in the plans for a free-trade agreement with Minsk said. Mr Putin made his much- As the carnage in east Ukraine — one which could yet undermine the
summit communiqué. “There were mounted in the coming days, the two unity between the EU and the US.
grumbles, but it’s Merkel, she can do leaders continued speaking by phone. Meanwhile, Russia’s economy has
what she wants,” said a European diplo- Peace protocol According to a western diplomat, Mr gone into a tailspin, hurt by falling oil
mat. “She was trying to bolster him.” Poroshenko feared he could be “gone prices and sanctions. Over time, this
But he has occasionally overplayed The outlines of the 12-part deal were agreed by the Donetsk and Lugansk regions; [from office] in two days” unless he could hinder Mr Putin’s ability to keep
his hand. In an emotional address to a Russia’s Vladimir Putin and Ukraine’s Petro C secure the Ukraine-Russia border; delivered victory, or peace. But Mr financing military action in Ukraine.
joint session of the US Congress in Sep- Poroshenko. It was signed on September 5. C and “remove unlawful military formations, military Putin was under pressure, too, as news But it might also persuade him to up the
tember, he thanked Washington for the Among the key provisions were to: hardware, as well as militants and mercenaries” leaked at home of Russian soldiers’ bod- ante militarily, just as after the downing
non-lethal support it had given C “implement decentralisation of power” in areas of from Ukraine ies returning from Ukraine — making of Malaysia Airlines flight MH17, and
Ukraine’s military, including blankets Mr Poroshenko’s dog-tags threat all the use patriotic fervour to distract Rus-
and night-vision goggles. “But,” he more potent. On September 3, the two sians from their falling living standards.
added acidly, “one cannot win a war men agreed the framework of a deal. Western leaders are concluding that the
with blankets.” The White House, which rupture with Russia marks a fundamen-
has opposed arming Ukraine, was furi- Obama’s endorsement tal shift. In echoes of the cold war, diplo-
ous. “It was a stupid move on his part,” The next morning, Ukraine’s president mats once again talk of “containment”.
says a US official. arrived at a Nato summit in Cardiff, The failure of diplomacy so far to
Mr Poroshenko’s phone conversations Wales, with a surprise: his draft cease- resolve the crisis has led to concerns
with Mr Putin also sometimes left US, fire agreement. He unveiled it first to that Mr Putin may simply not want a
German and British officials in the dark. the “Quint”: US president Barack More online resolution. A former German ambassa-
“Reminders have needed to be deliv- Obama, Ms Merkel, French president Email your dor says that after months of contacts
ered to Poroshenko’s team: if you want François Hollande, British prime minis- questions on with the Russian leader, Ms Merkel has
Ukraine to
our help, you have to make sure that we ter David Cameron and Italian premier ask@ft.com. We come to an unhappy conclusion.
have a clear understanding of what is Matteo Renzi. To add pressure on Mos- will publish the “Maybe he’s not interested in restor-
going on,” says a diplomat. cow to comply, Mr Poroshenko told the replies from FT ing order,” he says. “Maybe his advisers
A person close to Mr Poroshenko leaders that the west should go ahead reporters on are telling him that Russia is better off in
insists he kept EU and US officials with new sanctions against Russia. But Thursday a world without order.”
informed. He also bombarded them the EU should be more flexible in imple- February 5 Read the rest of the series at
with calls to “stop them falling asleep” menting its trade deal with Ukraine — ft.com/ukrainecrisis
10 ★ FINANCIAL TIMES Wednesday 4 February 2015

Letters
Email: letters.editor@ft.com or
Fax: +44 (0) 20 7873 5938
Include daytime telephone number and full address
Corrections: corrections@ft.com

Flexible pragmatism is sadly lacking today Tsipras should look

within Greece to
correct the excesses
Sir, Wolfgang Münchau is quite correct the 90 per cent devaluation of consolidation is righteous. The
in his assessment of the consequences domestic savings and debt in the 1947 conviction is sadly wrong-headed but it Sir, Wolfgang Münchau is absolutely
of Grexit (“Grexit is an avoidable currency reform, allowed a very reflects the power of Germany’s highly right that “Grexit is an avoidable
catastrophe for the eurozone”, favourable D-Mark exchange rate selective mythology of miraculous catastrophe for the eurozone”
February 2). With a bit more space, he throughout the 1950s and 1960s within economic success and the infallibility of (February 2). Alexis Tsipras was
might have gone on to outline the the Bretton Woods system, converted the Bundesbank. This mythology has elected with a mandate to deal with
historical parallels to our present mess. Marshall Plan credits to Germany into provided Germans with a rare source of corruption and tax collection.
WEDNESDAY 4 FEBRUARY 2015 Future economic historians may well grants, and then, in 1953, halved pride in an otherwise dismal record. Unfortunately at a microeconomic
compare the behaviour of policy elites Germany’s external debt. The However, the understandable comfort level, corruption and tax evasion are
after the second world war and the underlying motive was arguably a of these myths in turn gave birth to the always somebody else’s fault, and the
2008 crisis and find little to commend strong sense of Germany’s naive monetarism underlying the culture of not paying in Greece became
our current set. indispensability to Europe’s recovery misshapen architecture of economic ingrained over the years. It therefore

Cameron’s flawed plan The postwar period saw the exercise

of pragmatic and wise self-interest in
the promotion of both European co-
and the future prosperity of the region.
The fact that it left Britain, France, the
Netherlands and other European states
and monetary union and the EU’s wider
crisis (mis)management.
The flexible pragmatism of postwar
behoves Mr Tsipras to follow his
mandate and look within Greece to
correct the excesses. He can

for English devolution operation and global regulation,

informed by the failure of Versailles
and the catastrophes of depression and
with much higher levels of sovereign
debt than Germany was clearly seen as
a price worth paying.
leaders thus contrasts starkly with the
dogmatic adherence to failed recipes
on the part of both the European
differentiate between those who cannot
pay, below the poverty line, and those
who can, but he should take advantage
war. The postwar elites abandoned The tenor of current German press Commission and Angela Merkel’s of his untainted record to become a
Proposals to give MPs more powers at Westminster risk the union Morgenthau’s punitive plan to coverage and of coalition statements coalition. History will judge them true statesman and enforce the difficult
deindustrialise Germany in favour of a points strongly towards the conviction harshly, and rightly so. measures that need to be executed.
When Scotland voted to reject inde- only English members would get to comparatively benign settlement that that Greece is dispensable and that Jeremy Leaman Anthony Smouha
pendence last September many propose amendments at the commit- limited German reparations, tolerated Germany’s defence of budgetary Loughborough University, UK Conches, Switzerland
assumed that the union had been saved tee stage — and to wield a veto.
and the national question settled for at This is designed to strike a compro-
least a generation. But six months on, a mise. It throws some red meat to the I’m reminded of the Thank you, Lucy — some peripheral eurozone countries, in
debate is raging at Westminster about English nationalists on the Tory back- part as a result of reforms and efforts to
another issue central to the constitu- benches but it also recognises that a birth pangs of a previous your advice worked improve competitiveness. Like lower
tional settlement: England’s place more radical move towards an English union of disunited states Sir, It was with relief that I read Lucy oil prices, such deflation is also good
within the kingdom. This may yet parliament might threaten the union’s Kellaway’s article “My solution to the for growth; witness the recoveries
reignite nationalist sentiment across survival. The reality is that his plan is Sir, Peter Jay argues (Letters, February maddening silence of ignored emails” under way in Spain and Ireland. But if
the British Isles in ways that puts the an inept fudge that ought to fail. 3) that the euro, and its introduction, is (February 2) as it solved a problem the deflation we are experiencing is
union once more under threat. Were it implemented, this new dis- at the heart of Europe’s present for me. supporting demand, what is then left of
David Cameron is largely responsi- pensation would trigger endless dis- problems. Of course he is right. He is Over the past six months I have sent the FT’s crusade for QE? Not much,
ble. Having agreed, along with other putes about whether bills were English also right to say that the euro was two highly complimentary emails to unless the resulting distortion of asset
party leaders, to give more powers to or not, and whether English MPs had introduced to make Europe more two FT correspondents, accompanied prices and risk perceptions, or the
Scotland on the eve of the referendum, sufficient powers to protect their inter- cohesive. And yes, he is right too in by an invitation/request to give the boost to the wealth of the richest
the prime minister then vowed that ests. Some Tory MPs are already com- suggesting that the concept of Europe Commencement Address at the families, will somehow miraculously
further devolution north of the border plaining that Mr Hague’s plan needs is racist, which is why, he proffers, International College here in Madrid. I stimulate economic growth. Angela
should be accompanied by stronger strengthening as it would leave Scottish Turkey is being excluded. have no idea if this was an appropriate Merkel’s fear that QE will provide yet
rights for English MPs to decide “Eng- MPs with the ability to block English I am rereading Gore Vidal’s novel request, but it made sense to me that another excuse for postponing long
lish” legislation. legislation — potentially holding a Lincoln, and am reminded of the labour the FT would want to represent itself in overdue reforms in France and Italy is
Coming just ahead of a general elec- Westminster government to ransom. pains that accompanied the birth of front of 60 young people from 53 a more plausible hypothesis.
tion that is likely to be tightly fought, Mr Cameron should not have taken that union from its disunited states. ‘It’s not easy when profit is all you different countries about to head off Flemming Larsen
this was always a risky card to play. the Conservative party down this dan- Was there political cynicism then, as really live for’ into the world. I have since wondered La Cadière d’Azur, France
Britain remains highly centralised and gerous road. Conceived with an eye to Mr Jay suggests accompanied the why correspondents place their email
there is certainly a case for pushing obtaining party advantage, the Hague introduction of the common European addresses at the bottom of articles if TPP without Taiwan
powers down from the centre. But by plan fails to recognise two fundamental currency more recently? Yes. Was the Short-term investing is a there is, as it appears to me, no
would be unthinkable
focusing the debate on voting arrange- features of the British settlement. The economy of the southern states intention to reply to an email. So,
ments at Westminster, Mr Cameron first is that England, because it con- different from that in the north, just as matter of public interest emboldened by Lucy’s advice, I sent a Sir, With reference to “US trade chief
has chosen both a dangerous pressure tains 84 per cent of the UK population, southern Europe differs from northern Sir, Philip Augar is absolutely correct third email out today — and both FT moves within reach of big Transpacific
point and one on which his own party must always show restraint and afford Europe today? Again, yes. But there when he asserts that a determined correspondents have replied. Lucy prize” (February 3): the US’s
does not speak with a single voice. a generous voice to Scotland and the was also something else about the response from fund owners is required was right! commitment to building an ambitious,
Some of his MPs favour a full-blown other nations of the UK. The second is creation of the United States that is to solve the problem of short-term Tiffany Jolowicz comprehensive and high standard
English parliament; others prefer a that there are few if any items of legisla- lacking from Mr Jay’s wish that we investing (“For markets there is such a Madrid, Spain Trans-Pacific Partnership is largely
two-tier voting system in the House of tion that are exclusively English. Any revert to being a collection of thing as too much information”, welcomed by the Asian community.
Commons; a third group fears that any measure involving tax, hospitals and independent states with our own February 2). He is also, sadly, right Current deflation is However, analysts mostly agree that a
discrimination at Westminster would schools will inevitably have spillover agendas and our own currencies — when he observes that there is little regional free-trade agreement without
lead to separatism by the back door. effects north of the border. great vision. sign of this happening. good for growth Taiwan would be unthinkable, and
William Hague, the Tory leader in None of the other parties support For all its faults, America became a The significance of this problem Sir, For some time, FT writers have would render the regional integration
the Commons, has been given the “English votes for English laws”. So it force for good in the world because of should not be underestimated. It is not been struggling to convince readers, incomplete and ineffective to the
unhappy task of squaring these many will only be implemented should the its political and economic cohesion. If just about the effects on the prospects and perhaps themselves, that deflation disadvantage of American interests.
circles. Yesterday he unveiled the Tories win an outright majority in May. we Europeans value our common or fates of individual companies, is terrible and must be fought at any Because of the breadth and scope,
result of his cogitations. These propose Were that to happen British politics in culture, so hard won, then we too must although those are the topics that grab cost. One reason often advanced is that the TPP has important security
giving English MPs a greater say over coming years would be dominated by bite the bullet and become a cohesive media attention. Short-term investing, consumers will delay spending implications and as the US looks to the
all legislation relating to some taxes, two fraught issues: the UK’s place in political and economic force. And if including the resultant plague of closet decisions if they expect prices to fall. Asia-Pacific, Taiwan presents an
education and health — matters where Europe and the future of the union. being a little cynical and a little racist indexation, affects the efficiency of The reality is that the kind of deflation opportunity for economic partnership
the Scottish parliament has been Constitutionally speaking, Mr Cam- is necessary to achieve that end — so capital markets and the allocation of we are suffering (or rather, enjoying) at not to be missed. As such, in order for
granted powers. Such legislation would eron’s second term would be even more be it! capital to quoted and unquoted the moment is unequivocally good for the US to achieve its expectations and
still be voted on by all MPs. However, of a white knuckle ride than his first. Robert Mercer-Nairne companies. It should therefore be a growth. address broad-based concerns,
Perth, UK matter of public interest, not just of Recent data from Eurostat confirm Washington must support Taiwan’s
passing interest to a minority of that the fall in prices over the past 12 membership, which can have a major
Many of us must be corporate governance fanatics like me. months is due primarily to the halving impact on the ability of US businesses
Too many fund owners, ie pension of oil prices, with a discrepancy of 1.2 to compete on a level playing field in
descendants of Solon funds, insurance companies, percentage points between the slight the increasing flow of globalised trade.

Egypt’s Sisi is selling Sir, I question Mark Solon’s aside that

he is “probably not related” to the
Greek law giver Solon (Letters,
foundations and other institutions,
have ignored their responsibilities as
owners of investee companies for far
fall in the all-items consumer price
index and the small rise in the core
index. This discrepancy represents a
Taiwan’s inclusion would benefit the
US and other members.
Kent Wang

delusions of stability February 2). If the common

understanding is correct that most
Europeans are descendants of
too long. Moral persuasion has failed to
coax them into action. The time has
come for a fiscal incentive to be
welcome boost to real household
income, which is in the process of
feeding through to consumer
Potomac Falls, VA, US
Advisory Commissioner for the Overseas
Community Affairs Council of the Republic
Charlemagne (died 814AD), how much introduced to encourage responsible confidence and retail sales (recent data of China (Taiwan) in the US
The nation needs a political opening not a resurgence of autocracy more likely are we — or at least those of active ownership — and a similar for Germany are particularly
us with ancestors who lived in Europe penalty for failing to contribute to the encouraging), and in all likelihood will COMMENT ON FT.COM
The near reverence with which Presi- peninsula, as well as this week’s during the past 2,500 years — to be efficient functioning of equity markets. be a principal factor in generating The Exchange
dent Abdel Fattah al-Sisi of Egypt was attempted bomb attacks in Cairo and related to Solon (died c 560BC)? Robin Hindle Fisher higher growth in much of Europe in Zeynep Tufekci explores terror and the limits
received at this year’s Davos gathering Alexandria — possibly improvised by Robert Finney Partner, Hay Hill Partners LLP, 2015 than is widely expected at present. of mass surveillance
should give pause for thought. Four disaffected Islamists. After the Sinai Northwood, Middx, UK London W1, UK Price falls are more significant in blogs.ft.com/the-exchange
years after the Tahrir Square revolu- jihadis joined up with Isis, moreover,
tion that toppled former dictator Hosni many Egyptians regard their generals
Mubarak, and 18 months after the mili- as a bulwark.
tary coup that ejected the elected Mus-
lim Brotherhood from power, Mr Sisi,
Yet an Egypt that caught the imagi-
nation of the world in Tahrir Square ‘Peak introvert’ London’s first ever “silent reading
party” would soon occur in a
theories by developing corresponding
tests. These have since become
give extroverted colleagues. But none
of this is sufficient evidence of having
the former army chief who won popu-
lar endorsement in last year’s presiden-
also needs the protection of the rule of
law and an inclusive politics that mobi- and the silent southeast london pub, said Twitter,
and injecting both silence and books
popular enough to escape the business
schools where they are frequently
reached peak introvert. For that, one
needs to draw the ire of moderates.
tial election, is offering himself as an
anchor of stability in a region on fire.
In the baleful shadow of the implo-
lises the energy of a young population
in search of hope and opportunity.
Instead, former field marshal Sisi in
pubs of London into a pub sounded like a grand idea
to me. Some pubs in the UK have
beautiful interiors and all have
over-analysed. As a direct
consequence of this, long before
BuzzFeed informed me that my Ikea
As it turns out, “ambiverts”, who
are somewhere in the middle, are
indeed getting a bit shouty lately.
sion of Syria and Iraq, and the jihadi October endowed military tribunals opening hours superior to the cafés spirit name is “Köttbullar” (a saucy They rightly point out that even Jung
menace of the Islamic State of Iraq and with greater power than at any time I’m more accustomed to reading in. meatball, full of warmth, that described this aspect of personality as
the Levant (Isis) that has stepped so since the army first took over in 1952. But drinking establishments have an everybody loves), I knew that I was a spectrum. Grouping people, as most
violently into the vacuum, it is alto- Civil jurisdiction is little better, with unfortunate tendency to be full of an introvert. published statistics do, fully into one
gether understandable that the US and kangaroo courts such as the one that loud people, some of whom want to Many people have had their own camp or the other is very silly. It is
Europe are being bounced back into this week passed death sentences on interact. Converse, even. “aha” moments about their tendency probably only the extremes of the
alliance with local strongmen. It is 183 Muslim Brothers. This event, I deduced, must be the to feel drained by social interaction scale that the terms “extrovert” and
nonetheless myopic and ill-advised.
The Sisi government’s iron fist
True, at the weekend, Peter Greste,
one of three Al Jazeera television jour- Notebook work of an introvert like me. He or
she must have spent years building up
upon reading Susan Cain’s 2012 book
Quiet: The Power of Introverts in a World
“introvert” describe with any
accuracy anyway.
against dissent, on view again last nalists jailed for alleged support for the the social energy to launch this That Can’t Stop Talking or after In some ways, the more fashionable
month when more than two dozen peo- Brotherhood, was deported to his
by Lisa Pollack incursion deep into extrovert watching her TED talk. Before that, this discussion becomes, the easier it
ple were killed in protests marking the native Australia. One of his colleagues, territory. Best rally the support, then. articles on introversion were already is to dismiss as a fad. But wanting to
Tahrir anniversary, works in tandem Mohamed Fahmy who has dual Egyp- Call up the troops! Quietly. Perhaps by being published at a regular clip. better understand aspects of one’s
with Egypt’s increasingly arbitrary tian-Canadian nationality, has now text message. And most certainly not But, post-Quiet, there was a personality and how it differs from
courts to foment radicalisation. Blan- renounced his Egyptian citizenship in by an unannounced voice call. considerable rush of infographics, others is a healthy tendency.
ket repression that manufactures hope of the same treatment. But these Walking into the pub alone and with instruction manuals, infographics that And I, for one, am thinking of
extremists is clearly based on a false gestures in the face of international a book under one arm, I began to are instruction manuals, and listicles reaching out more to extroverts. They
calculus — the same sort of autocracy pressure are entirely at the discretion wonder whether the existence of such with gifs about introversion. To top it have often been generous with advice
that triggered the wave of Arab upris- of the president himself. a party indicated a cultural turning all off, there’s now a tour company about how I should spend my time, so
ings four years ago. Mr Sisi deserves some praise for point. Is it possible that we have that specifically targets introverts. On perhaps I should finally return the
The main difference now, in Egypt needed economic reforms such as par- reached peak introvert? If Google their first ever tour, “you are never favour: “Seriously, you should stay in.
and elsewhere, is that by criminalising tial lifting of wasteful fuel subsidies to Trends is anything to go by, search required to participate in anything. Come on, it’ll be fun. You’ll get to
mainstream Islamists such as the shift more spending towards education interest in “extroversion and This is your time. If you choose to spend some time with yourself. Go on,
Brotherhood, it brings more grist to the and health. But meanwhile, the army introversion” is at an all-time high, stay ‘home’ on a day out you are just stay in for a little while. I bet
jihadist mill. The Brothers imploded has ringfenced its privileges and and “introvert” is the top query within respected and honoured for your you’ll like it. I know it doesn’t seem
after a year in government that was greatly expanded its business empire, this topic. choice.” Yes, bow before my need to like it now, but once you’re on your
devoted to a sectarian power grab. Yet helped by billions from the Gulf. At The concepts of introversion and not see anyone today. couch you’ll get into it.” Or, I suppose,
they won five votes in a row, and many Davos he called on investors to come extroversion were first laid out by Introverts are also now popular and they could head to the pub, as they
of those who cast them will now buy the and inspect his Egypt at an economic psychotherapist Carl Jung in 1921. But, present enough in the public often do. But this time, I might be
Isis argument that jihad is the only way summit next month. Yet economic as BuzzFeed repeatedly demonstrates, consciousness that researchers have there. With a book. Reading silently or
forward. development needs open politics and a nothing is truly mainstream until it bothered to do a study demonstrating perhaps wondering what the next
There was a lethal reminder of the reinvigorated society, not crony capi- has a quiz. Mother-daughter team that they too can be jerks. Specifically, Google Trends data point will bring.
jihadi threat last month, when around talism or the restoration of a security Katharine Cook Briggs and Isabel it was shown that introverts are
27 people were killed in attacks against state that leaves militant Islamists as its Briggs Myers followed up on Jung’s negatively biased in the feedback they lisa.pollack@ft.com
security targets in Egypt’s lawless Sinai only visible opponents.
Wednesday 4 February 2015 ★ FINANCIAL TIMES 11

Comment
Arm Ukraine and you risk another Black Hawk Down Free trade
should not put
OPINION
reportedly being discussed within the
Obama administration. It is, however,
enemy. It will be hard to pretend then
that the US is not a party to the conflict.
do we do if Russia continues to escalate
the conflict? Or if the Kremlin launches
far been timid. The US has promised
$3bn in loan guarantees, a fraction of democracy in
Eugene
Rumer
deeply mistaken. Intended to help a
stricken country, it could instead pro-
long Ukraine’s agony and distract it
What, realistically, are the chances of
making sure that only regular Ukrain-
ian troops, and not private militias, have
a cyber attack against an American
financial institution, destroying data
about asset ownership? Does America
the tens of billions the country needs. In
part, that is because Washington still
suspects rampant corruption in Kiev.
the dock
from the vital task of reconstruction. It access to western-supplied weapons? If then inch closer towards war? Will the military function better than
is highly unlikely to knock Mr Putin off a western non-combatant in uniform is It is not a kindness to kindle unrealis- the government it serves?

T
he logic is misguided, but it his destructive course. And it would captured by the separatists, does the US tic hopes. Of course Ukraine is a victim Ukraine cannot win this conflict now.
is easy enough to grasp. bring the US a step closer to direct mili- of aggression. But, short of a campaign It must be frozen. Ukraine’s leaders BUSINESS
Ukraine’s poorly equipped tary confrontation with Russia. like that fought by the US and its allies in should be told as much. It will deepen
army cannot on its own Russians support Mr Putin. The Kiev cannot win. the Balkans in the 1990s — which no one the tragedy if soldiers are sent to fight a John
inflict enough pain on the
Russian-backed separatist insurgency
Kremlin has blamed the economic crisis
on western sanctions, and it will blame Sending soldiers into a
now advocates — no amount of US or
Nato assistance can alter the fact that
hopeless battle. A free and independent
Ukraine, a solid defence of the Euro-
Kay
to force an effective ceasefire that might
lead to a negotiated truce. So America
military casualties on the west, too.
There is nothing to suggest that Rus-
hopeless battle will Russia has the upper hand. In August,
and again in January, Mr Putin chose to
pean order and a firm rebuff of Russian
aggression are worthy goals. But they do
should help by sending defensive weap- sians do not believe the Kremlin narra- deepen the tragedy escalate rather than allow the separa- not absolve us of our responsibility to

M
ons, and some lethal ones too. Once tive. They are unlikely to abandon Mr tists to be defeated. Ukraine will need consider the consequences of our ore than 1m people in
body bags start arriving in Russian Putin in his struggle against the west. try to rescue them? Mark Bowden’s help rebuilding its army, and the US actions. The current proposal to arm Europe have signed
towns (the theory goes) President There are practical questions, too. It is Black Hawk Down chronicled the perils should provide it. But it will take years, Ukraine does not meet that standard. petitions against the
Vladimir Putin will relent, fearing a pointless to send weapons to troops not of such an operation in downtown and cannot be done in the middle of a Transatlantic Trade and
backlash from a public already trained in their use. Will the US and its Mogadishu. Imagine what could happen war with a more powerful neighbour. The writer is an associate at the Carnegie Investment Partnership.
unnerved by soaring inflation. allies send trainers to eastern Ukraine? 10 miles from the Russian border, in an In contrast to this bold proposal to Endowment. Thomas Graham, who served In Britain, a YouGov poll showed
This is the case made by a group of If they do, they will be sending Ameri- area controlled by Russian personnel. send arms to Ukraine, western eco- as senior director for Russia on the National that those who thought the plan
former senior US officials, and it is cans into a war zone with Russia as the Finally, imagine the response. What nomic assistance for the country has so Security Council staff, co-wrote this piece would be bad for Britain outnumbered
those who thought it would be beneficial
by three to one. YouGov did not go on
to ask: “Do you have the faintest idea
what the previous question was about?”

A deal to bring
(To be fair, one-third of those ques-
tioned had the sense to say they did not
know.)
TTIP, currently being negotiated
between America and the EU, is an
ambitious attempt to create a north

modernity to
Atlantic free trade area. With no tariffs
and harmonised regulation, businesses
could compete (and products could
move freely) from California to Croatia.
My instinct is to approve. But the pro-

Greece
testers might have a point.
Serious bargaining incorporates an
element of bluff, and too much trans-
parency can prove an obstacle to neces-
sary compromises. Some degree of pri-
vacy is indispensable. But Brussels and
Washington, where most of the negotia-
tions are being conducted, are the lob-
ECONOMICS month even if the current programme bying capitals of the world — places
were to lapse at the end of February. A where large corporations spend lavishly
Martin more plausible danger is that Greek
banks, vulnerable to runs by nervous
in the finest restaurants. In the absence
of a more open process it is very difficult
Wolf depositors, would be deprived of access to refute the general allegation that the
to funds from the European Central TTIP agenda is driven by big business
Bank. If that were to happen, the coun- interests; or specific claims that Europe
try would have to choose between con- might — for example — find itself mov-
straining depositors’ access to their ing towards a US-style patent system,
aximum austerity and money and creating a new currency. which is increasingly a licence to litigate

M minimum reform have

been the outcome of the
Greek crisis so far. The fis-
cal and external adjust-
ments have been painful. But the
changes to a polity and economy riddled
As Karl Whelan, Irish economist,
notes, the ECB is not obliged to cut off
the Greek banks. It has vast discretion
over whether and how to offer support.
The fundamental issue, he adds, is not
whether Greek government securities
Adjustment in the crisis
Contributions to changes in GDP,
2007-2014 (%)
10
0
Eurozone bond yields
10-year government bond yields
(%)
Greece
Portugal
Italy
Spain
12
10
Exports of eurozone crisis-hit
countries
Real exports of goods and services
(rebased)
Ireland
Spain
Greece
Italy
140

120
rather than a spur to innovation.
The problem is aggravated by
Europe’s “democratic deficit”, which
undermines confidence that agree-
ments will be the product of the legiti-
mate legislative scrutiny of the kind
with clientelism and corruption have are judged in default, since Greek banks Ireland 8 Portugal
-10
been modest. This is the worst of both do not rely heavily upon them. 6 100
-20
worlds. The Greek people have suffered,
but in vain. They are poorer than they
Far more important are bonds the
banks themselves issue, which are guar-
External demand
Domestic demand -30
4
80 In the past decade large,
2
thought they were. But a more produc- anteed by the Greek government. The GDP
-40 0 60 mostly US, companies
tive Greece has failed to emerge. Now,
after the election of the Syriza govern-
ECB has stated it will no longer accept
such bonds after the end of February, Greece Spain Portugal Italy Eurozone Jan 2014 Feb 2008 09 10 11 12 13 14 have taken governments to
ment, a forced Greek exit from the euro- the date of expiry of the IMF pro- Sources: Haver Analytics; Thomson Reuters Datastream 2015 court under these treaties
zone seems more likely than a produc- gramme. If the ECB were to stick to this,
tive new deal. But it is not too late. Eve- it would put pressure on the Greek gov- from the eurozone, while a perpetual less, Greece and Spain are very differ- challenge to reform. It has to achieve that happens in at least some national
rybody needs to take a deep breath. ernment to sign a new deal. But this gov- loan would replace the ECB’s holdings of ent. Spain is not on a programme and law-governed modernity. It is on these parliaments. The European Commis-
The beginning of the new government ernment might well refuse. In that case Greek bonds. One assumes the ECB owes much of its debt to its own people. issues that negotiations must focus. sion, recognising that reticence is a
has been predictably bumpy. Many of the ECB might cut off the Greek banks. would not accept the latter. But it might It can justify much of its policy mix in its So this must be the deal: deep and rad- problem, has recently published draft
its domestic announcements indicate This game of chicken could drive the accept still longer-term bonds instead. own terms, without having to oppose a ical reform in return for an escape from texts of its position in a number of con-
backsliding on reforms, notably over eurozone into an unnecessary crisis and GDP-linked bonds are an excellent idea, new agreement for Greece. debt-bondage. tentious areas.
labour market reform and public-sector Greece into meltdown before serious because they offer risk-sharing. A cur- Two crucial issues remain. The first is This new deal does not need to be But the principal focus of popular
employment. Alexis Tsipras, the prime consideration of the alternatives. The rency union that lacks a fiscal transfer the size of the primary fiscal surplus, reached this month. The Greeks are concern is the potential inclusion in the
minister, and Yanis Varoufakis, the government deserves the time to mechanism needs a risk-sharing finan- now supposed to be 4.5 per cent of GDP. right to ask for time. But, in the end, deal of provisions for what is drily called
finance minister, have ruffled feathers present its ideas for what it calls a new cial system. GDP-linked bonds would be The government proposes 1.0 to 1.5 per they need to convince their partners “investor-state dispute settlement”.
in the way they have made their case for “contract” with its partners. Its partners a good step in that direction. cent, instead. Given the depressed state they are serious about reforms. From the 1980s, this process became a
a new approach. Telling their partners surely despise and fear what Mr Tsipras Many governments would oppose of the Greek economy, this makes sense. What if it becomes obvious that they standard element of trade deals
that they would no longer deal with the stands for. But the EU is supposed to be a anything that looks like a sellout to But it also means Greece would pay triv- cannot or will not do so? The currency between the US and less developed
“troika” — the group representing the union of democracies, not an empire. extremists. The Spanish government is ial amounts of interest in the near term. union is a partnership of states, not a countries, and was adopted in other
European Commission, the European The eurozone should negotiate in good strongly opposed to legitimising the The second issue is structural reform. federal union. Such a partnership can bilateral agreements between devel-
Central Bank and International Mone- faith. campaign of its new opposition party, The IMF notes that the past government only work if it is a community of values. oped and emerging economies. ISDS
tary Fund — caused offence. It is also Moreover, the ideas presented on the Podemos, against austerity. Neverthe- failed to deliver on 13 of the 14 reforms If Greece wants to be something quite requires that, when investors claim
puzzling that the finance minister debt are worth considering. Mr Varou- to which it was supposedly committed. different, that is its right. But it should their property has been expropriated by
thought it wise to announce ideas for fakis recognises that partner countries Yet the need for radical reform of the leave. Yes, the damage would be consid- signatory states, the dispute must be
debt restructuring in London, the capi-
tal of a nation of bystanders.
will not write down the face value of the
debt owed to them, however absurd the
The EU is supposed to be a state and private sector no doubt exists.
One indication of the abiding eco-
erable and the result undesirable. But
an open sore would be worse.
adjudicated in an international
forum. Poor countries often lacked
More significant, however, is whether pretence may be. So he proposes swaps, union of democracies, not nomic inefficiency is the failure of So calm down and talk. Let us all then independent judicial systems and were
Greece will run out of money soon. Most
observers believe that Greece could find
instead. A growth-linked bond (more
precisely, one linked to nominal gross
an empire. It should exports to grow in real terms, despite
the depression.
see whether the talk can become action. in urgent need of investment from
abroad. This submission to interna-
the €4.3bn it needs to pay the IMF next domestic product) would replace loans negotiate in good faith Indeed, Greece faces far more than a martin.wolf@ft.com tional arbitration was a way to protect
local populations as well as foreign
investors from short-sighted policies
and corrupt leaders.
Similar provisions soon found their

A history of hustling that gives hip hop its entrepreneurial edge way into agreements between devel-
oped nations. ISDS was incorporated
into the North Atlantic Free Trade
Agreement, although it is hard to argue
that the Canadian legal system is inade-
often seemed to be on the wrong end of lucrative ecosystem with its own institu- hustlers who went back to the beginning from necessity has dwindled somewhat quate for the protection of foreign inves-
OPINION the deal. So why is it that hip hop artists tions, tastemakers and power brokers. of the culture. They were the early club among younger artists. Superficially, tors. In the past decade some large —
seem to have such facility with com- When clothing companies rebuffed rap- promoters, tape and record slingers, this decline seems to be part of the nor- predominantly American — companies
Dan merce, even when many of their con- pers’ attentions and balked at endorse- and artist managers whose class and mal life cycle of untapped cultural mar- have aggressively claimed rights under
Charnas temporaries in other genres still do not? ment deals, artists started their own race often limited their options for kets, the side effect of corporatisation. ISDS. Tobacco company Philip Morris,
The answer lies in hip hop’s DNA. The brands. By the time the biggest corpora- advancement and focused them, laser- But the real lesson of hip hop is what it for example, has used bilateral invest-
artists developed a sense of entrepre- tions woke up in the 1990s it was too like, on hip hop. These were folks for can teach us about the value of human ment agreements between Hong Kong

B
ack in 2007 it seemed that neurship because they had to. Hardly late; they simply did not have the whom the separation of art and com- capital. Many of the great hip hop entre- and Australia to claim that restrictions
rappers had peaked as entre- anyone wanted to do business with hip merce was an artificial, unaffordable preneurs were kids who had been given on tobacco promotion represent
preneurs. In that year, Jay-Z hop. The first rap records were released and frivolous bourgeois conceit. the worst of everything: housing, deprival of its property.
sold his clothing company,
Rocawear, for more than
into the most hostile environment for
black music since the 1950s. In the
For moguls such as Jay-Z Over the decades hip hop spawned a
paradoxical consciousness that allowed
schools and expectations. When they
became successful, we were surprised.
Protesters say that ISDS might be
used to attack Britain’s National Health
$200m and 50 Cent had a reported midst of the early 1980s backlash and Dr Dre, the separation it to be hypercapitalist and the voice of We still are, obviously. Why? Hip hop, Service, and indeed a case on public pro-
$40m personal stake in the $4bn sale of
Glacéau, makers of Vitaminwater, to
against disco, big music companies
viewed rap as an even less palatable off-
of art and commerce is a the underclass at the same time. Add to
that the success and global adaptability
after all, has been calmly telling us
where the gold is for about four decades.
vision of healthcare was brought against
Canada in 2008. Even if that and similar
Coca-Cola. But in the past year we have shoot. And so for half a decade inde- frivolous conceit of the culture — which provides its And it is not the music, not the products. claims lack merit, the mere threat of liti-
seen bigger and important milestones. pendent operators built a scene on their entrepreneurs with not only enormous The untapped treasure is what it always gation can have a chilling effect on pol-
In May 2014 Dr Dre sold Beats Electron- own — until Rick Rubin and Russell knowledge or credibility in the market. influence but also an ideal focus group — was. It is that smart kid you never saw icy — the Australian litigation has led
ics to Apple for $3bn. And a few days ago Simmons signed a distribution deal for Most often, they did deals with estab- and you will understand why rappers coming. New Zealand to defer anti-tobacco
Jay-Z offered $56m for Aspiro, a Swed- their indie label Def Jam with CBS lished or budding entrepreneurs such as make better businesspeople than indie measures. It would be much easier to
ish music streaming company. Records in 1985, when the major could Sean “Diddy” Combs. rockers. The writer is author of ‘The Big Payback: sell TTIP to a sceptical European public
The cliché of the music business is no longer ignore the beats in the streets. Combs was reviled in some corners of Now that the corporate world has The History of the Business of Hip-Hop,’ if ISDS were no longer part of it.
that of the exploited artist. The legen- A closed market is also a captive mar- the hip hop world as a crass profiteer. largely opened its doors to hip hop, the and an associate professor at New York
dary figures of jazz, R&B, rock and soul ket. Hip hop built a wholly separate and But he was only the latest in a line of entrepreneurial impulse that arose University johnkay@johnkay.com
12 ★ FINANCIAL TIMES Wednesday 4 February 2015

BUSINESS LIFE

Tech’s next 25
‘
Apple’s earnings announcement last and it often took our competitors in than anyone could have imagined.
week contained a glaring anomaly for a Boston — then the other thriving US Today, six of the 20 most valuable Dear Lucy
years belong western technology company. The
company disclosed that 22 per cent of
venture spot — months to figure out
what we had done. Meanwhile, most
internet companies are based in China
and China Mobile is by far and away Work problems
to the world, its history-making $74.6bn in quarterly
sales came from mainland China,
people in large, established companies
considered developments in Silicon
the world’s most valuable carrier.
Huawei threatens Cisco in most
answered
Taiwan and Hong Kong. But business Valley irrelevant or laughable. countries outside of the developed west
not the US leaders around the world should pay
more attention to the interview that
Not so today. Now business ideas
arrive by email; platoons of reporters,
Many non-
US groups,
while Samsung’s consumer electronics
business is being assaulted by several
Jack Ma, Alibaba’s executive chairman, together with bloggers, rumour- Chinese and Indian companies.
gave to Charlie Rose at Davos. mongers and tweeters, have their particularly This is just the beginning. Today, the
Several things were apparent during sensors planted around Silicon Valley. in China, large Asian companies, particularly the How do I tackle the rumours
Mr Ma’s session: the scale of his
ambition, the extent of Alibaba’s
The result: a new business idea is
conveyed instantly — in English — all are better Chinese varietal, are, for the most part,
better equipped to go on the offensive
about an affair with my boss?
existing reach and, more interestingly, around the world where it is carefully positioned than their US rivals. Some of this is due
the change in the balance of power scrutinised by hundreds of thousands, to the formidable language and culture Some of my colleagues have been spreading a story about
within the global technology business. perhaps millions, of people — a group than their barrier presented by China, but much my having had a secret affair with my boss. The evidence for
These days many non-US tech of whom have the training, education American is due to attitude. this is that I sometimes tease him and do not appear to be
groups, particularly those born and and drive to adapt and improve upon American technology companies frightened of him. I am partly amused at the stupidity of it all,

’
raised in China, are better positioned these ideas, meld them with their own rivals have enjoyed almost half a century but also cross at the misogyny. I am one of the more senior
for the next 25 years than their and tailor them for their own markets. during which they have become women here; it is depressing if colleagues believe I must have
American counterparts. The Whenever I go to China or India, I am accustomed to being dominant. That slept my way to the top. Do I laugh it off? Do I try and quash
intergalactic technology battle has always struck by how well informed era is over. Many of the western it? And if so, how? Female, 40s
been joined. the leaders of technology companies companies selling software and
Shortly after Mr Ma’s interview, I are about developments in California. hardware will find that they cannot
glanced at my inbox and found a This is not to imply, let alone agree compete with the local knowledge of Lucy Kellaway’s answer
briefing from Alibaba’s PR department with, the usual lament that western their home-brewed foreign rivals.
and another update from its investor ideas are shamelessly copied. As if to show how far things have Yes, it is depressing. No one hands. March up to them
relations group. I cannot imagine many The reality is that this information is travelled, the little drone that was considers the success of a and say: “I’ve got some hot
US or European groups communicating further fuel for the creative and inadvertently landed on the White man to be in need of further gossip for you, did you know
in a similar manner to interested imaginative entrepreneurial fires that House lawn last week was made by DJI, explanation in terms of who that I’m having an affair with
followers in China, India or Indonesia. are alight in more places than ever. a Shenzhen company that sets the pace he has slept with. This is a my boss?”
Everyone knows how the internet There are few markets as ferociously for that entire market. woman’s problem and it is Watch them squirm. Then
has transformed communications in competitive as the technology business The label on the drone should read: a tricky one. tell them that the gossip is
the past 20 years but fewer people in China and, to a lesser extent, India. I created, designed and made in China. Should you laugh it off, that they were spreading
understand what it means for business certainly do not know of a place where Purchased, flown and landed you ask. That might make rumours to that effect. Let
formation. When I entered venture the appetite for work is greater, the (clumsily) in the US. sense if this were funny, only them wriggle and protest
Michael Moritz capital in the mid-1980s, company resilience and fortitude stronger, or the it is not. while you raise a sceptical
founders often appeared at our front pace quicker, than China. The writer chairs the investment firm Should you try to quash eyebrow. Even if the rumour
Entrepreneurship door carrying an envelope containing a
business plan. If we funded the
In the first decade and a half of this
century non-US (and non-European)
Sequoia Capital. Views expressed are his
own. Sequoia Capital persons hold
it? Most Financial Times
readers say no, arguing that
refuses to die, you will have
caused some grievous
business, the press didn’t give a hoot tech companies have advanced further interests in certain companies mentioned you will only make matters embarrassment. That, surely,
worse: “The lady doth will be a comfort.
protest too much, methinks,” You could talk to your
and all that. Yet every time I boss, but if I were you I
hear the quote I regret that would not. I am not
Entrepreneurship. Fundraising Shakespeare ever wrote
these words: they are
frightened of my manager
either, but I would not relish
routinely used to discourage the idea of telling him that

Cash from nearest may be dearest

anyone from trying to object people thought I was
to anything that does them sleeping with him. Quite
damage. apart from the trickiness of
And this rumour about the conversation, there is
you and your boss is the further snag that his
damaging. It is a slight on reputation is also on the line.
your skill at your job, on If he finds out what people
your professional judgment, are saying, he might be less
and (depending on what likely to promote you for
your boss is like) on your fear of being seen to favour
taste in men. his rumoured mistress.
I suggest you first try to Otherwise I would not
Standard advice is not to find out what you are up change a thing. For you to
against. Ask your friends tease is absolutely fine.
borrow from friends or and allies in the company Above all, do not consider
family but there may be whether they have heard working harder to prove that
about it, who told them, and you deserve your place on
little choice, tech founders how long it has been doing your own merits. You have
tell Sarah Mishkin the rounds. already proved that to
Once you are armed with yourself, and if others do not
some names, I suggest you see it that way, put it down

W
hen Austin Grandt and
William Hakizimana take matters into your own to sexism and envy.
needed money last year
to support Export
Abroad, their fledging Your advice
technology start-up, they just could not
persuade early-stage backers to invest. Ignore these rumours. with your boss to enhance
They had set up the company to apply Sensible people take office your reputation at the
data science techniques to market gossip with a grain of salt expense of these miscreants
research for companies looking to sell and even the most and show them you are a
products and services internationally. scandalous tales have a force to be reckoned with.
Based in the US Midwest, the two men natural shelf life. Any Anon
are far removed from Silicon Valley, with attempt by you actively to
its extensive networks of angel investors quash office gossip will First and foremost, stop the
and advisers. They had met working as likely backfire, transforming teasing. Professionalism and
baggage handlers at an airport in Madi- idle speculation into a real team membership do not
son, Wisconsin. Mr Hakizimana, who and substantial issue, thus need teasing as an
came to the US as a refugee from prolonging the life of this ingredient. Restrict denials
Rwanda, struck up a conversation with unfortunate episode. Anon and explanations to the
Mr Grandt after noticing him reading absolute minimum, ie if
The Economist during a break. Never underestimate the directly being questioned.
Mr Hakizimana has a tech back- negative potential of nasty Retired exec, male, 67
ground and Mr Grandt’s work history rumours. People love to
includes a stint with the US agency that believe stories, the meaner Horrible. Bring it up with HR
advises companies on export strategy. ‘We have to including his father, father-in-law and a mother-in-law wanted to invest in one of helping you out.” That can be the atti- the better. If there was a and your boss so that they
But investors in the Midwest, says Mr worry about childhood friend, that start-ups often its early fundraising rounds, but he turn- tude of even experienced investors. Mr persistent rumour you were are aware of this type of
Grandt, are more conservative than Sili- seeing these fail. But calling them to break the news ed her away. “I didn’t want her money Sethi’s father had started a company in a thief, a stripper or snorted behaviour and can plan
con Valley: they wanted to see more cus- people for the was harder than he had anticipated. hanging over my head, I had enough Silicon Valley and knew the process. cocaine at the weekend, education to stop it
tomers, more revenue, more code writ- rest of our lives’: The relationships survived, however, pressure,” says Mr Crowe, now manag- Nonetheless, “when he made the invest- would you just stand idly by proliferating. This happened
ten. So the two did what many, more Austin Grandt and in time their fortunes turned round. ing partner of San Francisco venture ment in me, he still made comments like hoping it would just all “blow to me when I was in my 20s:
experienced, founders and backers say on taking Facebook backed the founders to build a capital firm Norwest Venture Partners. ‘Well, you’ll pay it back one day, son’.” over”? No, you would not. my boss told me the reason
not to and looked closer to home — liter- investment from related product as an app. They resur- Had she invested, his mother-in-law Mr Sethi does some angel investing of Only you know your I wasn’t getting promoted
ally. Family and friends put in $70,000, friends and rected the company, and are now build- would have made “a lot of money”. She his own. Few of his portfolio companies organisation well enough to was because there were
enough to hire three graduate students family ing other mobile products under the was not very happy with him, and he include friends and family money. Sec- figure out who best to tell rumours (from the female
part-time and cover costs for a couple of Brian Lesteberg name Juxta Labs. The early investors’ never was quite able to make it up to her. ond or third-time entrepreneurs typic- and how. I’d do it officially account manager) that I had
months. “The people who are willing to shares are still illiquid, but on paper Even experienced investors can be ally have enough of a network that they and in writing. Anon slept with the much more
bet on you early are people you know their stock is worth more than when tricky to handle when they are relatives. can tap professional investors, who can senior project head.
already unless you’re a multi-time they first invested. At 31, Arjun Sethi, an experienced entre- better afford to lose on a start-up gone I note that you don’t actually Completely fabricated.
founder who has exits already,” says Mr At the time of fundraising, says Mr preneur in Silicon Valley, has raised bad and can give business advice. deny the story. Does this Extremely frustrating. Anon,
Grandt. Allgood, he was worried not just about money from family for a few of his start- In addition, money from unaccredited indicate that it is perhaps female
Funding from family and friends letting his family down if he failed, but ups, of which some failed and some suc- investors can complicate future funding true? Male, anon
makes sense for small, early-stage ven- about succeeding without them. That ceeded. His last start-up was LittleInc rounds. This happened to me — as I
tures. Yet while money from mum can can be equally stressful. Labs, best known for its messaging app While not every start-up can attract This rumour is a compliment was approaching promotion
help launch, it can come with far more Before he became a venture capitalist, MessageMe. He sold the company to angel money, the effort of winning even and you should view it as to partner in a professional
tangled emotional strings than more for- Jeff Crowe founded Edify Corporation, Yahoo for millions of dollars after just a a small amount from a professional ang- such. Your colleagues are services firm, rumours
mal investment. “Money can change which went public in the mid-1990s. His few years, but investors in an earlier one el investor or incubator alongside other trying to explain your (unfounded) started that I
relationships and it usually does,” says took around eight years to achieve a funding can pay off. “It is better if there’s success in a way that does was having an affair with my
Meg Hirshberg, who teaches entrepre- complete exit. a mix. Usually the people who do angel not highlight their head of department. I told
neurship at the Kauffman Foundation, Raising money might be hard, but the It is essential to make the terms of the investing are more helpful and can be shortcomings. Since your him what I had heard and he
an entrepreneurship think-tank. Documents paperwork may become easier. potential deal clear to family members more dispassionate because they know boss has much more to lose did a great job of identifying
When Jared Allgood launched his first Incubators such as Y Combinator and who want to invest, says Mr Sethi, who they can lose the money,” says Mr than you if this silliness goes and having firm words with
start-up selling education software to Techstars, as well as some VC now works at Yahoo. But over the years, Crowe. any further, I would not the ringleaders. If you get on
universities in 2006, aged 27, he won companies and technology-focused law he has nonetheless had arguments with Yet for those who have no choice, says consider it a problem that with your boss, you might
tentative interest from an angel investor. Legal firms, have made available online free family members who thought of the Mr Grandt, operating with such funding needs to be solved by you. consider talking to him
That sparked interest from friends and groundwork sample legal documents for early-stage money as a loan, not a longer-term has its own benefits. He and Mr Hakizi- Use your privileged position about this. Female, anon
family. The software engineer and his businesses. These give entrepreneurs investment where they needed to wait mana, based in another Midwest city,
co-founder, then based in Utah, turned an idea of what to expect and saves until a sale or a late round of investment learned to manage their cash tightly.
to them instead and raised nearly half a them hiring a lawyer to draft complete to get their funds back and see a return. They thought of moving to Silicon Val- Next question: I work in financial services. My hours are
million dollars from under a dozen contracts or other incorporation forms. Many start-ups structure their early ley, but Mr Grandt chose Minneapolis, reasonable — 8.30am to 6.30pm — the stress is manageable,
friends, family and in-laws. Still, having a lawyer guide rounds of finance raising as debt that where his monthly rent is $400. In San my colleagues are all likeable, and I am paid extremely well to
Problems soon arose. The start-up inexperienced founders and investors converts to equity at a later stage. The Francisco, the median rent for a one- do a job I think has no meaning and makes me feel extremely
could not raise enough money from cus- can be useful, argues Matthew structure is useful for early start-ups bedroom apartment is over $3,000. bored at best. Am I just another entitled idiot for thinking
tomers to keep going thanks to the sect- Faustman, chief executive of legal because they may be hard to value, but it And while failure may happen, there I am wasting my youth? I want to quit, but am scared I will
or’s long sales cycle. The founders fired start-up UpCounsel. Correcting is unfamiliar to those new to tech invest- is pressure to work that much harder to end up just as bored, and working with more annoying
some engineers and got jobs working for problems is harder than avoiding them. ing. avoid it. people while earning three times less. Banker, 25
other people, news they had to break to “If all the deal work wasn’t done “Most family and friends,” says Mr Not only did money from family and
their nearest and dearest. “I had to call properly in that friends and family Sethi, “when they are giving you this friends get them off the ground, but “it
them up and say this is where we’re at, round, you’re going to have to pay a money, they aren’t thinking of it as an just has that extra caveat on it that we Please send answers and new problems to
and I don’t see a way out of it,” says Mr lawyer a lot of money to go back and fix investment. They’re thinking one day have to worry about seeing these people problems@ft.com. This column appears fortnightly
Allgood. He had always warned them, a bunch of stuff,” he says. you’ll pay them back and they’re just for the rest of our lives”.
Wednesday 4 February 2015 ★ FINANCIAL TIMES 13

ARTS

How the fake art industry is forging ahead COMING UP IN FT ARTS

THIS WEEKEND
Parviz Tanavoli
students are terrified of doing anything
As Chinese artists turn out that even smells of anybody else. You “I was fed up with artists
masterpieces by the million, think, ‘How are you going to learn any- misusing calligraphy
thing if everything you do has to be a in painting . . . So I
a London gallery is asking fully-fledgedwork oforiginalgenius?’” decided to make
visitors to ‘spot the copy’. Most of the copies in Dulwich’s something of nothing”.
collection were thought to be original at Gareth Harris interviews
By Griselda Murray Brown the time of purchase: the gallery was the celebrated Iranian
once believed to have five Titians but artist before the opening

N
ext week, the Dulwich nowhasnone. of his first US solo show
Picture Gallery in south One of the questions Made in China for 39 years
London — the world’s first raises is whether the experience of look-
purpose-built public art gal- ing at an original is inherently different
lery, whose collection tolookingatagoodfake.Giventhatmost
includes pieces by Rembrandt, Rubens, gallery-goers are not experts, it’s likely David Lan
Canaletto and Gainsborough — will they will not identify the copy at Dul-
replace one of its works with a hand- wich. But that is missing the point: the The artistic director of
painted replica from China. The original the Young Vic talks to
will be removed from its frame and visi- Peter Aspden about the
tors invited to “spot the fake”. In April, The Dulwich gallery London theatre’s recent
the gallery will reveal the copy and hang string of successes —
itnext to theoriginalfor scrutiny. was once believed to including The Scottsboro
It was the conceptual artist Doug Fish- Boys and A View from the
bone who first put the idea to Dulwich, have five Titians but Bridge — and reveals its
having learnt of the huge industry for new programme
replica painting in China. Suppliers such now has none
as the Meishing Oil Painting Manufac-
ture Company in Xiamen, from whom Replica factory: The history of copies goes back to gallery is not trying to dupe the public,
Dulwich ordered its copy online, repro- a Chinese antiquity, with Roman artists making nortounderminethevalueofanoriginal FT CONFERENCE
duce western masterpieces by hand — painter at work moulds of Greek sculptures. In the 16th work. Bray insists that an original has a
increasingly for the Chinese market. The in Dafen, on the and 17th centuries, collectors would unique “magic”: it reveals the artist’s
village of Dafen, an industry hub on the outskirts of commission painters (or their assist- instincts in a way the best copy never
outskirts of Shenzhen, turns out some Shenzhen, ants) to reproduce successful composi- can. Words like “magic” and “aura”
five million copies a year. “Amazingly, it where five tions, and replicas by independent copy- recur in discussions of authenticity —
can all be conducted very simply and million copies a ists were also popular. El Greco’s studio qualities that, though hard to prove,
professionally by email,” Fishbone year are turned out so many paintings a modern makefora richviewingexperience.
explains. Customers can select the size of produced. Right: historian called him the “Henry Ford of For Dulwich, the project is really about
their picture and even the level of finish, another Dafen Toledo”. “When I see an El Greco,” getting people to look more closely at its
Dulwich naturally opting for so-called artist dries a Xavier Bray, chief curator at Dulwich, permanent collection. Charles Sauma-
“museum quality”. Prices are cheap: the ‘Klimt’ tells me, “I will sometimes say ‘I can see rez Smith, chief executive of London’s
gallery paid just US$120 foritspainting. Jason Lee/Reuters
70 per cent El Greco and 30 per cent stu- Royal Academy, recently told the BBC’s
Known as Made in China, the project Olivier Chouchana/Getty dio.’ In museums, I think we’re becoming Today programme that museums have a
points to the commodification of west- more interested in the fact that a work is harder job getting the public to engage
ern culture — common reproductions sometimesnotpurely byoneartist.” Copying the work of previous masters with Old Master painting than they did a How to build an Chaired by FT arts editor
being Renoir and Van Gogh, Rembrandt Dulwich has several “workshop has long been part of artistic training. generation ago, because “increasingly art collection Jan Dalley with arts writers
and Leonardo da Vinci. Fishbone is copies” and replicas, which will be given Constable made several copies of Ruis- people are interested in contemporary Jackie Wullschlager
interested in what happens when you labels to highlight the long history of the dael, whose “Landscape with Windmills art and not so knowledgeable in the his- Saturday February 7 (above), Peter Aspden,
take a product of that commodification practice as part of Made in China. One near Haarlem” (c.1650-52) Dulwich lent tory of art.” Bray echoes his sentiments: Kings Place, London Georgina Adam and Rachel
— a copy — and put it “back” into an Old such is “Venus and Adonis” (c1554-76), to London’s Royal Academy schools for “Peoplefeel[theOldMasters]don’thave Spence, speakers include
Master collection. It raises questions attributed to the “workshop of Titian” — the students to copy in 1830, apparently much to tell them. But actually, even if Frieze art fair co-founder
about the experience of looking at art: apicturesosought-afterthatseveralver- onConstable’sadvice.Constable’scopyis you don’t know anything about a paint- Whether buying art for the Matthew Slotover, artists,
what is an authentic masterpiece, and sions were made. It is thought assistants part of Dulwich’s collection. But such ing,youcanletitstarttotalk toyou.” first time or extending a collectors and gallery
how might we identify one? What does used a cartoon to ensure the proportions teaching has fallen out of fashion. “I collection, discover more owners. Tickets cost £52
an original work offer that a copy, how- were consistent before working up their think there is a focus on novelty and ‘Made in China’, Dulwich Picture about the art market at our including refreshments.
ever true, does not? And how important copies in paint; Titian would then go originality that’s maybe a bit overdone,” Gallery, London, February 10-July 26 half-day conference. For details go to ft-live.com
is context whenviewingaworkof art? roundtouching uptheir work. says Fishbone. “I teach quite a bit and dulwichpicturegallery.org.uk

THIS EVENING’S TELEVISION

Pick of the day

The commercial-cultural continues to suggest a
conniving concludes in The lifetime’s experience with
Legacy (Sky Arts 1 10pm) — the slightest reflective
except that it ends with a pause. Claire Foy’s Anne
rather horrible cliffhanger Boleyn (left) is a beautiful,
and the welcome promise of brittle toy on the crest of a
a second series. Menacing wave that may come
Russians and Thai police? crashing down and leave her
These nice middle-class life in splinters.
Danes are out of their depth. Michael Clayton (Sky
Still, nothing is as Select 8pm) is a sweaty-
treacherous as court life in palmed conspiracy thriller
Wolf Hall (BBC2 9pm), with stylish George Clooney,
superbly hypnotic, and an intense Tilda Swinton
magisterially unstoppable. winning a supporting actress
Mark Rylance’s Cromwell Oscar. — MARTIN HOYLE

BBC 1 BBC 2 ITV London Channel 4

6.00 The Simpsons. R
6.00 BBC News. 6.00 Eggheads. Quiz. 6.00 ITV News London.
6.30 Hollyoaks.
6.30 BBC Regional News 6.30 The Great Antiques Map 6.30 ITV News and Weather.
7.00 Channel 4 News.
Programmes. of Britain. 7.00 Emmerdale.
7.00 The One Show. 7.00 Antiques Road Trip. 8.00 The Jump. The 10
7.30 Coronation Street.
Charlie Ross and Margie remaining celebrities tackle
7.30 Match of the Day Live. 8.00 Midsomer Murders.
Cooper search for antiques the gruelling parallel slalom.
Bolton Wanderers v Barnaby and Nelson
Liverpool (kick-off 7.45pm). in Perth and Kinross, 9.00 24 Hours in A&E. An
uncover conflict between 85-year-old man is brought
Coverage of the FA Cup attending auctions in St the local church and pagan
fourth-round replay. Andrews in Fife and to St George’s with a
traditions after a famous swollen hand after cutting
Subsequent programmes Dingwall in the Highlands. illusionist’s show takes a
subject to change. his finger two weeks earlier,
8.00 Alaska — Earth’s Frozen tragic turn. and a woman is rushed in
10.00 BBC News. Kingdom. New series. 10.00 ITV News at Ten and following a car crash.
10.25 BBC Regional News and Documentary following the Weather. 10.00 Bodyshockers: Nips, Tucks
Weather. fortunes of humans and 10.30 ITV News London. and Tattoos. A man who
10.45 A Question of Sport. animals over the course of
10.40 Bring Back Borstal. R wants to turn his shoulders
11.15 Film 2015. Claudia a year.
11.35 I Never Knew That About and chest into a giant
Winkleman and Danny 9.00 Wolf Hall. Cromwell tattooed memento of
manoeuvres a bill through Britain. Suzannah
Leigh review civil rights Lipscomb hunts for the Thailand is introduced to a
drama Selma. parliament acknowledging woman who regrets having
Henry as head of the world’s most expensive
11.45 FILM Midnight in the gold and Steve Mould a skull and crossbones
Garden of Good and Evil. Church of England. inked on her stomach.
asks whether it will ever
Fact-based drama directed 10.00 Up the Women. Comedy. be possible to fly to work. 11.00 The Undateables: Two
by Clint Eastwood, starring 10.30 Newsnight. R Weddings and a Baby. R
John Cusack and Kevin 11.15 Weather. 12.00 Music on 4: Launched at
Spacey. Red Bull Studios.
11.20 Inside the Commons. R Regional variations apply

Other channels
BBC3 Doors. 9.00 Celebrity Big Brother: 8.00 Without a Trace. 9.00 Blue Mammy. 10.00, 11.00 NCIS: Los
7.00 Top Gear. 8.00 Bangkok Live Eviction. 10.00 33 & Married Bloods. 10.00 Fortitude. 11.50 Angeles.
Airport. 9.00 Abortion: Ireland’s to Grandpa: Age Gap Love. 11.00 Boardwalk Empire.
Guilty Secret? 10.00, 10.30 Live Celebrity Big Brother’s Bit on Sky Arts 1
at the Apollo. 11.00 Family Guy. the Side. Sky Sports 1 6.00 Bon Jovi — Live in
11.45 American Dad! 6.00 Fantasy Football — The London 1995. 8.00 Portrait Artist
More4 Highlights. 6.30, 7.00 Football’s of the Year 2013. 9.00 British
BBC4 6.50 Building the Dream. 7.55 Greatest Players. 7.30 Football Legends of Stage and Screen.
7.00 World News Today. 7.30 Grand Designs. 9.00 George Gold. 7.40 Live Coppa Italia 10.00 The Legacy. 11.20 Classic
Great Continental Railway Clarke’s Amazing Spaces. 10.00 Football. 9.40 Football Gold. Albums.
Journeys. 8.00 The Most Ramsay’s Costa del Nightmares. 10.00 Football’s Greatest Players.
Dangerous Man in Tudor 11.05 Gogglebox. 10.30 Football’s Greatest Teams. Sky Arts 2
England. 9.00 Egypt’s Lost Cities. 11.00 One2Eleven: Baresi and Di 6.45 South Bank Masterclasses:
10.30 Battle for The Himalayas: Film4 Natale. 11.15 One2Eleven: Steven Joan Armatrading. 7.00
The Fight to Film Everest. 11.30 6.45 The Theory of Everything Gerrard and Franco Baresi. 11.30, Discovering: Charlton Heston.
The Epic of Everest. Interview Special. 6.55 Letters to 11.45 Football Gold. 8.00 Jonas Kaufmann: You Mean
Juliet. 9.00 Robin Hood. 11.45 the World to Me. 9.40 South
Channel 5 Shogun Assassin. Sky 1 Bank Masterclasses: Evelyn
6.00 Home and Away. 6.30 5 6.00 Futurama. 6.30, 7.00, 7.30 Glennie. 10.00 Dizzy Gillespie:
News Tonight. 7.00 Cowboy Sky Atlantic The Simpsons. 8.00 The Fanatics. Live In ’58 & ’70. 11.55 Classical
Builders. 8.00 GPs: Behind Closed 6.00 House. 7.00 Blue Bloods. 9.00 50 Ways to Kill Your Destinations.
14 ★ † FINANCIAL TIMES Wednesday 4 February 2015

Looking for a market

Total revenue (£m) Jan 2014 Ocado share price (£)
Net profit/loss (£m) First Morrisons
Jul 2013 online delivery 6
900 Partnership
Ocado’s revenues have steadily increased
agreement for
Twitter: @FTLex Email: lex@ft.com 800 but profits have not. The business aspires
Morrisons online 5
to be much bigger but the extra capacity -
grocery
700 and the depreciation charge it will generate -
will continue to hold back profits
price. But Rosneft’s valuation of 5 times 600 4
Rosneft: earnings suggests how little trust the
Santander:
Jul 2010
new rules, old story market already has. Perhaps 500 Initial public oasis or mirage?
accounting changes cannot disillusion 3
offering £1.80
Changing the rules at a critical moment investors who are already sceptical. If 400 There it is. Shimmering in the distance.
in the game is unsettling, even if the so, the move has a certain cynical logic. A beautiful vision of a financially stable
new rules make sense. And applying 300 2 bank that can fund lending growth, add
those changes retrospectively makes to its capital ratios and pay dividends —
the situation worse still. 200 all at once. Can such an oasis exist in
Yesterday, Rosneft announced a
Alibaba/Lending Club: 1 the barren desert landscape that is
change in how it would account for cyber dating 100 European banking? Or is it a mirage?
debt denominated in foreign The name at the top of this vision is
currencies. Previously, foreign Ah, young love. Their public offerings 0 7m 0 Santander; the event that made it
exchange-driven changes in the value barely past, China’s Alibaba and US -7m -1m -2m -13m possible was last month’s €7.5bn equity
-33m -23m
of loans were recognised on the peer-to-peer finance pioneer Lending -100 -40m raising. After that, the bank’s tier one
(rouble-denominated) income Club have hooked up. Lending Club 2007 08 09 10 11 12* 13 14 15 capital ratio under the Basel III rules
statement. This is a problem. As the will offer working capital financing to stands at a decent 9.7 per cent (it would
FT graphic. Sources: Company; Thomson Reuters Datastream * 53 weeks
rouble falls, the value of foreign- US businesses that buy from Chinese have been a thin 8.3 per cent without
currency debt rises. The company had suppliers on Alibaba.com, an English it). And the bank makes money — net
$45bn in debt (almost all in US language business-to-business website. Amazon was founded in 1994 and did centres (to its existing two). online shopping with home delivery profits rose 39 per cent to €5.8bn last
dollars), net of cash balances, at the The companies promise that an not report its first annual net profit Ocado’s centres are more efficient for a fee of £3 to £6 — potentially less year. The question, then, is what to do
end of September. And the rouble is application takes less than five for eight years. And the company’s than traditional grocery retailer’s than the delivery costs. The with the money that it makes.
down by half against the dollar since minutes, and offer up to $300,000 in margins still hover close to zero. This stores. Suppliers deliver direct to the challenges of fresh-food delivery are Assume that Santander makes a
June. That could have made the income funding. Monthly lending rates range might make investors in Ocado, the centre, stocking is automated, there are such that even Amazon’s experiment return on tangible equity of 13 per cent
statement look very ugly. from 0.5 per cent to 2.4 per cent UK online grocer, jumpy. Founded in no tills, food waste is lower and rent is with groceries has only recently gone (within its target range, and better
But Rosneft has decided to adopt (6 per cent to 32 per cent annually). 2000, it is making Amazon look like in cheaper industrial locations. These beyond Seattle, after five years. than last year’s 11 per cent). That might
International Accounting Standard 39. It is a canny pairing. Alibaba a company in a hurry. efficiencies should make Ocado’s Nonetheless, Ocado should look to leave it with net profits of €6.8bn. The
Changes in the value of the loans will contributes the borrowers, providing Well, hurrah. Profits have arrived. operating margin significantly better Amazon, which invests heavily, but new dividend policy takes out just over
be netted against the changes in insights into their creditworthiness Yesterday, Ocado announced a £7.2m than the big chains’, if it gets big works the resulting technological and a third of that, or €2.4bn. Then assume
“highly probable” foreign-currency from online transaction history, and profit for 2014, a 0.7 per cent profit enough (it had just £1bn in sales last physical assets hard — renting them that some of the rest is used to back
sales the company expects to make, visibility on the usage of the funds. It margin. Net or operating profits, not year; Tesco had about £60bn). Ocado’s to partners and adding new products. new lending. Expanding risk-weighted
and recognised on the income should benefit from added sales on profits before depreciation and valuation of 2.8 times price to revenues If Ocado can follow this example, it assets by 5 per cent (or €30bn) would
statement only when the sales are Alibaba.com, which is one of its amortisation, are the metrics to (10 times that of UK retailers, Tesco, might live up to its valuation. The require about €3bn of capital.
closed. The change was backdated to smallest online marketplaces (others watch because the business is so WM Morrison and J Sainsbury) launch of Morrison online, which Santander certainly sees scope for that
October. include Taobao, a Chinese language investment intensive and looks suggests confidence that it will get runs on Ocado infrastructure, and kind of growth in its core markets in
The enfeebled rouble, working in consumer-to-consumer site, and set to stay that way. Last year, much bigger and margins will follow. the recent Marie Claire deal are a Spain, the UK and Latin America; its
tandem with the falling oil price, would Tmall, a business-to-consumer site). Ocado invested £4m more than it But UK grocery is a brutal business, start. Many more are needed. Maybe loan book grew 7 per cent last year. So
have erased Rosneft’s profits for 2014. Lending Club, meanwhile, gets access generated in cash and the company online or off. The chains are in a price Aldi and Marks and Spencer could after taking out the dividend and the
This in turn would have put the to a pool of borrowers. Consistent with is adding two new fulfilment war with the discounters and offer use some help with home delivery? capital for new lending, there is €1.4bn
dividend in question. So the change is Lending Club’s model, the loans will be available to strengthen the group’s
good news, of a sort, for major holders packaged and passed on to individual capital ratio.
such as the Russian government and and institutional investors in the US. Suddenly, the idea of a self-funding,
BP. Russia needs the cash. BP books its This is just Alibaba’s latest step into are becoming an important part of its January, and confirmed in yesterday’s company expects new Orion routing dividend-paying, capital-strengthening
20 per cent share of Rosneft’s profits in finance. Through affiliate Ant Financial investment case. Young love can announcement, that fourth-quarter software to yield $300m to $400m in bank starts to look like the real thing
its own net profits, and on Monday it it already operates China’s largest deepen into something greater. earnings would be 15 per cent below annual savings. While UPS believes rather than an illusion. Chairman Ana
reported fourth-quarter earnings that money market fund, with assets of the market’s expectations. Ecommerce revenue will only grow in single-digits, Botín has certainly put the bank on the
appeared to beat expectations. But more than $80bn. Last month, Ant sales should be a boon to UPS. But only it aims for operating profits that grow front foot since she took on the role last
BMO Capital estimates that the Financial became the first of eight UPS: if it can find a way to better match its at nearly twice that pace. September, orchestrating the equity
accounting change boosted BP’s after- companies granted a licence to launch capacity investments with customer UPS is the largest global “integrated” issue as well as a wave of board
tax profits by more than $900m. a credit-scoring service, Sesame Credit. the shipping blues demand. logistics company offering both ground changes. But a word of caution. Banks
Without that help, BP’s profits would It will benefit from access to data on The growth in online shopping has shipping and air express service. It that boost lending rapidly often do so
have missed estimates. Alibaba’s 300m consumers and 37m Being Santa’s little helper is not as created challenges for physical retail historically trades at 20 times earnings, at the expense of credit quality.
The new rules are not intrinsically small business users — including merry as it is made out to be. During chains but a big opportunity for UPS. and the premium to the market is Santander insists it will not, and indeed
less honest or transparent than the old visibility on merchants’ cash flows. In a the Christmas season of 2013, United “Business-to-consumer” packages, as understandable. Its return on capital the bad-loan ratio was flat at 5 per cent
ones. Nor is the change unprecedented; market with short credit histories, and Parcel Service was not able to meet late UPS calls them, once represented a approaches 20 per cent and it, in effect, last year despite the loan growth. But
Petrobras did something similar in outmoded and disconnected data season demand in the US and delivered fifth of US volume. By 2019, UPS returns all of its net income to any let up on that front and profits will
2013. But the change erodes collection processes, the new business some packages after December 25. expects them to make up half of its shareholders in dividends and start to weaken, and the beautiful
management’s credibility. Markets like could change consumer finance. St Nick was livid. In 2014, UPS deliveries. The company is investing buybacks. After the recent retreat in vision will dissipate.
consistency and predictability. Although the new Lending Club executed better for its customers — but heavily in analytics and technology share price, it is tempting to buy,
The question is how much credibility partnership is initially limited to the at a cost to shareholders. The (capital spending is a sturdy 5 per cent hoping for a rebound. But its valuation
Rosneft had to lose. Its shares rose US, it may well expand globally investments it made to ensure smooth of revenue) so it can reduce driver is unmoved and it remains unclear if Lex on the web
For notes on today’s breaking
3 per cent yesterday. That may partly alongside Alibaba’s ecommerce holiday deliveries led to excessive costs idleness and wasted travel, reducing this year’s Christmas gifts will arrive stories go to www.ft.com/lex
be down to the suddenly buoyant oil business. Alibaba’s finance businesses across the period. It announced in late per package delivery cost. The either on time or on budget.

1010
Forecasts by
1020

0
1020 -4
-6 -2
5 1030
23 L
HIGH Luxembourg Fair -1 30
L W 1010 Lyon Cloudy 2 36
4 5 1010 Madrid Fair 5 41
4 2 3 Manchester Fair 3 37
0
4 Miami Fair 25 77
18
5 0 Milan Cloudy 7 45
3 Montreal Snow -4 25
4
5 -1 1020 Moscow Cloudy -3 27
4 4 9
Mumbai Sun 32 90
5
6 2 Munich Cloudy -1 30
21 8
4 26 New York Fair 6 43
35 Nice Shower 12 54
6 5 5
1
8 L Paris Cloudy 4 39
21 17 Prague Cloudy 0 32
1000
Reykjavik Sleet 4 39
19 1010 1020 Rio Thunder 32 90
Wind speed in MPH at 12 GMT GH Rome Shower 13 55
Temperatures max for day˚C Wind speeds in PH
2 San Francisco Fair 16 61
Stockholm Cloudy 1 34
Today’s temperatures Strasbourg Cloudy 2 36
Abu Dhabi Sun 26 79 Belgrade Shower 8 46 Copenhagen Cloudy -1 30 Hamburg Cloudy 0 32 Sydney Rain 24 75
Amsterdam Fair 5 41 Berlin Cloudy 0 32 Delhi Sun 20 68 Helsinki Snow 0 32 Tokyo Fair 7 45
Athens Cloudy 17 63 Brussels Sun 4 39 Dubai Sun 26 79 Hong Kong Sun 19 66 Toronto Snow -3 27
B’ham Fair 4 39 Budapest Snow 3 37 Dublin Sun 5 41 Istanbul Fair 12 54 Vancouver Rain 9 48
Bangkok Sun 33 91 Buenos Aires Sun 31 88 Edinburgh Fair 4 39 Jersey Fair 5 41 Vienna Cloudy 2 36
Barcelona Cloudy 10 50 Cardiff Fair 6 43 Frankfurt Fair 2 36 Lisbon Sun 11 52 Warsaw Cloudy 2 36
Beijing Sun 6 43 Chicago Snow -5 23 Geneva Cloudy 1 34 London Fair 4 39 Washington Sun 10 50
Belfast Fair 5 41 Cologne Fair 2 36 Glasgow Fair 4 39 Los Angeles Fair 21 70 Zurich Cloudy -1 30

ACROSS 4 Swampy’s mother runs to join

CROSSWORD 1 Run off to get married? Outside cast (6)
No. 14,846 Set by ALBERICH Italy that’s allowed (10) 5 Macbeth’s territory compared with
6 No work for cop in nick (4) Esau’s (8)
       
9 Pirate gold’s hidden in heap of 7 A bit of a shock south of the
stones, mostly (7) border, discovering poison (7)
10 Belly dancing half-heartedly 8 Senior persons? Not right, so
   banned to keep order (7) different term for older folk (10)
12 Reserve or several reserves? (10) 11 Is every one of the male pupils
13 Old boy’s current fetish (3) taking heroin? That’s a bad
  15 Being who I am, I had to leave (6) school (9,4)
16 Russian military leader gives a lot 14 Clue for “rain” is restored (10)

of money to family? About half of 17 After short look old chap ordered
  them (8) soup (8)
18 Reported bad state of ships (8) 19 At university degree is to improve
 20 One buys second discounted (7)
   
jumper (6) 21 Tom’s sister concealing love for
23 Retired gun dog (3) him? (7)
 24 Person is beaten up after 22 Spiritual movement created by
opposing parliament’s leaders, Sunderland workers’ pay? (3,3)
 
exemplifying this? (10) 25 Thchoolgirl’th a legend (4)
 26 In court one fellow very much
rebutted dishonest trading (7)
 
27 Loving laconic statement by right-
winger? (7) Solution 14,845
28 Long time to go without sugar * 5 ( $ 7 ' $ 1 ( ' ( % , 7
  perhaps (4) , 0 2 6 : $ $ 2
5 , 2 7 2 8 6 ( 1 9 ( / 2 3
29 Business meeting’s to lessen
* 5 ( $ 7 ' $ 1 ( ' ( % , 7
, 0 2 6 : $ $ 2
5 , 2 7 2 8 6 ( 1 9 ( / 2 3
7 7 . 2 , ' 6
+ $ , 7 , & / 2 8 ' 1 , 1 (
2 6 , 9 1 &
. ( 1 6 & $ 5 ( 0 2 1 * ( 5
$ 8 7 5 $ (
0 , 1 1 ( 6 , 1 * ( 5 & $ 7
, ( 2 $ 6 +
. , 7 & + ( 1 ( 5 : + ( $ 7
$ % 2 0 2 / +
= ( $ / 2 8 6 ( 1 0 $ 6 6 (
( / + 3 1 $ ( )
6 $ / 6 $ $ 7 7 ( 1 ' $ 1 7

7 7 . 2 , ' 6
blow when leaders exchange + $ , 7 , & / 2 8 ' 1 , 1 (
JOTTER PAD positions (5,5) 2
. ( 1
6
6
,
& $
9
5 ( 0 2 1
1
*
&
( 5
DOWN $ 8 7 5 $ (
1 Penniless Yank makes fortune (4) 0 , 1 1 ( 6 , 1 * ( 5 & $ 7
, ( 2 $ 6 +
2 Perhaps shift manager, losing . , 7 & + ( 1 ( 5 : + ( $ 7
article carelessly, gets tense (7) $ % 2 0 2 / +
= ( $ / 2 8 6 ( 1 0 $ 6 6 (
3 Forcibly remove item of sports ( / + 3 1 $ ( )
outfit as reprimand (4,1,5,3) 6 $ / 6 $ $ 7 7 ( 1 ' $ 1 7
Wednesday 4 February 2015 ★★★ 15

Sharp BG Group AT&T Greek stocks Rouble / $ Brent crude A$ / US$ Copper
Strong dollar Greenback (ATG)
blues hit US companies 5.6% 1.16% 2.32% 11.3% 4.7% 5.8% 3.3%
ERIC PLATT, PAGE 30
Y245 945p $34.34 840.57 Rbs65.10 $57.91 $0.7801 $5,680

BP faces US action over pipelines Short

View
3 CFTC probes practices 3 Allegations of false reporting 3 Latest spat with regulators
the latest between BP and US commod- more oil than they plan to move, a law- mend an enforcement action naming
James
GREGORY MEYER AND ED CROOKS
— NEW YORK ity regulators. In 2007, the CFTC, which yer familiar with the investigation said. ‘We have certain parties, including several BP Mackintosh
prosecutes violations of US derivatives Responding to a Financial Times responded entities, alleging violations of the anti-
A US financial regulator is preparing to law, hit BP with a then-record $303m request for comment, BP said in a state- fraud and false reporting provisions of
name BP and other companies in an fine over charges it manipulated pro- ment: “We have responded to CFTC’s to the CFTC the Commodity Exchange Act in con- It may be hard to believe, but oil is back in a bull market.
enforcement action alleging that they pane markets. BP is fighting another allegations and challenged their juris- allegations nection with these nomination proce- Brent crude, the international benchmark, is up almost
broke anti-fraud and reporting rules case brought by the Federal Energy Reg- diction over the alleged conduct.” dures and related trades”. 21 per cent from its closing low of January 13, and 27 per
while using oil pipelines in Canada, the ulatory Commission alleging it manipu- The regulator declined to comment. and The CFTC’s interest in how shippers cent from its intraday low to yesterday’s high.
energy group has disclosed. lated natural gas prices in Texas after a BP is a heavy consumer of Canadian challenged book pipelines in Canada comes as the Oil has not risen so fast since March 2009 — when its
Staff from the Commodity Futures hurricane lashed the state. oil, having recently retooled a refinery White House considers whether to return to bullishness offered a fantastically timed buy
Trading Commission have informed BP Canada is the top foreign supplier of in Whiting, Indiana, to handle more their approve TransCanada’s Keystone XL signal for equities just as they hit their crisis low.
they intend to recommend legal action oil to the US, exporting more than 3m imports. Canadian oil also flows into jurisdiction’ pipeline, which would take more crude The next fastest rise was in the summer of 2012, when it
after “investigating certain practices barrels a day through a network of pipe- Cushing, Oklahoma, the delivery point from Alberta oil sands to US refiners. took 20 trading days, against 15 days this time, to rise by a
relating to crude oil pipeline nomina- lines. The nominations process is how for benchmark US crude futures that BP While the CFTC’s main focus is on fifth. Those who bought shares as a result have done
tions procedures” in Canada, the com- shippers, including traders and produc- are regulated by the CFTC. derivatives regulation, it can also pur- particularly well as eurozone break-up fears receded.
pany said in quarterly results published ers, book capacity to transport oil. The company said that in November sue false reporting and fraud cases for Is oil offering another buy signal this time? Those who
yesterday. The CFTC has been examining ship- the CFTC enforcement division had strictly physical commodities. are hopeful can point to the similarity of the 2003 oil
The previously undisclosed tussle is pers’ use of “air barrels”, or booking “notified BP that it intends to recom- Oil industry in grip of ‘gale’ page 16 bounce, which timed the four-year rebound in the equity
market perfectly.
More sceptical investors will look at the false signals: oil
volatility saw several dead-cat bounces in early 2009,
while similarly fast rebounds had also taken place in May
2000 and in 2002 — ahead of what turned out to be only
In the basket temporary rallies in equities.
Technical factors offer further ground for caution. Oil
Ocado racks up its was wildly oversold on several measures, suggesting it was
first annual profit due a rebound for no other reason than far too many
people thought it was bound to keep falling.
Finally, oil’s use as a signal comes from its sensitivity to
demand in the economy; it has fallen by more than half as
Ocado made the first full-year profit in the world economy slowed, and there is little evidence of
its 15-year history, pre-tax earnings of that changing. Rather, the oil bounce has coincided with
£7.2m delighting investors, who sent its signs of supply contracting; last week brought a big drop in
shares up nearly 5 per cent, writes the number of active rigs drilling in the US, while oil
Andrea Felsted. majors worldwide announced hefty cuts to their capital
Turning a profit marks an important spending.
milestone for the online grocery Indeed, Citigroup’s economic surprise index for the US is
business that was founded in 2000 by back below zero. Friday brought disappointing economic
three former Goldman Sachs bankers, growth in the fourth quarter, Monday weaker-than-
including chief executive Tim Steiner. expected January manufacturing data and yesterday
But Mr Steiner played down the below-forecast December factory orders. The US economy
significance of the move into the black, is no slouch, but economists and investors had lifted their
saying it had never been one of the early hopes too high. It usually takes a while for expectations to
goals for Ocado, which floated on the adjust lower, creating a headwind for US shares — even if
London Stock Exchange five years ago. partially offset by positive sentiment in oil.
“It has been a number of other
people’s goal for us. Our goal has always Oil in troubled waters
been long-term shareholder value,” he Brent crude ($ per barrel)
said. Nevertheless, he described the pre-
120
tax profit as a “good result” for the
company, which has endured a series of 100
setbacks since its listing, including a Oil’s use as a
profit warning in December 2011. 80 signal comes from
The profit had come despite Ocado its sensitivity to
continuing to invest at a “furious rate” as 60 demand in the
the “online grocery revolution” economy — it has
gathered pace. Ocado was also helped by 40 fallen by more
its delivery contract for Wm Morrison, than half as the
Britain’s fourth-biggest supermarket. 2012 13 14 15 world economy
Lex page 14 Source: Thomson Reuters Datastream has slowed
Long road to profit page 21
james.mackintosh@ft.com
Joe Giddens/PA

QE sparks search for cash havens

that sends Nestlé bond yield negative
CHRISTOPHER THOMPSON inversely to prices, on a Nestlé four- some analysts fear the region is in.
AND ELAINE MOORE — LONDON
year, euro-denominated bond to minus Thibault Colle, a credit strategist at UBS,
Nestle’s corporate bonds traded at 0.008 per cent. That means investors said that investors in top-rated corpo-
negative yields yesterday, highlighting are, in effect, paying to hold the bond. rate bonds were more concerned with
investors’ desperate search for cash- Corporate bonds remain more attrac- protecting their cash than chasing yield,
conserving investments following the tive to some investors than highly rated given the economic worries plaguing
move by the European Central Bank to sovereigns, even though they are riskier, Europe.
LME looks to new horizons drive down continental borrowing because they tend to pay more substan- “We’re not in an economic cycle
as it eyes Chinese market costs. tial interest. where you start to see growth coming
But it is extremely rare for corporate through so investors focus on preserv-
While keeping with tradition and The Switzerland-based chocolate-to- bond yields to turn negative. Shell, the ing their capital,” he said. “The ECB is in
maintaining its open-outcry trading cereals food manufacturer is one of oil company, last week briefly saw one of easing mode and that’s a great place for
pit, the chief executive of the London Europe’s most highly rated companies. its bonds trade negative before return- fixed income rather than equities
Metal Exchange is hoping to capitalise Demand for its bonds surged in the ing to positive territory, according to because the growth story for earnings
on parent company HKEx’s dream of wake of the ECB announcement that it UBS. simply isn’t there.”
opening up the Chinese market would begin quantitative easing Meanwhile, Germany’s benchmark QE is seen as a boon for bond issuers,
through cross-border joint ventures. through a €60bn-a-month asset pur- borrowing rate dropped below Japan’s such as companies and governments,
Analysis i PAGE 19 chase programme. for the first time, a crossover regarded whose borrowing costs have plummeted
That sent yields, which move as symbolic of the deflationary trap that to all-time lows.

Companies / Sectors / People

Companies Coca-Cola.....................................................19 Lazard............................................................18 PwC....................................................................8 Weil, Gotshal & Manges......................18 Epstein, David...........................................19
Aberdeen Asset Mgt.....................20,29 Coinbase.......................................................17 Lending Club.............................................14 Reckitt Benckiser....................................29 West Ham United..................................20 Ferguson, Ian.............................................19
Air Asia.........................................................20 Crédit Agricole .......................................28 Loblaws..........................................................21 Redrow............................................................4 Wm Morrison..........................................4,21 Fernandes, Tony.....................................20
Alibaba.....................................................14,19 Danske Bank.............................................28 London Metal Exchange.....................19 Rosneft.....................................................14,16 Yahoo Japan...............................................16 Flowers, Paul..............................................21
Alpha Bank.................................................28 Davy................................................................28 Mallinckrodt...............................................29 Royal Bank of Scotland......................28 Sectors Gary Holtzer, ............................................18
Amazon.........................................................14 EE......................................................................21 Marks and Spencer................................14 Royal Dutch Shell....................................16 Banks.........................................8,14,18,21,28 Gilbert, Martin..........................................20
Anadarko Petroleum.............................29 Ecobank.........................................................18 Matalan ........................................................21 Royal Mail....................................................21 Beverages...............................................18,19 Gilvary, Brian..............................................16
Apple...............................................................19 Edgelogic......................................................17 MediaTek......................................................19 SCA..................................................................18 Food & Drug.........................................15,21 Glynn, Richard..........................................29
Archer Daniels Midland.......................18 Energy Future Holdings ....................18 Merck.............................................................29 SSAB ..............................................................18 Gen Financial..................................17,19,20 Gould, Andrew..........................................16
Arm Holdings............................................19 Ericsson .......................................................18 Merlin.............................................................20 Santander...............................................14,18 Gen Industrials..........................................18 Hutton, Pete...............................................19
Asda.................................................................21 Eurobank Ergasias.................................28 Miller Buckfire...........................................18 Scottish Widows Inv Partnership.20 Gen Retailers...............4,1415,,17,19,21,29 Jones, Garry................................................19
Associated British Foods .................20 Evercore........................................................18 MillerCoors..................................................19 Secure Income Reit...............................20 Investment Comp..........................2,17,20 Kemp, Leanne............................................17
AutoNation.................................................29 Expedia..........................................................17 Minsheng Bank...........................................8 Selfridges......................................................21 Media....................................................16,17,21 Kurtz, David................................................18
Aviva...............................................................17 Facebook......................................................16 Moelis.............................................................18 Shell..........................................................15,20 Mobile & Telecoms..........................20,21 Leighton, Allan..........................................21
BG Group........................................16,20,28 Fitch Ratings.............................................28 Mt Gox...........................................................17 Sinopec..........................................................16 Oil & Gas..............................14,16,20.21,28 Leslau, Nick................................................20
BHP Billiton................................................29 Flipboard......................................................16 National Bank of Greece....................28 Sky....................................................................21 Technology HW & Equ........................19 Lewis, Dave................................................20
BP...................................................14,16,20,28 Framestore....................................................4 Nestle..............................................................15 Smith & Nephew.....................................29 Luciano, Juan.............................................18
Gannett.........................................................29 Southampton............................................20 People
BT......................................................................21 Gazprom.......................................................28 Nordea Bank ............................................18 Staples...........................................................29 Antonio Álvarez, José..........................18 Ma, Jack........................................................19
Bank of Beijing...........................................8 Glencore........................................................18 Novartis.........................................................19 Stryker...........................................................29 Arnault, Bernard......................................19 Marsh, James............................................20
Barclays........................................................28 Google............................................................16 Ocado..................................................14,15,21 TalkTalk ........................................................21 Botín, Ana....................................................18 Martin-Löf, Sverker................................18
Berkeley..........................................................4 Gulfsands Petroleum.............................21 Office Depot..............................................29 Tesco...............................................4,14,15,20 Brown, Richard..........................................17 McIlwee, Laurie.....................................1,20
Bitstamp........................................................17 Handelsbanken .......................................18 Overstock ...................................................17 Tottenham Hotspur..............................20 Buckfire, Ken..............................................18 Noto, Anthony...........................................16
Botswana Diamonds.............................29 Hargreaves Lansdown...........................2 Pace.................................................................21 Twitter............................................................16 Bullock, Seth..............................................18 Pennycook, Richard...............................21
CBRE ............................................................20 Hearst Corporation...............................28 Pandora.........................................................21 Unilever ......................................................20 Christopher Kelly, Sir.............................21 Pessina, Stefano..........................................1
CME Group..................................................19 Hermès ........................................................19 Peacocks.......................................................21 United Parcel Service...........................14 Clarke, Philip..........................................1,20 Ranadive, Ameet.....................................16
CVC Capital Partners...........................29 HKEx...............................................................19 Pendragon..................................................20 Visa..................................................................17 Clarke, Phil.................................................20 Rose, Stuart...................................................1
Cable and Wireless Worldwide......20 IBM...................................................................17 Petra Diamonds.......................................29 Vodafone .....................................................21 Clausen, Christian...................................18 Sajjad, Mahdi..............................................21
Caesars Entertainment........................18 Industrivärden...........................................18 Pinewood Shepperton...........................4 Volvo...............................................................18 Costolo, Dick..............................................16 Steiner, Tim.................................................21
China National Petroleum Corp.......8 J Sainsbury..............................................4,14 Piraeus..........................................................28 WM Morrison.............................................14 Dudley, Bob...............................................20 Swanson, Tim.............................................17
Citigroup......................................................28 KPMG.............................................................20 Playtech........................................................29 Waitrose........................................................21 Dudley, Bob................................................16 Van Beurden, Ben..................................20
Cnooc.......................................................16,28 LVMH..............................................................19 Portsmouth................................................20 Walmart.........................................................21 Dyson, David..............................................21 Wahlroos, Björn........................................18
Co-operative Group...............................21 Ladbrokes....................................................29 Prestbury Investment Holdings....20 Warner.............................................................4 Egglenton, Mel.........................................20 Weston, Galen............................................21

© The Financial Times Limited 2015 Week 6

16 ★ † FINANCIAL TIMES Wednesday 4 February 2015

COMPANIES
INSIDE BUSINESS
Oil & gas
ASIA

Rosneft acts to ease effect of rouble fall Henny

Sender
Change in accounting for say what impact the accounting change pendent auditor Ernst & Young”. EY $470 m denominated in dollars and euros, and
would have. But the move, backdated to would not comment on whether it its previous accounting policy — which
currency swings has Fourth-quarter

already benefited BP
October 1 last year, has benefited BP,
which owns 19.75 per cent of the Russian
company.
signed off on the accounting change.
Rosneft, which said such approval was
not required by its auditor, declined to
profit recorded by
BP from its
Rosneft stake
many companies use — obliged it to
restate this in roubles at the end of every
quarter.
China plots long-term
JOHN AGLIONBY, HARRIET AGNEW
AND CHRISTOPHER ADAMS
Analysts had expected the UK oil
group to suffer losses of hundreds mil-
specify how long it would retain use of
international accounting standard 39. $60.9 bn
Some $14bn of debt was scheduled for
repayment in December 2014 and Feb-
course to exploit
Rosneft, the Russian state-controlled
energy group, has sought to mitigate the
lions of dollars in relation to the Rosneft
stake. Instead, BP reported a $470m
fourth-quarter profit from its Rosneft
Rosneft said “increased foreign
exchange volatility of the Russian rou-
ble . . . can distort the effect of the
Rosneft’s gross
debt at the end of
October, mostly in
ruary 2015, although the company did
not say if any of this was denominated in
roubles.
energy price collapse
effects of the plunge in the rouble on its holding, down from $1.1bn during the actual currency risk pertaining to the dollars and euros Peter Hogarth, senior technical part-
results by changing the way it accounts same period in 2013. The dividend BP current period” if it was recorded quar- ner at PwC, said the use of hedge

T
for foreign currency swings. expected to receive in July from Rosneft terly rather than when it materialised. accounting was commonplace. his week, Cnooc announced plans to reduce
The company said yesterday it would would be about half last year’s $693m, Brian Gilvary, BP’s chief financial “You’d expect the directors of a com- capital spending as the government and large
now record the impact of such fluctua- the UK group said. officer, called the approach “completely pany with substantial foreign currency state-owned enterprises respond to the col-
tions when they materialised rather Rosneft said the adoption of so-called standard” and added that the group had exposures to manage their risk effec- lapse in oil prices. China’s third-largest oil pro-
than calculating the temporary effect hedge accounting, contained in interna- “reassured ourselves through EY this is tively,” he said. “The accounting stand- ducer said it would cut development spending
every quarter. tional accounting standard 39, was fine”. ards set out detailed rules on how to do by 67 per cent and, albeit less dramatically, reduce explo-
Rosneft has yet to announce its approved by the board’s audit commit- Rosneft’s gross debt, which stood at hedge accounting. It is an oft-used tech- ration and production capital expenditure.
fourth-quarter results and declined to tee “with the involvement of the inde- $60.9bn at the end of October, is largely nique by many large organisations.” At the same time, the Beijing government and refiners
such as Zhuhai Zhenrong have increased their purchases
of crude oil to record levels. Sinopec, another big state-
owned energy enterprise, opened up a tank farm for crude
oil on the resort island of Hainan in November.
Crude slump. Sector outlook These apparently contradictory signals reflect changes
in the sources of growth in a slowing Chinese economy and

Oil industry in grip of ‘raging gale’, says BP chief show how the government and corporate China are
exploiting the collapse to reduce their longer-term vulner-
ability to price swings in the volatile energy market.
It is easy to understand why Cnooc is cutting back
spending. The economy is growing slightly below the level
the cadres have commanded and slowed to 7.1 per cent in
Worst conditions since 1986 the final quarter of 2014. Reinforcing that trend is the fact
prompt steep cuts to spending that the energy intensity of Chinese production has gone
down. Chinese crude oil demand per unit of gross domestic
and jobs at energy groups product has been dropping by 4.3 per cent a year since
2005, according to data from JPMorgan Private Bank.
CHRISTOPHER ADAMS AND Moreover, as the sources of growth shift slowly from
MICHAEL KAVANAGH manufacturing to services and from exports to domestic
demand, that drop will probably accelerate, making fur-
BP chief executive Bob Dudley warned ther oil capex cuts likely — and shareholders happier.
yesterday that the oil sector faced its But China is also looking ahead and taking advantage of
worst slump since 1986, with crude the speedy and unexpected reversal in the oil price.
prices likely to stay at sharply lower lev- The increase in demand for crude on the mainland
els for “several years” after plunging comes because China is exploiting lower oil prices to dra-
more than 50 per cent since last matically boost its storage capacity for both commercial
summer. and strategic reasons. By doing so, it will address one of its
His prognosis for the industry, which perennial weaknesses, its reliance on imported energy,
he described as being in the grip of “a and make itself more competitive.
raging gale”, came as the fall in crude The move comes at a moment when pessimism about
sparked steep cuts to capital spending Chinese prospects generally is on the rise. That downbeat
and jobs at BP and BG Group, two of attitude reflects chronic excess capacity, an overbuilt
Europe’s biggest energy groups. Cnooc, property market and concerns about a corporate sector
China’s third-largest producer, also that has borrowed too much,
announced spending cuts. whether in renminbi or
The moves by BP, BG Group and appreciating US dollars.
China is
Cnooc were the latest in a wave of meas- The way China is taking exploiting lower
ures by the biggest energy groups advantage of the declining
designed to shore up cash flow and pro- oil price also suggests that
oil prices to boost
tect dividends. some of the pessimism is its storage
unwarranted. The dramatic
expansion in commercial
capacity
‘[Opec members] do not and strategic holdings of
want to give up market crude while the price is half of what it was just months ago
is only part of the story. The government is also increasing
share to high-cost oil if taxes rather than passing on the full benefit of bargain fuel
they don’t have to’ prices to consumers.
Those taxes will go partly to dealing with China’s monu-
Bob Dudley mental environmental issues, according to Miswin
BP and BG Andrew Gould, interim executive 19.75 per cent stake in the Russian operating cash flow of $30bn to $31bn Mahesh, Barclays’ commodities analyst in London. That
Mr Dudley, speaking to reporters, said Group reported chairman of BG Group, also likened the energy company. by 2014, reporting $32.8bn last year. spending should be good for China and its neighbours, if
Opec members had told him they billions of collapse in oil prices to that of 1986, A $3.6bn post-tax charge in the fourth BP said it would cut capital expendi- the past is any guide. Up to now, Chinese growth has been
wanted to “fundamentally test” the oil dollars in asset when big additions to supply led to a quarter — largely reflecting impair- ture by about 13 per cent this year com- good news for the rest of the world. In 1990, China’s contri-
market to see if US shale producers who writedowns protracted decline in the cost of crude. ments to assets in the North Sea and pared with 2014, to about £20bn. It is bution to global GDP growth was 5 per cent. Since 2010, the
had led America’s output boom could at the end of BP and BG Group reported billions of Angola — led to a $969m headline loss at considering postponing its Mad Dog figure has swelled to more than 40 per cent. Its role as a
continue pumping crude at lower last year dollars in asset writedowns and head- BP. Mr Dudley echoed Royal Dutch deepwater project in the Gulf of Mexico. crutch for world growth has become especially important
prices. line losses for the fourth quarter of Shell’s calls last week for the UK govern- In December the group announced a as the growth rate of other emerging markets has fallen.
His comments point to a battle of wills 2014. ment to introduce North Sea tax cuts. $1bn restructuring charge to cover (Last year, emerging markets as a whole grew only 4 per
ahead in the market as Saudi Arabia and However, BP’s underlying earnings of BP increased the amount it has set planned job losses. Shares in BP rose 2.5 cent — the worst figure since 2009 — and this year may
other Opec members wait to discover if $2.2bn in the last three months of 2014, aside to cover the cost of the 2010 Deep- per cent on Tuesday to 448.5p as crude even drop slightly below that.)
their decision in November — not to cut lower than the $2.8bn in the same water Horizon disaster in the Gulf of rallied off recent lows to $56. China’s demand for crude is already lifting the fortunes
output in the face of weaker than period in 2013, surpassed analysts’ Mexico to $43.5bn. Meanwhile, BG Group outlined a cut of shippers and others. Among the biggest beneficiaries of
expected global demand — knocks out expectations after an accounting change Iain Reid, analyst at BMO Capital of up to 30 per cent in capital spending the increase in Chinese appetite for crude is Iran, says
higher cost production elsewhere. at Rosneft meant the UK group did not Markets, said BP had “more than deliv- this year, to between $6bn and $7bn. Amrita Sen, chief oil analyst with Energy Aspects in Hou-
Mr Dudley said: “When I talk to suffer from the rouble’s slide. BP has a ered” on its target to generate annual The bulk of the company’s $8.9bn of ston and London. Indeed, Chinese demand for oil from
[Opec members], what they seem to be impairment charges in the fourth quar- Iran accounts for more than India, Japan, and South Korea
saying is the world has developed high- ter related to a $20.4bn project in combined. (All these countries have received specific
cost oil in the US, and some in Canada, Capital spending Queensland, Australia, which is exemptions from US-imposed sanctions on Iran, and they
and why should they be required to shut designed to supply Asian economies may also import more than the level the waivers allow.)
in their low-cost production to allow $bn with liquefied natural gas. Earlier on, before China received permission from the
more and more high-cost oil to come on 25 The charges swung BG Group to a pre- US to procure Iranian oil, the country paid for its Iranian
Cnooc
to the market that’s economic at $100 tax loss of $2.3bn in 2014, from a profit imports in renminbi. But today, Ms Sen says, the Chinese
BP
[a barrel]. 20 of $3.9bn the previous year. The com- are using dollars. That benefits both sides. Tehran finds
BG
“They do not want to give up market pany is seeking a 10 per cent cut in head- dollars more useful than renminbi as there are still con-
share to high-cost oil if they don’t have 15 count expenses this year. Its shares were trols on what Iran can do with its Chinese currency.
to. I think they are going to see this up almost 1 per cent per cent at 941.2p. At the same time, China has clearly decided it is better to
through.” Cnooc is to cut capital spending by up obtain real assets, such as oil, with its dollars than to pur-
10
He said a “lot of places in the US” to 35 per cent this year, the first such chase paper securities.
would be challenged, and cited a sharp announcement by a China energy group Right now, both US Treasuries and the US dollar look
fall in drilling rig counts as a “leading 5 after the fall in crude prices. Cnooc said attractive, while oil does not. But China always takes the
indicator” of what to expect. US output Company it was needed “to preserve the com- long view — and in the long term neither Treasury securi-
forecast 0
would continue to rise until the sum- pany’s health in 2015 and beyond”. ties nor the greenback seem as attractive as they do today
mer, then flatten out and start to fall 2005 06 07 08 09 10 11 12 13 14 15 Additional reporting by Lucy Hornby — at least as seen from Beijing.
away, but it would not “drop like Source: Bloomberg
in Beijing
a stone”. See Lombard henny.sender@ft.com

Media

Twitter posts message to investors with deals for sites to show paid-for tweets
HANNAH KUCHLER — SAN FRANCISCO site. The company is due to report earn- advertising on Twitter, these new part- greater than the figures suggest,
ings tomorrow. nerships open up a significant opportu- because some people read tweets (and
Twitter has formed partnerships to
The shares have dropped 42 per cent nity to extend the reach of their message view ads) without logging in and others
display promoted tweets on other
in the past year, even though Twitter to a larger audience.” see them on other sites and on TV.
sites, as it tries to convince investors it
beat revenue expectations. Wall Street This was “the first of many opportuni- Anthony Noto, chief financial officer,
can generate revenue by reaching
Positions Available has worried that the company does not ties” to create such campaigns, he said at an analyst day in November
beyond its own user base.
have the scale to become a big partici- added. Twitter has not said how it that Twitter could reach up to $14bn in
Flipboard, a magazine app, and Yahoo pant in the digital advertising market intends to split the revenue from the annual revenue in the next 10 years,
Japan will be the first external sites to dominated by Google and Facebook. adverts with its partners. some 10 times the forecast for the full
show advertisements developed for About 185bn tweets had been seen in With 284m monthly active users, year 2014. Twitter hoped to become one
Twitter. The promoted tweets will be other apps and sites in the third quarter Twitter is much smaller than many of of the “top revenue-generating internet
adapted to look like other content on of 2014, said Ameet Ranadive, senior its social media rivals. Facebook has companies in the world”, he said.
FT APPOINTMENTS
the apps in which they are shown, and director of product. “Tweets can flow 1.4bn and Facebook-owned Instagram The company is expected to report
............................................................................................................................. will be targeted using data from Twitter. from Twitter to other mediums seam- more than 300m. The number of Twit- earnings per share of 6 cents for the
Classified Appointments Advertising
UK: +44 20 7873 4909 Dick Costolo, Twitter chief executive, lessly, like TV, websites and mobile ter users increased 5 per cent from the fourth quarter and 10 cents for 2014,
US: +1 212 641 4909 is under pressure to show improved applications,” he said. second to the third quarter. The social networking site wants to according to the average analyst
ASIA: +852 2905 5528
user growth at the social networking “For the thousands of brands already The company says its reach is far show it can reach beyond user base estimate.
Wednesday 4 February 2015 ★★★ FINANCIAL TIMES 17

DEMOCRATISING FINANCE

Scandals and Bitcoin explained

£ € Bitcoin is a digital currency that avoids

the use of third parties to verify
Software

Entrepreneurs
price volatility
$ transactions. The payment system is run
and verified by the users themselves, aim to beat
gem thieves
making it possible to carry out cheap
transactions without a middleman

leave bitcoin
1
with network
Sarah wants to pay Jim, an online vendor,
for goods in bitcoins. First they must
create digital wallets using the bitcoin
client software

looking spent
SALLY DAVIES
2 When Sarah makes a payment to Jim and
transfers bitcoins, she will broadcast a Could bitcoin be the bane of diamond
message to the bitcoin network thieves? Leanne Kemp hopes it will.
Edgelogic, her Australian peer-to-peer
3 Digital signatures are embedded to software company, is using the digital
prove they have come from the true currency to create an online record
book called Blocktrace, which allows
Concerns mount over digital currency
owner
insurers and purchasers to check the
history of a precious stone — and any
system’s viability and structure Bitcoin network crimes or claims against it.
She is one of a new wave of entrepre-
neurs preparing to exploit the technol-
Democratis Robinson, who writes about money- ogy behind the digital currency by
FT series
laundering. applying it to other industries, such as
Democratising 4 Every few minutes bundles of these
Concerns remain over whether main- property and data storage.
finance stream adoption can happen in an envi- transactions are bunched together to “I’m not excited about bitcoin. It’s the
ronment where message-board com- form a ‘block’ underlying technology that really
menters say consumer protection does excites me,” says Ms Kemp. She is work-
IZABELLA KAMINSKA not exist and where price volatility ing with Aviva, the UK’s biggest insur-
turns even a coffee purchase into an ance group, to investigate how it might
Cryptocurrencies stormed into the pub- unpredictable expense. apply Blocktrace.
lic consciousness in November 2013 Scandals of the past year include the The attraction to developers lies in
when the price of one bitcoin broke $620m collapse of the Tokyo-based cur- Bitcoin network the so-called blockchain, the decentral-
through the $1,200 level. rency exchange Mt Gox, the theft of $5m ised network where every bitcoin trans-
The activists promoting the breed of coins from Bitstamp, one of the fer is verified, processed and written
people-issued money claimed it would exchanges based in the UK, and a down. They say it can make transac-
replace inflationary central bank cur- number of small-scale frauds, hacks and tions cheaper, faster and more secure.
rency, enabling consumers to bypass the embezzlements. 5 This is encrypted to create a puzzle The idea is to remove the need for
high commission charges and regula- Most of all, the newly disillusioned middlemen like banks to vouch for
tory restrictions of banks. bitcoin community is confused about facts, such as a person’s identity or the
“It gives everyone in the world access how a system that was supposed to be 6 Computers on the network – known as health of their finances — processes that
to finance and the ability to transact decentralised and owned by no one has miners – race to solve the puzzle and can be slow and costly. Instead, the
with each other,” says Chris Ellis, one of ended up being anything but. verify the blocks blockchain aims to use code-breaking
the early supporters, who always Tim Swanson, a consultant to the and crowdsourcing to create a self-
believed bitcoin’s potential was in industry, says bitcoin is too complex to maintaining and reliable record.
democratising finance for millions of achieve that goal. “It’s a giant accounting ledger that
unbanked people. “The only barrier to Rather than eliminating the need for
Bitcoin network everybody agrees to but nobody owns,”
entry is the use of a network-enabled third-party agents, he says it has says Peter Kirby, president of Factom —
digital device like a smartphone or a spawned an industry to process it. a US start-up that helps developers
computer.” “If you introduce third parties it build products on the blockchain.
But one year on, and despite growing defies the point . . . All it does is create Or, as Adam Ludwin, a founder at
popularity with retailers such as Expe- an extra cost,” he says. “You just end up rival Chain.com, describes it: “block-
dia, Overstock and IBM, things have not replicating the old system, but without chain is the rails and bitcoin is the cart.
turned out as the community intended. the features that provide functionality But we’re seeing you can put stuff in the
Bitcoin prices have collapsed. For for customer service.” 7 Whoever finds the solution first carts, and it doesn’t have to be money.”
most of January, they traded below Bitcoin fees for users are low. But broadcasts it to the network miners, who Experts say the blockchain infra-
$250, incurring heavy losses for those they are in effect subsidised by specula- check it is correct structure is one reason why, despite
who bought in at more frothy levels and tive buyers. If prices fall, Mr Swanson scandals and swings in the bitcoin price,
challenging the profitability of busi- warns that fees will rise, making it less venture capitalists and traditional
nesses involved. competitive versus traditional payment Bitcoin network financial groups continue to make bets
methods. on bitcoin companies.
In depth
He estimates that the true cost of each Blocktrace works by creating digital
For full coverage of the
Democratising Finance series bitcoin transaction is $15-$20. certificates, stored in the blockchain,
with slideshows and videos, go to The smart money, according to one that are mapped on to diamonds. The
ft.com/democratisation developer of a rival system, was never idea is to reduce fraud and eliminate
invested in bitcoin directly but in the third parties that perform identity and
supporting infrastructure. These busi- value checks.
Message boards once filled with nesses could one day be redeployed to Ms Kemp sees broader potential in
enthusiasts feature critical voices that new and improved cryptocurrency sys- 8 The winner gets the using the technology as a bridge
question the system’s long-term viabil- tems or even to traditional currencies. reward of a bitcoin and … between digital finance and the “inter-
ity and structure. Meanwhile, a growing number of bit- net of things”. It could be possible, for
Bitcoin was the brainchild of Satoshi coin intermediaries are moving to work example, to have a sensor in the roof of a
Nakamoto, presumed to be the nom de within the established financial market. house that sends an alert to the block-
plume of a group of cryptologists. Coinbase, the San Francisco-based 9 … Jim gets his bitcoins. Sarah’s digital chain when it detects damp, she says.
It was supposed to provide a way to start-up that lets people store, send and wallet is deducted by the same amount. This could trigger instructions that
sidestep third parties — banks and other accept payment in bitcoins, has The whole process takes 10 minutes transfer repair money from an insurer
foreign exchange providers — and cre- launched its own US dollar wallet serv- to a claimant’s account before the per-
ate an alternative system that could be ice, and broke records in January when son knows anything is wrong.
run by users themselves. it raised $75m from investors including But there are risks and uncertainties.
But its anonymity gained it a reputa- the New York Stock Exchange and sev- The blockchain is only processing about
tion as the currency of choice for drug eral banks. $50m a day and it is unclear if it could
dealers and money-launderers, while its The presence of traditional financial cope with the scale its advocates envis-
volatility brought it to the attention of services groups and figures was inter- age. Unwinding transactions is hard,
speculators. preted as an indicator of growing inves- and the ledger is public, which can make
Companies are starting to accept bit- tor interest in mainstream applications Glossary it difficult to protect privacy. Over time
coin, but its use is limited to a few large of the digital currency. the constraints of the system mean
groups and some local businesses keen But some banks worry that the tech- Wallet A bitcoin wallet is the equivalent of a physical Block A record of bundled bitcoin transactions processing transactions is expected to
to jump on a trend. nology could become too expensive, wallet on the bitcoin network become more expensive.
Block chain A public record of blocks, or
The bitcoin system processes about especially if speculative flows are Digital signature Proves ownership. It is based on bitcoin transactions, in chronological order Rivals to bitcoin’s blockchain have
100,000 transactions per day, com- removed or the cost of regulation is fac- cryptology mathematics that is hard to breach already arrived. “It is like the MySpace
pared with Visa’s 150m. tored in. of social media and the Napster of the
However, only about 1 per cent of the “There are lots of claims made for this Mining The process of cracking the code by making a music industry,” says Andrew Tarver,
bitcoin total represents buying and sell- technology, many of which don’t stand series of complex calculations. As a reward, bitcoin founder of Boldrocket, a technology
ing of goods and services, with the rest up to scrutiny,” says Richard Brown, miners collect transaction fees for the payments they consultancy.
linked to spam, money-laundering and executive architect for banking indus- confirm, along with newly created bitcoins “It will create the rules, break the
double-counting, according to Jeffrey try innovation at IBM. FT graphic: Ian Bott. Source: FT research rules, and then disappear.”

Contracts & Tenders

General financial

Silk Road jury to start weighing up digital evidence

KARA SCANNELL — NEW YORK Serrin Turner told the jury while by Dread Pirate Roberts, the online from OK Cupid dating site confirming a
summarising the government’s case. name of the mastermind of Silk Road, date. There is “nothing indicating Ross
Prosecutors said that their evidence of
“He built it, he grew it, he operated it Mr Turner sought to match entries and Ulbricht walked away from Silk Road”,
chat logs and journal entries was “over-
from top to bottom.” conversations that linked Mr Ulbricht to Mr Turner said.
whelming” in proving that Ross
Overlaying personal journal entries DPR from the website’s launch in 2011 Prosecutors allege that Silk Road
Ulbricht had created and operated the
kept on Mr Ulbricht’s laptop computer, until his arrest in a public library as he made $213m in revenue over its life-
Silk Road website from beginning to
with Silk Road private messages written was logged in as DPR in October 2013. time, with $182m of it linked to illegal
end, while the defence pressed the jury
The chat messages between DPR and drugs. Mr Turner reminded the jury of
to be wary of digital evidence that
his employees revealed “little details Michael Duch, the IT consultant who
could be “fabricated, moved and
about what’s going on with his life that testified that he turned to Silk Road to
manipulated”.
match up perfectly with Ulbricht’s life,” sell drugs to feed his own heroin addic-
Closing arguments in the trial of Mr Turner said. tion. Mr Duch pleaded guilty and was
Mr Ulbricht, the alleged mastermind of Mr Turner matched a personal email testifying in a deal with the government.
the online marketplace for illegal drugs, from Mr Ulbricht inquiring about a “Those are real people, real families,
hacking services and fake identities, cabin rental in Bastrop, Texas, to a Silk with real addictions,” Mr Turner said.
were made to a packed courtroom on Road expense report for the cabin’s rent Joshua Dratel, Mr Ulbricht’s lawyer,
the trial’s 10th day. The jury will begin and supplies he allegedly used to make argued the internet thrives on “decep-
deliberations this morning. magic mushrooms, which Mr Ulbricht tion and misdirection” and that his
Mr Ulbricht sat mostly motionless as allegedly later used to launch the client was a victim of DPR who set him
the prosecution painted him as an ego- website. up as authorities were closing in on him.
tist who would do anything, including He pointed to a log on Mr Ulbricht’s The journals, chat logs and other
murders for hire, to protect his enter-
prise. He faces a mandatory minimum
computer entered weeks before his
arrest that said he was covered in poison
information on Mr Ulbricht’s laptop
were manipulated, he said.
Businesses For Sale
FT BUSINESS
20-year prison sentence on the strong- oak and had a first date with Amelia. “Documents can be created, edited, Tuesday, Friday & Saturday: Business for Sale, Business Opportunities, Business Services,
est charge against him for running a Mr Turner pointed the jury to personal moved.” He said all organised files were Business Wanted, Franchises
continuing criminal enterprise. emails sent from Mr Ulbricht’s Gmail “a little too convenient”. .........................................................................................................................................................................................................................................................................
“The evidence is clear that he ran it Ross Ulbricht: alleged mastermind of account to his ex-girlfriend saying he He said that Mr Ulbricht had given up Classified Business Advertising
UK: +44 20 7873 3920 | Email: jenny.fazakerley@ft.com
from beginning to end,” prosecutor the online marketplace for drugs was covered in poison oak, and an email control of Silk Road by the end of 2011.
18 ★★★ FINANCIAL TIMES Wednesday 4 February 2015

COMPANIES

Banks Banks

Nordea investigated in private jet scandal Santander

profits surge
Watchdog probes largest The company has changed its chair-
man and aviation policy after revela-
ers with controlling stakes in groups
such as Volvo, Ericsson and SCA itself,
not uncommon.” Mr Clausen also enjoys
the solid support of his chairman, Björn
to SCA. Several auditors also attended a
M&A seminar at SCA where they went
amid Botín’s
Nordic bank over trips
with forestry group
tions in newspaper Svenska Dagbladet
that family members of directors had
following the revelations. The chairmen
of Handelsbanken and SSAB as well as
Wahlroos, who views the hunting trips
as a normal part of business life for a
hunting, PwC said, adding that they
required internal approval to attend.
reform drive
flown to a SCA-owned hunting lodge the chief executives of Handelsbanken bank chief executive. SCA has said it has started a special
RICHARD MILNE and to sporting events in corporate jets. and Industrivärden are also changing in Mr Forsberg told the Financial Times audit following the revelations. It has
— NORDIC CORRESPONDENT Sweden’s Financial Supervisory the wake of the scandal. that he had already secured some evi- now banned spouses and children from THOMAS HALE — MADRID
Authority is also investigating whether The FSA said it was seeking to estab- dence but the prosecutor was tight- travelling on business jets, even where
Profits at Santander rose almost 70 per
A private jet scandal in Sweden has the chief executive of Nordea Bank lish what happened on the trips involv- lipped about the potential subjects or no additional cost is incurred.
cent in the first full quarter under Ana
intensified after attracting the atten- acted improperly by going on a jet to the ing Christian Clausen, Nordea’s chief criminal offences under scrutiny. “I In a statement to the FT two weeks
Botín as the Spanish bank benefited
tions of prosecutors and financial regu- SCA hunting lodge. SCA is a customer of executive. “It is important that banks need the facts before I go further in this ago, it added: “SCA aims to ensure that
from increased revenues and reduced
lators as well as ensnaring the Nordic the Nordic lender. have ethical guidelines and that they are investigation,” he added. its actions are in line with the expecta-
provisions for bad loans.
region’s largest bank and one of the The scandal has caused outrage in followed. That is one of the things we PwC, one of the big four global tions and demands that its owners, cus-
world’s biggest auditors. egalitarian Sweden and has resulted in will look into,” the FSA said. accountancy firms and SCA’s auditor, tomers, consumers and employees Net profit at the eurozone’s largest bank
Thomas Forsberg, a prosecutor in one of the country’s biggest ever board- Nordea responded: “As a financial has also been drawn into the affair. PwC place on a company of SCA’s stature. If by market capitalisation was €1.46bn
Sweden’s anti-corruption unit, is room shake-ups. institution we have continuous discus- told the FT that its previous lead auditor our actions are not perceived as consist- over the three months to the end of
investigating the events around the use Sverker Martin-Löf stepped down as sions with the Swedish FSA. The fact for SCA flew on the company private jet ent with these expectations, we must December, up from €864m over the
of private jets at SCA, a Swedish forestry chairman of SCA and Industrivärden, that the FSA is raising questions about a twice, once to an annual meeting and listen and be willing and prepared to same period the previous year. Fourth-
and paper company. one of Sweden’s biggest corporate own- topic that has gained media exposure is once to a board meeting, at no extra cost make changes.” quarter revenues were just over €11bn,
up from €10bn a year earlier.
Provisions for underperforming
loans, emblematic of the financial
stresses Spain endured in the aftermath
Restructurings. Crisis control of its banking crisis, were €2.5bn in the
final three months of the year, com-

Oil distress rolls the dice anew for turnround advisers pared with €2.8bn at the end of 2013.
The sharp year-on-year jump in prof-
its was also driven by improved profita-
bility across Santander’s broad global
After a string of lean years, operations. Net interest income — a key
gauge of profitability for banks — was
the industry is cautious of €7.7bn in the fourth quarter, up 11 per
banking on a flood of work cent year on year.
“This is a good operating perform-
from the energy sector ance from most of the bank’s divisions,
and asset quality is showing improve-
SUJEET INDAP — NEW YORK ment,” said Daragh Quinn, an analyst at
Ken Buckfire, chief executive of Miller Nomura.
Buckfire, jokes that his business of Since being appointed executive
advising debt-swamped companies chairman in September following the
depends on fixed-income investor
amnesia. “Every seven or eight years it
becomes apparent that portfolio man- Santander’s
fourth-quarter net
agers have forgotten the lessons of the profit reached
previous credit cycle,” he says. €1.46bn, up from
Investor willingness to finance groups €864m a year
too loosely inevitably leads to a wave of before
Chapter 11 bankruptcy filings or
restructurings, he says. Investment death of her father Emilio, Ms Botín has
bankers such as Mr Buckfire as well as demonstrated a considerable zeal for
restructuring-focused lawyers, acc- reform, changing several of the ortho-
ountants and consultants generally doxies established over her father’s
prosper in periods of company distress. quarter of a century at the helm of the
Conflicts of interest typically preclude bank.
diversified banks from serving as In November, she appointed José
restructuring advisers, so most such Antonio Álvarez chief executive as part
work is concentrated in independent of a broader boardroom shake-up. Last
advisory investment banks such as month, the bank raised €7.5bn in an
Lazard, Moelis or Evercore. Analysts overnight share sale and slashed its divi-
will be listening for clues on their earn- dend, in a further sign of Ms Botín’s will-
ings calls this week to learn if restructur- ingness to modify practices that were
ing mandates are accelerating. effectively sacrosanct under her father’s
Now, the fall in oil prices would seem tenure.
to offer the restructuring profession a The capital increase improved
glimmer of hope. Santander’s capital ratio, which had
Fitch Ratings reported in late Decem- been a source of concern among inves-
ber that 16 per cent of outstanding high- Winners and $50/barrel oil or $3/mcfe [millions of reflecting refinancings. particularly from opportunistic hedge tors and analysts. The bank’s fully
yield bonds have been issued by energy losers: Caesars cubic feet] of natural gas”. In effect, fees that ordinarily would funds. In recent weeks, reports have loaded tier one common equity ratio
companies. Of the energy bonds it rated Entertainment David Kurtz, head of Lazard’s restruc- have been paid to restructuring advisers emerged that Apollo and Blackstone are was 9.7 per cent after the increase.
B minus or lower, the average trading entered turing practice, added that commodity were transferred to capital markets raising funds that will target debt in the Santander’s capital-boosting move
price was just 74 cents on the dollar. bankruptcy prices would have to stay depressed for bankers. But falling bond prices may not oil and gas industry. raised questions as to whether the bank
After the 2001-02 recession came a last year a “meaningful amount of time” to trig- be enough to push companies into com- “There has to be a balance sheet sought to fund additional growth or fur-
leverage boom that seven years later ger a real pick-up in his business. The prehensive restructurings. The flood of opportunity, meaning that existing debt ther ingratiate itself with the Frankfurt-
culminated in the financial crisis of question was whether oil and gas prices refinancings pushed most maturities to covenants allow for leverage. Idiosyn- based single supervisory mechanism —
2008-09. Seven years on, the collapse in would remain low for “six months or 2017 or beyond and “covenant-light” cratic financing opportunities can a new European-wide regulator
oil prices would appear to presage five years”, he said. bonds are more tolerant of poor finan- exist,” Mr Kurtz said. installed in November.
another reckoning for energy and oil- Restructuring activity is tightly corre- cial performance. Even without the systemic economic “As of 2015, we will focus on organic
field services companies that binged on lated with defaults. According to The crucial question is whether com- weakness that marks a classic restruc- growth by earning the loyalty of our cus-
debt in the easy-money era. Moody’s Moody’s, the US speculative-grade cor- panies can maintain the cash flow, turing cycle, advisers are finding ways to tomers,” Ms Botín said in a statement
measure of US companies with high- porate default rate soared above 15 per through spending cuts, to meet interest The keep busy. Energy Future Holdings and yesterday.
yield bonds trading at distressed levels cent in 2009, compared with historical payments. Restructuring advisers are Caesars Entertainment, two massive In 2014 as whole, Santander’s net
more than doubled between November averages of about 4 to 5 per cent. now watching for banks’ twice-yearly question is indebted buyouts struck before the cri- profits rose 39 per cent year on year to
and December. Lazard, the only group that separately “borrowing base” determinations for whether oil sis, have entered bankruptcy within the €5.8bn. Over the full year, the UK and
But advisers who should be salivating reports restructuring advisory revenue, credit facilities, which happen in March last year and clashes between their cred- Brazil — both recent areas of expansion
at the prospect of a surge in distressed saw that figure drop from $376m in and April. Borrowing bases are deter- and gas itors and the companies have created for the bank — each contributed 19 per
oil and natural gas companies remain 2009 to $118m in the 12 months to Octo- mined by the value of oil reserves and prices will opportunities for advisers. cent of total group profits, while Spain
cautious after a string of lean years one ber, reflecting how restructuring work the fall in prices could reduce lending “There is always a base level of accounted for 14 per cent.
high-level banker described as “terri- dried up. capacity on credit facilities. Since the remain low restructuring activity. Sectors can be The bank’s new dividend policy
ble” for the restructuring industry. In 2013 and 2014, the corporate 2009 financial crisis, banks’ own finan- for ‘six caught on the wrong side of a macro involves four payments a year of €0.05
Seth Bullock, a Houston-based con- default rate hovered around 2 per cent cial position has changed markedly, trend and may simply require reduced per share, three of which will be in cash.
sultant to distressed energy companies and debt investors thirsty for yield were which means they may be less strict in months or interest expense or extended debt The fourth will be either a scrip divi-
at restructuring adviser Alvarez & happy to finance all but the most mar- cutting the amount of credit available. five years’ maturities,” said Mr Buckfire. “But then dend or cash, depending on the share-
Marsal, said there were “pockets of ginal companies. High-yield bond issu- Low yields mean that financing to there are also some companies that holder’s choice. Previously, Santander
weakness among energy companies ance topped $300bn annually between stave off restructurings may also be should fail.” paid out most of its dividend in scrip.
that are not capitalised to survive at 2012 and 2014 with half of that volume more available to troubled companies, See Lex

General financial Banks

ADM sells Brazil terminal stake to Glencore Ecobank considers HQ move after Togo ruling
GREGORY MEYER — NEW YORK lay as it ramps up trading volumes. commodities export terminal in Brazil. WILLIAM WALLIS them to move the group headquarters chief executive. Mr Tanoh was removed
The new ADM-Glencore joint People familiar with the proposal said out of Lome, the Togolese capital, where unanimously by the board of the bank
Archer Daniels Midland is forming a Pan-African lender Ecobank Trans-
venture will own and operate the Bar- it was an “opportunistic deal” and did it was set up in the mid-1980s by busi- last March, following a protracted dis-
joint venture with the commodities national has called an emergency
carena terminal and lift its annual vol- not signal wider ambitions in Brazil. nessmen from across west Africa. pute over alleged governance issues that
trading house Glencore to quadruple board meeting to discuss moving the
ume capacity from 1.5m tonnes to 6m Three years ago Glencore gained a “We are calling a special board meet- threatened Ecobank’s position as the
the amount of oilseeds flowing through bank’s headquarters out of Togo, in the
tonnes a year. crucial foothold in the grain market ing next week to review these issues and largest banking network in sub-Saharan
a port in Brazil. wake of a court ruling that awarded its
“We are strengthening a strategically with the $6.1bn acquisition of Canadian to make a decision over what is best for Africa.
controversial former chief executive,
One of the biggest agricultural traders located asset in a cost and capital- grain trader Viterra the institution and whether we should He had been placed under investiga-
Thierry Tanoh, $11.6m in damages for
and processors, ADM said it had agreed The emergence of a global middle move to a jurisdiction where there is a tion by Nigeria’s capital markets regula-
wrongful dismissal.
to sell Glencore a one-half stake in its class has spurred demand for vegetable secure legal environment,” a senior tor in 2013 after Ecobank’s executive
export terminal in Barcarena, near the
The ADM-Glencore joint oils pressed from soyabeans, palm and Yesterday’s court ruling follows a deci- bank official said. director in charge of risk and finance
city of Belém on Brazil’s northeast coast. venture will lift the rapeseed, and for meat cut from live- sion last month by a commercial court Ecobank has initiated arbitration pro- accused him of corporate governance
The companies did not disclose terms of stock fattened on soyabean meal and in Ivory Coast, where Mr Tanoh is now ceedings in Paris, and argues that Mr breaches. KPMG, the global account-
the agreement.
Barcarena facility’s capacity grain. Brazil’s soyabean exports will rise deputy secretary-general at the presi- Tanoh’s contract “expressly provides ancy firm enlisted by the Nigerian regu-
The move comes as ADM seeks to to 6m tonnes a year 57 per cent to 66.5m tonnes in the com- dency, to order the bank and one of its that all disputes should be governed by lator to carry out the investigation, was
double its worldwide grain trading vol- ing decade, the US Department of Agri- leading shareholders to pay the former English law and settled by international scathing about the way Mr Tanoh had
umes over the next several years. Most efficient way,” said Juan Luciano, chief culture forecasts. chief executive $15m in damages for arbitration”. agreed a bonus and salary increase in
of the New York-listed company’s silos, executive. ADM announced the sale and expan- defamation. That case related to allega- It has also lodged a complaint against 2012 with the former ETI chairman.
ports and processing plants are concen- Glencore is better known as an energy sion push as it reported fourth-quarter tions of mismanagement at Ecobank Mr Tanoh for allegedly taking files and Mr Tanoh denied the allegations
trated in the US, leaving it exposed to and mining group but also has a signifi- profit of $1 a share, adjusting for one-off that led to Mr Tanoh’s downfall. computer records relating to his time as against him and fought for nine months
localised risks such as drought. cant business trading grain. In 1997, items. That was up 5.2 per cent from Ecobank disputes the jurisdiction of to keep his post, at times with the back-
ADM is also trying to improve returns ADM bought Glencore’s grain opera- $0.95 per share a year before and above both the Togolese and Ivorian courts ing of the Ivory Coast government. In
on invested capital, a performance tions in Brazil as it made a push into the expectations of $0.94. Without the over the cases, and has appealed against $11.6 m $15 m the wake of the defamation judgment in
measure closely watched by Wall Street. country. But Glencore still holds signifi- adjustments, net profit was $701m, or both decisions. Mr Tanoh could not be Damages Damages his favour last month, his lawyer, Soual-
The joint venture, similar to others at cant assets in Brazil. $1.08 per share, up from $374m or $0.56 reached for comment. awarded to awarded to iho Lassoman Diomande, said: “It’s a
ports in the US and Europe, would The agreement with ADM marks per share in the year earlier period. But officials at the bank said their con- Thierry Tanoh Mr Tanoh for trial that re-establishes the honour and
help ADM economise on its capital out- Glencore’s first investment in a soft ADM shares fell 1.3 per cent to $47.56. cerns over the legal process could oblige over dismissal defamation reputation of Thierry Tanoh.”
Wednesday 4 February 2015 ★★★ FINANCIAL TIMES 19

COMPANIES

General financial Pharmaceuticals

Moody’s ratings probe stepped up Novartis faces suspension in

Japan for alleged data issues
Mortgage derivatives in the authorities that settled with S&P, the terisation the company has always As part of the settlement, S&P for-
largest of the rating agencies, which denied. mally retracted that accusation, which ANDREW WARD revenues in its financial reports but
the spotlight after S&P’s agreed to pay the record sum to the With respect to the investigations attorney-general Eric Holder yesterday analysts estimated that the country
Novartis faces a temporary suspension
$1.4bn settlement Department of Justice, 19 US states and from the state attorneys-general, called “utter nonsense”.
of its business in Japan as punishment
accounted for about 7 per cent of its
the District of Columbia. Moody’s said: “We continue to believe S&P also agreed to a 16-point state- $58bn sales last year.
for alleged manipulation of clinical
Federal prosecutors recently inter- that the cases are without merit.” ment of facts acknowledging staff knew The Tokyo district prosecutor
GINA CHON — WASHINGTON trial data in the latest example of
STEPHEN FOLEY — NEW YORK viewed Moody’s officials but it is unclear about the risks in subprime mortgage indicted Novartis and a former
authorities clamping down on big
whether the long-running probe will bonds in the lead-up to the 2008 crisis. employee in July for allegedly tamper-
US authorities are stepping up their result in a lawsuit, according to people
Prosecutors interviewed As part of the settlement, S&P did not
pharma.
ing with trial data to strengthen the
probe into whether Moody’s inflated familiar with the case. Moody’s officials but it is admit that it violated any laws. S&P says The Swiss drugmaker said it had been apparent benefits of Diovan, the com-
ratings on mortgage derivatives to win “Our office intends to pursue the it has introduced compliance proce- warned by the Japanese health ministry pany’s fourth-bestselling drug.
business in the lead-up to the financial Moody’s case now that the S&P case is
unclear whether the probe dures to make sure ratings are not to expect sanctions in relation to a scan- The employee worked with doctors
crisis following a record settlement with resolved,” said a spokesman for George will result in a lawsuit inflated to win business. dal that has badly tarnished the com- on the trial without declaring his associ-
its rival Standard & Poor’s. Jepsen, Connecticut’s attorney-general. Shares in McGraw Hill Financial, pany’s reputation in one of the world’s ation with Novartis.
With S&P agreeing to pay $1.375bn to The Financial Crisis Inquiry Commis- S&P agreed to pay $687.5m to the DoJ S&P’s parent company, rose 3 per cent biggest pharmaceuticals markets. Separately, an investigation by out-
settle allegations it boosted mortgage sion used Moody’s as a case study for the and another $687.5m to 19 state attor- by lunchtime in New York. Novartis replaced its top Japanese side lawyers appointed by the drug-
securities ratings, attention has rating agencies’ role in attracting even ney-general offices and the District of Separately, S&P also settled claims by management last year after local maker found that company staff had
switched to Moody’s. conservative investors into mortgage- Columbia, which all sued the agency. the California Public Employees’ Retire- employees were accused of manipulat- failed to declare side-effects experi-
Attorneys-general in Connecticut and related securities. It cited former The deal also meant vindication for ment System related to ratings of three ing trial data in favour of its Diovan enced by patients in a Japanese trial of
Mississippi said they were among the Moody’s executives who argued the the DoJ, which was accused of suing S&P structured investment vehicles. The blood pressure drug and concealing Tasigna and had destroyed documents.
prosecutors stepping up their examina- company became too focused on win- in 2013 in retaliation for its downgrade company agreed to pay $125m in that side-effects associated with its Tasigna David Epstein, Novartis’s head of
tion of the business. They were among ning market share in ratings — a charac- of US government debt in 2011. settlement. leukaemia treatment. pharmaceuticals, told a press confer-
Japan’s financial regulators have pre- ence in Tokyo last year that the com-
viously used so-called business suspen- pany had been shocked by the panel’s
sion orders against banks and brokers findings, which highlighted “ethically
but local media said that this would be inappropriate” relationships between
Interview. Garry Jones, London Metals Exchange the first time that such a penalty had its staff and doctors running clinical tri-
been imposed on a drug company. als of its products. “We are committed to
Novartis said it had received “pre- changing the culture at [Novartis in
notification” from Japan’s ministry of Japan] and demonstrating ethical lead-
health, labour and welfare of a proposed ership,” he said, expressing regret for
business suspension order and prom- the harm caused to the credibility of
ised to “take all necessary steps to clinical research in the country.
ensure that Japanese patients are not The case is the latest in a series of ethi-
adversely affected”. cal issues related to links between drug-
People familiar with the matter said makers and medical professionals,
that the suspension would be for no ranging from bribery of doctors by
more than 15 days. GlaxoSmithKline in China to an alleged
Novartis does not split out Japanese bribery scheme by Sanofi in the US.

Technology hardware

Arm unveils range of chips to

allow lighter high-end phones
MURAD AHMED — EUROPEAN the new design, including MediaTek,
TECHNOLOGY CORRESPONDENT
the Taiwanese chipmaker.
Arm Holdings has launched its latest The new chips could give rise to more
processors for mobile devices, as the sophisticated devices, which in turn
chip designer aims to consolidate its could require yet more Arm-designed
dominant position in the smartphone components that allow the chip
Brokers say that the higher fees introduced at the exchange threaten to make trading prohibitively expensive — Chris Ratcliffe/Bloomberg market by refreshing its range of chips. designer to make more money per
device.
The Cambridge-based group’s success The company is also releasing a range

LME chief to meld metals with electronic age has been built on the boom in high-end
mobile devices, particularly Apple’s
bestselling iPhone, with the UK com-
pany’s components used in more than
of additional processors that help to
provide enhance graphics and added
security.
Arm will hope that the new mobile
95 per cent of smartphones. chips will rekindle faster growth at the
HENRY SANDERSON AND NEIL HUME Now a year and a half into his tenure, munity of brokers who spent most of HKEx an extra HK$1.2bn-HK$1.3bn in Arm, one of the UK’s only global tech- company, which has been hit by slug-
he cites the investment made to date as their careers trading on the old, mem- revenue this year. “This could help nology companies, sells licences for its gish overall demand in smartphones in
In 2016, when the 138-year-old London a reason to dismiss members’ suspicions bers-owned LME. Many of them fear group profits increase materially in blueprints to manufacturers who also recent years.
Metal Exchange relocates from Lead- that HKex might want to sell the Lon- London could become an “American- 2015,” Morgan Stanley wrote in a report. pay royalties on each unit shipped. In October, third-quarter results for
enhall Street in the City of London to a don business — and to start delivering style” exchange such as those run by Nevertheless, others contend that Yesterday, the company said it was 2014 showed that royalties rose 9 per
new building a mile north in Finsbury increased trading volumes and fee reve- CME Group in the US. higher fees and margin requirements releasing a suite of chips for smart- cent from a year earlier, fuelled mainly
Square, it will take with it several nues. He says he hopes to capitalise on Brokers say the higher fees intro- have reduced incentives for trading. In phones and tablets that will go on sale by iPhone sales.
curved red-leather benches. the parent company’s dream of opening duced by Mr Jones and the margin January, one member of the exchange — next year. However, this was lower than the
They form the ring: the last open-outcry up the Chinese market through cross- requirements of LME’s new clearing the brokerage Traderight — stopped This includes the Cortex A72, which 13 per cent royalty growth over the same
trading pit of its kind in Europe — and a border joint ventures. house — both of which are expected to using the LME’s clearing house because the company claims will provide a 50 period a year previously. Revenues in
symbol of the LME’s long history. “The old exchange as it was would be good sources of revenue — threaten of high margin requirements, and per cent improvement in computing the quarter were up 9 per cent year on
Only last year, nine traders were fined never have made that investment,” says to make trading prohibitively expen- became a non-clearing member. power from leading smartphones built year to $320.2m.
for breaching the ring’s time-honoured Mr Jones. “The LME had to adapt to sive. In addition, they note that China Others warn that the LME could lose five years ago. Arm predicted that more powerful
rules, by not keeping at least one foot in become a modern exchange.” has given no clear indication that it its unique competitive advantage as an Pete Hutton, Arm’s executive vice- phones and tablets would continue to
contact with their seats while trading. However, some of the changes he has would be willing to let the LME in on its exchange backed by physical metals. president and president for products, eat into sales of PCs.
News of the ring’s preservation con- made risk alienating a tight-knit com- domestic commodities futures markets. Mr Jones says he and his team are try- said the new chips provided a “decisive “There’s been quite a lot in the press
founded many people’s expectations of Mr Jones understands markets and ing to attract new members who actu- step forward”, allowing manufacturers about stagnation in phones, but we
Garry Jones, the chief executive pricing better than most, though. While ally produce and use metal — such as to build “even slimmer, lighter, more still think the phone will become the
appointed after LME was bought for not a metals industry insider, he has MillerCoors and Coca-Cola — and per- immersive mobile devices”. primary computing platform device
£1.4bn by Hong Kong Exchanges & long experience of the options markets, suade them to use LME contracts to The company announced that for users,” said Ian Ferguson, a senior
Clearing, in 2012. serving as head of NYSE Liffe after a hedge their exposure to fluctuating 10 licensees had signed up to adopting Arm executive.
Many had expected the ring would career as an options trader. prices.
disappear as part of a sweeping modern- “I think HKEx gives the LME the But whether China will open up its
isation programme. strong capital base to do more interest- commodities market in the same way it
Several hundred million dollars have ing things,” he says. “They bought the has its equities trading — through the Personal goods
since been invested by the exchange’s LME as the leader in its field, but not to Shanghai-Hong Kong Stock Connect ini-
parent, to upgrade its technology and
build a clearing house that meets strin-
gent European regulations.
convert it. I wasn’t brought in with any
agenda to change the LME other than to
modernise the LME and make it a com-
tiative — remains unclear.
“Domestic commodities exchanges
are sealed units,” Mr Jones says. “In
Chinese austerity takes the
‘I wasn’t brought in with an
But Mr Jones says the aim is to bring
the LME into the electronic era without agenda to change the LME
mercial business.”
He points out that LME fees were so
what way will they internationalise?
Should they work with partners to do
sparkle out of LVMH earnings
losing its distinctive history as a market low in the past that members did not so? That’s what we’re suggesting.”
for both physical producers and con-
other than to modernise it’ pass the costs on to their customers. While he waits, he will need to keep
sumers seeking to hedge their exposure Garry Jones Now along with higher fees, analysts existing LME members trading and pay ADAM THOMSON — PARIS with 2013, against 5 per cent the previ-
to metals. estimate that the LME could bring fees: the old alongside the new. ous year.
LVMH Moët Hennessy Louis Vuitton
Sales at LVMH’s wines and spirits
recorded its first fall in operating profit
division shrank by 3 per cent on a com-
in five years as the biggest luxury group
parative basis against 2013. During the
by sales contended with the rapidly
General financial previous year, the division had seen a 6
changing habits of Chinese consumers.
per cent growth in sales.

Alibaba sees US lawsuit as opportunity to explain its business The Paris-based group said that operat-
ing profit last year was €5.7bn, 5 per cent
lower than in 2013 and slightly lower
Overall, 2014 annual sales grew
5 per cent on a comparative basis
against an annual increase of 8 per cent
than analysts’ forecasts. in 2013.
CHARLES CLOVER — BEIJING The regulator has also raised ques- gating Alibaba for its failure to disclose importantly we can use it as an opportu- Bernard Arnault, LVMH chairman Like luxury sector rivals, LVMH is
tions about whether Alibaba misled the SAIC meeting in its IPO prospectus. nity for the world to understand Alibaba and chief executive, said: “The 2014 facing slowing demand from Chinese
Jack Ma has put a brave face on adver-
investors in its record-breaking initial Alibaba said it did not know about the better and China better; it’s a good thing. results confirm the capacity for LVMH shoppers against a backdrop of a less-vi-
sity, saying that a US class action law-
public offering last year in the US. white paper until it was put on the SAIC My legal team will handle it.” to progress despite economic and cur- brant domestic economy and an anti-
suit against the Chinese ecommerce
The SAIC criticisms were not sup- website last week, and that the July Robbins Geller Rudman & Dowd, a rency uncertainty.” corruption campaign.
group he founded would help western
ported by “certain government offi- meeting was routine. According to Joe law firm, said on Friday that a class Mr Arnault, who is France’s richest Luxury groups are also contending
countries “understand Alibaba’s busi-
cials”, Mr Ma said. Alibaba has repeat- Tsai, Alibaba’s executive vice-chair- action suit had been launched in a New man, underlined that revenue for 2014 with tensions between Europe and Rus-
ness better”.
edly denied that it misled investors by man, the report was “an inaccurate and York district court for purchasers of of €30.6bn hit new levels. sia, curbing Russian shoppers’ spend-
In a speech in Hong Kong last night, Ali- not disclosing a July 16 meeting with the unfair attack”. In last night’s speech, Mr New York-listed Alibaba shares Net income for last year rose 64 per ing, along with terrorism concerns.
baba’s chairman also shed light on a SAIC, two months before its September Ma said: “There are law firms already between October 21 and January 28. cent to €5.65bn as LVMH booked a
political row last week between his com- IPO on the New York Stock Exchange. preparing for class action lawsuits in the The complaint alleges that Alibaba €2.81bn capital gain after distributing
pany and the State Administration for The SAIC said that it raised allega- US. For Alibaba, it means a bad thing has “issued materially false and misleading its 23 per cent stake in rival Hermès to
Industry and Commerce, a Chinese reg- tions at the meeting about illegal activi- come and we have to face it.” statements regarding the soundness of investors.
ulator, which criticised the ecommerce ties on Alibaba’s online business plat- “We will actively handle this matter [the] company’s business operations, The company unwound its position in
group’s business practices. forms, including the prevalence of with utmost transparency . . . more the strength of its financial prospects order to settle a bitter four-year dispute
“We [are] looking for how we can counterfeit goods. Last Wednesday, the and concealing substantial ongoing reg- with the family that controls Hermès,
communicate with the rest of the SAIC published a white paper of the dis- ulatory scrutiny”. which had attacked LVMH for building
world,” Mr Ma said. “We don’t want to cussions and said it had delayed the Jack Ma: ‘We The war of words last week between up the stake.
don’t want to be
be misunderstood by the world that we publication of the accusations made in misunderstood by Alibaba and the SAIC appeared to cool However, annual sales at LVMH’s
are not transparent. We don’t want to be the meeting until after Alibaba’s IPO to the world that after Mr Ma met with Zhang Mao, the fashion and leather goods division,
misunderstood that Taobao is a plat- avoid interfering with the listing. we are not head of the SAIC, on Friday. which includes Louis Vuitton, rose just 3 The group recorded its first decline
form for selling fake products.” A number of US law firms are investi- transparent’ See Lex per cent on an organic basis compared in operating profit for five years
20 ★ FINANCIAL TIMES Wednesday 4 February 2015

UK COMPANIES

Briefs

Twelve-month contracts are an anomaly that is bad for business Pensions

FTSE 350 deficits high
Companies in the UK’s FTSE 350
suffered their combined highest
jettisoned its bungling boss without Ed Miliband to sling rocks at when its Widows Investment Partnership, Accounting fundamentalists object monthly pension deficit ever last
compensation had he been guilty of behaviour is unbusinesslike. bought from Lloyds last year. to companies using profits before month, according to a study by
misconduct. The fact it is stumping up Longer term, the big threat facing impairments as their “headline” Mercer.
implies Mr Clarke is in the clear with all active managers is the low- number. The difference for BP was According to the latest monthly
ex-finance director Laurie McIlwee, Man of granite maintenance index trackers, which between a post-tax profit of $8bn and study by the pensions consultancy,
though a parallel investigation by the charge customers a pittance. But slow $12bn at constant cost of supplies. The the combined pensions scheme
Serious Fraud Office continues. Investors should come to praise Martin lorises move faster than this trend. justification is that impairments have deficit of FTSE 350 companies
Mr Clarke also exits with a chunk of Gilbert not bury him for the falls in In time Mr Gilbert’s gut — or his no cash cost and are highly subjective. reached £133bn in January, which
Read all about it! Man in suit gets bonus shares. The 2014 annual report Aberdeen Asset Management’s shares, advisers — will tell him the time has Bob Dudley, chief executive, is thus Mercer said was a record. A deficit
entitlement under employment records about 900,000 of these, worth writes Kate Burgess. Unlike Caesar, Mr come to work harder on keeping bearish on the price for oil and the is a pension fund’s assets, such as
contract! It is hard to simulate some £2m at today’s share price. A Gilbert has well-honed survival skills. customers sweet. For now, though, it is capacity of BP to extract it profitably the stocks and bonds it holds,
indignation at the £1.2m pocketed by further 2.4m such shares are valueless After three decades at the helm, he better to invest in his business than in from the North Sea. The oil group minus its liabilities to retirees.
Phil Clarke for checking out as chief by that measure. He receives no fat knows how to keep backers on side, his funds as Aberdeen divvies up its wrote down assets atop or beneath
executive of Tesco. The grumpy grocer discretionary payout. Shareholders, as even as he urges them to finance accumulating cash through dividends those chilly waters by $4.7bn. In
is bagging a reward for failure. Most Jonathan Exten-Wright of DLA Piper another acquisition. and buybacks. contrast, BG only devalued its assets in
senior executives are eligible for the points out, no longer tolerate these. Shareholders should not under- the North Sea, where it is the fourth-
same reward. Tesco is not to blame. It Apologists for corporate pay claim estimate the impact of £4.8bn net largest operator, by $600m. The bulk
is the fault of the system, comrade. that 12-month rolling contracts are a outflows from funds in the quarter to Scratch match of its write-off was against Australian
Ordinary toilers get one to three function of demand for skilled December, on top of last year’s £12bn shale gas wells and equipment.
months’ notice of termination, and executives. They made the same outflow. Worryingly, £1bn drained Annual results are an opportunity for Shell boss Ben van Beurden has
may receive cash in lieu. Twelve excuse for three-year rolling contracts, from high-margin global emerging oil and gas groups to roll up their warned against “overreacting” to oil Mercer said the shortfall was
months is typical for top managers, until the government banned them. markets equity funds. Aberdeen relies sleeves and show off their scars. BG price falls. Mr Dudley, in contrast, caused by a “particularly sharp fall”
including Mr Clarke, who Tesco fired But any contractual stipulation that for half its revenues and more than half Group announced pre-tax impairments envisages a world where prices stay in the yields on corporate bonds.
last year. That is an anomaly. comes as standard is set by convention its profits on its Asian, emerging and of $8.9bn yesterday. Even BP, a low. Heavy writedowns prepare BP for Fast FT
The supermarket chain held back Mr rather than the market. Otherwise, global market funds. business in the vanguard of the bad that world, or will enable it to write
Clarke’s cash in lieu, while Freshfields acknowledged virtuosi might merit However, Mr Gilbert is not one to news delivery business since the Gulf asset values up again through the P&L
and Deloitte investigated how a profits two-year safety nets while ambitious dwell on macroeconomic trends when oil spill, could not compete. Its if it has been too pessimistic.
KPMG
forecast came to be overstated by probationers got the statutory there are pips to be squeezed on the writedowns came in at $6.3bn. Shell’s Fine for misconduct
£250m. minimum. P&L. He says he can offset any margin impairments of $3.5bn were no more jonathan.guthrie@ft.com The UK accountancy watchdog
Tesco might legitimately have Business is easier for those such as erosion by cutting costs at Scottish than scratches by comparison. Aberdeen: kate.burgess@ft.com fined KPMG a total of £390,000 for
putting commercial considerations
above ethical standards for auditors
in two separate cases of misconduct
Food & drug retailers that stretch back to 2010 and 2011.
In the first case, the Financial

Tesco green light

Reporting Council found four
findings of misconduct against
KPMG and James Marsh, its chief
operating officer.

for £2m payout

KPMG failed to require Mr Marsh
to sell his shares in Cable and
Wireless Worldwide — one of the
firm’s auditing clients — when he
was appointed partner in 2011.

to two ex-bosses
The second case related to
KPMG’s position as auditor to
automotive retailer Pendragon
when a former partner, Mel
Egglenton, was appointed a non-
executive director of Pendragon.
Sums under separation for continuing to withhold the Harriet Agnew
payments. Accordingly, the board con-
deals had been withheld siders that defending costly claims for
Queen’s Park Rangers
after profit overstatement the payments would not be in the
Redknapp steps down
company’s best interests”.
ANDREA FELSTED AND The Serious Fraud Office has begun Struggling Premier League football
NATHALIE THOMAS an investigation into the overstatement, team Queen’s Park Rangers has
which relates to the payments that been left to seek a new manager,
Tesco has agreed to hand over payments Tesco receives from suppliers for selling following Harry Redknapp’s abrupt
totalling more than £2m to its former more of their products, or funding decision to quit the west London
chief executive and former finance special offers. club. Mr Redknapp, 67, cited urgent
director, which the supermarket group Tesco said that “if new information knee surgery as the reason he could
had withheld after its £263m profit were to come to light which would not continue in the role.
overstatement. change this assessment, the company Club chairman and majority
The supermarket group said on its will pursue recovery of the payments owner Tony Fernandes, the Air Asia
website that it had agreed to pay Philip and damages and has fully reserved all entrepreneur, must now find a
Clarke, former chief executive, its legal rights in this respect”. replacement with QPR lying second
£1,217,000 and Laurie McIlwee, former Mr Clarke was ousted as chief execu- bottom of the table. Roger Blitz
finance director, £970,880 “under their
separation agreements”.
Britain’s biggest retailer said last
tive in July. Dave Lewis, a Unilever exec-
utive, was appointed as his successor.
Mr Clarke had agreed to stay until
Working The landlord of Madame Tussauds
hopes to raise more than £300m by
selling the building that has housed the
freeholds including the Alton
Towers theme park, Thorpe Park
and 21 private hospitals valued in
ABF
October that it was withholding the pay-
ments when it revealed that it had over-
January, but he was asked to leave with
immediate effect at the end of August, the wax waxworks since 1884.
Entrepreneur Nick Leslau has
June at nearly £1.5bn.
The attraction of commercial
Vivergo £98m charge
Associated British Foods has
stated its full-year pre-tax profit by
£263m, not the £250m it announced a
month earlier.
when Tesco warned on profit.
Mr McIlwee resigned as finance direc-
tor in April 2014, and he was not
Sights set on instructed agent CBRE to market the
freehold of the London premises and is
seeking offers above £300m, according
property as an asset class has seen
its shares rise 74 per cent above its
list price of 174p to 302p, swelling its
blamed falling oil and bioethanol
prices, and the weakening euro for
its decision to take a £98m
It said at the time that the payments
had been withheld due to investigations
involved in the business after his resig-
nation, according to people familiar £300m in sale to insiders. The building is leased to
Merlin, the FTSE 250 leisure group, on
market cap to more than £500m.
Madame Tussauds was valued at
impairment charge on its
investment in Vivergo Fuels, which
into the overstatement.
But it said yesterday that it was “con-
tractually committed to make the rele-
with the situation.
Mr Lewis is trying to turn round the
business, following the profit misstate-
of Tussauds a 27-year lease at a rent of £15.5m a
year rising annually in line with
inflation. The building is the biggest
£294m in its last accounts.
Prestbury Investment Holdings,
the company Mr Leslau runs with
runs a £350m biofuels plant in
northeast England. ABF, the owner
of the Primark clothes shop, owns
vant payment to each former director
unless it can legally establish a case of
ment. Last month, he announced the
biggest overhaul in Tesco’s history, clos- building single property asset owned by the
Secure Income Reit, which listed on
long-term business partner Mike
Brown, is the external manager to
about 47 per cent of Vivergo, the
UK’s largest biofuels plant, through
gross misconduct against him”. ing its head office in Cheshunt and 43 Aim in June with a market the Reit and owns about a quarter of AB Sugar, one of its largest
It had “taken legal advice and had stores and scrapping the dividend. capitalisation of £293m. It owns 28 its shares. Claer Barrett subsidiaries. John Aglionby
concluded that it did not have the basis See Lombard

Business Leaders General financial

Aberdeen hit by flight from emerging markets

DAVID OAKLEY coming back in favour. We are suffering will help the company diversify its asset
— INVESTMENT CORRESPONDENT
because of the global macro picture, base geographically and into other
Aberdeen Asset Management suffered which has hurt emerging markets. products. Before the acquisition, Aber-
net outflows of £4.8bn in the final “We have taken a long-term view in deen had been far too concentrated on
quarter of last year because of weaken- emerging markets that they are a good its blockbuster products of emerging
ing investor appetite for emerging mar- area to invest in. It might not be this market equities, Asia-Pacific equities
ket funds, sending its shares down year. It might not be in five years’ time. and global equity funds. Equity
sharply yesterday. But we are confident that they will come accounted for 75 per cent of revenues.
back.” Since the completion of the SWIP deal
Europe’s biggest independent investor His confidence is partly based on his in March, the group has a much stronger
said its assets under management con- view that the group’s acquisition of Scot- presence in fixed income, property and
tracted to £323.3bn at the end of tish Widows Investment Partnership so-called investment solutions, particu-
December compared with £324.4bn at larly in the UK market. Equity accounts
the end of September. for 60 per cent of revenues.
Aberdeen is heavily exposed to However, the group still has a large
emerging markets, which have under- part of its business in emerging markets,
performed because of concerns that rather than the US and Europe, where
interest rates will rise in the US, and that equities are performing more strongly.
a lower oil price and strengthening dol- In London the shares closed down
lar would destabilise these economies. 3.43 per cent at 425p.
The FTSE 100 group is also losing Peter Lenardos, strategist at RBC Cap-
market share among retail investors ital Markets, said: “Investment per-
because of a broad global shift towards formance is weak, but that is to be
index trackers and other passive funds £4.8bn £323.3bn expected from a group that is over-
at the expense of active managers. Net outflows seen Level to which weight emerging markets and under-
Martin Gilbert, chief executive, right, by Aberdeen in assets under weight Europe and US. No one should
insisted: “We can turn things round, but the final quarter management have been surprised by these results.”
it does depend on the emerging markets of last year contracted See Lombard
Wednesday 4 February 2015 ★ FINANCIAL TIMES 21

UK COMPANIES

Mobile & telecoms Food & drug retailers. Online milestone

Vodafone enters
battle to capture
‘multiplay’
services market
Telecoms group plans mobile customers. Vodafone is
expected to provide more details of its
home broadband to rival European fixed broadband and TV serv-
BT and cloud-based TV ices when it publishes third-quarter
results tomorrow.
DANIEL THOMAS The company has to date focused on
— TELECOMS CORRESPONDENT mobile operations in the UK, although it
has launched internet and TV in other
Vodafone will make its first move into European countries including Italy and
the “multiplay” market of bundled tele- Germany.
coms and internet services with plans to Vodafone has a major advantage over
match BT’s fibre broadband coverage of other internet providers such as Sky and Out of the red: Ocado, which employs 8,500 people and plans to open a fourth distribution facility, has achieved an annual profit 15 years after launch
the UK. TalkTalk that rely more on BT’s broad-
The telecoms group will reveal plans band infrastructure because it acquired
in coming weeks for a push into the UK
consumer broadband market as rivals
such as Sky and BT add mobile to their
fixed line services.
a large national fibre network with the
purchase of Cable & Wireless World-
wide in 2011.
Vodafone has used the network for
Ocado unloads its first full-year profit
In response, Vodafone will launch business customers but has not yet
sought to challenge the dominance of Online grocer says it is November, compared with a £12.5m Wm Morrison, agreed in 2013, although ing on its fourth distribution facility, at
BT and Sky in home broadband. loss in the year earlier. The shares rose Mr Steiner denies this was the turning Erith in Kent.
‘More than four in 10 However, every major internet pro- continuing to generate sales 4.7 per cent to close at 435.20p. point. Nevertheless, the arrangement But although Ocado has finally turned
people who do not have a vider will be able to sell a combination of Mr Steiner insists it was never one of generated gross profit of £45.1m for a pre-tax profit, the next few years are
mobile and fixed telecoms, TV and despite food cost deflation and Ocado’s goals to make an early pre-tax Ocada in the year. not without their challenges.
multiplay bundle would internet from 2016, with BT expected to profit. As the online grocery market And there is the prospect of further Its original partner, Waitrose, could
consider signing up to one’ close the purchase of EE that will give it a supermarket price war expanded, it was more focused on build- deals in a similar vein. Mr Steiner says terminate the contract under which
considerable scale across the markets. ing a business that could take advantage he has begun to “engage in more it supplies Ocado as early as 2017. With
home broadband this spring before add- Ofcom research suggests that 2 per ANDREA FELSTED of industry changes for its shareholders. detailed discussions with several par- 18 months’ notice required, the upmar-
ing cloud-based TV later in the year. cent of British consumers buy quad — SENIOR RETAIL CORRESPONDENT “If it was our goal . . . we would have ties” that want Ocado to provide their ket grocer could potentially give notice
The company will then begin selling play, which lags behind countries such It has taken about £500m of invest- done it before,” he says. to Ocado this year.
“simplified” bundled mobile, internet as the Netherlands and Spain. One per- ment, with a brutal profit warning, a The profit has come about, despite Mr Steiner is relaxed about Waitrose’s
and TV services, according to one per- son with knowledge of Vodafone’s plans refinancing and a share price fall to as significant continued investment,
‘Tim [Steiner] doesn’t intentions, as are some City analysts.
son with knowledge of the plans. pointed to this as the opportunity to little as 55p along the way. But Ocado because the company is continuing to have to buy a new James Anstead at Barclays says that
Vodafone will use network technol- grow the market. has finally delivered something other generate more sales, Mr Steiner adds. “although Waitrose may ultimately
ogy being deployed by BT’s Openreach Some telecoms executives — such as than groceries — the first full-year pre- Sales excluding value added tax and
supermarket every time want to be totally independent of
division to reach a much higher popula- Three’s chief David Dyson — suggest tax profit in its 15-year history. those paid for with vouchers rose almost he wants to add sales’ Ocado, we are not sure that it is yet
tion at higher speeds than the tradi- that there is not yet the appetite for mul- “I would not claim for one moment it 20 per cent to £948.9m for the year. [logistically] ready to sever the existing
tional local exchanges. ti-product bundles in the UK, although has been plain sailing,” says Tim As Ocado’s scale builds, so the effi- online grocery service and he is hopeful link with Ocado”.
It is planning to connect its existing third-quarter results from TalkTalk Steiner, chief executive of Ocado, and ciencies from its modern facilities kick of clinching an agreement this year. Then there is the situation at Morri-
fibre broadband network to about 1,000 yesterday showed an initially strong the only one of three former Goldman in, and it makes more money from each According to people familiar with the son. Some analysts expect the new man-
of BT’s larger exchanges in order to take-up of its recently launched quad Sachs bankers who founded the com- sale. This is despite food price deflation situation, he is focusing his efforts on US agement team being put in place after
reach more than four-fifths of the coun- play services. pany in 2000 to remain. and a vicious supermarket price war. retailers. But Mr Steiner says he has also the ousting of Dalton Philips to try to
try by the summer. The group has In a survey yesterday, CCS Insight “We started off in a 40 sq ft room with “Tim doesn’t have to buy a new super- received inquiries from continental renegotiate the deal. But Mr Steiner says
already started technical trials. said: “There is clear consumer appetite three desks in it. We employ 8,500 peo- market every time he wants to add more Europe, Latin America and Asia. that it is “exceptionally tight” contrac-
The company will use cloud-based for multiplay services: more than four ple today and we are proud of what we sales,” says a person who knows the Ocado is still investing apace. Ana- tually. “At the end of the day, if you have
technology to provide TV content via in 10 people who do not have a multi- have [achieved].” business well. lysts at Numis have estimated that a contract it’s very hard to renegotiate
the internet using a simple TV set top play bundle would consider signing up What Ocado has achieved is £7.2m of Ocado’s fortunes have been trans- it spent almost £100m in the year, unless you have something to give.”
box with a bundled pricing plan for to one.” pre-tax profit in the year to the end of formed by its £200m, 25-year deal with and will spend £150m this year, includ- See Lex

Oil & gas

Gulfsands’ main investor claims commercial director’s scalp

MICHAEL KAVANAGH board by a margin of 70 to 30 per cent. Waterford’s plans for an executive work together constructively in the
However Mr Sajjad, who has a 7 per cent putsch although they insisted they were future. “It is a confusing outcome,” said
A Russian financier and the main
stake in Gulfsands, narrowly survived acting independently. one attendee at the meeting. “It remains
investor of oil explorer Gulfsands
the vote calling for his demotion from In response Abdul Rahman Kayed, to be seen whether this can resolve the
Petroleum has claimed one of two man-
chief executive by a small margin. Gulfsands’ second-largest shareholder splits on the board.”
agement scalps he was seeking at an
The votes follow a series of disagree- who holds nearly 10 per cent of the com- Voting was delayed two weeks ago
extraordinary general meeting in
ments on how best to manage explora- pany, called for the removal from the after the company was advised that a
London.
tion projects in Morocco and residual board of chairman Andrew West along key Syrian investor could take part in
Waterford, the investment vehicle of assets held by the company, whose with John Bell and James Ede-Golightly, the vote, despite concerns over sanc-
Michael Kroupeev which holds a 27 per value collapsed after the suspension of arguing that they failed to support the tions against prominent supporters of
cent stake of Gulfsands, had called for production at its main fields in Syria in company’s executive management. the Assad regime.
the removal of Mahdi Sajjad as chief late 2011. The three non-executives survived The investor, Rami Makhlouf, is one
executive and the expulsion of Kenneth The situation ahead of yesterday’s votes to remain board members by a of Syria’s wealthiest businessmen and
Judge, commercial director, from the extraordinary meeting had been fur- margin of around 70 to 30 per cent. a cousin of the president, Bashar al-As-
board last November. ther complicated by the stance of three However, the result has raised ques- sad. One of his vehicles, Al-Mashrek
Yesterday, Waterford and other of the company’s non-executive direc- tions among industry observers as to Global Invest, holds close to 6 per cent
shareholders voted Mr Judge off the tors. In December, they publicly backed whether the re-elected directors can in Gulfsands.

General financial

Co-op looks to tap retailing specialist who helped revive Asda

ANDREW BOUNDS brought the group close to collapse. It
Turnround expert still dominated the high street. continues to rebuild after discovering a
The Co-operative Group is set to recruit Relish for ailing businesses A former Mars executive, £1.4bn capital hole in its banking arm in
Allan Leighton, pictured, who helped
draws Leighton to group Mr Leighton teamed up with Archie 2013. Paul Flowers, the Methodist min-
turn round supermarket group Asda,
Norman at the debt-burdened Asda in ister who chaired the bank, resigned
as its first independent chairman.
1992. He became chief executive in after being filmed taking drugs.
Mr Leighton, 61, is in talks to take the “Enjoy the pain”, Allan Leighton once 1996 and helped sell the group to Manchester-based Co-op relin-
job, according to people familiar with told an interviewer about business Walmart of the US in 1999. His quished all but a 20 per cent stake in
the situation. turnrounds. His relish for suffering emphasis on “customers, colleagues the lender to owners of the bank’s
It would mark a return to the grocery businesses may explain his interest in and cash” paid off. bonds and has sold off its pharmacy
sector for Mr Leighton, who said he the Co-operative Group which has He then said he was “going plural” chain and farms.
would “go plural” after helping sell Asda been trying to recover since taking on a succession of jobs, often Richard Pennycook, appointed chief
to Walmart of the US in 1999. discovering a huge hole in its bank non-executive, usually in a shortlived executive last year, is refocusing it on
He was president of Loblaws, the balance sheet in 2013. troubleshooting role. These included a small convenience stores and selling off
Canadian retail chain, until 2008 and If appointed, Mr Leighton would stint at Leeds United as it fought to larger ones. It remains the UK’s fifth-
advises Galen Weston, of Loblaws’ preside over an entirely new board at stave off administration, and the Royal biggest grocer with 5.9 per cent of the
founding family, who owns the the supermarket and funerals group. A Mail as it batted to reduce losses. market, according to Kantar World-
Selfridges department store. scathing review of governance by Lord Sport remains a passion. panel, the consumer research company.
He is chairman of Pace, the set-top Myners, the former City minister, He has also had non-executive The Co-op has recommitted to its eth-
box maker, and is about to step down as found the Co-Ops existing 20-strong directorship of Sky, and chairmanships ical stance, promising to stock more
chief executive of Pandora, the jeweller. board of elected members was not at Lastminute.com, Pace, the set-top Fairtrade and locally sourced products.
He had roles at Selfridges, Royal Mail effective or qualified enough to box company, and retailers Mr Pennycook has promised to return
and retailers Matalan and Peacocks. hold the management in check. including Pandora, Peacocks profits to local areas around stores.
The member-owned Co-op has The next job is to boost margins and Matalan. The new chairman must be in place
annual turnover of £11bn spanning food and ensure the group stems the He became chief executive by Co-op’s annual meeting in May.
retail, funeral care and legal services. It loss of customers from its at Pandora, the jeweller, There will be three member-nomi-
has returned to the black after a £2.5bn convenience stores. last year and its share nated directors and further independ-
loss in 2013, but is being squeezed by Mr Leighton is the son price has doubled ent directors to join Sir Christopher
discounters and its £1.4bn debt. The of a Co-op store manager since. He is Kelly, senior independent director.
new chairman is being recruited to a from the 1960s, when it stepping down in The group’s 7m members will be
slimmed-down board of 11. March to take up askedto approve the appointments.
The 20-strong board, elected from its Allan Leighton has had the vice- The Co-op declined to comment.
membership, was swept away last year a succession of roles chairmanship. Mr Leighton could not be reached
after amid failures and scandals that for comment.
22 ★★★ FINANCIAL TIMES Wednesday 4 February 2015

MARKET DATA

WORLD MARKETS AT A GLANCE FT.COM/MARKETSDATA

Change during previous day’s trading (%)
S&P 500 Nasdaq Composite Dow Jones Ind FTSE 100 FTSE Eurofirst 300 Nikkei Hang Seng FTSE All World $ $ per € $ per £ ¥ per $ £ per € Oil Brent $ Sep Gold $

-1.27% -0.65%
1.44% 1.09% 1.76% 1.32% 0.75% 0.29% 1.21% 0.970% 0.465% 0.226% 0.531% 4.06%
Stock Market movements over last 30 days, with the FTSE All-World in the same currency as a comparison
AMERICAS EUROPE ASIA
Jan 04 - Feb 03 Index All World Jan 04 - Feb 03 Index All World Jan 04 - Feb 03 Index All World Jan 04 - Feb 03 Index All World Jan 04 - Feb 03 Index All World Jan 04 - Feb 03 Index All World

S&P 500 New York S&P/TSX COMP Toronto FTSE 100 London Xetra Dax Frankfurt Nikkei 225 Tokyo Kospi Seoul
6,871.80
2,058.20 15,062.88 10,890.95 1,951.96
2,050.03 17,450.77 17,335.85
14,392.70 6,417.16 1,915.75
9,473.16
Day 1.44% Month -0.40% Year 15.00% Day 1.09% Month 2.10% Year 11.69% Day 1.32% Month 4.88% Year 6.22% Day 0.58% Month 11.53% Year 18.55% Day -1.27% Month -0.66% Year 16.23% Day -0.04% Month 1.32% Year 0.56%

Nasdaq Composite New York IPC Mexico City FTSE Eurofirst 300 Europe Ibex 35 Madrid Hang Seng Hong Kong FTSE Straits Times Singapore
4,727.74 1,478.80 10,598.20 24,554.78 3,408.02
4,726.81 42,115.47
41,572.24 9,993.30 3,328.28
1,332.47 23,721.32
Day 1.09% Month 0.02% Year 15.20% Day 1.52% Month -1.29% Year 1.69% Day 0.75% Month 8.45% Year 16.13% Day 2.62% Month 2.39% Year 6.83% Day 0.29% Month 2.92% Year 11.43% Day -0.45% Month 1.19% Year 14.04%

Dow Jones Industrial New York Bovespa São Paulo CAC 40 Paris FTSE MIB Milan Shanghai Composite Shanghai BSE Sensex Mumbai
4,677.90 21,011.55
17,832.99 17,666.40 48,963.66 3,350.52 29,000.14
3,204.91 27,887.90
47,516.82 4,111.36 18,188.44
Day 1.76% Month -0.93% Year 12.53% Day 2.76% Month 0.93% Year 6.10% Day 1.09% Month 10.01% Year 12.30% Day 2.57% Month 9.83% Year 11.13% Day 2.45% Month -0.92% Year 57.64% Day -0.42% Month 3.99% Year 41.37%

Country Index Feb 03 Feb 02 Country Index Feb 03 Feb 02 Country Index Feb 03 Feb 02 Country Index Feb 03 Feb 02 Country Index Feb 03 Feb 02 Country Index Feb 03 Feb 02
Argentina Merval 9022.32 8627.94 CyprusCSE M&P Gen 76.89 77.75 Italy FTSE Italia All-Share 22297.17 21767.19 Philippines Manila Comp 7613.15 7630.71 Thailand Bangkok SET 1602.54 1582.70 Cross-Border DJ Global Titans ($) 237.23 234.09
Australia All Ordinaries 5666.20 5586.50 Czech Republic
PX 975.70 958.04 FTSE Italia Mid Cap 28325.55 27912.36 Poland Wig 52030.36 51923.51 Turkey BIST 100 89712.79 89234.72 Euro Stoxx 50 (Eur) 3414.18 3370.11
S&P/ASX 200 5707.40 5625.30 OMXC Copenahgen 20
Denmark 808.11 806.44 FTSE MIB 21011.55 20485.69 Portugal PSI 20 5304.82 5213.34 UAE Abu Dhabi General Index 4591.73 4526.46 Euronext 100 ID 918.32 908.21
S&P/ASX 200 Res 3490.40 3381.60 Egypt EGX 30 9830.46 9779.76 Japan 2nd Section 4411.95 4458.35 PSI General 2334.62 2298.00 UK FT 30 2947.60 2917.80 FTSE 4Good Global ($) 5560.37 5488.76
Austria ATX 2263.07 2217.81 Estonia
OMX Tallinn 816.98 819.17 Nikkei 225 17335.85 17558.04 Romania BET Index 7029.27 7014.88 FTSE 100 6871.80 6782.55 FTSE All World 276.33 273.02
Belgium BEL 20 3557.03 3538.52 Finland
OMX Helsinki General 8493.90 8382.44 S&P Topix 150 1166.33 1179.67 Russia Micex Index 1654.36 1625.31 FTSE 4Good UK 6098.17 6023.30 FTSE E300 1478.80 1467.73
BEL Mid 5301.48 5257.72 FranceCAC 40 4677.90 4627.67 Topix 1392.39 1408.75 RTX 786.69 745.82 FTSE All Share 3685.14 3638.29 FTSE Eurotop 100 2975.49 2952.10
Brazil Bovespa 48963.66 47650.73 SBF 120 3681.56 3639.42 Jordan Amman SE 2236.84 2219.90 Saudi-Arabia TADAWUL All Share Index 9227.36 9213.14 FTSE techMARK 100 3629.08 3600.45 FTSE Global 100 ($) 1327.13 1311.20
Canada S&P/TSX 60 878.97 871.39 Germany M-DAX 18800.83 18689.95 Kenya NSE 20 5242.61 5212.11 Singapore FTSE Straits Times 3408.02 3423.35 USA DJ Composite 6431.74 6341.40 FTSE Gold Min ($) 1341.51 1366.97
S&P/TSX Comp 15062.77 14900.47 TecDAX 1490.43 1483.61 Kuwait KSX Market Index 6695.30 6653.59 Slovakia SAX 227.35 227.37 DJ Industrial 17666.40 17361.04 FTSE Latibex Top (Eur) 3446.00 3363.50
S&P/TSX Met & Min 674.21 632.53 XETRA Dax 10890.95 10828.01 Latvia OMX Riga 417.52 417.01 Slovenia SBI TOP 777.66 785.16 DJ Transport 8902.16 8774.11 FTSE Multinationals ($) 1510.16 1495.78
Chile IGPA Gen 19073.79 18855.57 Greece Athens Gen 840.57 755.42 Lithuania OMX Vilnius 465.26 464.51 South Africa FTSE/JSE All Share 51949.33 51394.55 DJ Utilities 641.40 639.56 FTSE World ($) 487.84 481.97
China FTSE A200 9052.25 8825.38 FTSE/ASE 20 253.78 225.67 Luxembourg LuxX 1626.81 1597.04 FTSE/JSE Res 20 44839.88 43145.39 Nasdaq 100 4229.15 4188.59 FTSEurofirst 100 (Eur) 4304.52 4257.68
FTSE B35 10325.61 10247.88 Hong Kong Hang Seng 24554.78 24484.74 Malaysia FTSE Bursa KLCI 1781.26 1782.18 FTSE/JSE Top 40 45708.71 45188.36 Nasdaq Cmp 4727.74 4676.69 FTSEurofirst 80 (Eur) 4550.16 4497.60
Shanghai A 3358.08 3277.59 HS China Enterprise 11768.58 11578.30 Mexico IPC 41572.24 40950.58 South Korea Kospi 1951.96 1952.68 NYSE Comp 10847.43 10669.03 MSCI ACWI Fr ($) 414.10 410.33
Shanghai B 290.92 289.46 HSCC Red Chip 4518.56 4480.24 Morocco MASI 10212.52 10222.56 Kospi 200 250.38 250.61 Russell 2000 1204.70 1213.05 MSCI All World ($) 1694.35 1677.54
Shanghai Comp 3204.91 3128.30 Hungary Bux 17258.06 16719.07 Netherlands AEX 455.82 450.76 Spain IBEX 35 10598.20 10328.10 S&P 500 2050.03 2020.85 MSCI Europe (Eur) 1455.94 1440.20
Shenzhen A 1602.15 1570.34 India BSE Sensex 29000.14 29122.27 AEX All Share 693.55 683.89 Sri Lanka CSE All Share 7000.06 7180.05 Wilshire 5000 21624.78 21310.47 MSCI Pacific ($) 2318.66 2342.38
Shenzhen B 1073.33 1064.41 S&P CNX 500 7137.45 7172.90 New Zealand NZX 50 5781.95 5756.69 Sweden OMX Stockholm 30 1593.42 1575.95 Venezuela IBC 3824.64 3824.64 S&P Euro (Eur) 1487.74 1470.07
Colombia COLCAP 1408.20 1389.00 Indonesia Jakarta Comp 5291.72 5276.24 Nigeria SE All Share 29882.28 29562.07 OMX Stockholm AS 513.90 509.01 Vietnam VNI 576.07 583.28 S&P Europe 350 (Eur) 1515.71 1503.40
Croatia CROBEX 1771.89 1771.60 Ireland ISEQ Overall 5570.51 5522.54 Norway Oslo All Share 659.41 644.80 Switzerland SMI Index 8452.13 8429.20 S&P Global 1200 ($) 1906.37 1879.53
Israel Tel Aviv 100 12.69 12.67 Pakistan KSE 100 34826.51 34676.31 Taiwan Weighted Pr 9448.73 9386.99 Stoxx 50 (Eur) 3231.18 3205.15
(c) Closed. (u) Unavaliable. † Correction. ♥ Subject to official recalculation. For more index coverage please see www.ft.com/worldindices. A fuller version of this table is available on the ft.com research data archive.

STOCK MARKET: BIGGEST MOVERS UK MARKET WINNERS AND LOSERS

AMERICA LONDON EURO MARKETS TOKYO Feb 03 %Chg %Chg Feb 03 %Chg %Chg Feb 03 %Chg %Chg Feb 03 %Chg %Chg
ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's ACTIVE STOCKS stock close Day's FTSE 100 price(p) week ytd FTSE 250 price(p) week ytd FTSE SmallCap price(p) week ytd Industry Sectors price(p) week ytd
traded m's price change traded m's price change traded m's price change traded m's price change Winners Winners Winners Winners
Apple 59.7 118.65 0.02 Royal Dutch Shell 415.2 2180.00 111.00 Santander 838.8 6.21 0.27 Toyota Motor 761.1 7550.00 -110.00 Tullow Oil 417.40 12.8 0.8 Afren 11.84 136.8 -75.0 Enquest 40.00 25.0 12.7 Oil Equipment & Services 16856.49 7.2 2.6
Covidien New 26.6 106.71 -1.36 Bp 326.0 449.85 12.15 Bbva 755.4 7.93 0.30 Softbank . 523.3 6957.00 -74.00 Weir 1830.00 11.6 -1.1 Premier Oil 171.00 17.1 2.3 Salamander Energy 79.50 20.5 22.3 Mining 14481.39 6.7 1.4
Microsoft 20.8 41.60 0.32 Rio Tinto 254.7 3076.00 115.00 Unicredit 614.6 5.58 0.27 Sumitomo Mitsui Fin,. 377.4 3912.50 -35.00 Bhp Billiton 1558.50 9.9 12.2 Ophir Energy 148.50 15.8 4.9 Gulf Marine Services 115.00 11.7 15.0 Construction & Materials 4624.94 6.4 12.1
Exxon Mobil 20.2 92.25 2.67 Bhp Billiton 208.9 1558.50 74.50 Total 581.5 48.28 1.28 Honda Motor Co., 336.4 3593.50 -106.00 Crh 1746.00 7.5 13.1 Hunting 478.70 15.3 -9.9 Hardy Oil & Gas 54.25 10.2 -13.9 Electricity 9643.51 5.2 -1.7
Facebook Class A 18.9 75.40 0.41 Glencore 178.5 269.35 16.25 Eni 559.0 15.65 0.56 Sony 330.7 2697.50 -1.00 Anglo American 1170.00 7.3 -2.5 Cairn Energy 203.80 14.9 14.2 Marshalls 263.00 9.5 12.4 Industrial Engineering 9159.45 4.3 3.6
Amazon.com 18.7 363.55 -0.92 Bg 177.3 945.00 10.80 Novartis N 543.7 85.07 0.00 Bridgestone 280.0 4480.50 -152.00 Intertek 2429.00 7.1 4.1 Kaz Minerals 220.00 14.6 -14.7 Mcbride 84.25 9.4 5.3 Forestry & Paper 13033.34 3.2 15.3
Safeway 18.4 35.10 -0.04 Glaxosmithkline 176.5 1453.00 -7.50 Intesa Sanpaolo 479.9 2.64 0.08 Mitsubishi Ufj Fin,. 271.0 622.00 -3.00 Rio Tinto 3076.00 7.1 2.5 Nostrum Oil & Gas 598.50 11.5 42.5 Mothercare 195.00 9.2 11.4 Real Estate & Investment Servic 2855.81 2.9 6.5
Bank Of America 16.7 15.89 0.43 Barclays 165.5 248.45 12.60 Nestle N 458.3 67.21 0.00 Mizuho Fin,. 270.2 191.00 -1.40 Glencore 269.35 6.0 -9.9 Countrywide 482.90 11.0 10.6 Kofax 482.25 8.6 6.9 Real Estate Investment Trusts 3363.70 2.3 10.0
Gilead Sciences 16.4 107.18 0.99 Anglo American 154.6 1170.00 46.00 Roche Gs 455.9 234.43 0.00 Eisai Co., 259.6 5915.00 -201.00 Aggreko 1626.00 5.4 8.1 Crest Nicholson Holdings 418.60 10.2 7.8 Trinity Mirror 184.25 8.1 13.2 General Industrials 3979.44 2.1 2.1
Chevron 15.5 109.53 3.47 Royal Dutch Shell 136.0 2268.50 98.00 Royal Dutch Shella 424.4 28.81 1.35 Kddi 252.6 7821.00 -233.00 Sse 1629.00 5.4 0.4 Petrofac 759.50 10.1 8.0 Development Securities 243.00 8.0 9.5 Household Goods 13295.63 1.9 3.9
Smiths 1175.00 5.2 7.0 Vedanta Resources 451.20 9.8 -21.5 Carpetright 491.25 7.3 22.7 Software & Computer Services 1300.43 1.7 4.2
BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's BIGGEST MOVERS Close Day's Day's
Centrica 295.70 4.6 6.0 Serco 171.60 9.8 6.8 Boot (henry) 212.25 7.2 6.7 Life Insurance 8209.38 1.6 8.9
price change chng% price change chng% price change chng% price change chng%
Ups Ups Ups Ups Losers Losers Losers Losers
Vimpelcom Ltd 4.67 0.55 13.35 Afren 11.84 1.84 18.40 National Bank (cr) 1.22 0.21 20.79 Inpex 1381.50 89.00 6.89 Johnson Matthey 3239.00 -7.4 -4.7 Petra Diamonds 151.50 -10.4 -21.9 Xaar 306.75 -10.8 -20.4 Chemicals 11194.68 -4.3 -0.9
Denbury Resources 8.62 0.87 11.23 Hunting 478.70 60.30 14.41 Piraeus Bank (cr) 0.63 0.10 18.37 Nsk 1467.00 87.00 6.30 Morrison (wm) Supermarkets 186.00 -6.3 1.0 Paypoint 840.00 -9.1 -6.7 Anglo Pacific 83.25 -9.8 -16.8 Pharmaceuticals & Biotech. 13336.14 -1.3 4.7
Staples 19.01 1.87 10.91 Vedanta Resources 451.20 55.30 13.97 Alpha Bank (cr) 0.38 0.05 13.94 Pioneer 239.00 13.00 5.75 Intercontinental Hotels 2589.00 -5.0 -0.2 Oxford Instruments 714.00 -8.0 -44.0 Hochschild Mining 89.75 -8.9 2.0 Travel & Leisure 8376.86 -1.1 3.9
Freeport-mcmoran 18.98 1.53 8.77 Premier Oil 171.00 14.10 8.99 Seadrill 11.09 1.03 10.23 Tokuyama 277.00 15.00 5.73 Kingfisher 332.00 -4.9 -2.5 Booker 148.40 -6.7 -9.3 Brammer 330.25 -8.5 -3.3 Electronic & Electrical Equip. 3980.80 -1.0 -1.4
Eaton (ireland) 69.79 5.39 8.37 Aveva 1443.00 104.00 7.77 Bankia 1.22 0.07 5.90 Sharp 245.00 13.00 5.60 Int Consolidated Airlines S.a. 534.50 -4.7 10.0 Ig Holdings 710.00 -6.2 -1.3 Rm 145.00 -6.5 -4.6 Industrial Metals 1717.62 -0.7 12.8
Carnival 2934.00 -4.4 0.5 Zoopla Property 178.90 -5.8 -9.0 Dialight 685.50 -6.4 -15.4 Food & Drug Retailers 3230.74 -0.4 14.1
Downs Downs Downs Downs
Aberdeen Asset Management 425.00 -4.3 -1.7 Ultra Electronics Holdings 1735.00 -5.7 -3.6 Ferrexpo 51.75 -5.9 -2.4 General Retailers 2971.15 -0.4 -0.2
National Oilwell Varco 54.08 -2.31 -4.10 Aberdeen Asset Management 425.00 -15.10 -3.43 Akzo Nobel 62.04 -1.86 -2.91 Tosoh 590.00 -55.00 -8.53
Ashtead 1064.00 -3.7 -7.6 Centamin 65.75 -5.5 11.6 Fenner 190.50 -5.8 -11.9 Nonlife Insurance 2051.24 -0.3 6.0
Southwest Airlines Co. 43.25 -1.28 -2.87 Euromoney Institutional Investor 1030.00 -36.00 -3.38 Yara Int 45.09 -1.02 -2.21 Ihi 572.00 -34.00 -5.61
Fresnillo 880.00 -3.3 14.9 Pennon 863.00 -4.6 -6.1 Sthree 325.00 -5.8 10.2 Gas Water & Multiutilities 6311.67 -0.2 2.8
American Airlines 47.50 -1.22 -2.50 Centamin 65.75 -1.80 -2.66 Svenska Cellulosa Ab Sca Ser. B 21.63 -0.47 -2.11 Minebea Co., 1738.00 -86.00 -4.71
Easyjet 1731.00 -3.2 3.6 Cineworld 421.20 -4.3 1.5 Renold 55.00 -5.6 -6.0 Food Producers 8197.29 -0.1 0.6
Vertex Pharmaceuticals 108.72 -2.46 -2.21 Go-ahead 2453.00 -51.00 -2.04 Pernod Ricard 105.55 -2.15 -2.00 Nippon Yusen Kabushiki Kaisha 332.00 -16.00 -4.60
Standard Chartered 915.00 -2.8 -5.0 Go-ahead 2453.00 -4.2 -0.2 Carr's Milling Industries 146.00 -5.2 -14.4 Fixed Line Telecommunication 4775.96 -0.1 4.2
Newmont Mining 24.62 -0.49 -1.95 Petra Diamonds 151.50 -3.00 -1.94 Ucb 68.49 -1.06 -1.52 Kawasaki Kisen Kaisha, 328.00 -15.00 -4.37
Rsa Insurance 453.00 -2.3 4.1 Atkins (ws) 1241.00 -3.7 -9.2 Hansard Global 83.50 -5.1 -5.1 Tobacco 43771.23 0.0 7.6
Based on the constituents of the S&P500 and the Nasdaq 100 index Based on the constituents of the FTSE 350 index Based on the constituents of the FTSEurofirst 300 Eurozone index Based on the constituents of the Nikkei 225 index
Based on last week's performance. †Price at suspension.

CURRENCIES
DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND DOLLAR EURO POUND
Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's Closing Day's
Feb 03 Currency Mid Change Mid Change Mid Change Feb 03 Currency Mid Change Mid Change Mid Change Feb 03 Currency Mid Change Mid Change Mid Change Feb 03 Currency Mid Change Mid Change Mid Change
Argentina Argentine Peso 8.6505 0.0170 9.9035 0.1101 13.0739 0.0926 Indonesia Indonesian Rupiah 12654.0000 -31.0000 14486.8959 97.6199 19124.6275 51.4323 Philippines Philippine Peso 44.1300 -0.0200 50.5220 0.4404 66.6959 0.3119 ..One Month 0.6616 -0.0034 0.7575 0.0031 - -
Australia Australian Dollar 1.3004 0.0215 1.4887 0.0381 1.9653 0.0425 Iran Iranian Rial 9740.5000 - 11151.3800 102.2056 14721.3181 75.4837 Poland Polish Zloty 3.6438 -0.0425 4.1715 -0.0099 5.5070 -0.0356 ..Three Month 0.6616 -0.0034 0.7574 0.0031 - -
Bahrain Bahrainin Dinar 0.3770 0.0000 0.4316 0.0039 0.5698 0.0028 Israel Israeli Shekel 3.8903 -0.0412 4.4538 -0.0059 5.8796 -0.0318 Romania Romanian Leu 3.8503 -0.0247 4.4080 0.0124 5.8192 -0.0072 ..One Year 0.6614 -0.0034 0.7569 0.0031 - -
Bolivia Bolivian Boliviano 6.9100 - 7.9109 0.0725 10.4434 0.0535 Japan Japanese Yen 117.5250 0.2650 134.5480 1.5338 177.6214 1.3092 Russia Russian Ruble 66.3475 -2.3475 75.9577 -1.9667 100.2743 -3.0156 United States United States Dollar - - 1.1448 0.0105 1.5114 0.0077
Brazil Brazilian Real 2.7002 0.0023 3.0913 0.0309 4.0809 0.0244 ..One Month 117.5250 0.2649 134.5480 1.5338 177.6214 1.3090 Saudi Arabia Saudi Riyal 3.7533 -0.0022 4.2969 0.0368 5.6725 0.0257 ..One Month - - 1.1448 -0.3588 1.5113 0.0077
Canada Canadian Dollar 1.2490 -0.0098 1.4299 0.0020 1.8876 -0.0051 ..Three Month 117.5249 0.2647 134.5480 1.5337 177.6211 1.3085 Singapore Singapore Dollar 1.3470 -0.0044 1.5421 0.0091 2.0357 0.0037 ..Three Month - - 1.1447 -0.3588 1.5113 0.0077
Chile Chilean Peso 627.6250 -2.8000 718.5339 3.4096 948.5612 0.6534 ..One Year 117.5242 0.2634 134.5479 1.5336 177.6214 1.3076 South Africa South African Rand 11.4020 -0.1295 13.0535 -0.0273 17.2324 -0.1064 ..One Year - - 1.1442 -0.3588 1.5111 0.0077
China Chinese Yuan 6.2581 -0.0016 7.1646 0.0639 9.4582 0.0461 Kenya Kenyan Shilling 91.5000 -0.1500 104.7534 0.7900 138.2885 0.4835 South Korea South Korean Won 1097.4500 -5.7000 1256.4112 5.0498 1658.6314 -0.0663 Venezuela Venezuelan Bolivar Fuerte 12.0000 - 13.7382 0.1259 18.1362 0.0930
Colombia Colombian Peso 2374.1750 -31.1800 2718.0649 -10.4562 3588.2111 -28.4842 Kuwait Kuwaiti Dinar 0.2945 -0.0005 0.3371 0.0026 0.4450 0.0016 Sweden Swedish Krona 8.2364 -0.0539 9.4294 0.0252 12.4480 -0.0173 Vietnam Vietnamese Dong 21350.0000 51.0000 24442.4673 281.8670 32267.3284 242.1181
Costa Rica Costa Rican Colon 537.0700 0.1050 614.8624 5.7547 811.7009 4.3197 Malaysia Malaysian Ringgit 3.6280 - 4.1535 0.0381 5.4832 0.0281 Switzerland Swiss Franc 0.9241 -0.0004 1.0579 0.0092 1.3966 0.0065 European Union Euro 0.8735 -0.0081 - - 1.3201 -0.0054
Czech Republic Czech Koruna 24.2447 -0.2483 27.7564 -0.0272 36.6422 -0.1854 Mexico Mexican Peson 14.7673 -0.1017 16.9062 0.0395 22.3185 -0.0386 Taiwan New Taiwan Dollar 31.5335 -0.0725 36.1010 0.2486 47.6582 0.1353 ..One Month 0.8734 -0.0081 - - 1.3201 -0.0054
Denmark Danish Krone 6.5022 -0.0602 7.4440 -0.0001 9.8271 -0.0402 New Zealand New Zealand Dollar 1.3751 0.0061 1.5743 0.0214 2.0783 0.0199 Thailand Thai Baht 32.6450 0.0750 37.3735 0.4276 49.3380 0.3657 ..Three Month 0.8734 -0.0081 - - 1.3200 -0.0054
Egypt Egyptian Pound 7.6301 - 8.7352 0.0801 11.5317 0.0591 Nigeria Nigerian Naira 189.9500 -0.1000 217.4635 1.8797 287.0810 1.3216 Tunisia Tunisian Dinar 1.9192 -0.0123 2.1972 0.0062 2.9006 -0.0036 ..One Year 0.8728 -0.0081 - - 1.3195 -0.0054
Hong Kong Hong Kong Dollar 7.7544 0.0013 8.8777 0.0828 11.7197 0.0620 Norway Norwegian Krone 7.5557 -0.0739 8.6501 -0.0046 11.4193 -0.0526 Turkey Turkish Lira 2.4004 -0.0313 2.7481 -0.0103 3.6278 -0.0285
Hungary Hungarian Forint 270.0573 -4.1526 309.1739 -1.8768 408.1511 -4.1512 Pakistan Pakistani Rupee 101.1750 -0.1600 115.8298 0.8801 152.9109 0.5434 United Arab Emirates UAE Dirham 3.6731 - 4.2051 0.0385 5.5513 0.0285
India Indian Rupee 61.7113 -0.1538 70.6499 0.4731 93.2673 0.2470 Peru Peruvian Nuevo Sol 3.0605 - 3.5038 0.0321 4.6255 0.0237 United Kingdom Pound Sterling 0.6617 -0.0034 0.7575 0.0031 - -
Rates are derived from WM/Reuters at 4pm (London time). Currency redenominated by 1000. Some values are rounded by the F.T. The exchange rates printed in this table are also available on the internet at http://www.FT.com/marketsdata
UK SERIES
FTSE ACTUARIES SHARE INDICES www.ft.com/equities FT 30 INDEX FTSE SECTORS: LEADERS & LAGGARDS FTSE 100 SUMMARY
Produced in conjunction with the Institute and Faculty of Actuaries Feb 03 Feb 02 Jan 30 Jan 29 Jan 28 Yr Ago High Low Year to date percentage changes Closing Day's Closing Day's
£ Strlg Day's Euro £ Strlg £ Strlg Year Div P/E X/D Total FT 30 2947.60 2917.80 2914.20 2941.90 2936.10 0.00 2955.70 2669.30 Forestry & Paper 13.24 Financial Services 4.59 Equity Invest Instr 1.74 FTSE 100 Price Change FTSE 100 Price Change
Feb 03 chge% Index Feb 02 Jan 30 ago yield% Cover ratio adj Return FT 30 Div Yield 1.73 1.74 1.73 1.72 1.73 0.00 3.93 2.74 Personal Goods 10.14 Telecommunications 4.58 FTSE 250 Index 1.37 3i Group PLC 476.60 11.50 Kingfisher PLC 332.00 -3.10
FTSE 100 (100) 6871.80 1.32 7064.17 6782.55 6749.40 6449.27 3.39 1.88 15.68 6.32 5192.27 P/E Ratio net 25.78 25.69 25.72 25.98 25.86 0.00 19.44 14.26 Food & Drug Retailer 10.14 Tech Hardware & Eq 4.04 Food Producers 1.37 Aberdeen Asset Management PLC 425.00 -15.10 Land Securities Group PLC 1285 -9.00
FTSE 250 (250) 16570.30 1.31 17034.19 16355.56 16305.77 15540.28 2.58 2.04 18.98 14.79 11251.10 FT 30 since compilation: 4198.4 high: 19/07/1999; low49.4 26/06/1940Base Date: 1/7/35 Industrial Metals & 8.91 Household Goods & Ho 4.04 General Retailers 1.37 Admiral Group PLC 1468 9.00 Legal & General Group PLC 271.30 3.90
FTSE 250 ex Inv Co (212) 17897.08 1.37 18398.11 17655.66 17596.20 16924.78 2.63 2.16 17.56 14.50 12387.79 FT 30 hourly changes Tobacco 8.07 Aerospace & Defense 3.84 FTSE SmallCap Index 1.24 Aggreko PLC 1626 19.00 Lloyds Banking Group PLC 74.97 1.30
FTSE 350 (350) 3753.29 1.32 3858.36 3704.56 3687.53 3521.99 3.26 1.90 16.12 3.43 5726.99 8 9 10 11 12 13 14 15 16 High Low Real Est Invest & Tr 8.03 Gas Water & Multi 3.76 Health Care Eq & Srv -0.10 Anglo American PLC 1170 46.00 London Stock Exchange Group PLC 2383 41.00
FTSE 350 ex Investment Trusts (312) 3733.31 1.32 3837.82 3684.56 3667.33 3507.19 3.28 1.91 15.92 3.37 2932.37 2917.8 2946.1 2942.8 2943 2943.7 2942.1 2941.4 2955.7 2947.7 2955.7 2917.8 Life Insurance 7.45 Construct & Material 3.62 Chemicals -0.80 Antofagasta PLC 706.00 34.00 Marks and Spencer Group PLC 477.10 -0.90
FTSE 350 Higher Yield (96) 3684.14 1.55 3787.28 3627.80 3599.36 3509.74 4.47 1.70 13.15 4.62 5685.33 FT30 constituents and recent additions/deletions can be found at www.ft.com/ft30 Automobiles & Parts 7.15 Fixed Line Telecomms 3.42 Industrial Eng -1.05 ARM Holdings PLC 1037 -3.00 Meggitt PLC 545.00 2.00
FTSE 350 Lower Yield (254) 3455.65 1.06 3552.39 3419.35 3415.47 3187.46 1.97 2.39 21.28 1.90 3585.24 Consumer Goods 6.68 Technology 3.40 Industrial Transport -1.28 Ashtead Group PLC 1064 1.00 Mondi PLC 1210 21.00
FTSE SmallCap (291) 4452.52 0.49 4577.17 4430.97 4420.09 4428.00 2.45 1.54 26.51 8.92 5947.80 Media 6.53 Real Est Invest & Se 3.39 Electronic & Elec Eq -1.80
FTSE SmallCap ex Inv Co (151) 3874.84 0.39 3983.32 3859.71 3840.79 4106.34 2.33 2.11 20.32 5.94 5435.38 FX: EFFECTIVE INDICES Beverages 6.38 FTSE 100 Index 2.79 Banks -2.08
Associated British Foods PLC 3079 -35.00 Morrison (Wm) Supermarkets PLC 186.00 3.10
AstraZeneca PLC 4641.5 -40.50 National Grid PLC 930.00 -4.00
FTSE All-Share (641) 3685.14 1.29 3788.31 3638.29 3621.81 3464.12 3.24 1.89 16.33 3.50 5689.84
Feb 02 Jan 30 Mnth Ago Feb 03 Feb 02 Mnth Ago Pharmace & Biotech 5.83 NON FINANCIALS Index 2.66 Oil & Gas Producers -2.48 Aviva PLC 533.00 4.00 Next PLC 7095 -70.00
FTSE All-Share ex Inv Co (463) 3652.83 1.31 3755.10 3605.73 3588.85 3438.54 3.27 1.91 15.98 3.34 2917.13 Health Care 5.32 FTSE All{HY-}Share Index 2.52 Oil & Gas -2.60 Babcock International Group PLC 1034 25.00 Old Mutual PLC 213.70 3.90
FTSE All-Share ex Multinationals (575) 1179.17 1.30 1004.67 1164.05 1163.36 1122.00 2.77 2.02 17.83 1.05 1956.50 Australia 96.41 96.27 99.28 Sweden 78.39 78.91 80.22 Mobile Telecomms 5.27 Software & Comp Serv 2.48 Electricity -3.07 BAE Systems PLC 520.50 13.50 Pearson PLC 1357 -6.00
FTSE Fledgling (99) 7012.74 0.16 7209.07 7001.47 6997.51 6566.65 2.34 0.73 58.05 5.15 12357.55 Canada 92.93 92.32 100.44 Switzerland 165.76 167.15 146.66 Consumer Services 5.17 Support Services 2.37 Basic Materials -3.51 Barclays PLC 248.45 12.60 Persimmon PLC 1590 18.00
FTSE Fledgling ex Inv Co (55) 8713.62 -0.15 8957.56 8726.94 8728.61 8013.26 1.72 0.86 67.12 0.95 14934.32 Denmark 106.38 106.20 108.25 UK 88.38 88.57 88.26 Nonlife Insurance 5.07 Utilities 2.24 Mining -4.42 Barratt Developments PLC 461.80 3.60 Prudential PLC 1631.5 21.00
FTSE All-Small (390) 3078.66 0.47 3164.85 3064.25 3057.00 3050.46 2.44 1.50 27.22 5.98 5281.38 Japan 128.84 128.87 123.25 USA 100.96 101.35 96.94 Travel & Leisure 4.60 Financials 2.11 Leisure Goods -4.51 BG Group PLC 945.00 10.80 Randgold Resources Ltd 5535 -60.00
FTSE All-Small ex Inv Co Index (206) 2875.99 0.37 2956.51 2865.43 2852.01 3020.28 2.31 2.07 20.94 4.24 5112.29 New Zealand 120.15 119.66 126.33 Euro 87.44 87.04 92.72 Industrials 2.01 Oil Equipment & Serv -6.09 BHP Billiton PLC 1558.5 74.50 Reckitt Benckiser Group PLC 5600 -30.00
FTSE AIM All-Share Index (840) 693.27 0.32 712.67 691.05 690.34 857.47 1.25 2.60 30.68 0.53 737.02 Norway 93.23 91.99 90.90
BP PLC 449.85 12.15 Reed Elsevier PLC 1164 7.00
FTSE Sector Indices Source: Bank of England. New Sterling ERI base Jan 2005 = 100. Other indices base average 1990 = 100. British American Tobacco PLC 3753 -14.00 Rio Tinto PLC 3076 115.00
Oil & Gas (21) 7889.88 3.86 8110.76 7596.78 7350.26 8225.39 4.28 1.90 12.33 0.00 6278.50 Index rebased 1/2/95. for further information about ERIs see www.bankofengland.co.uk British Land Company PLC 840.00 1.00 Rolls-Royce Holdings PLC 894.00 10.00
Oil & Gas Producers (14) 7511.11 3.85 7721.38 7232.85 7000.01 7779.14 4.28 1.89 12.33 0.00 6178.88 British Sky Broadcasting Group PLC 943.00 17.00 Royal Bank Of Scotland Group PLC 375.60 10.10
Oil Equipment Services & Distribution (7)17311.90 4.19 17796.55 16615.82 15948.83 21666.87 4.09 1.97 12.41 0.00 12208.92 FTSE GLOBAL EQUITY INDEX SERIES BT Group PLC 421.20 8.10 Royal Dutch Shell PLC (A) 2180 111.00
Basic Materials (29) 4809.87 3.80 4944.52 4633.91 4569.62 5248.22 3.77 2.77 9.56 0.00 4499.49 Bunzl PLC 1897 9.00 Royal Dutch Shell PLC (B) 2268.5 98.00
Chemicals (7) 11953.99 -0.73 12288.65 12042.09 11968.63 11470.56 2.15 2.43 19.11 0.00 10078.90 Feb 03 No of US $ Day Mth YTD Total
YTD Gr Div Feb 03 No of US $ Day Mth YTD Total YTD Gr Div Burberry Group PLC 1771 28.00 Royal Mail PLC 447.40 10.40
Forestry & Paper (1) 14221.77 1.77 14619.92 13974.95 13974.95 10883.77 2.67 3.19 11.75 0.00 14452.84 Regions & countries stocks indices % % % retn
% Yield Sectors stocks indices % % % retn % Yield Capita PLC 1120 5.00 RSA Insurance Group PLC 453.00 1.30
Industrial Metals & Mining (2) 1737.37 3.18 1786.01 1683.84 1696.09 1104.93 0.57 14.52 12.01 0.00 1503.70 FTSE Global All Cap 7573 472.49 1.2 0.8 0.5 631.69
0.6 2.3 Oil & Gas 177 403.97 3.4 3.4 1.5 595.85 1.5 3.4 Carnival PLC 2934 13.00 SABMiller PLC 3574 -51.50
Mining (19) 13857.18 4.41 14245.12 13271.78 13066.83 15522.84 4.02 2.77 8.99 0.00 6750.53 FTSE Global All Cap 6936 485.52 1.1 0.5 0.3 638.00
0.4 2.2 Oil & Gas Producers 121 369.15 3.6 3.6 1.9 553.39 1.9 3.5 Centrica PLC 295.70 2.40 Sage Group PLC 480.40 3.40
FTSE Global Large Cap 1357 418.60 1.2 0.7 0.4 571.50
0.5 2.5 Oil Equipment & Services 47 412.21 2.4 2.4 -0.6 556.93 -0.4 3.2 Coca-Cola HBC AG 1101 29.00 Sainsbury (J) PLC 272.60 5.30
Industrials (114) 4475.06 1.70 4600.34 4400.11 4389.84 4449.62 2.46 2.05 19.84 2.90 4338.89
Construction & Materials (13) 4767.05 1.87 4900.51 4679.67 4450.14 4544.19 3.19 0.23 134.11 0.00 4754.79 FTSE Global Mid Cap 1670 624.71 1.3 1.5 1.2 800.78
1.2 1.9 Basic Materials 270 444.93 1.5 1.5 2.2 633.84 2.2 2.8 Compass Group PLC 1145 -14.00 Schroders PLC 2959 47.00
Aerospace & Defense (9) 5197.27 1.79 5342.77 5106.00 5127.55 5277.30 2.09 3.92 12.18 1.29 5253.93 FTSE Global Small Cap 4546 656.63 1.5 0.9 0.6 817.72
0.7 1.8 Chemicals 115 647.26 0.9 0.9 3.8 929.32 3.8 2.3 CRH PLC 1746 28.00 Severn Trent PLC 2113 7.00
General Industrials (6) 3232.32 1.56 3322.81 3182.72 3155.38 3536.43 3.50 1.82 15.70 0.00 3404.20 FTSE All-World 3027 276.33 1.2 0.8 0.5 389.51
0.6 2.4 Forestry & Paper 18 218.50 2.3 2.3 4.9 340.52 4.9 2.7 Diageo PLC 1926 -24.00 Shire PLC 4900 -
Electronic & Electrical Equipment (12) 5028.47 0.92 5169.24 4982.57 5022.31 5518.28 2.26 2.19 20.24 0.00 4353.43 FTSE World 2544 487.84 1.2 0.7 0.4 923.43
0.5 2.4 Industrial Metals & Mining 75 395.45 2.4 2.4 -4.1 566.56 -3.9 2.9 Direct Line Insurance Group PLC 316.80 5.30 Smith & Nephew PLC 1175 -9.00
Industrial Engineering (14) 9520.79 2.96 9787.32 9247.31 9132.69 10247.43 2.50 2.34 17.13 8.25 10863.95 FTSE Global All Cap ex UNITED KINGDOM In 7233 483.68 1.2 0.7 0.5 638.25
0.6 2.2 Mining 62 580.98 2.5 2.5 2.0 815.03 2.0 3.9 Dixons Carphone PLC 429.00 0.50 Smiths Group PLC 1175 34.00
Industrial Transportation (8) 4158.52 1.48 4274.93 4097.75 4098.11 4856.30 3.67 1.48 18.41 0.00 3365.08 FTSE Global All Cap ex USA 5592 453.23 0.9 1.9 1.3 639.90
1.4 2.8 Industrials 534 316.18 1.3 1.3 0.5 430.40 0.6 2.1 easyJet PLC 1731 -11.00 Sports Direct International PLC 716.00 -3.00
Support Services (52) 6553.09 1.52 6736.55 6454.92 6485.89 6173.48 2.30 1.75 24.78 7.25 6426.62 FTSE Global All Cap ex JAPAN 6330 486.29 1.5 0.8 0.5 655.61
0.6 2.3 Construction & Materials 114 434.73 1.5 1.5 0.8 619.46 0.8 2.1 Experian PLC 1185 17.00 SSE PLC 1629 12.00
FTSE Developed 2116 439.91 1.2 0.6 0.4 592.44
0.5 2.3 Aerospace & Defense 29 512.81 1.6 1.6 3.2 692.55 3.3 1.9 Fresnillo PLC 880.00 -6.50 St. James's Place PLC 895.00 26.50
Consumer Goods (40) 17144.30 -0.54 17624.26 17236.59 17256.77 14195.19 2.89 1.83 18.91 47.23 11752.76
FTSE Developed All Cap 5669 461.55 1.2 0.7 0.4 615.30
0.5 2.2 General Industrials 56 215.60 1.2 1.2 -0.9 314.60 -0.5 2.6 Friends Life Group Ltd 401.80 3.20 Standard Chartered PLC 915.00 34.00
Automobiles & Parts (1) 8826.77 1.10 9073.88 8730.42 8662.27 9136.98 2.16 3.62 12.80 0.00 7913.66
FTSE Developed Large Cap 905 407.66 1.2 0.5 0.2 555.87
0.3 2.4 Electronic & Electrical Equipment 67 330.47 0.4 0.4 1.6 415.86 1.6 1.6 G4S PLC 282.00 3.10 Standard Life PLC 407.30 6.60
Beverages (6) 14848.57 -1.11 15264.26 15015.87 15097.11 12891.69 2.32 1.76 24.58 0.00 9846.32
FTSE Developed Europe Large Cap 202 361.71 1.8 3.3 2.3 551.97
2.4 3.2 Industrial Engineering 103 618.72 1.2 1.2 0.1 826.97 0.1 2.1 GKN PLC 375.60 4.10 Taylor Wimpey PLC 135.20 1.80
Food Producers (10) 8280.28 -0.66 8512.09 8335.42 8321.91 7241.67 1.93 1.83 28.27 3.84 6797.84
FTSE Developed Europe Mid Cap 318 511.91 1.8 3.1 2.3 716.37
2.4 2.4 Industrial Transportation 94 594.92 1.3 1.3 -0.4 807.93 -0.3 1.9 GlaxoSmithKline PLC 1453 -7.50 Tesco PLC 232.05 3.70
Household Goods & Home Construction (13)11096.56 0.17 11407.21 11078.05 11111.57 9201.01 2.36 2.46 17.19 0.00 7380.43
FTSE Dev Europe Small Cap 724 699.11 1.9 2.1 1.5 953.74
1.6 2.2 Support Services 71 273.21 1.7 1.7 0.2 358.32 0.3 2.0 Glencore PLC 269.35 16.25 Travis Perkins PLC 1972 57.00
Leisure Goods (2) 4830.73 -0.55 4965.97 4857.60 4789.72 5021.77 4.42 1.05 21.60 0.00 3910.19
FTSE North America Large Cap 332 441.47 1.5 -0.7 -0.7 569.25
-0.6 2.1 Consumer Goods 407 413.91 0.4 0.4 2.2 575.25 2.4 2.3 Hammerson PLC 705.00 6.50 Tui AG 1161 -14.00
Personal Goods (6) 23519.02 -0.15 24177.44 23554.31 23624.42 20474.11 2.83 2.70 13.05 0.00 14755.76
FTSE North America Mid Cap 399 680.51 1.7 0.3 0.3 827.07
0.4 1.6 Automobiles & Parts 98 399.53 0.4 0.4 2.5 533.13 2.6 2.1 Hargreaves Lansdown PLC 1045 48.50 Tui AG New Shs 1132 -10.00
Tobacco (2) 43771.31 -0.69 44996.70 44076.28 43928.12 33188.83 3.95 1.30 19.51 377.80 25713.82
FTSE North America Small Cap 1495 690.94 1.9 0.5 0.3 816.97
0.4 1.5 Beverages 48 552.63 0.3 0.3 2.7 777.25 2.8 2.4 HSBC Holdings PLC 617.50 5.10 Tullow Oil PLC 417.40 18.40
Health Care (20) 9691.53 -0.50 9962.85 9740.33 9783.33 8493.72 3.47 1.25 23.00 0.17 6814.87
FTSE North America 731 297.20 1.5 -0.5 -0.6 393.08
-0.4 2.0 Food Producers 100 563.48 0.2 0.2 2.1 807.70 2.2 2.2 Imperial Tobacco Group PLC 3085 -45.00 Unilever PLC 2898 -16.00
Health Care Equipment & Services (9) 6767.28 -0.31 6956.73 6788.33 6805.67 5043.10 1.31 2.43 31.36 1.43 5653.36
FTSE Developed ex North America 1385 237.45 0.8 2.4 1.7 359.47
1.8 2.8 Household Goods & Home Construction 45 391.29 0.8 0.8 -1.2 542.31 -0.9 2.3 InterContinental Hotels Group PLC 2589 -17.00 United Utilities Group PLC 994.50 -6.50
Pharmaceuticals & Biotechnology (11)13213.03 -0.52 13582.94 13281.84 13342.68 11728.09 3.67 1.21 22.47 0.00 8236.84
FTSE Japan Large Cap 174 306.22 -1.4 0.7 0.4 375.60
0.4 1.8 Leisure Goods 26 130.69 0.5 0.5 3.7 165.89 3.9 1.3 International Consolidated Airlines Group SA 534.50 5.00 Vodafone Group PLC 236.90 3.05
Consumer Services (96) 4816.09 0.47 4950.92 4793.46 4807.36 4475.23 2.57 1.98 19.63 7.32 4253.42 FTSE Japan Mid Cap 301 437.80 -1.5 3.2 3.0 520.51
3.0 1.4 Personal Goods 77 595.16 0.6 0.6 2.1 791.42 2.1 2.0
Food & Drug Retailers (7) 3369.03 1.61 3463.35 3315.64 3257.08 4282.88 4.77 2.08 10.06 0.00 3788.85 Intertek Group PLC 2429 149.00 Weir Group PLC 1830 96.00
FTSE Global wi JAPAN Small Cap 768 472.96 -1.5 1.1 0.9 579.41
0.9 1.6 Tobacco 13 1120.58 0.4 0.4 4.4 2104.41 4.7 4.0 Intu Properties PLC 372.00 2.60 Whitbread PLC 4959 -24.00
General Retailers (30) 2892.92 -0.16 2973.91 2897.60 2925.81 2645.86 2.28 2.43 18.08 3.13 3099.10
FTSE Japan 475 126.16 -1.4 1.2 1.7 Health Care
0.9 174.00
0.9 162 446.11 0.2 0.2 2.7 610.21 2.7 1.8 ITV PLC 222.50 0.90 Wolseley PLC 3814 44.00
Media (24) 7131.59 0.83 7331.24 7072.81 7066.66 6207.19 2.67 1.48 25.26 1.11 4094.73
FTSE Asia Pacific Large Cap ex Japan 481 628.27 0.2 1.6 2.0 910.89
2.1 2.9 Health Care Equipment & Services 58 603.23 0.8 0.8 2.1 684.82 2.2 1.0 Johnson Matthey PLC 3239 -32.00 WPP PLC 1477 19.00
Travel & Leisure (35) 8170.62 0.12 8399.36 8161.23 8239.74 7018.98 1.85 2.20 24.63 28.43 7318.73
FTSE Asia Pacific Mid Cap ex Japan 445 821.07 0.4 1.6 1.9 1153.60
1.9 2.4 Pharmaceuticals & Biotechnology 104 343.58 0.1 0.1 2.9 487.11 2.9 2.0
Telecommunications (8) 3941.59 1.50 4051.93 3883.42 3900.65 3722.34 3.96 2.51 10.06 0.00 3967.95 FTSE Asia Pacific Small Cap ex Japan 1330 543.22 0.3 1.3 1.6 753.05
1.7 2.6 Consumer Services 378 377.75 1.2 1.2 0.9 482.94 1.0 1.6
Fixed Line Telecommunications (6) 4840.29 1.82 4975.80 4753.73 4798.11 4523.40 2.85 1.88 18.69 0.00 4078.31
Mobile Telecommunications (2) 5340.88 1.31 5490.40 5271.81 5280.20 5076.68 4.60 2.74 7.93 0.00 4764.61
FTSE Asia Pacific Ex Japan
FTSE Emerging All Cap
926
1904
495.24
704.97
0.3
1.2
1.6
2.5
2.0 763.61
2.1 2.8 Food & Drug Retailers
2.2 977.21
2.3 2.8 General Retailers
55 308.99
117 488.67
0.7
1.4
0.7
1.4
2.7 410.76
2.2 610.21
2.8
2.2
2.0
1.5
UK STOCK MARKET TRADING DATA
Utilities (8) 8983.46 0.11 9234.96 8973.42 9012.66 7937.56 4.76 1.23 17.02 32.81 9155.08 FTSE Emerging Large Cap 452 670.33 1.4 2.7 2.5 934.37
2.5 2.9 Media 88 296.78 2.0 2.0 -1.3 379.82 -1.3 1.5 Feb 03 Feb 02 Jan 30 Jan 29 Jan 28 Yr Ago
Electricity (3) 9616.58 0.93 9885.80 9527.99 9475.92 8927.69 5.22 0.68 28.28 142.09 12285.50 FTSE Emerging Mid Cap 459 874.53 0.8 2.1 1.6 1209.48
1.6 2.6 Travel & Leisure 118 362.59 0.4 0.4 0.7 468.20 0.8 1.7 SEAQ Bargains 5664.00 5470.00 5470.00 5470.00 5532.00 5219.00
Gas Water & Multiutilities (5) 8341.51 -0.11 8575.04 8350.65 8409.39 7266.84 4.64 1.41 15.35 5.10 8527.37 FTSE Emerging Small Cap 993 716.84 0.5 1.4 1.3 958.77
1.4 2.6 Telecommunication 95 172.94 1.4 1.4 3.5 293.34 3.9 3.9 Order Book Turnover (m) 138.99 57.39 57.39 57.39 39.53 41.16
Financials (283) 4820.25 1.45 4955.19 4751.55 4740.11 4489.25 3.03 1.78 18.53 2.92 4071.69 FTSE Emerging Europe 86 316.31 2.6 1.3 1.5 445.65
1.5 3.9 Fixed Line Telecommuniations 45 141.08 2.1 2.1 3.0 261.09 3.7 4.4 Order Book Bargains 970232.00 846032.00 846032.00 846032.00 867933.00 765831.00
Banks (7) 4331.98 2.09 4453.26 4243.17 4229.51 4573.64 3.43 1.18 24.63 0.00 2868.59 FTSE Latin America All Cap 245 869.21 2.3 -0.2 -3.6 1249.11
-3.4 3.7 Mobile Telecommunications 50 188.62 0.5 0.5 4.3 291.00 4.3 3.2 Order Book Shares Traded (m) 1943.00 1727.00 1727.00 1727.00 1503.00 1535.00
Nonlife Insurance (12) 2354.28 0.98 2420.19 2331.47 2335.46 2083.02 2.84 1.44 24.51 0.00 3839.03 FTSE Middle East and Africa All Cap 212 814.63 2.0 7.4 5.8 1181.91
5.9 2.5 Utilities 162 269.79 0.4 0.4 1.0 476.60 1.1 3.6 Total Equity Turnover (£m) 2706.92 4047.64 4047.64 4047.64 - 3859.87
Life Insurance/Assurance (12) 8322.45 1.35 8555.44 8211.38 8226.83 6731.31 3.07 1.84 17.72 0.00 7378.79 FTSE Global wi UNITED KINGDOM All Cap In 340 363.52 1.8 2.8 3.3 Electricity
1.2 554.89
1.3 113 289.17 0.5 0.5 2.0 506.39 2.1 3.5 Total Mkt Bargains 1102068.00 983496.00 983496.00 983496.00 - 889387.00
Index- Real Estate Investment & Services (25) 2820.62 0.94 2899.59 2794.46 2759.78 2735.24 1.69 5.51 10.70 0.53 7108.02 FTSE Global wi USA All Cap 1981 508.11 1.5 -0.1 -0.2 639.02
-0.1 1.9 Gas Water & Multiutilities 49 295.65 0.2 0.2 -0.6 533.85 -0.6 3.7 Total Shares Traded (m) 3946.00 3724.00 3724.00 3724.00 - 3224.00
Real Estate Investment Trusts (20) 3024.30 0.32 3108.97 3014.57 2972.37 2358.12 2.74 5.83 6.27 6.53 3478.61 FTSE Europe All Cap 1391 407.07 1.8 3.1 3.0 Financials
2.2 603.67
2.3 665 211.14 1.5 1.5 -2.1 319.16 -2.0 2.7 † Excluding intra-market and overseas turnover. *UK only total at 6pm. ‡ UK plus intra-market turnover. (u) Unavaliable.
General Financial (29) 7707.68 1.15 7923.46 7619.86 7622.40 6376.01 2.85 1.87 18.71 12.32 8155.48 FTSE Eurobloc All Cap 637 379.65 2.2 3.7 2.8 Banks
3.0 571.19
3.2 242 192.35 1.9 1.9 -4.4 308.79 -4.2 3.1 (c) Market closed.
Equity Investment Instruments (178) 7711.43 0.79 7927.32 7650.82 7647.55 6974.20 2.40 1.04 40.21 14.73 3958.58 FTSE RAFI All World 3000 3022 5909.33 1.5 0.7 0.3 7238.46
0.4 2.8 Nonlife Insurance 69 214.07 1.2 1.2 0.0 291.46 0.0 2.1
Non Financials (358) 4283.39 1.23 4403.30 4231.18 4208.96 4040.94 3.31 1.93 15.70 4.58 5795.74 FTSE RAFI US 1000 1027 9224.94 1.7 -0.7 -0.7 11397.51
-0.6 2.3 Life Insurance 50 207.18 1.8 1.8 -1.9 306.09 -1.8 2.4
Technology (22) 1279.73 0.39 1315.56 1274.79 1276.04 1125.97 1.27 2.07 37.95 0.96 1578.36 FTSE EDHEC-Risk Efficient All-World 3027 324.37 1.1 1.7 2.1 Financial Services
1.5 426.98
1.6 138 224.23 1.4 1.4 -3.2 293.19 -3.1 1.8 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed
Software & Computer Services (14) 1417.39 1.25 1457.07 1399.90 1399.89 1300.55 1.91 2.04 25.58 2.59 1820.40 FTSE EDHEC-Risk Efficient Developed Europe 520 284.59 1.6 3.0 2.2 405.25
2.2 2.6 Technology 177 170.55 1.0 1.0 -0.9 200.09 -0.9 1.6 accurate at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor
Technology Hardware & Equipment (8) 1576.30 -0.20 1620.43 1579.46 1582.07 1348.76 0.83 2.12 57.04 0.00 1793.62 Software & Computer Services 77 266.37 1.0 1.0 -1.9 302.38 -1.9 1.1 guarantee that the information is reliable or complete. The FT does not accept responsibility and will not be
Technology Hardware & Equipment 100 139.86 0.9 0.9 -0.1 167.90 0.0 1.9 liable for any loss arising from the reliance on or use of the listed information.
Hourly movements 8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.00 High/day Low/day The FTSE Global Equity Series, launched in 2003, contains the FTSE Global Small Cap Indices and broader FTSE Global All Cap Indices (large/mid/small cap) as well as the enhanced FTSE All-World index Series (large/ For all queries e-mail ft.reader.enquiries@morningstar.com
FTSE 100 6810.72 6871.29 6864.98 6863.26 6866.03 6856.24 6853.74 6883.07 6870.19 6886.21 6809.84 mid cap) - please see www.ftse.com/geis. The trade names Fundamental Index® and RAFI® are registered trademarks and the patented and patent-pending proprietary intellectual property of Research Affiliates, LLC
FTSE 250 16408.91 16500.08 16541.13 16551.77 16575.44 16554.59 16547.11 16576.25 16566.31 16577.63 16407.76 (US Patent Nos. 7,620,577; 7,747,502; 7,778,905; 7,792,719; Patent Pending Publ. Nos. US-2006-0149645-A1, US-2007-0055598-A1, US-2008-0288416-A1, US-2010- 0063942-A1, WO 2005/076812, WO 2007/078399 A2,
WO 2008/118372, EPN 1733352, and HK1099110). ”EDHEC™” is a trade mark of EDHEC Business School As of January 2nd 2006, FTSE is basing its sector indices on the Industrial Classification Benchmark - please see
Data provided by Morningstar | www.morningstar.co.uk
FTSE SmallCap 4435.51 4443.97 4447.81 4448.38 4447.92 4448.61 4447.78 4447.64 4448.59 4452.52 4434.93
FTSE All-Share 3652.53 3682.32 3681.05 3680.68 3682.67 3677.70 3676.34 3690.14 3684.20 3690.55 3652.53 www.ftse.com/icb. For constituent changes and other information about FTSE, please see www.ftse.com. © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the London Stock Exchange
Time of FTSE 100 Day's high:14:59:15 Day's Low08:04:15 FTSE 100 2010/11 High: 6852.40(26/01/2015) Low: 6366.51(06/01/2015) Group companies and is used by FTSE International Limited under licence.
Time of FTSE All-Share Day's high:14:59:00 Day's Low08:03:00 FTSE 100 2010/11 High: 3672.98(26/01/2015) Low: 3434.73(06/01/2015)
Further information is available on http://www.ftse.com © FTSE International Limited. 2013. All Rights reserved. ”FTSE®” is a trade mark of the
London Stock Exchange Group companies and is used by FTSE International Limited under licence. † Sector P/E ratios greater than 80 are not shown.
For changes to FTSE Fledgling Index constituents please refer to www.ftse.com/indexchanges. ‡ Values are negative.

UK RIGHTS OFFERS UK COMPANY RESULTS UK RECENT EQUITY ISSUES

Amount Latest Company Turnover Pre-tax EPS(p) Div(p) Pay day Total Issue Issue Stock Close Mkt
Issue paid renun. closing Alumasc Group Int 48.995 45.175 3.243 2.904 6.6 5.2 2.5 2.2 Apr 7 5.3 4.978 date price(p) Sector code Stock price(p) +/- High Low Cap (£m)
price up date High Low Stock Price p +or- BG Group Pre 19289 19192 2330L 3889 0.306L 0.717 14.818 15.682 - 29.2 30.1 02/03 70.00 Aquatic Foods Group PLC 61.00 - 71.50 60.00 6906.8
KZT1150.4 Nil n/a 3.21 3.21 JSC Kazkommersbank GDR 3.21 0.00 BP Pre 353568 379136 4950 30221 0.206 1.239 10 9.41 - 40.2 36.4
5p Nil n/a 13.25 12.00 Petropavlovsk PLC 12.50 0.00 Low & Bonar Pre 410.6 403.1 16.7 16.7 3.76 3.74 1.75 1.75 - 2.7 2.6
A$0.05 Nil 30-01-15 3.10 3.10 Wildhorse Energy Ltd 3.25 0.00 NWF Group Int 247.1 259.1 2.1 2.9 3.4 4.6 1 1 May 1 5.1 4.8
Ocado Group Pre 948.9 792.1 7.2 12.5L 1.24 2.16L - - - - -
Polar Capital Global Financials Trust Pre 17.375 5.259 3.31 0.85 1.35 0.68 - 3.1 0.68
St Modwen Properties Pre 282.1 161.1 137.7 80.5 52.7 33.5 3.137 2.67 Apr 2 4.6 4.148

Figures in £m. Earnings shown basic. Figures in light text are for corresponding period year earlier. §Placing price. *Intoduction. ‡When issued. Annual report/prospectus available at www.ft.com/ir
For more information on dividend payments visit www.ft.com/marketsdata For a full explanation of all the other symbols please refer to London Share Service notes.
Wednesday 4 February 2015 ★★★ FINANCIAL TIMES 23

MARKET DATA

FT500: THE WORLD'S LARGEST COMPANIES

52 Week 52 Week 52 Week 52 Week 52 Week 52 Week
Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m Stock Price Day Chg High Low Yld P/E MCap m
Australia (A$) ChristianDior 153.60 0.80 157.45 126.10 1.60 17.27 31956.4 FastRetail 42185 -870.00 46325 30950 0.81 44.38 38074.6 TeliaSonera 52.00 1.25 54.15 43.98 4.30 15.37 27337.9 BkNYMeln♦ 37.40 0.73 41.79 30.82 1.60 16.33 42101.54 Lyondell 86.90 4.90 115.40 70.06 2.79 10.96 43508.05
ANZ 34.11 0.74 35.07 28.84 5.41 12.51 72553.29 Cred Agr 11.00 0.35 12.22 9.53 3.27 12.85 32430.21 Fuji Hvy Ind 4142 -123.00 4617 2380 1.13 14.72 27590.99 Switzerland (SFr) BlackRock 352.95 5.31 368.64 284.78 1.97 19.58 58312.28 Marathon Ptl 95.82 1.88 97.94 74.64 1.71 12.77 26848.07
BHPBilltn 30.65 1.05 39.79 26.50 4.33 10.29 75699.08 Danone 59.32 -0.02 60.53 48.50 2.58 31.14 43721.37 Hitachi 864.90 -12.10 939.90 660.00 1.00 41.61 35570.86 ABB 18.30 0.36 23.35 16.75 - 19.97 45841.45 Boeing 147.34 1.08 148.25 116.32 1.69 22.64 105043.17 Marsh&M♦ 55.11 0.51 58.74 44.25 1.74 22.20 29808.96
CmwBkAu 90.40 0.72 90.67 72.14 4.60 15.97 112710.24 EDF 24.06 0.11 29.90 20.90 5.49 11.99 51233.91 HondaMtr 3593.5 -106.00 3848 3239 1.39 11.45 55387.09 CredSuisse 20.06 0.34 29.75 18.57 3.15 60.06 34889.68 BrisMySq 59.86 -0.37 64.44 46.30 2.24 39.44 99294.36 MasterCard♦ 83.81 0.83 89.87 68.68 0.49 30.84 93273.85
CSL 87.60 -0.50 89.07 63.77 1.43 28.27 31923.6 Essilor Intl 97.20 -0.36 100.50 70.51 1.02 19.96 24024.31 JapanTob 3195.5 -14.50 4193 2997 2.49 14.18 54379.92 Nestle 70.95 -0.15 74.60 63.85 1.81 25.86 247605.17 Broadcom 42.58 0.94 44.33 28.68 1.09 40.49 23419 McDonald's 93.92 1.41 103.78 87.62 3.22 19.78 92222.8
NatAusBk 36.23 0.58 36.29 31.33 5.74 15.64 67405.3 GDF Suez 19.70 -0.14 21.19 16.17 8.05 -5.22 54924.1 KDDI 7821 -233.00 8449 5000 1.53 16.74 59690.72 Novartis 89.50 -0.50 99.75 70.15 2.76 23.18 262111.65 CapOne 75.51 1.09 85.39 67.86 1.48 10.90 42385.18 McGraw Hill 93.98 3.68 94.07 71.93 1.17 30.61 25515.57
Telstra 6.67 0.14 6.67 4.96 4.64 17.11 62708.2 Hermes Intl 288.30 -4.10 317.40 229.00 0.99 34.96 34844.14 Keyence 57430 1450 58080 36095 0.18 34.99 29711.59 Richemont 78.80 1.90 94.75 68.80 0.10 22.88 44514.47 CardinalHlth 83.42 0.60 87.33 63.06 1.44 28.27 27608.81 McKesson 213.13 -1.70 222.93 162.90 0.42 38.08 49420.96
Wesfarmers 44.17 0.19 46.69 40.26 4.73 28.62 38170.2 Kering 177.80 -0.35 181.75 136.95 2.23 25.13 25694.53 MitsbCp 2114 49.50 2356 1767 2.56 8.82 29212.62 Roche 247.20 -0.80 295.80 238.80 2.84 25.36 187948.16 Carnival 43.69 0.18 47.44 33.11 2.21 28.50 25892.85 Medtronic 74.79 2.03 77.39 53.33 1.48 27.37 73617.03
Westpc 35.26 0.41 35.99 30.00 5.36 14.23 84603.41 LOreal 155.75 -1.95 160.55 114.55 1.70 30.28 99602.31 MitsubEst 2330 -46.00 2930 2151.5 0.41 43.68 27565.41 SwatchGpI 376.60 0.70 592.50 350.00 1.19 12.22 12568.96 Caterpillar♦ 83.92 3.08 111.46 78.81 2.78 14.55 50805.07 Merck 61.02 0.14 63.62 51.92 2.69 35.82 173960.29
WoodsdPet 35.69 1.04 44.23 31.97 6.28 12.39 22612.73 LVMH 144.50 1.20 147.20 121.40 2.27 20.42 83990.87 MitsubishiEle 1332 -52.00 1550 1083 0.41 24.31 24335.87 Swiss Re 83.70 0.95 86.55 69.25 4.49 8.25 33578.45 CBS 56.92 1.55 68.10 48.83 0.84 23.64 27345.75 Metlife 49.11 1.25 57.57 46.10 2.37 10.77 55791.02
Woolworths 32.29 0.12 38.92 29.11 4.57 15.22 31365.41 Nmrcble-SFR 46.27 1.50 57.50 23.87 - -58.49 20634.3 Mitsui 1556 36.00 1820 1307 3.29 7.82 23785.38 Swisscom 543.00 4.50 587.50 488.50 2.37 17.74 30440.4 Celgene 117.60 -0.97 124.60 66.85 - 66.38 93927.61 MicronTech 28.95 0.51 36.59 21.02 - 9.74 31182.84
Belgium (€) Orange 15.97 0.37 16.10 8.80 5.30 25.76 48414.9 MitsuiFud 2965 -43.50 3809.5 2854.5 0.59 32.14 25012.33 Syngent 300.40 -1.30 350.30 273.20 2.00 20.86 30215.76 CharlesSch 27.62 1.02 31.00 23.35 0.81 31.62 36065.34 Microsoft 41.60 0.32 50.05 35.69 2.68 17.33 341277.47
AnBshInBv 108.85 0.75 109.95 69.14 1.58 24.47 200413.48 PernodRic 105.55 -2.15 108.75 78.82 1.67 26.14 32073.14 MitUFJFin 622.00 -3.00 700.30 519.00 2.31 6.08 74987.88 UBS 15.81 0.28 17.84 13.58 1.43 19.11 63598.06 ChevrnTx 109.53 3.47 135.10 98.88 3.52 10.82 207058.18 MondelezInt 36.06 0.30 39.54 31.83 1.47 36.13 60578.03
Safran 59.08 0.15 60.00 43.24 2.00 14.86 28206.84 Mizuho Fin 191.00 -1.40 221.00 178.10 2.77 11.17 39738.57 Zurich Fin 309.20 3.10 323.50 244.20 5.34 12.98 50070.57 Chubb 99.17 0.67 105.30 82.98 1.82 12.48 23385.65 Monsanto 120.35 1.47 128.79 104.08 1.43 24.71 58163.46
Brazil (R$)
Sanofi 81.51 -0.56 89.95 68.29 3.53 25.69 123494.97 Murata Mfg 12590 -445.00 13780 8192 0.82 25.32 24131.62 Cigna 108.70 0.82 112.95 73.47 0.03 15.86 28433.6 MorganStly♦ 35.04 0.62 39.19 28.31 0.80 14.96 68587.41
Ambev 17.50 0.11 17.87 14.99 1.74 22.12 101835.37 Taiwan (NT$)
Schneider 68.70 1.50 72.22 52.59 3.53 19.58 45973.73 NipponTT 6933 -24.00 7120 5051 2.07 14.10 67055.7 Cisco 27.12 0.29 28.70 21.27 2.58 19.47 138680.51 News Corp A 34.61 0.84 39.27 30.69 0.67 20.48 46979.82
BncBrasil 20.85 0.65 38.19 18.61 6.56 4.38 22126.15 HonHaiPrc 87.40 0.90 113.00 80.30 1.78 11.51 41002.29
SocGen 37.66 1.66 48.69 31.85 2.73 8.03 34711.83 Nissan Mt 1010 -4.00 1146.5 824.00 2.48 9.72 38850.66 Citigroup♦ 48.88 1.16 56.95 45.18 0.08 17.61 148081.38 NextEraE 110.24 0.17 112.64 89.01 2.40 26.55 48117.81
BncoDoBrasl 30.27 0.27 35.98 21.54 4.03 18.30 22420.98 MediaTek 485.00 2.50 545.00 389.50 2.39 16.84 24170.3
StGobn 38.79 1.15 46.40 29.51 1.69 21.68 24949.76 NpnStlSmMtl 279.50 2.00 333.00 243.30 1.43 10.66 22600.73 CME Grp 87.27 0.19 93.91 66.44 1.99 31.00 29324.41 Nike 93.35 1.43 99.50 69.85 0.99 28.83 64073.63
Bradesco♦ 34.90 0.55 41.30 27.13 0.99 17.44 27189.95 TaiwanSem 144.50 2.00 147.00 100.50 1.61 17.27 118820.86
Total 48.28 1.28 54.71 38.25 5.45 10.76 131458.63 NTTDCMo 1972 -5.00 2047 1515 2.31 20.42 73242.12 Coca-Cola 41.63 0.04 44.87 36.89 2.68 24.78 182344.1 NorfolkS 107.27 3.24 117.64 89.46 1.89 17.96 33193.83
Cielo 40.50 0.47 47.10 31.06 3.07 17.58 23582.16 Thailand (THB)
UnibailR 259.10 3.70 260.05 174.25 3.63 21.98 29087.01 Panasonic 1357.5 10.00 1610 1030 0.82 60.55 28334.56 Cognizant 55.10 0.79 56.62 41.51 - 25.82 33551.37 Northrop 160.48 1.29 161.72 109.17 1.64 16.97 32416.85
ItauHldFin 31.00 0.50 38.74 24.20 1.64 8.23 31802.35 PTT Explor 370.00 15.00 398.00 270.00 1.84 11.40 32373.44
Vinci 48.20 0.90 57.36 39.65 3.88 10.13 32589.15 Seven & I 4339 23.50 4592.5 3611 1.26 22.94 32727.26 ColgtPlm♦ 69.19 0.20 71.31 59.75 1.89 32.55 63059.65 NtlOilVarc 54.08 -2.31 86.55 52.14 2.48 9.48 23285.43
Petrobras 9.79 1.22 23.50 7.88 5.65 5.54 26984.25
Vivendi 21.13 0.12 21.43 17.26 4.87 -12.74 32696.02 ShnEtsuCh 7672 -174.00 8529 5267 1.04 27.84 28207.81 United Kingdom (p) Comcast 55.41 1.60 59.30 47.74 1.46 18.72 119108.03 Occid Pet 82.15 1.99 101.38 72.32 3.18 12.24 63701.42
Vale 20.87 1.13 35.20 17.65 9.38 -10.68 24866.29
Germany (€) Softbank 6957 -74.00 8760 6655 0.46 12.24 71074.19 AngloAmer 1170 46.00 1678.5 923.00 4.23 256.69 24696.98 ConocPhil 67.74 1.97 87.09 60.64 3.85 12.45 83382.04 Oracle 43.04 0.36 46.71 35.44 1.08 18.62 189004.44
Canada (C$) Sony 2697.5 -1.00 2860 1514 0.74 -12.87 26571.46 AscBrFd 3079 -35.00 3293 2407 1.05 31.92 36840.14 Corning 24.35 0.20 25.16 16.90 1.53 20.40 31213 Paccar 62.75 1.34 71.15 53.59 1.25 18.46 22220.04
Allianz 150.20 1.25 151.45 115.05 3.63 10.64 78583.82
Alimentation 47.37 -2.72 50.58 26.75 0.35 25.87 15849.24 SumitomoF 3912.5 -35.00 4910 3800 2.42 7.57 47075.03 AstraZen 4641.5 -40.50 5750 3663.7 3.76 92.21 88591.09 Costco 153.75 7.75 153.89 109.50 0.86 33.11 67727.55 Pepsico 96.20 0.87 100.57 77.01 2.37 22.83 143973.5
BASF 80.79 -0.36 88.28 64.27 - - -
BCE 57.88 -0.60 59.28 45.09 4.38 18.68 38943.37 Takeda Ph 5776 -112.00 5970 4337.5 2.49 51.08 38815.12 Barclays 248.45 12.60 278.00 201.75 2.62 56.06 61883.35 Covidien 106.71 -1.36 108.57 65.97 1.54 28.15 48500.47 Pfizer 32.02 0.37 33.50 27.51 2.97 21.22 201747.04
Bayer 129.65 0.60 131.70 91.31 - - -
BkMontrl♦ 76.01 1.83 85.71 67.04 4.24 11.01 39403.06 TokioMarine 3990 -80.00 4218.5 2834 1.55 13.01 26125.52 BG 945.00 10.80 1420 780.55 1.96 18.00 48756.94 CrownCstl 87.24 0.88 88.79 68.44 1.12 176.93 29125.76 PG&E 58.85 0.22 60.21 40.92 2.88 21.08 27958.93
BMW 106.30 2.05 108.15 74.74 - - -
BkNvaS 63.84 1.79 74.93 59.92 4.20 10.78 62112.56 Toyota 7550 -110.00 7873 5205 1.85 12.29 219577.8 BP 449.85 12.15 526.80 364.40 5.30 14.71 124001.91 CSX 34.66 0.98 37.99 25.84 1.67 20.10 34500.47 Phillips66 74.88 2.08 87.98 57.33 2.22 12.59 41447.08
Continental 205.75 1.85 208.25 136.85 - - -
Brookfield 64.54 -0.92 65.72 40.34 1.21 13.37 32544.3 BrAmTob 3753 -14.00 3818 2878.5 3.79 19.59 108802.72 Cummins 145.55 2.54 161.03 122.64 1.70 17.55 26590.79 PhilMorris 82.24 0.61 91.63 75.28 4.33 17.69 127777.53
Daimler 82.15 0.94 83.85 55.10 - - - Malaysia (RM)
CanadPcR 230.39 2.76 247.56 156.64 0.63 35.14 30643.83 BSkyB 850.50 -12.00 954.00 782.50 3.64 10.60 23005.52 CVS 100.13 1.02 101.59 64.95 0.98 27.78 114787.38 PNCFin♦ 87.61 1.43 93.45 76.69 1.96 12.67 46101.24
Deut Bank 27.22 0.86 36.35 22.66 1.99-228.64 42981.89 Maybank 8.72 0.06 10.20 8.25 9.28 11.71 22398.57
CanImp 91.59 2.33 107.37 85.03 4.50 11.14 29126.99 BT♦ 421.20 8.10 451.00 350.30 2.35 17.18 51838.37 Danaher 85.02 1.28 87.49 70.12 0.36 23.92 59742.84 PPG Inds 226.90 3.17 233.98 171.56 1.05 24.21 31138.63
Deut Tlkm 15.70 0.14 15.78 10.07 2.46 29.78 81496.78 Mexico (Mex$)
CanNatRs 39.58 0.68 49.57 31.00 2.30 13.25 34600.99 Compass♦ 1145 -14.00 1170 924.41 2.30 23.51 28859.25 Deere 88.63 1.99 94.89 78.88 2.37 10.86 30349.84 PPL 36.38 0.48 38.14 30.04 3.81 27.00 24195.32
DeutsPost 29.44 0.27 29.75 21.55 - - - AmerMvl 16.03 - 17.64 12.39 1.38 16.88 75306.82
CanNatRy 85.83 0.93 86.73 58.47 1.17 23.07 55616.07 Diageo 1926 -24.00 2055 950.00 2.68 24.81 73093.41 Delta 46.01 -0.50 51.06 29.12 0.55 4.27 38507.67 Praxair 123.48 1.26 135.24 117.32 1.93 21.07 35978.68
E.ON 13.38 -0.55 15.46 12.23 4.61 -47.29 30639.93 FEMSA UBD 125.89 0.70 135.75 108.90 0.81 27.39 30504.2
Enbridge 63.07 0.50 65.13 45.63 2.25 67.42 43006.7 GlaxoSmh 1453 -7.50 1709 1200.67 5.51 16.96 106798.4 DevonEngy 64.07 1.23 80.63 51.76 1.34 12.65 26211.04 Prec Cast 208.31 2.25 275.09 186.17 0.05 17.42 29690.99
Fresenius 49.83 -0.61 51.66 34.52 - - - WalMrtMex 28.44 -0.51 35.75 27.71 0.94 18.32 33756.03
GtWesLif 33.19 0.59 33.98 28.61 3.86 12.23 26486.61 Glencore 269.35 16.25 379.45 236.20 3.58 16.33 53710.91 DirectTV 87.03 1.43 89.46 67.81 - 17.21 43709.66 Priceline 1037.55 24.52 1378.96 990.69 - 25.14 54321.99
HenkelKgaA 90.44 -1.09 92.15 66.67 1.02 13.84 26899.23
ImpOil 50.70 1.35 57.96 44.08 1.07 9.93 34407.52 Netherlands (€) HSBC 617.50 5.10 737.00 573.54 4.86 12.00 179101.49 DiscFinServ♦ 56.37 1.30 66.75 51.63 1.46 11.50 25562.65 ProctGmbl♦ 85.95 0.83 93.89 75.40 2.86 23.49 232108.82
Linde 171.80 0.25 173.85 137.90 - - -
Manulife 21.11 0.59 23.09 18.91 2.69 9.37 31507.66 ASML Hld 90.22 -0.63 95.81 57.51 0.59 28.24 45247.7 ImpTob♦ 3085 -45.00 3183 2174.58 3.89 20.82 44659.47 Disney 94.10 2.17 96.43 69.85 0.85 23.67 159497.15 Prudntl 80.09 1.97 94.30 75.75 2.47 16.88 36521.04
MuenchRkv 182.40 0.85 184.25 141.10 4.09 8.54 36113.86
Potash♦ 46.17 -0.31 47.10 34.81 3.53 24.88 30687.45 Heineken 66.15 -0.78 67.28 44.66 1.21 26.58 43621.58 LlydsBkg 74.97 1.30 85.53 70.02 - 227.87 80871.02 DominRes 78.58 0.86 80.89 64.71 2.80 32.82 45786.04 PublStor 203.03 1.28 206.92 155.00 2.57 43.41 35068.49
SAP 59.12 0.42 61.63 50.08 - - -
RylBkC♦ 74.83 1.92 83.87 67.65 3.97 11.92 86421.49 ING 11.53 0.29 11.95 9.34 - 12.16 50908.27 Natl Grid 930.00 -4.00 965.00 777.50 4.52 16.29 52873.66 DowChem 46.89 1.67 54.97 41.45 2.84 16.78 55262.71 Qualcomm 66.96 1.43 81.97 62.26 2.33 14.61 110454.54
Siemens 96.01 1.16 103.30 80.17 - - -
Suncor En 39.55 0.20 47.18 30.89 2.48 18.29 45745.47 Philips 25.14 0.45 26.99 20.69 - 100.63 26905.44 Prudential 1631.5 21.00 1649.5 1192 2.06 19.58 63297.7 DukeEner 86.78 -0.22 89.97 68.10 3.37 21.11 61378.68 Raytheon♦ 106.37 2.99 111.47 89.17 2.07 17.37 32801.1
Volkswgn 206.65 4.45 208.85 147.35 - - -
ThmReut 48.93 -0.12 49.89 36.86 3.13 84.66 31185.46 Unilever 37.44 -0.56 38.81 26.97 2.62 19.70 73498.42 RBS 375.60 10.10 403.90 291.60 - -6.60 36119.5 DuPont 73.33 1.72 75.82 59.95 2.31 23.34 66433.09 Regen Pharm 409.20 -3.89 437.64 269.50 - 143.63 40793.93
TntoDom 52.79 1.46 58.20 47.35 3.65 12.20 78066.06 Hong Kong (HK$)
Norway (Kr) ReckittB 5600 -30.00 5745 4575 2.45 21.63 60816.2 Eaton 69.79 5.39 79.98 57.11 2.52 21.17 33122.33 ReynoldsAm 69.91 0.86 70.70 46.55 3.52 25.35 37142.03
TrnCan 58.67 1.25 63.86 47.43 3.37 23.41 33289.77 AIA 44.65 -0.55 46.45 34.65 0.86 31.44 69355.38
DNB 116.80 3.70 126.90 98.10 1.90 8.05 25178.84 Reed Els 1164 7.00 1171 851.53 2.11 25.15 36231.23 eBay 54.25 0.54 59.70 46.34 - -580.26 67398.42 Salesforce 58.61 1.33 67.00 48.18 - -122.02 35927.93
ValeantPh 197.81 -5.87 205.98 116.01 - 114.87 53164.18 BOC Hold 27.20 -0.25 27.95 21.50 3.28 14.09 37085.72
Statoil 141.50 6.50 195.80 118.20 5.46 9.02 59715.64 RioTinto 3076 115.00 3680.56 2600 3.69 15.81 65728.8 Ecolab 106.08 2.59 118.46 97.65 0.97 30.20 31836.35 Schlmbrg 87.08 2.44 118.76 75.60 1.78 20.84 112054.01
Ch OSLnd&Inv 23.25 0.45 26.70 17.52 1.79 8.59 24507.87
China (HK$) Telenor 168.40 3.00 170.40 123.90 4.56 35.01 33464.21 RollsRoyce 894.00 10.00 1219 777.00 2.46 7.40 25530.48 EMC 26.83 0.40 30.92 23.47 1.49 23.08 54596.6 SempraEgy 113.81 0.63 116.30 89.87 2.14 26.68 27985.16
ChngKong 148.80 -0.80 152.00 111.80 2.07 9.02 44444.82
AgricBkCh 3.78 0.03 4.10 3.04 5.57 5.73 14983.95 Qatar (QR) RylDShlA 2180 111.00 2864 1929 5.38 13.87 125912.32 Emerson 59.44 0.47 69.94 55.81 2.70 20.91 41147.2 Shrwin-Will 273.57 0.71 277.29 174.29 0.73 33.67 26262.09
Citic Ltd 13.22 -0.08 16.88 9.35 2.34 8.70 42455.93
Bk China 4.32 0.03 4.54 3.03 5.34 6.32 46585.97 Inds Qatar 154.60 1.10 202.90 143.50 6.63 15.72 25684.59 SABMill 3574 -51.50 3857 2659 1.81 25.78 87146.81 EOG Res 96.31 3.79 118.89 80.75 0.42 18.56 52778.79 SimonProp 200.09 0.68 206.31 150.41 2.35 44.80 62182.78
Citic Secs 25.45 1.10 33.95 13.72 0.70 30.05 3867.26
BkofComm 6.50 0.04 7.36 4.53 4.71 6.34 29347.99 QatarNtBk 194.50 0.50 237.00 160.00 3.49 13.43 37372.96 Shire 4900 - 5470 2827 0.26 25.58 43692.88 EquityResTP 77.99 0.89 81.03 54.56 2.57 90.79 28260.71 SouthCpr 28.90 1.53 33.90 23.60 1.48 18.58 23645.04
CNOOC 10.64 0.36 15.88 9.72 4.72 7.75 61261.67
Ch Evrbrght 4.25 0.09 4.52 2.68 4.29 5.77 3764.55 SSE♦ 1629 12.00 1858 1305 5.32 78.84 24311.38 Exelon 36.93 0.88 38.93 28.57 3.13 16.27 31740.03 SouthwestAir 43.25 -1.28 47.17 20.23 0.43 28.07 29355.69
Galaxy Enter 41.00 -0.10 80.45 36.70 - 17.47 22443.96 Russia (RUB)
Ch Yangtze RMB 10.08 0.13 11.32 5.54 2.38 15.98 15697.88 StandCh 915.00 34.00 1355.5 867.50 5.38 9.00 34190.29 ExpScripts 81.87 0.09 86.64 64.64 - 35.09 60085.21 SpectraEn 34.94 0.77 43.12 32.43 3.50 25.13 23444.75
HangSeng 136.40 - 136.70 117.60 3.57 17.68 33629.12 Gzprm neft 140.35 2.17 154.47 113.73 7.30 2.46 50078.48
ChCommsCons 8.04 -0.01 10.24 4.88 2.32 9.15 4590.52 Tesco 232.05 3.70 341.58 155.40 6.36 21.99 28488.06 ExxonMb 92.25 2.67 104.76 86.03 2.67 12.44 390635.27 Starbucks♦ 88.49 0.50 89.59 67.93 1.20 27.68 66349.8
HK & Ch Gas 17.66 -0.16 18.90 13.91 1.70 29.96 23940.23 Lukoil 2851.5 101.40 2998.5 1715 - 6.19 36555.73
ChConstBk 6.24 0.08 6.62 4.89 5.66 5.82 193463.82 Vodafone♦ 236.90 3.05 435.82 179.10 5.89 65.26 94911.95 Facebook 75.40 0.41 82.17 54.66 - 70.85 167684.79 StateSt 74.62 1.64 80.92 62.67 1.40 17.11 31153.5
HK Exc&Clr 178.70 -0.40 189.00 112.80 1.75 51.09 26920.19 Rosneft 238.35 7.80 259.00 183.95 8.45 2.75 38073.42
China Vanke 17.70 0.42 20.35 12.84 - 10.72 3001.46 WPP 1477 19.00 1565 1091 2.32 19.64 29422.83 Fedex 172.97 1.72 183.51 128.17 0.39 22.65 49004.58 Stryker 92.74 0.98 98.24 75.78 1.23 59.40 35085.44
Hutchison 104.10 -0.60 113.50 85.90 1.95 30.68 57233.84 Saudi Arabia (SR)
ChinaCitic 5.78 0.07 6.34 3.60 5.19 5.64 11092.87 United States of America ($) FordMtr♦ 15.65 0.38 18.12 13.26 2.83 11.06 60231.96 Sychrony Fin 31.13 -0.03 32.00 22.60 - 13.78 25955.09
MTR 34.20 0.20 34.70 26.55 2.38 15.18 25697.17 SaudiBasic 96.25 -1.04 136.50 70.25 5.33 12.25 76933.32
ChinaLife 31.25 1.35 32.80 19.72 1.02 26.38 29987.49 3M 165.94 1.52 168.16 123.61 1.80 24.42 106337.48 Franklin 53.57 1.25 59.43 49.12 0.92 14.76 33311.26 Target 75.87 1.62 77.75 54.66 2.25 33.65 48326.49
SandsCh 37.80 0.10 68.00 34.50 4.04 16.83 39326.98 SaudiTelec 66.50 -0.97 76.50 55.00 2.81 11.78 35435.96
ChinaMBank 17.50 0.26 19.96 12.12 4.17 6.45 10360.61 AbbottLb♦ 45.83 0.60 46.50 35.80 1.63 38.42 69010.38 FreeportMc 18.98 1.53 39.32 16.43 6.14 9.45 19722.46 TE Connect 68.18 1.31 69.96 51.03 1.59 15.34 27696.14
SHK Props 125.00 -2.40 129.40 83.40 2.37 11.37 45509.22 Singapore (S$)
ChinaMob 103.00 -0.90 105.10 63.65 2.83 16.32 271680.52 Abbvie♦ 61.65 0.95 70.76 45.50 2.48 28.67 98224.81 GenDyn♦ 138.95 2.83 145.92 97.58 1.58 20.14 46046.6 TeslaMotors 218.36 7.42 291.42 169.36 - -143.15 27378.37
Tencent 135.10 -0.70 138.00 93.00 0.17 49.12 163258.31
ChinaPcIns 38.65 1.35 41.95 23.55 1.10 29.32 13832.73 DBS 19.54 -0.18 20.67 15.65 2.92 7.51 35890.2 Accenture 87.92 2.09 91.94 73.98 2.14 20.76 69646.75 GenElectric 24.47 0.26 27.53 23.41 3.35 17.68 245732.44 TexasInstr♦ 54.44 0.95 56.00 40.33 2.05 25.37 57504.97
ChinaRailCons 8.61 -0.05 10.68 5.57 1.60 8.41 2305.37 India (Rs) JardnMt US$ 64.18 -0.62 67.88 49.34 1.93 16.79 44333.53 GenGrwthPrp 30.53 0.61 31.70 19.62 1.74 128.58 26991.8 TheTrvelers 106.04 1.46 108.24 79.89 1.85 10.95 35141.26
Ace 111.01 1.70 117.89 92.26 2.15 12.33 36826.18
ChinaRailGp 5.69 -0.09 6.68 2.99 1.37 10.05 3087.26 HDFC Bk 1064.1 -17.50 1100.6 616.80 0.60 31.48 41630.66 JardnStr US$ 34.78 -0.81 38.10 30.06 0.65 13.93 38957.16 GenMills 53.26 0.19 55.64 46.70 2.92 23.08 32155.6 ThrmoFshr 127.33 1.44 131.12 107.33 0.44 32.92 50935.24
Actavis 268.35 0.56 285.09 180.70 - -54.16 71129.15
ChMinsheng 9.25 0.09 10.70 6.73 1.29 6.17 8270.79 Hind Unilevr 910.85 2.85 968.85 542.00 1.18 53.33 31921.12 OCBC 10.52 0.01 10.57 9.05 3.23 10.01 31111.41 GenMotors 33.98 0.87 38.15 28.82 2.47 23.58 54595.54 TimeWrnr 80.33 1.74 88.13 60.72 1.44 18.00 67355.6
Adobe 71.92 0.81 77.56 57.15 - 141.19 35838.75
ChMrchSecs RMB 24.90 0.74 32.98 9.71 - 41.42 18545.77 HsngDevFin 1230.15 -39.15 1361.85 755.00 1.06 25.06 31273.66 SingTel 4.07 -0.05 4.12 3.42 4.06 18.12 48175.75 GileadSci 107.18 0.99 116.83 63.50 - 20.46 161698.64 TimeWrnrC 142.81 5.28 155.95 128.78 1.89 21.51 40057.42
AEP 62.76 -0.30 65.38 47.23 2.97 18.38 30704.73
ChShenEgy 21.20 0.05 24.40 19.12 4.55 8.73 9291.42 ICICI Bk 346.60 -5.25 393.40 188.72 2.52 17.54 32517.43 UOB 23.16 -0.34 24.72 19.40 2.98 11.23 27557.12 GoldmSchs 180.24 4.75 198.06 151.65 1.14 11.18 78502.73 TJX Cos 67.30 1.43 69.84 51.91 0.90 23.53 46362.99
Aetna 94.18 1.96 96.25 64.68 0.87 16.84 33123.11
ChShpbldng RMB 8.65 0.01 10.35 4.36 0.45 68.25 22588.93 Infosys 2120.9 -15.95 2225 1440 1.72 20.24 39276.08 South Africa (R) Google 533.30 1.10 614.44 490.91 - 30.40 151892.47 UnionPac 121.79 2.78 123.61 85.56 1.38 24.12 108283.4
Aflac 59.09 0.92 66.01 54.99 2.34 9.93 26625.16
ChStConEng RMB 5.90 0.37 7.57 2.71 2.07 7.99 28283.4 ITC 366.05 5.40 400.30 311.40 1.34 35.23 47175.58 Halliburton 43.32 1.81 74.33 37.21 1.29 11.98 36711.98 UPS B 100.57 0.44 114.40 93.19 2.44 26.76 70634.77
Firstrand 52.50 0.90 53.19 29.95 2.44 16.66 25959.68 AirProd♦ 148.41 0.73 149.61 102.73 2.01 32.25 31800.41
ChUncHK 11.94 0.20 14.22 9.03 1.60 19.91 36872.59 OilNatGas 359.45 9.60 471.85 264.15 2.54 12.39 49833.25 HCA Hold 69.89 -0.29 76.18 46.02 - 19.21 30301.77 USBancorp 43.28 0.55 46.10 38.10 2.05 15.24 77444.64
MTN Grp 210.22 4.64 263.44 190.48 3.96 15.21 34060.93 Alexion 177.51 -0.66 203.30 136.37 - 79.32 35197.9
Daqin RMB 10.41 0.14 12.32 6.24 3.53 11.54 24730.01 RelianceIn 937.60 29.55 1145.25 793.10 0.96 12.61 49151.97 Hew-Pack 37.77 1.30 41.10 27.89 1.53 15.25 69273.28 Utd Cntl Hldg 67.97 -1.41 74.52 36.65 - 23.08 25085.74
Naspers N 1693.88 -20.49 1744.64 983.25 0.20 63.39 62022.01 Allergan 220.36 -0.43 228.43 110.62 0.08 55.08 65644.94
GF Secs RMB 22.30 1.05 29.42 9.50 0.77 39.01 21092.68 SBI NewA 300.30 -7.20 336.00 145.51 0.93 14.94 3632.98 HiltonWwde 26.57 0.45 26.94 20.55 - 51.19 26161.28 UtdHlthcre 107.81 0.52 114.32 69.57 1.13 20.81 103475.08
Sasol 474.44 24.44 652.99 360.00 3.62 10.51 27082.99 Allstate 72.03 1.12 72.54 49.18 1.41 12.48 30211.78
HaitongSecs 17.14 0.26 23.20 9.50 0.83 26.53 3299.13 SunPhrmInds 941.25 12.15 947.65 552.55 0.15 34.75 31590.41 HlthcareREIT 81.76 -0.19 84.88 55.87 3.59 111.59 26790.63 UtdTech 118.89 2.31 120.95 97.30 1.85 18.82 108387.06
South Korea (KRW) Altria 54.26 0.46 55.18 33.80 3.37 26.70 107243.27
In&CmBkCh 5.58 0.08 5.90 4.33 4.97 6.08 62456.13 Tata Cons♦ 2558.25 44.05 2839.7 1999.5 1.26 24.58 81199.38 HomeDep 107.24 2.81 107.74 73.96 1.59 25.92 141323.81 ValeroEngy 54.38 -0.06 59.69 42.53 1.71 8.16 28345.31
HyundMobis 246000-3500.00 323500 226000 0.66 10.75 21415.25 Amazon 363.55 -0.92 383.11 284.00 - -719.02 168826.78
IndstrlBk RMB 14.40 0.36 17.49 8.60 2.73 6.24 37229.62 Tata Motors 603.30 10.80 612.40 332.10 0.30 10.73 24896.6 Honywell 101.27 1.50 103.92 82.89 1.66 20.44 79275.2 Verizon 47.83 0.85 53.66 45.09 4.17 11.09 198481.28
KoreaElePwr 42300-1200.00 50200 34700 0.18 9.61 24014.16 AmerAir 47.50 -1.22 56.20 28.10 0.20 92.71 34070.02
Kweichow RMB 178.37 3.55 204.24 130.86 2.09 14.52 32549.52 Indonesia (Rp) AmerExpr♦ 83.73 1.60 96.24 78.41 1.09 16.59 86633.46 IBM 158.47 3.81 199.21 149.52 2.41 10.92 156831.49 VertexPharm 108.72 -2.46 127.69 59.79 - -52.01 26149.53
SK Hynix 46700 100.00 52400 35550 - 10.50 30910.9
PetroChina 8.60 0.16 11.70 7.31 4.47 10.31 23399.52 Astra Int 7625 -125.00 8100 6225 2.33 15.59 24394.58 AmerIntGrp 51.33 0.87 56.79 46.80 0.86 9.11 71857.5 IllinoisTool 95.87 0.96 97.79 76.25 1.70 23.38 37478.81 VF Cp 71.14 1.84 76.89 55.14 1.38 26.10 30723.39
SmsungEl 1366000-2000.00 1495000 1078000 0.81 8.75 163009.69
PingAnIns 83.40 2.70 88.70 55.60 0.96 16.07 40049.75 Bk Cent Asia 13500 150.00 13575 9700 0.38 21.37 26303.44 Ameriprise 132.52 3.76 137.33 100.94 1.55 18.83 24454.19 Illumina 193.00 -1.77 213.33 127.69 - 108.98 27406 Viacom 66.77 1.64 89.76 63.11 1.87 12.65 23713.67
PngAnBnk RMB 13.95 0.32 16.39 8.36 0.98 8.43 21927.11 Spain (€) Intcntl Exch 211.37 2.96 228.79 182.40 1.15 49.51 23822.92 Visa Inc 259.79 4.45 269.32 194.84 0.63 29.96 127547.09
Israel (ILS) AmerTower 99.09 1.24 105.20 78.38 1.23 57.98 39285.51
SaicMtr RMB 22.50 0.54 25.98 12.22 4.56 9.59 39640.66 BBVA 7.93 0.30 9.99 7.21 0.82 -52.60 56528.04 Intel 33.70 0.05 37.90 23.50 2.49 17.27 162939.5 Walgreen 76.05 -0.74 77.98 55.27 1.71 36.06 72276.92
TevaPha 221.80 -0.60 237.70 152.20 2.01 18.91 48235.79 Amgen 152.23 -0.27 173.14 108.20 1.41 25.70 115796.79
ShgPdgBk RMB 14.45 0.41 16.75 8.39 3.91 6.19 34456.84 BcoSantdr♦ 6.21 0.27 7.96 5.77 8.44 13.18 98065.19 Intuit 90.50 2.22 95.84 69.02 0.86 33.37 25837.43 WalMartSto 86.19 0.48 90.97 72.27 2.09 19.18 277806.74
Italy (€) Anadarko 85.60 2.83 113.51 71.00 0.98 -21.79 43352.15
Sinopec 6.18 0.11 8.23 5.74 4.16 10.01 20333.19 CaixaBnk 3.90 0.07 5.00 3.71 1.04 40.52 25529.79 John&John 102.46 1.63 109.49 86.09 2.47 18.22 286796.85 Wellpoint 128.71 0.94 129.96 81.84 1.27 16.42 34744.16
Enel 4.07 0.11 4.49 3.28 2.63 13.18 43793.6 Aon Cp♦ 92.77 0.92 98.10 76.49 0.85 23.40 26452.13
GasNatur 20.88 0.22 24.45 17.83 3.49 12.99 23915.13 JohnsonCn 48.49 1.05 51.60 38.60 1.84 22.55 31872.18 WellsFargo 53.45 0.64 55.95 44.17 2.27 14.05 277278.53
Denmark (kr) ENI 15.65 0.56 20.46 12.98 5.94 10.50 65113.12 AppldMat 23.45 0.60 25.71 16.55 1.61 28.50 28643.52
Iberdrola 6.13 0.06 6.24 4.46 2.62 17.68 44797.19 JPMrgnCh 56.72 1.25 63.49 52.97 2.56 11.27 212030.07 WestrnDigl 100.69 2.27 114.69 80.78 1.30 16.88 23382.1
DanskeBk 174.70 2.50 177.00 122.60 1.18 14.10 27099.43 Generali 18.70 0.18 18.79 14.40 1.98 18.24 33330.51 Apple 118.65 0.02 120.00 71.33 1.51 16.56 691106.35
Inditex 26.61 0.49 27.13 19.29 1.18 33.53 94928.95 Kimb-Clark 110.17 0.06 119.01 99.20 2.82 20.93 41033.39 Williams Cos 46.08 1.25 59.77 39.29 3.58 18.37 34443.08
MollerMrsk 13630 270.00 15390 11020 2.29 17.51 45727.97 IntSPaolo 2.64 0.08 2.68 1.95 1.56 -9.73 47893.06 ArcherDan 48.76 0.59 53.91 37.92 1.74 17.95 31475.59
Repsol 16.74 0.78 21.07 14.26 4.69 16.81 26345.63 KinderM♦ 41.48 -0.14 43.18 30.81 3.75 36.96 42650.96 Yahoo 44.70 0.02 52.62 32.15 - 6.37 42346.61
NovoB 289.80 -2.20 305.80 217.20 1.15 28.65 122566.21 Luxottica 51.35 -0.60 53.55 34.74 1.04 41.07 28316.43 AT&T 34.34 0.78 37.48 31.74 5.00 11.28 178121.58
Telefonica 13.25 0.30 13.43 10.76 4.60 13.47 70619.42 Kraft 66.97 0.76 67.45 50.54 2.92 18.16 39433.53 Yum!Brnds♦ 73.61 0.88 83.58 65.81 1.87 24.64 32362.57
Finland (€) Unicred 5.58 0.27 6.89 4.82 - -2.55 37003.99 AutomData 85.14 1.70 87.18 70.50 2.10 28.69 41042.32
Sweden (SKr) Avago Tech 103.20 0.78 108.34 52.96 1.03 94.17 26350.21 Kroger 70.50 0.82 70.75 35.13 0.88 22.99 34638.37
Nokia 6.84 0.12 7.23 4.89 1.66 26.77 29304.96 Japan (¥) AtlasCpcoB 228.60 2.60 234.90 155.90 2.56 22.22 33682.17 BakerHu 61.77 2.04 75.64 47.51 0.94 22.41 26721.64 L Brands 87.06 2.21 87.58 50.78 1.43 28.35 25480.94 Closing prices and highs & lows are in traded currency (with variations for that
SampoA 43.41 0.46 43.77 33.71 3.91 15.27 27771.11 AstellasPh 1845 -7.00 1906 1062 3.64 44.65 35476.49 Ericsson 102.50 1.40 104.80 77.55 3.12 22.84 40308.8 BankAm 15.89 0.43 18.21 14.37 0.47 43.43 167106.4 LasVegasSd 57.73 2.43 88.28 49.82 2.99 18.68 46299.36 country indicated by stock), market capitalisation is in USD. Highs & lows are
France (€) Bridgestne 4480.5 -152.00 4774 3328 1.25 15.15 30998.55 H&M 336.90 0.20 343.50 261.00 3.03 26.78 67699.13 LibertyGbl 48.68 1.33 88.19 37.98 - -38.14 10474.82 based on intraday trading over a rolling 52 week period.
Baxter 70.45 -0.09 77.31 66.34 2.67 22.60 38182.36
Airbus Grpe 47.25 0.38 55.00 39.64 1.63 21.66 42447.4 Canon 3669.5 -43.00 4045 2889 3.18 16.43 41644.28 Investor 302.90 2.50 305.60 204.40 1.97 4.18 28213.63 Lilly (E) 70.89 -0.80 75.10 52.29 2.58 30.44 78931.04 ♦ ex-dividend
BB & T 36.48 0.52 41.04 34.50 2.40 14.31 26276.49
AirLiquide 113.10 - 113.85 83.52 2.38 22.38 44654.85 CntJpRwy 19730 -445.00 20785 10655 0.49 14.77 34583.11 Nordea Bk 109.90 1.90 109.90 82.40 3.80 14.16 53737.43 LinkedIn 232.76 8.19 243.25 136.02 - -2029.89 25213.71 ■ ex-capital redistribution
BectonDick 141.23 1.71 146.74 105.21 1.44 25.29 27311.32
AXA 21.10 0.28 21.33 16.43 4.06 9.62 58982.25 Denso 5251 - 5995 4223 1.59 16.14 39500.07 SEB 101.20 1.35 103.00 82.30 4.21 11.79 26914.45 Lockheed 192.00 2.67 198.88 144.69 2.58 20.85 60657.63
BerkshHat 222183 2083.01 229374163038.88 - 18.92 190289.3 # price at time of suspension
BNP Parib 48.41 1.21 61.82 43.14 3.19 -57.27 69046.33 EastJpRwy 9130 -243.00 9469 7105 1.05 17.98 30569.28 SvnskaHn 396.10 3.60 396.90 305.10 3.09 15.86 31620.32 Lowes♦ 69.63 1.22 71.11 44.13 1.11 29.08 67743.63
Biogen 393.89 3.89 397.00 272.02 - 40.00 93019.25
Fanuc 19700 -220.00 21440 16105 0.96 24.87 40147.32 Swedbank 201.30 0.60 202.20 165.70 5.34 12.65 26939.6

FT 500: TOP 20 FT 500: BOTTOM 20 BONDS: HIGH YIELD & EMERGING MARKET BONDS: GLOBAL INVESTMENT GRADE
Close Prev Day Week Month Close Prev Day Week Month Day's Mth's Spread Day's Mth's Spread
price price change change % change change % change % price price change change % change change % change % Red Ratings Bid Bid chge chge vs Red Ratings Bid Bid chge chge vs
Amazon 363.55 364.47 -0.92 -0.25 56.80 18.5 17.84 BncBrasil 20.20 20.20 0.00 0.00 -2.80 -12.2 -7.42 Feb 03 date Coupon S* M* F* price yield yield yield US Feb 03 date Coupon S* M* F* price yield yield yield US
Sasol 474.44 450.00 24.44 5.43 57.87 13.9 10.08 VertexPharm 108.72 111.18 -2.46 -2.21 -14.95 -12.1 -11.66 High Yield US$ US$
Nordea Bk 109.90 108.00 1.90 1.76 13.35 13.8 20.64 ChCommsCons 8.04 8.05 -0.01 -0.12 -1.05 -11.6 -19.60 Windstream Corporation 11/17 7.88 B B1 BB 108.26 4.68 -0.05 0.14 4.19 Bear Stearns Cos, LLC 03/26 6.00 A A3 A+ 100.54 6.02 0.00 0.05 4.28
Boeing 147.34 146.26 1.08 0.74 14.86 11.2 13.38 Petrobras 8.57 8.57 0.00 0.00 -1.07 -11.1 8.33 High Yield Euro Wachovia Corporation 08/26 6.82 A A3 A+ 134.25 3.89 0.01 -0.21 2.15
Lyondell 86.90 82.00 4.90 5.98 8.23 10.5 8.53 AmerAir 47.50 48.72 -1.22 -2.50 -5.20 -9.9 -11.89 Kazkommerts Intl BV 02/17 6.88 B Caa1 B 82.00 - 0.00 0.00 - Halliburton Company 02/27 6.75 A A2 A- 124.06 4.22 0.04 -0.06 -
Biogen 393.89 390.00 3.89 1.00 36.00 10.1 15.17 ICICI Bk 346.60 351.85 -5.25 -1.49 -36.90 -9.6 -4.33 SouthTrust Bank 12/27 6.57 A+ A1 A+ 126.80 3.93 -0.03 -0.33 -
Costco 153.75 146.00 7.75 5.31 12.76 9.1 8.57 ChMinsheng 9.25 9.16 0.09 0.98 -0.95 -9.3 -10.71 Emerging US$ Citigroup Inc. 01/28 6.63 A- Baa2 A 130.16 3.71 0.00 -0.32 -
Apple 118.65 118.63 0.02 0.02 9.51 8.7 8.52 SBI NewA 300.30 307.50 -7.20 -2.34 -29.75 -9.0 -4.74 Peru 05/16 8.38 BBB+ A3 BBB+ 108.75 1.27 0.09 0.16 0.78 Duke Energy Florida, Inc. 02/28 6.75 BBB+ A3 A- 127.34 4.07 0.00 -0.17 -
DNB 116.80 113.10 3.70 3.27 9.30 8.7 5.13 ChinaRailCons 8.61 8.66 -0.05 -0.58 -0.80 -8.5 -16.73 Mexico 09/16 11.40 BBB+ A3 BBB+ 116.65 0.94 0.13 0.24 0.45
Brazil 01/18 8.00 BBB- Baa2 BBB 109.83 4.52 0.04 -0.33 4.03 Euro
Marathon Ptl 95.82 93.94 1.88 2.00 7.14 8.1 4.56 Gzprm neft 140.35 138.18 2.17 1.57 -10.55 -7.0 7.70 Goldman Sachs Group, Inc. (The) 06/26 2.88 A- Baa1 A 112.41 1.66 0.02 -0.13 -0.08
Phillips66 74.88 72.80 2.08 2.86 5.28 7.6 3.58 ChinaPcIns 38.65 37.30 1.35 3.62 -2.90 -7.0 -3.01 Russia 07/18 11.00 BB+ Baa3 BBB- 111.15 7.43 0.03 1.09 6.95
Peru 03/19 7.13 BBB+ A3 BBB+ 119.29 2.25 -0.06 -0.20 1.01 Citigroup Inc. 09/26 2.13 A- Baa2 A 104.71 1.67 0.02 -0.01 -0.07
AngloAmer 1170.00 1124.00 46.00 4.09 80.00 7.3 -1.27 Yahoo 44.70 44.69 0.02 0.03 -3.29 -6.9 -10.90 Eni SpA 01/29 3.63 A A3 A+ 123.48 1.72 0.01 -0.25 -
Eaton 69.79 64.40 5.39 8.37 4.77 7.3 2.74 Qualcomm 66.96 65.53 1.43 2.18 -4.81 -6.7 -9.85 Brazil 01/21 7.88 BBB- Baa2 BBB 105.41 3.86 -0.02 0.13 2.61
Turkey 03/21 5.63 - Baa3 BBB- 111.22 3.61 -0.03 -0.24 2.37 BG Energy Capital plc 11/29 2.25 A- A2 A- 106.90 1.72 0.01 -0.30 -
PTT Explor 370.00 355.00 15.00 4.23 25.00 7.2 14.20 HsngDevFin 1230.15 1269.30 -39.15 -3.08 -85.70 -6.5 4.97
Poland 04/21 5.13 A- A2 A- 118.00 2.63 0.00 0.00 1.38 Yen
SouthCpr 28.90 27.37 1.53 5.59 1.92 7.1 1.62 Delta 46.01 46.51 -0.50 -1.08 -3.17 -6.4 -6.45
Colombia 07/21 4.38 BBB Baa2 BBB 107.11 3.17 -0.14 -0.30 1.93 Wal-Mart Stores, Inc. 07/15 0.94 AA Aa2 AA 100.30 0.30 0.00 0.00 -
RioTinto 3076.00 2961.00 115.00 3.88 203.50 7.1 3.57 ShgPdgBk 14.45 14.04 0.41 2.92 -0.98 -6.4 -7.90
CanNatRs 38.90 38.90 0.00 0.00 2.27 6.2 9.04 NtlOilVarc 54.08 56.39 -2.31 -4.10 -3.62 -6.3 -17.42 Turkey 02/25 7.38 - Baa3 BBB- 130.38 4.21 0.00 0.00 2.46 £ Sterling
DowChem 46.89 45.22 1.67 3.69 2.72 6.2 2.85 ChShpbldng 8.65 8.64 0.01 0.12 -0.56 -6.1 -6.08 Emerging Euro IPIC GMTN Limited 03/26 6.88 AA Aa2 AA 132.88 3.29 -0.05 -0.41 1.55
ValeroEngy 54.38 54.44 -0.06 -0.11 3.15 6.1 8.03 IndstrlBk 14.40 14.04 0.36 2.56 -0.88 -5.8 -12.73 Brazil 02/15 7.38 BBB- Baa2 BBB 111.75 0.73 0.00 0.00 0.09 Barclays Bank plc 09/26 5.75 BBB- Baa3 A- 119.43 3.66 -0.01 -0.59 1.92
TeslaMotors 218.36 210.94 7.42 3.52 12.38 6.0 -0.43 Hitachi 864.90 877.00 -12.10 -1.38 -52.80 -5.8 -4.07 Mexico 07/17 4.25 BBB+ A3 BBB+ 111.13 1.50 0.00 0.00 1.01 Data provided by SIX Financial Information. US $ denominated bonds NY close; all other London close. *S - Standard & Poor’s, M -
Mexico 02/20 5.50 BBB+ - BBB+ 112.76 2.75 0.01 -0.34 1.51 Moody’s, F - Fitch.
Based on the FT Global 500 companies in local currency Based on the FT Global 500 companies in local currency
Bulgaria 09/25 5.75 BB+ - BBB- 121.49 3.36 0.02 -0.37 1.62
Data provided by SIX Financial Information & Tullett Prebon Information. US $ denominated bonds NY close; all other
London close. *S - Standard & Poor’s, M - Moody’s, F - Fitch.

INTEREST RATES: OFFICIAL BOND INDICES VOLATILITY INDICES GILTS: UK CASH MARKET
Feb 03 Rate Current Since Last Mnth Ago Year Ago Day's Month's Year Return Return Feb 03 Day Chng Prev 52 wk high 52 wk low Red Change in Yield 52 Week Amnt
US Fed Funds 0.00-0.06 16-12-2008 0.12 0.00-0.25 0.00-0.25 Index change change change 1 month 1 year VIX 17.33 -2.10 19.43 31.06 10.28 Feb 03 Price £ Yield Day Week Month Year High Low £m
US Prime 3.25 16-12-2008 3.25 3.25 3.25 Markit IBoxx VXD 16.94 -1.92 18.86 23.19 7.64 Tr 3.5pc 'WL - - - - - - - - -
US Discount 0.75 18-02-2010 0.75 0.75 0.75 ABF Pan-Asia unhedged 180.51 -0.13 -0.13 1.25 1.55 6.29 VXN 18.81 -1.98 20.79 31.17 9.66 Tr 2.75pc '15 100.28 0.41 0.00 -0.07 0.15 -1.91 102.23 100.00 0.02
Euro Repo 0.05 05-05-2014 0.15 0.05 0.5 Corporates( £) 307.94 -0.08 -0.08 4.92 4.62 15.49 VDAX 20.65 -0.20 20.85 - - Tr 2pc '16 101.55 0.39 -0.02 -0.07 -0.13 -1.11 102.73 101.55 0.32
UK Repo 0.50 05-03-2009 0.50 0.50 0.50 Corporates($) 256.83 0.37 2.54 2.54 2.54 2.54 † CBOE. VIX: S&P 500 index Options Volatility, VXD: DJIA Index Options Volatility, VXN: NASDAQ Index Options Volatility. Tr 1.75pc '17 102.45 0.49 -0.09 -0.12 -0.10 0.25 102.68 101.07 0.29
Japan O'night Call 0.00-0.03 05-10-2010 0.03 0.00-0.10 0.00-0.10 Corporates(€) 214.73 0.10 0.10 0.95 0.84 7.79 ‡ Deutsche Borse. VDAX: DAX Index Options Volatility. Tr 5pc '18 113.11 0.70 -0.22 -0.20 -0.08 -0.86 114.36 111.68 0.35
Switzeland Libor Target 0.00-0.25 03-08-2011 0.00-0.75 0.00-0.25 0.00-0.25 Eurozone Sov(€) 226.97 0.12 0.12 2.39 1.93 13.26 Tr 4.5pc '19 114.53 0.87 -0.30 -0.18 0.32 1.24 115.07 111.17 0.36
Gilts( £) 298.80 -0.30 -0.30 4.61 4.25 17.50 BONDS: BENCHMARK GOVERNMENT Tr 4.75pc '20 118.39 1.03 -0.35 -0.08 0.63 2.53 119.04 113.53 0.33
INTEREST RATES: MARKET Global Inflation-Lkd 252.53 0.51 0.67 0.67 0.83 3.66 Red Bid Bid Day chg Wk chg Month Year Tr 8pc '21 141.93 1.13 -0.42 -0.07 0.78 2.49 142.92 135.65 0.24
Over Change One Three Six One Markit iBoxx £ Non-Gilts 307.05 -0.06 -0.06 4.62 4.34 14.95 Date Coupon Price Yield yield yield chg yld chg yld Tr 4pc '22 118.86 1.21 -0.52 0.04 1.35 6.51 119.85 110.38 0.38
Feb 03 (Libor: Feb 02) night Day Week Month month month month year Overall ($) 230.04 0.38 2.62 2.62 2.62 2.62 Australia 10/18 3.25 105.06 1.83 -0.15 -0.25 -0.28 -1.41 Tr 5pc '25 133.30 1.44 -0.69 0.35 2.26 10.30 134.70 119.37 0.35
US$ Libor 0.11600 0.001 -0.004 -0.002 0.16950 0.25210 0.35740 0.61940 Overall( £) 298.46 -0.23 -0.23 4.61 4.28 16.69 04/25 3.25 108.69 2.29 -0.14 -0.26 -0.36 -1.76 Tr 4.25pc '27 130.38 1.62 -0.76 0.52 3.49 15.10 131.90 112.04 0.31
Euro Libor -0.07214 -0.089 0.009 0.000 -0.00357 0.03214 0.09500 0.23714 Overall(€) 222.46 0.11 0.11 1.81 1.49 11.03 Austria 10/18 1.15 104.33 0.02 0.00 -0.01 0.00 0.00 Tr 4.25pc '32 135.08 1.87 -1.05 0.32 4.68 19.51 136.85 111.72 0.35
£ Libor 0.47000 0.000 0.001 0.001 0.50381 0.56338 0.68250 0.95650 Treasuries ($) 221.24 0.42 2.87 2.87 2.87 2.87 10/24 1.65 111.60 0.43 0.03 -0.03 -0.18 0.00 Tr 4.25pc '36 138.34 2.01 -1.21 0.30 5.49 22.39 140.37 111.54 0.26
Swiss Fr Libor -0.006 -0.91000 -0.86300 -0.75560 -0.64160 FTSE Belgium 06/18 0.75 101.81 0.20 0.00 -0.07 -0.09 -0.89 Tr 4.5pc '42 150.63 2.09 -1.41 0.27 6.78 26.65 153.16 117.05 0.26
Yen Libor -0.001 0.07143 0.10429 0.14357 0.26471 Sterling Corporate (£) 118.37 -0.53 - - 3.32 9.22 12/24 1.10 104.56 0.62 0.00 -0.12 -0.57 0.00 Tr 3.75pc '52 142.32 2.11 -1.73 0.47 8.97 34.05 145.21 104.09 0.22
Euro Euribor 0.002 0.00300 0.05500 0.13400 0.27100 Euro Corporate (€) 111.00 -0.12 - - 0.74 5.79 Canada 11/16 1.00 100.99 0.43 0.03 -0.07 -0.49 0.00 Tr 4pc '60 155.77 2.08 -1.91 0.66 10.15 37.33 159.23 111.06 0.21
Sterling CDs 0.000 0.50000 0.55000 0.70500 Euro Emerging Mkts (€) 989.24 5.96 - - 5.36 8.20 06/25 2.25 109.43 1.27 0.03 -0.16 -0.48 0.00 xd Ex dividend. Closing mid-prices are shown in pounds per £ 100 nominal of stock. Red yield: Gross redemption yield.
US$ CDs 0.000 0.17000 0.22000 0.29000 Eurozone Govt Bond 117.21 -0.08 - - 1.71 10.36 Denmark 11/16 2.50 105.64 -0.65 0.00 0.00 0.00 0.00 This table shows the gilts benchmarks & the non-rump undated stocks. A longer list appears on Mondays & the full list
Euro CDs 0.000 -0.15000 -0.00500 0.08500 11/25 1.75 116.55 0.20 0.06 -0.29 -0.56 0.00 on Saturdays, and can be found daily on ft.com/bond&rates.
CREDIT INDICES Day's Week's Month's Series Series
LA 7Day Notice 0.40%-0.35% Finland 09/18 1.13 104.27 0.06 0.01 0.05 0.05 -0.68
Index change change change high low
Short 7 Days One Three Six One Markit iTraxx 07/25 4.00 135.90 0.46 0.02 -0.07 -0.22 -1.59 GILTS: UK FTSE ACTUARIES INDICES
Feb 03 term notice month month month year Crossover 5Y 304.05 -13.74 4.84 -27.31 419.37 290.75 France 11/16 0.25 100.61 -0.09 0.00 0.00 0.00 0.00
Price Indices Day's Total Return Return
Euro -0.20 0.00 -0.20 0.00 -0.15 0.00 -0.08 0.07 0.01 0.16 0.15 0.30 Europe 5Y 56.01 -2.69 2.05 -4.31 80.45 51.98 11/19 0.50 102.13 0.06 0.01 -0.05 -0.08 0.00
Fixed Coupon Feb 03 chg % Return 1 month 1 year Yield
Sterling - - - - - - - - - - - - Japan 5Y 65.23 -0.75 0.94 -1.78 79.33 58.50 11/24 1.75 111.12 0.58 0.03 0.00 -0.16 0.00
1 Up to 5 Years 100.53 -0.16 2349.39 0.14 2.71 0.76
Swiss Franc - - - - - - - - - - - - Senior Financials 5Y 62.61 -4.40 2.63 -0.40 85.99 56.40 05/45 3.25 145.37 1.40 0.04 -0.05 -0.32 -1.77
2 5 - 10 Years 185.14 -0.48 3240.92 1.05 9.62 1.24
Canadian Dollar - - - - - - - - - - - - Germany 06/16 0.25 100.57 -0.17 0.00 0.00 0.00 0.00
Markit CDX 3 10 - 15 Years 217.28 -0.71 3870.71 2.44 17.10 1.56
US Dollar 0.08 0.18 0.08 0.18 0.10 0.20 0.15 0.25 0.23 0.33 0.48 0.58 10/19 0.25 101.56 -0.08 0.00 0.00 0.00 0.00
Emerging Markets 5Y 398.43 -4.28 7.70 18.06 420.12 238.47 4 5 - 15 Years 192.55 -0.55 3394.70 1.45 11.78 1.36
Japanese Yen -0.05 0.05 -0.08 0.02 -0.15 0.00 -0.05 0.10 -0.05 0.15 0.00 0.20 02/25 0.50 101.51 0.35 0.03 -0.04 0.00 0.00
Nth Amer High Yld 5Y 363.77 -6.65 10.61 -9.63 406.42 328.06 5 Over 15 Years 321.90 -1.41 4545.42 5.48 30.68 2.05
Libor rates come from ICE (see www.theice.com) and are fixed at 11am UK time. Other data sources: US $, Euro & CDs: 08/46 2.50 141.43 0.97 0.04 -0.11 -0.21 0.00
Nth Amer Inv Grade 5Y 68.70 -1.84 2.93 -0.55 75.99 60.32 7 All stocks 181.07 -0.79 3295.35 2.63 15.40 1.83
Tullett Prebon; SDR, US Discount: IMF; EONIA: ECB; Swiss Libor: SNB; EURONIA, RONIA & SONIA: WMBA. LA 7 days Greece 07/17 3.38 75.97 15.98 -3.31 2.11 2.29 0.00
Nth AmerHiVol 5Y 0.00 0.00 0.00 0.00 181.74 100.00 02/25 2.00 62.35 9.38 -1.40 0.02 -0.60 1.00
notice: Tradition (UK).” Day's Month Year's Total Return Return
Websites: markit.com, ftse.com. All indices shown are unhedged. Currencies are shown in brackets after the index names. Ireland 10/17 5.50 114.47 0.13 0.00 -0.04 -0.12 -1.29 Index Linked Feb 03 chg % chg % chg % Return 1 month 1 year
03/24 3.40 121.10 0.97 0.01 0.01 -0.20 -2.34 1 Up to 5 Years 313.01 0.01 -1.02 -2.19 2366.99 -0.43 -0.47
COMMODITIES www.ft.com/commodities BONDS: INDEX-LINKED Italy 05/17 1.15 101.70 0.40 -0.04 -0.04 -0.21 0.00 2 Over 5 years 586.29 -1.18 2.57 22.28 4300.81 2.70 23.35
12/19 1.05 100.99 0.84 -0.03 0.01 -0.14 0.00 3 5-15 years 441.14 -0.28 -0.23 7.40 3320.17 -0.06 8.72
Energy Price* Change Agricultural & Cattle Futures Price* Change Price Yield Month Value No of
12/24 2.50 108.28 1.59 -0.03 0.06 -0.28 0.00 4 Over 15 years 721.77 -1.55 3.79 30.15 5203.45 3.90 31.04
Crude Oil† Feb 51.79 2.02 Corn♦ Mar 370.75 -2.25 Feb 02 Feb 02 Prev return stock Market stocks
09/46 3.25 113.32 2.64 -0.03 0.00 0.00 0.00 5 All stocks 541.48 -1.06 2.18 19.43 4020.40 2.36 20.58
Brent Crude Oil‡ 57.64 2.70 Wheat♦ Mar 503.00 -4.75 Can 4.25%' 21 134.51 -0.681 -0.638 0.20 5.18 74505.91 7
Japan 01/17 0.10 100.15 0.02 0.01 0.00 0.00 0.00
RBOB Gasoline† Feb 1.47 0.07 Soybeans♦ Mar 961.25 -7.00 Fr 2.25%' 20 116.07 -0.627 -0.571 0.28 19.98 215017.94 14
02/20 0.05 99.88 0.07 0.00 0.02 0.00 0.00 Yield Indices Feb 03 Feb 02 Yr ago Feb 03 Feb 02 Yr ago
Heating Oil† Feb 1.76 0.07 Soybeans meal♦ Mar 330.70 -7.20 Swe 0.25%' 22 106.89 -0.563 -0.506 0.42 28.76 219698.12 5
12/24 0.30 99.43 0.36 0.07 0.10 0.00 0.00 5 Yrs 0.99 0.91 1.75 20 Yrs 2.02 1.95 3.37
Natural Gas† Feb 2.76 0.09 Cocoa (ICE Liffe)X Mar 1912.00 19.00 UK 2.5%' 16 327.64 -1.238 -1.209 0.05 7.90 499421.59 24
12/44 1.50 103.36 1.34 0.07 0.04 0.19 0.00 10 Yrs 1.50 1.42 2.75 45 Yrs 2.11 2.04 3.42
Ethanol♦ Mar 1.39 0.02 Cocoa (ICE US)♥ - - UK 2.5%' 24 350.52 -1.024 -1.031 -0.05 6.82 499421.59 24
Netherlands 04/17 0.50 101.40 -0.14 0.00 0.00 0.00 0.00 15 Yrs 1.84 1.76 3.18
Uranium Feb 37.25 -0.20 Coffee(Robusta)X Mar 1907.00 -10.00 UK 2%' 35 241.85 -0.974 -0.974 0.02 9.08 499421.59 24
07/24 2.00 114.83 0.40 0.02 -0.04 -0.17 0.00
Carbon Emissions - - Coffee (Arabica)♥ - - US 0.625%' 21 105.38 -0.203 -0.189 0.04 35.84 1106029.91 35
New Zealand - - - - - - - inflation 0% inflation 5%
Diesel Mar 121.25 0.00 White SugarX 428.20 - US 3.625%' 28 143.34 0.278 -0.189 -0.11 16.78 1106029.91 35
12/17 6.00 107.65 3.20 0.00 -0.12 -0.38 -1.38 Real yield Feb 03 Dur yrs Previous Yr ago Feb 03 Dur yrs Previous Yr ago
Unleaded Mar 56.35 - Sugar 11♥ - - Representative stocks from each major market Source: Merill Lynch Global Bond Indices † Local currencies. ‡ Total market
Norway 05/17 4.25 108.03 0.70 0.07 0.05 0.04 -0.94 Up to 5 yrs -0.97 2.45 -0.96 -1.28 -1.59 2.47 -1.59 -1.89
Base Metals (♠ LME 3 Months) Cotton♥ - - value. In line with market convention, for UK Gilts inflation factor is applied to price, for other markets it is applied to par
03/24 3.00 114.83 1.26 0.08 0.01 -0.11 0.00 Over 5 yrs -0.89 23.03 -0.94 0.00 -0.92 23.15 -0.97 -0.04
Aluminium 1889.00 16.00 Orange Juice♥ - - amount.
Portugal 02/16 6.40 106.32 0.23 -0.02 0.01 -0.14 -2.23 5-15 yrs -0.93 9.11 -0.96 -0.20 -1.06 9.15 -1.09 -0.35
Alluminum Alloy 1850.00 50.00 Palm Oil♣ Feb 592.25 0.00
Copper 5682.50 195.50 Live Cattle♣ Feb 154.85 0.93 BONDS: TEN YEAR GOVT SPREADS 10/25 2.88 102.76 2.58 -0.09 0.14 0.00 0.00 Over 15 yrs -0.88 28.73 -0.93 0.04 -0.90 28.80 -0.96 0.01
Spain 10/17 0.50 100.10 0.46 -0.02 0.00 -0.09 0.00 All stocks -0.89 20.90 -0.94 -0.02 -0.93 21.05 -0.98 -0.07
Lead 1853.00 8.00 Feeder Cattle♣ Mar 199.38 -1.33
Nickel 15345.00 90.00 Lean Hogs♣ Feb 67.65 -0.88 Spread Spread Spread Spread 04/25 1.60 100.80 1.51 -0.02 0.00 0.00 0.00 See the FTSE website for more details: http://www.ftse.com/products/indices/gilts
Tin 19000.00 220.00 Bid vs vs Bid vs vs Sweden 08/17 3.75 109.85 -0.15 0.00 0.00 0.00 0.00
Zinc 2157.50 30.50 % Chg % Chg Yield Bund T-Bonds Yield Bund T-Bonds 05/25 2.50 118.66 0.62 0.05 -0.10 -0.30 0.00 All data provided by Morningstar unless otherwise noted. All elements listed are indicative and believed accurate
Precious Metals (PM London Fix) Feb 02 Month Year Switzerland 10/16 2.00 104.71 -0.77 0.00 0.00 0.00 0.00 at the time of publication. No offer is made by Morningstar or the FT. The FT does not warrant nor guarantee
Australia 2.29 1.94 0.55 Italy 1.59 1.25 -0.15
Gold 1264.25 -8.25 S&P GSCI Spt 412.70 9.11 - 07/25 1.50 117.35 -0.14 0.00 0.00 0.00 0.00 that the information is reliable or complete. The FT does not accept responsibility and will not be liable for any
Austria 0.43 0.08 -1.32 Japan 0.36 0.01 -1.38
Silver (US cents) 1759.00 37.00 DJ UBS Spot 104.02 3.25 - Belgium 0.62 0.27 -1.12 Netherlands 0.40 0.05 -1.35 United Kingdom 07/18 1.25 101.41 0.84 0.07 0.04 0.03 -0.77 loss arising from the reliance on or use of the listed information. For all queries e-mail
Platinum 1206.00 13.00 R/J CRB TR 227.98 -0.43 -19.70 Canada 1.27 0.93 -0.47 Norway 1.26 0.92 -0.48 07/20 2.00 104.57 1.14 0.07 0.02 -0.03 0.00 ft.reader.enquiries@morningstar.com
Palladium 794.00 3.00 Rogers RICIX TR 2625.31 - - Denmark 0.20 -0.15 -1.55 Portugal 2.58 2.23 0.83 09/24 2.75 111.49 1.46 0.08 -0.03 -0.10 0.00
Bulk Commodities M Lynch MLCX Ex. Rtn 304.46 -2.67 -29.75 Finland 0.46 0.11 -1.29 Spain 1.51 1.17 -0.23 01/45 3.50 129.98 2.14 0.08 -0.02 -0.19 0.00 Data provided by Morningstar | www.morningstar.co.uk
Iron Ore (Platts) 63.00 1.75 UBS Bberg CMCI TR 16.05 -0.99 -19.58 France 0.58 0.23 -1.16 Switzerland -0.14 -0.49 -1.89 United States 01/17 0.50 100.02 0.49 0.02 0.00 0.00 0.00
Iron Ore (The Steel Index) 61.30 -0.40 LEBA EUA Carbon 7.01 -2.50 22.13 Germany 0.35 0.00 -1.40 United Kingdom 1.46 1.12 -0.28 01/20 1.25 100.03 1.24 0.06 0.00 0.00 0.00
GlobalCOAL RB Index 62.00 0.30 LEBA CER Carbon 0.46 -8.00 283.33 Greece 9.38 9.03 7.64 United States 1.74 1.40 0.00 11/24 2.25 104.52 1.74 0.07 -0.08 -0.20 0.00
Baltic Dry Index 577.00 -13.00 LEBA UK Power 3020.00 79.33 78.17 Ireland 0.97 0.62 -0.78 11/44 3.00 114.26 2.33 0.08 -0.07 -0.17 0.00
Sources: † NYMEX, ‡ ECX/ICE, ♦ CBOT, X ICE Liffe, ♥ ICE Futures, ♣ CME, ♠ LME/London Metal Exchange.* Latest prices, $ Data provided by SIX Financial Information & Tullett Prebon Information Data provided by SIX Financial Information & Tullett Prebon Information
unless otherwise stated.
24 ★★★ FINANCIAL TIMES Wednesday 4 February 2015

FINANCIAL TIMES SHARE SERVICE

Main Market
52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol
Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s
Aerospace & Defence FriendsLf 401.80 3.20 413.63 286.60 5.26 48.25 9558.8 SKF SKr 195.70 1.20 200.00 134.80 2.99 49.70 3204.5 BisichMg♦ 73.50 -1.00 126.00 73.00 5.44 -10.62 12.0 PrimyHth 382.00 0.25 382.00 324.00 5.04 14.37 70.2 Intertek 2429 149.00 3111 2141 1.89 20.12 1486.1
AvonRub 799.50 2.00 810.00 580.00 0.59 18.90 22.5 Gimv Nv € 40.26 0.16 40.45 34.16 4.98 60.17 16.8 Spirax-S 3108 40.00 3143 2548 1.90 23.58 171.2 CoalfieldR# 5.43 - 6.60 5.35 - 4.74 - Redefine 57.15 -0.20 59.20 47.75 5.49 7.16 1110.7 Latchways 724.00 2.50 1290 705.01 5.47 18.24 5.3
BAE Sys 520.50 13.50 523.00 374.10 3.86 89.93 9681.7 GuinPeat 23.25 -0.25 36.63 19.00 - -54.58 563.0 Tex 90.50 - 101.50 72.50 4.42 8.19 5.0 EVRAZ 174.40 5.40 179.00 51.35 - -12.72 3840.1 SEGRO 423.20 6.80 425.60 325.30 3.50 7.61 1213.9 Lavendon 164.50 4.50 247.75 155.50 2.16 13.56 42.3
Chemring 216.75 0.50 289.50 181.50 3.32 -11.67 67.5 Hargr Lans 1045 48.50 1513 827.00 2.05 30.58 1861.5 Trifast 110.50 2.50 134.00 73.00 1.27 18.96 71.5 FstQuant 695.00 65.00 1512 581.50 1.17 13.00 21.3 Shaftbry♦ 799.50 8.00 814.50 608.50 1.59 4.86 426.4 MngCnslt 15.50 - 30.00 14.50 5.32 8.90 13.0
Cobham 334.00 13.90 345.10 258.30 2.90 32.29 3322.2 HBM Hlth SFr 97.25 - 105.80 70.25 - 2.53 7.3 Vitec 607.00 -12.00 690.00 539.00 3.79 15.17 78.1 Fresnillo 880.00 -6.50 1037 675.50 0.32 49.06 1557.0 Town Ctr 279.50 4.25 288.00 212.25 3.74 5.42 13.2 MearsGp 419.75 4.75 540.00 354.75 2.10 19.09 15.2
Meggitt 545.00 2.00 552.10 421.70 2.34 20.85 2263.5 HenderGp 245.00 6.20 275.40 180.10 3.27 31.60 1661.3 Weir 1830 96.00 2848 1574 2.30 11.93 2003.8 GemDmnd 147.00 1.50 223.00 139.75 - 10.81 152.6 Wkspace 810.00 6.50 818.00 533.50 1.31 3.93 170.0 MenziesJ 370.00 6.00 714.75 306.25 7.16 8.37 246.2
RollsRoyceX 894.00 10.00 1219 777.00 2.46 7.40 6115.6 ICAP♦ 474.70 6.80 477.00 338.70 4.63 27.63 5199.7 Harmony R 35.50 0.40 40.98 16.60 - -13.05 1432.2 Real Estate Inv & Services MichaelPge 478.80 10.60 511.50 358.70 2.19 33.52 477.4
Indvardn SKr 149.50 1.70 150.20 111.40 3.92 10.53 447.0
Industrial General Hochschild 89.75 - 207.46 77.80 - -5.01 691.6 MITIE 275.40 5.80 345.90 263.90 3.99 79.41 847.4
Senior 310.90 0.40 324.80 248.90 1.65 17.66 326.8 Cap&Count 391.80 3.00 395.10 313.00 0.38 11.44 787.8
ICG 504.00 4.20 506.00 361.70 4.03 14.14 853.0 BritPoly 645.00 10.00 690.00 565.00 2.25 14.23 5.2 Kenmr 3.24 0.19 18.59 2.18 - -2.28 28755.0 PayPoint 840.00 12.00 1212 809.39 4.20 15.38 194.5
UltraElc 1735 -6.00 1985 1642 2.43 28.23 151.9 Cardiff♦ 1040 -5.00 1099.5 825.00 1.22 4.40 0.2
IPF 443.10 6.20 636.50 412.00 2.10 15.31 306.7 JardnMt $X 64.18 -0.62 67.88 49.34 1.93 16.79 280.2 Lonmin 167.90 3.40 336.60 149.74 - -8.25 1236.7 PremFarn 170.80 0.80 242.40 159.20 6.09 12.51 570.2
CLS 1570 15.00 1600 1241 - 6.64 1.8
Automobiles & Parts Investec 569.00 12.00 606.50 380.70 3.34 17.93 2326.5 Jard Str $X 34.78 -0.81 38.10 30.06 0.65 13.93 285.8 Petra 151.50 -3.00 220.87 131.64 - 20.86 3719.6 Daejan 5710 160.00 5800 4650 1.56 4.99 4.5 Rentokil 123.00 2.30 133.60 109.80 1.88 21.21 2228.6
FordMtr $X♦ 15.65 0.38 18.12 13.26 2.83 11.06 48244.0 Jupiter 385.80 6.10 447.60 313.70 3.27 22.37 880.4 Macfrlne 36.75 - 49.50 33.00 4.35 12.33 10.0 Petropvlsk 12.50 - 98.25 6.00 - 0.33 2170.2 Ricardo 676.50 -1.50 800.00 597.70 2.11 18.60 9.5
REXAM 438.90 9.30 603.00 424.60 4.46 10.92 5261.3 DvlptSec 243.00 -6.75 267.25 179.00 3.29 15.53 91.6
GKN 375.60 4.10 468.00 281.10 2.10 12.79 4705.5 Liontrust 291.13 -1.38 306.25 208.00 1.03 25.76 3.4 PolymtIntl 600.00 3.00 690.00 315.18 0.87 25.36 218.6 Grainger♦ 205.40 4.60 303.50 167.80 1.01 11.44 2319.6 RbrtWlts 345.00 3.00 363.00 240.13 1.57 39.28 68.6
Man 180.40 2.90 183.18 79.80 2.60 105.31 6703.0 RPC 551.50 5.00 672.90 488.20 2.50 21.09 269.3 RndgldRs 5535 -60.00 5752.1 3638 0.55 31.15 749.4 RPS 207.80 14.10 359.37 181.50 3.54 15.39 4680.4
Banks Smith DS 315.10 -2.10 359.10 231.82 3.17 17.63 1824.9 HelclBar 395.00 6.25 405.06 320.00 1.71 6.94 150.0
NB GFRIF♦ 94.90 -0.30 103.30 93.75 3.77 20.49 1918.3 RioTintoX 3076 115.00 3680.56 2600 3.69 15.81 8279.7 HK Land $ 7.70 0.10 8.30 5.84 2.07 17.77 2072.2 Shanks 101.50 1.50 120.00 84.50 3.40 -23.07 344.7
ANZ A$X 34.11 0.74 35.07 28.84 5.41 12.51 8667.3 Smiths 1175 34.00 1452 1006 3.38 20.21 1397.3
Paragon♦ 425.10 6.60 432.00 313.70 1.83 13.65 183.1 Troy Res A$ 0.59 -0.02 1.53 0.35 - -1.59 1043.5 Lon&Assc 39.50 - 61.50 36.50 0.32 68.46 14.3 SIG 189.00 2.80 214.80 143.40 1.88 -169.20 1757.3
BcoSant 468.25 20.88 758.00 416.37 8.43 13.12 5594.3 SmurfKap € 21.91 -0.19 22.43 14.78 2.17 17.93 350.1
Providnt 2615 -3.00 2692 1607 3.25 23.38 159.1 VedantaRs 451.20 55.30 1201 353.21 8.42 244.29 3823.6 MacauPrp 216.00 - 270.00 210.25 - 4.85 29.1 SpeedyHr 71.75 0.50 83.00 50.75 0.85 77.65 305.6
BankAm $X 15.89 0.43 18.21 14.37 0.47 43.43 104832.1 Vesuvius 450.00 4.40 493.60 388.80 3.33 11.19 122.7
RathbnBr 2212 18.00 2250 1623 2.22 24.98 37.4 Mntview 10950 - 11200 6675 1.83 12.42 0.2 St Ives 180.00 -0.50 225.00 168.00 3.69 21.63 26.3
BnkGeorgia 2087 25.00 2795.69 1774 3.35 9.15 79.6
Record 33.25 - 46.92 28.38 4.51 13.27 33.0
Oil & Gas TribalGrp 162.38 1.63 204.00 141.10 0.99 -82.84 181.9
BankIre € 0.28 0.01 0.39 0.24 - -11.08 55467.4 Industrial Transportation Afren 11.84 1.84 166.60 4.01 - 0.40 306420.8 Q'tainEst 97.50 -1.00 108.50 75.00 - 22.17 467.8
S&U 2080 - 2129 1700 2.60 16.00 0.9 BBA Aviat 338.50 1.50 362.10 293.70 2.66 16.17 661.3 RavenRuss 39.25 1.38 82.50 37.25 - -32.74 152.6 Vp 599.50 -8.00 690.00 539.00 2.34 14.54 7.4
BkNvaS C$X 63.84 1.79 74.93 59.92 4.20 10.78 2806.0 Aminex 1.85 -0.08 3.17 0.64 - -2.02 7951.2
Schroder 2959 47.00 2965 2086 1.96 22.64 294.7 Braemar 460.25 -4.75 557.23 390.00 5.65 34.19 52.5 RavenR Prf 122.00 - 160.75 101.50 9.84 - 44.7 Watermn 67.00 - 79.00 50.00 1.04 111.67 15.7
BarclaysX 248.45 12.60 278.00 201.75 2.62 56.06 66603.9 BGX 945.00 10.80 1420 780.55 1.96 18.00 18758.6
..N/V 2277 47.00 2277 1692 2.55 17.43 6.1 Clarkson 1906 16.00 2750 1835 2.94 19.13 68.8 RavenR Wrt 29.00 - 62.49 27.00 - - 2.5 Wolseley 3814 44.00 4038 2966 1.91 20.20 722.0
CanImp C$X 91.59 2.33 107.37 85.03 4.50 11.14 1726.2 BPX 449.85 12.15 526.80 364.40 5.30 14.71 72458.5
SVG Cap 446.50 6.50 480.00 226.00 - 11.14 281.5 Eurotunnl € 12.10 0.44 12.11 8.11 1.31 56.92 1032.5 Safestre 275.00 3.00 277.25 184.25 2.09 13.78 328.6
HSBCX 617.50 5.10 737.00 573.54 4.86 12.00 20982.6
TullettPre 336.50 6.00 348.60 234.40 5.01 26.01 335.6 Cadogan 10.38 -0.25 12.44 8.50 - -2.53 6.1 Tech - Hardware
LlydsBkgX 74.97 1.30 85.53 70.02 - 227.87 114107.6 Fisher J 1126 29.00 1565 1003 1.78 14.18 159.8 CairnEng 203.80 6.80 216.40 141.00 - -5.12 4528.2 Savills 733.00 - 742.00 567.52 1.43 18.33 146.0 ARM Hldgs 1037 -3.00 1080 778.50 0.59 83.48 4552.5
Tungsten 215.00 2.00 409.75 201.26 - -10.65 2579.7 Flybe Grp 61.25 2.00 151.56 55.68 - -4.48 10542.7 SchroderRE 60.50 -0.50 62.00 50.50 4.10 4.82 500.8
RylBkC C$X♦ 74.83 1.92 83.87 67.65 3.97 11.92 3959.5 Cape 212.00 0.50 335.00 177.00 6.60 45.52 126.9 CSR 855.00 1.50 890.00 506.00 1.03 -2785.02 271.7
WlkrCrip 43.00 - 53.60 37.50 3.28 7.97 42.5 Goldenpt 194.00 - 500.00 191.12 - -5.89 1.7 Smart(J) 91.00 -1.50 106.50 86.00 3.22 41.74 27.0
RBSX 375.60 10.10 403.90 291.60 - -6.60 12567.7 DragnOil 585.00 15.00 632.50 447.50 3.28 8.78 817.7 Laird 323.70 5.30 335.00 259.45 3.71 25.25 265.3
StandChX 915.00 34.00 1355.5 867.50 5.38 9.00 13666.2 Food & Beverages OceanWil 977.50 - 1290 936.00 3.59 9.92 13.5 Endeav Int' $ - - 5.92 0.02 - - - StModwen 439.30 19.10 441.40 324.59 0.91 11.94 719.2 Pace 336.50 0.60 487.00 284.20 0.97 18.47 471.3
..7.375%Pf 121.00 -0.25 124.00 108.50 6.10 - 24.0 AngloEst 579.25 6.25 725.00 539.00 0.51 3.11 5.8 RoyalMail 447.40 10.40 617.00 388.00 2.97 24.58 3169.7 EnQuest 40.00 3.00 148.40 21.50 - 3.49 11123.4 UNITE Gp 508.00 1.00 511.00 388.30 0.94 11.03 858.0 SpirentCM 86.25 -2.25 112.70 65.95 2.40 30.90 463.6
..8.25%Pf 134.00 - 139.75 124.50 6.16 - 18.6 AscBrFdX 3079 -35.00 3293 2407 1.05 31.92 869.4 UK Mail 535.00 -5.00 715.00 380.00 3.98 28.28 4.7 Exillon 131.00 1.00 175.57 103.25 - 7.56 10.0 Urban&C 270.00 2.50 274.75 215.00 - 8.79 31.3
TntoDom C$X 52.79 1.46 58.20 47.35 3.65 12.20 4483.1 Barr(AG) 637.00 9.00 672.00 510.13 1.73 23.87 44.7 ExxonMb $X 92.25 2.67 104.76 86.03 2.67 12.44 21849.4
Tech - Software & Services
Insurance Retailers Anite♦ 82.75 1.00 98.75 69.25 2.22 25.90 154.2
Westpc A$X 35.26 0.41 35.99 30.00 5.36 14.23 6532.2 Britvic♦ 733.50 20.50 784.00 600.72 2.60 20.24 1100.9 FastnetO&G 2.18 -0.10 13.12 2.00 - -3.50 950.1 AA 362.50 -0.50 365.00 225.50 - 16.89 609.8
Admiral 1468 9.00 1583 1175.33 3.19 13.71 1117.5 AVEVA 1443 104.00 2460 1183.9 1.87 22.02 552.5
C&C € 3.57 0.07 5.02 3.16 2.93 12.59 148.5 Fortune 9.73 0.02 14.50 6.25 - -9730.00 560.8 AO World 306.40 -0.20 412.38 149.60 - -464.24 83.0
Basic Resource (Ex Mining) Amlin 489.00 3.30 506.50 409.20 5.32 8.40 1278.1 Computcnt 673.00 42.50 720.00 575.00 2.60 17.86 63.6
Carr'sMill 146.00 -0.25 194.50 137.50 2.24 11.84 45.7 Aviva 533.00 4.00 571.50 431.44 2.81 13.60 10522.2 GenelEgy 660.00 21.50 1100 593.50 - 21.70 1551.3 AshleyL 29.25 -0.50 32.38 22.00 6.84 12.90 17.5
Ferrexpo 51.75 1.50 175.00 47.60 7.87 2.13 1128.1 DRS Data 13.00 0.50 28.50 12.50 3.08 -5.88 2.0
Coca-Cola H 1101 29.00 1624 1051 2.51 21.84 1084.8 Beazley 298.40 8.40 300.00 232.60 2.80 8.65 538.9 GeoPark $ 4.08 0.17 11.00 3.70 - 6.05 47.7 Brown N 435.20 3.90 600.00 282.50 3.27 16.43 157.5
IntFerMet 4.04 -0.04 13.25 2.65 - 9.29 1263.1 Elecdata 72.50 -1.00 86.75 64.00 2.76 22.94 13.7
Cranswk 1317 7.00 1499 1148.42 2.43 15.67 51.8 Brit Plc 269.50 0.40 275.00 195.00 - 11.75 295.7 GreatEEgy 110.00 - 137.00 100.00 - 12.70 - Caffyns 565.00 -5.00 670.00 480.00 3.19 9.88 1.0
Mondi 1210 21.00 1218 906.00 2.39 16.29 1151.7
Dairy Cr 493.80 1.60 537.50 367.39 4.31 21.50 125.2 GrnDnGas 392.50 -10.00 675.00 265.00 - -10.64 0.5 MicroFoc 1068 13.00 1169.96 715.80 3.28 19.80 400.9
Vale BRLX 20.87 1.13 35.20 17.65 9.38 -10.68 9873.5 CatlinGp 703.50 1.00 711.50 479.50 4.20 8.63 1144.7 Card Factor 260.00 -2.50 296.00 195.50 - 98.48 628.8 NCC Grp♦ 219.50 -4.25 234.41 169.80 1.59 26.17 106.7
Devro 285.00 6.00 324.80 203.88 3.09 21.40 172.2 Chesnar 342.25 -4.50 363.25 267.25 5.22 7.15 377.1 GulfKeyst 54.00 2.00 165.00 42.25 - -22.71 4881.9 Dairy Fm $ 8.89 0.03 10.90 8.81 2.29 26.91 118.0 RM 145.00 -8.88 174.00 119.49 2.60 14.21 44.0
Chemicals Glanbia € 14.10 -0.30 15.53 10.40 0.75 25.83 42.1 DirectLine 316.80 5.30 318.00 227.70 3.98 14.15 5264.7 HellenPet € 4.12 0.26 7.79 3.41 - -5.17 438.3 Debenhm 76.10 0.75 82.40 56.85 4.47 10.72 2644.7
Grncore♦ 314.00 5.50 319.90 228.50 1.62 27.24 458.6 Hunting 478.70 60.30 918.83 383.90 3.57 10.98 2025.9 Sage 480.40 3.40 486.20 346.70 2.41 28.19 2870.7
Alent 365.00 -4.00 393.61 294.56 2.46 15.58 51.8 Eccles prf 140.00 - 142.00 118.50 6.16 - 50.7 Dignity 1871 40.00 1950 1291 0.69 22.73 51.9
HiltonFd 401.25 1.25 534.50 342.25 3.18 16.15 1.3 ImpOil C$X 50.70 1.35 57.96 44.08 1.07 9.93 1154.7 SDL 421.25 -4.75 445.00 284.25 - -13.78 10.8
Bayer X 129.65 0.60 131.70 91.31 - - 2565.7 Hansard 83.50 -3.00 107.25 78.50 9.76 13.82 100.3 DixonsCar 429.00 0.50 470.00 319.20 1.22 50.47 5261.6
Kerry € 64.82 0.57 65.96 49.30 0.65 66.72 62.4 JKX 14.25 1.25 71.91 10.23 - 5.85 427.1 Telecity 878.50 -1.50 885.50 625.00 1.20 25.39 427.6
Carclo 102.25 3.50 219.75 80.00 2.59 -3.62 107.4 Hiscox 735.00 5.00 795.72 615.50 3.21 11.45 916.9 Dunelm 875.00 10.00 1045 745.97 1.89 20.04 63.2
Nestle SFrX 70.95 -0.15 74.60 63.85 1.81 25.86 6819.0 Lamprell 113.50 -2.50 178.00 93.50 - 7.80 122.7 TriadGp 16.50 -0.50 19.00 7.00 - 7.44 7.9
Croda 2651 -34.00 2849 1965 2.43 20.90 535.5 JardineL 955.00 19.00 1108.23 815.00 2.85 19.19 161.0 Findel 202.50 -5.25 330.25 188.41 - -15.31 17.8
Elemntis 275.00 -0.80 305.10 225.50 1.73 19.26 819.5 NewBrPlm 697.00 -3.00 705.50 307.50 1.26 19.62 72.2 Lancashire 610.50 2.50 766.50 506.00 1.51 9.62 630.7 Lukoil RUBX 2851.5 101.40 2998.5 1715 - 6.19 1241.9 Halfords 450.40 5.40 515.00 417.10 3.17 14.68 1582.1 Telecommunications
Porvair 299.25 -2.25 347.75 237.53 0.97 21.89 51.5 PremFds 44.50 1.00 165.71 26.13 - -2.06 3609.8 Leg&Gen 271.30 3.90 272.14 193.00 3.43 17.28 9773.4 Nostrum 598.50 11.50 825.00 370.00 3.07 10.77 106.9 Inchcape 707.50 9.50 732.50 561.00 2.46 15.09 1044.8 BTX♦ 421.20 8.10 451.00 350.30 2.35 17.18 12478.8
Syngent SFrX 300.40 -1.30 350.30 273.20 2.00 20.86 307.0 REA 314.50 -4.00 488.87 302.25 2.26 9.46 7.3 NovaeGp 613.50 13.50 620.00 495.50 3.67 12.39 39.4 OphirEgy 148.50 8.60 319.70 112.70 - 15.08 2563.7 JDSportsF 507.00 4.50 520.00 336.00 1.34 20.64 26.9 Colt Grp 132.30 0.80 155.00 113.10 - 55.13 246.7
Synthomer 244.40 1.90 302.08 176.64 2.45 18.23 66.6 SABMillX 3574 -51.50 3857 2659 1.81 25.78 2887.0 Old Mut 213.70 3.90 214.90 163.80 3.79 20.13 11324.4 Petrofac 759.50 32.00 1483 594.00 5.16 8.22 8138.3 Lookers 148.75 -1.25 152.00 117.50 1.73 13.19 166.3 Inmarsat 862.00 12.00 865.00 653.00 3.40 36.00 1533.0
Victrex 2108 10.00 2202.55 1536 2.09 22.36 163.2 StckSpirit 200.25 -1.75 316.75 193.44 - 15.13 77.1 PermTSB 0.06 -0.01 0.14 0.05 - -6.26 354.2 PremOil 171.00 14.10 358.60 124.50 2.88 6.71 7986.0 Marks&Sp 477.10 -0.90 512.00 359.20 3.56 15.50 4661.8 KCOM Gp 83.50 0.25 105.50 78.50 5.84 11.38 296.5
Tate&Lyl 665.00 -9.00 790.00 551.50 4.15 17.06 3339.8 PhoenixGrp 837.00 5.50 853.50 560.52 6.38 5.90 403.5 RylDShlAX 2180 111.00 2864 1929 5.38 13.87 19045.3 Morrison 186.00 3.10 250.00 150.60 6.99 -13.47 15348.7 TalkTalk 315.00 -3.30 334.30 261.00 3.81 58.56 8115.3
Construction & Materials TongtHu R♦ 163.50 1.00 174.93 107.00 1.76 15.82 144.3 ..B 2268.5 98.00 2990.5 1984.5 5.03 14.44 5994.0 MossBros 87.00 0.75 126.18 77.50 5.75 26.76 6.2
PrudntlX 1631.5 21.00 1649.5 1192 2.06 19.58 3538.2 TelePlus 1093 -2.00 1920 968.50 3.20 28.21 405.7
Alumasc 128.00 8.50 144.00 108.66 3.67 11.43 90.1 Unilever 2898 -16.00 2993.13 2291.65 3.01 20.82 2911.4 Salamand 79.50 4.00 155.95 52.75 - -5.71 2640.7 Next 7095 -70.00 7967 6090 1.82 18.32 506.8
RSA Ins 453.00 1.30 500.50 83.05 2.23 -6.98 4510.6
BalfourB 231.30 6.60 322.20 145.59 6.10 88.28 2773.9 ..NV € 37.41 -0.67 38.76 26.96 2.62 19.68 20.0 SagicFin 61.00 - 78.00 55.00 3.79 19.41 - Schlmbrg $X 87.08 2.44 118.76 75.60 1.78 20.84 15888.6 Ocado 435.20 19.70 624.93 216.80 - -2112.62 2438.2 Tobacco
..CvPf 118.50 0.50 119.50 101.00 8.16 - 91.6 SEPLAT 127.63 1.63 270.00 97.50 - 3.77 594.8 Pendragn 36.00 -0.25 36.60 27.00 1.11 10.11 577.7 BrAmTobX 3753 -14.00 3818 2878.5 3.79 19.59 2600.5
Health Care Equip & Services StJmsPl 895.00 26.50 908.50 637.00 1.78 31.52 1458.9
Boot(H) 212.25 2.75 229.00 170.00 2.40 17.31 44.3 Soco Int 297.60 19.50 477.10 234.80 12.71 21.33 621.9 Photo-Me 136.63 -0.38 153.15 107.85 2.74 19.82 120.9 ImpTobX♦ 3085 -45.00 3183 2174.58 3.89 20.82 1776.1
Bioquell 85.00 - 142.00 82.44 3.88 15.36 13.6 Stan Life 407.30 6.60 429.30 340.70 3.88 15.91 3400.0
ClarkeT 79.50 -0.13 88.56 37.50 3.90 56.91 19.9 TrnCan C$X 58.67 1.25 63.86 47.43 3.37 23.41 1827.2 Saga 182.30 1.00 195.00 143.75 - 34.20 279.1
Costain 288.75 9.00 324.58 248.00 3.98 15.34 251.5 ConstMed♦ 855.50 4.00 1113 650.00 2.12 18.79 246.4 Media Tullow 417.40 18.40 918.78 345.30 2.73 -32.70 10441.7 Travel & Leisure
GNStre kr 149.60 2.60 164.10 122.50 0.58 33.42 499.7 SignetJwl♦ 8046 31.00 9180 4520 0.54 31.45 3.4 888 Hldg 140.75 -2.50 160.78 109.19 3.96 17.74 466.4
CRH 1746 28.00 1811 1220 2.87 -16.48 7166.2 4imprint 856.00 -28.25 892.50 610.50 1.99 31.62 66.1 Wood(J) 621.00 19.50 825.00 517.60 2.07 14.17 1607.9 SuperGroup 979.50 10.00 1749 750.00 - 20.37 114.6
GalfrdT 1334 40.00 1369 1044 3.00 14.35 130.1 Optos 240.00 -6.00 271.53 147.25 - 34.35 148.7 Blmsbury 149.75 1.75 190.00 142.00 3.89 15.17 13.2 AirPrtnr 306.00 4.88 583.51 245.00 6.13 12.46 28.9
UDGHlthC♦ 413.00 16.30 417.50 315.20 1.82 11.69 505.0 Pharmaceuticals & Biotech TescoX 232.05 3.70 341.58 155.40 6.36 21.99 36674.8 bwin.party 107.20 2.20 134.00 79.00 3.25 -28.20 1753.6
Keller 919.00 16.00 1299 742.00 2.61 45.45 91.5 Centaur 65.00 0.25 77.00 55.75 3.69 -2.53 20.5 Thorntns 83.00 -0.50 167.94 77.00 - 11.68 152.1
KierGp 1617 34.00 1903 1374 4.27 88.45 154.3 ChimeCm 245.25 0.25 377.00 239.00 2.99 -78.43 253.5 BTG 789.50 -6.50 835.87 490.20 - 72.47 643.0 Cineworld 421.20 -1.10 445.00 290.00 2.39 38.34 174.9
House, Leisure & Pers Goods CathayIn 21.13 -0.88 41.06 21.00 - -46.02 3.0 VertuMotor 56.00 0.50 66.70 51.00 1.43 12.13 130.7 CompassX♦ 1145 -14.00 1170 924.41 2.30 23.51 4800.0
Kingsp € 16.05 -0.05 16.74 11.03 0.92 26.76 31.9 Creston 115.50 -10.50 131.95 93.20 3.38 9.66 472.1
AGARmst 102.75 2.75 190.75 96.45 - 27.58 40.6 Dechra 868.00 -1.00 888.60 655.00 1.66 39.21 169.2 EntInns 108.90 4.60 166.10 98.70 - 20.36 575.0
LowBonr 53.50 3.25 96.00 44.25 4.86 12.67 11332.9
BarrttDev 461.80 3.60 477.80 323.50 1.23 15.19 3872.5 DlyMailA♦ 881.00 17.50 1074 699.00 2.21 14.63 1682.1 Support Services
Marshlls 263.00 13.00 263.00 151.00 2.00 28.92 734.3 HaynesPb 112.50 - 230.00 110.00 6.67 12.99 9.2 Genus 1247 7.00 1382 924.50 1.33 26.20 34.4 Acal 255.50 -2.25 418.00 180.00 2.66 217.08 9.3 FirstGrp 104.20 3.20 146.14 99.00 - 21.55 3929.5
Bellway 1807 6.00 1965 1333 2.05 11.56 281.3 GlaxoSmhX 1453 -7.50 1709 1200.67 5.51 16.96 12144.6 Fuller A 986.00 2.00 1020 830.50 1.53 20.57 12.4
MorgSdl 685.50 8.00 875.00 570.00 3.94 12.42 41.9 ITE Grp♦ 135.00 7.00 289.20 125.00 5.33 9.81 1437.4 Aggreko 1626 19.00 1841.76 1388.75 1.70 17.33 792.4
Berkeley 2446 29.00 2808 2033 7.36 9.35 332.3 HikmaPhm 2369 12.00 2500 1190 0.49 26.17 284.7 Go-Ahead 2453 -51.00 2655 1813 3.30 15.11 46.1
Norcros 16.50 - 23.38 14.69 3.09 6.97 721.2 ITV 222.50 0.90 233.00 167.10 1.57 22.88 7933.8 APR Engy 191.50 18.25 959.00 146.00 5.02 3.74 689.8
BovisHme 848.50 17.50 946.00 717.43 1.59 13.52 481.9 Oxfd Bio 7.00 0.10 10.13 1.77 - -10.17 1472.0 GreeneKg 857.00 12.00 926.00 712.00 3.31 20.44 1107.6
StGobn €X 38.79 1.15 46.40 29.51 1.69 21.68 2590.0 JohnstnP 165.25 -5.75 175.00 2.90 - -4.48 53.1 AshtdGp♦ 1064 1.00 1219 761.82 1.08 20.18 2108.4
CrestNic 418.60 3.90 427.00 291.98 1.55 13.29 1030.8 RichterG $ 14.09 0.48 20.10 12.20 1.40 21.93 0.0 IrishCtl € 3.29 -0.03 32.05 2.50 3.21 25.42 0.0
Tyman 309.25 -0.75 325.00 228.25 1.94 91.28 45.0 News Corp A $ 15.61 0.67 18.53 14.28 - 35.05 3484.0 AtknsWS 1241 3.00 1511 1225 2.72 15.58 227.4
GamesWk 494.88 -5.13 683.50 470.25 7.27 22.49 5.7 ShireX 4900 - 5470 2827 0.26 25.58 1806.2 Ladbrokes 124.00 7.90 167.30 102.20 7.18 26.42 8626.8
NewsCpB $ 15.13 0.65 18.02 14.09 - 33.97 1113.7 Babcock 1034 25.00 1476 979.65 2.17 22.91 1797.2
Electronic & Electrical Equip Gleeson 378.63 5.63 467.25 322.35 0.82 11.55 28.7 VecturGp 150.25 -1.75 171.50 113.25 - -85.56 2248.7 Berendsen 1121 16.00 1145 895.50 2.50 21.71 131.6 MandarO $ 1.66 0.03 1.95 1.62 3.73 22.18 547.8
Headlam 454.00 -1.00 495.50 390.00 3.37 23.18 2.1 Pearson 1357 -6.00 1378 981.00 3.54 40.42 3892.3
Dialight 685.50 19.00 992.00 657.00 2.10 29.09 39.0 Brammer 330.25 -14.75 509.00 265.00 3.09 18.71 112.4 Marstons 148.00 2.50 157.34 134.50 4.39 -16.67 1236.5
McBride 84.25 2.50 115.00 74.00 - -8.04 255.9 Quarto 155.00 3.50 176.47 136.66 4.91 11.95 8.2 Real Estate
e2v Tech 186.00 -3.00 193.53 145.44 2.37 15.17 74.2 Bunzl 1897 9.00 1943 1356 1.71 30.36 560.9 Natl Exp 263.50 7.20 309.27 213.40 3.80 27.73 517.2
Persimn 1590 18.00 1625 1176 - 15.24 966.2 Reed ElsX 1164 7.00 1171 851.53 2.11 25.15 3239.2
Halma♦ 693.00 6.50 708.00 552.50 1.61 23.56 1521.6
ReedElsNV € 21.69 0.07 21.98 14.51 2.10 23.37 2126.0
REITs Capita 1120 5.00 1248 979.50 2.37 44.11 3282.1 Playtech 702.00 16.50 847.50 570.50 2.65 17.11 628.6
MorganAd 302.90 -1.10 366.65 258.10 3.47 20.72 388.0 Philips €X 25.14 0.45 26.99 20.69 - 100.63 3722.3 Assura 54.25 -0.75 55.25 38.55 3.05 10.41 510.4 PPHE Htl 472.00 2.00 475.73 300.02 2.83 6.79 39.5
PZCusns 317.70 0.80 392.10 289.76 2.44 14.87 206.1 STV Grp 373.00 - 393.75 320.00 0.54 10.20 99.9 Carillion 347.80 9.00 396.54 294.03 5.03 29.78 1019.2
OxfordIn 714.00 27.00 1676 671.58 1.74 61.01 661.3 BigYellw 641.00 -7.00 666.00 451.40 2.56 15.04 183.8 Comnsis 54.75 -0.25 75.00 47.00 3.29 17.97 309.0 Rank Gp 177.00 - 178.80 119.69 2.54 14.65 22.0
ReckittBX 5600 -30.00 5745 4575 2.45 21.63 1294.9 ThmReut C$X 48.93 -0.12 49.89 36.86 3.13 84.66 641.8
Renishaw 2347 -4.00 2420 1470 1.76 15.32 25.5 BritLand 840.00 1.00 845.50 645.36 3.23 5.23 3405.8 ConnectGp♦ 144.25 1.38 208.75 128.02 5.87 8.91 43.2 Restaurt 721.50 5.50 742.98 551.50 1.94 21.84 102.8
Redrow 290.00 11.90 352.60 224.00 0.69 10.29 810.8 UTV Med 190.00 -2.00 268.00 166.99 3.68 9.68 103.8
Spectris 2124 34.00 2493 1606 2.01 18.12 209.0 Cap&Reg 54.00 0.25 54.50 42.25 1.20 10.20 2386.8 DCC 3653 113.00 3708 2720 2.10 24.00 193.2 SpiritPub♦ 117.50 2.10 117.50 68.75 1.78 7.81 752.0
TaylorWm 135.20 1.80 139.50 101.20 0.51 15.92 12276.7 WPPX 1477 19.00 1565 1091 2.32 19.64 3012.9
TT Elect 112.00 1.25 225.00 96.00 4.82 43.28 29.0 Countrywd 482.90 18.90 701.00 404.30 1.66 16.17 2045.6 DeLaRue 523.00 8.50 891.91 467.40 8.09 13.52 138.6 Sportech 63.00 -0.25 93.00 47.00 - 1.92 301.2
XP Power 1458 23.00 1798 1340 3.84 14.06 1.0 TedBaker 2323 -16.00 2425 1634.12 1.45 32.05 17.8 Mining DrwntLdn 3319 25.00 3330 2490 1.10 5.75 173.6 Stagech 346.10 2.30 416.90 338.54 2.74 15.21 578.9
Diploma 775.50 0.50 807.00 603.84 2.08 24.66 34.5
Industrial Engineering Acacia 282.10 -4.10 318.90 222.90 0.75 -54.55 507.1 Gt Portld 795.00 4.00 806.02 594.00 1.11 5.26 1076.4 Elctrcmp 208.80 3.20 371.00 197.20 5.63 11.47 675.2 ThomasCook 130.00 1.20 189.40 99.40 - -15.87 9065.8
Financial General Green Reit € 1.36 0.04 1.59 1.16 - 10.40 109.1
Bodycote 705.00 15.50 832.00 542.50 1.91 17.29 263.7 AngloAmerX 1170 46.00 1678.5 923.00 4.23 256.69 13216.9 EnergyAst 440.25 15.75 504.00 295.50 - 22.40 26.5 TUI 1161 -14.00 1215.78 1004.81 - 58.17 1526.6
3i 476.60 11.50 478.30 343.61 3.36 7.45 1971.1 Hammersn 705.00 6.50 707.50 513.00 2.71 8.29 2111.6
Castings 392.50 -3.50 525.00 373.00 3.30 10.39 17.4 AngloPacif♦ 83.25 1.00 214.01 74.75 12.25 -2.40 108.1 Essentra 843.00 12.00 924.00 624.50 1.83 31.25 364.9 Whitbrd 4959 -24.00 5140 3663 1.39 26.48 581.4
AberAsM♦ 425.00 -15.10 481.74 360.76 3.94 18.65 10442.8 Hansteen 115.50 2.00 116.69 98.25 4.16 7.17 4677.5
Fenner♦ 190.50 0.50 451.70 180.50 6.04 16.34 1237.8 AnGoldA R 144.92 3.62 209.52 88.36 - -18.16 1883.7 Experian 1185 17.00 1222 909.95 1.95 23.20 2267.0 Willim H 383.10 7.10 398.50 314.52 3.03 17.57 2528.9
Ashmore 298.50 14.10 379.40 249.00 5.43 16.18 1727.5 HIBERNIA 1.12 0.01 1.18 0.99 - - 966.7
Goodwin 2926 40.00 4250 2375 1.45 10.66 3.8 Antofagasta 706.00 34.00 959.50 620.00 7.85 19.99 4892.4 G4S 282.00 3.10 289.24 225.40 3.18 -56.51 2581.9
BrewDlph 289.90 -3.50 357.60 236.80 3.00 121.04 154.2
..5%Pf 0.60 - 0.60 0.60833.33 - - Highcrft 845.00 - 869.75 741.00 3.99 11.64 1.0 Utilities
Canaccord 325.00 - 729.00 305.00 3.40 7.59 0.1 Hill&Sm 612.50 2.00 620.25 495.00 2.61 21.17 86.2 Grafton 700.00 16.00 705.50 527.00 1.21 28.50 1070.4 Centrica 295.70 2.40 348.80 257.90 5.75 22.80 16612.9
IMI 1371 80.00 1903 1108 2.71 19.28 996.8 AquarsPl 14.00 0.25 42.50 13.00 - 105.26 1748.4 INTU 372.00 2.60 372.90 270.10 3.91 6.19 2521.6 HarvyNah 77.75 -1.25 124.75 66.32 4.13 10.05 6.0
CharlsSt 335.00 - 503.40 289.20 3.66 -56.46 3.5 LandSecs 1285 -9.00 1301 988.50 2.41 5.81 2924.3 DeeVally 1250 - 1610 1135 5.00 13.97 4.3
MelroseInd 269.70 2.90 368.61 234.50 3.06 22.06 3286.9 AsiaResM 14.63 -0.63 245.35 3.61 - -0.37 143.8 Hays 155.00 0.10 157.50 108.15 1.61 25.83 3102.7
CtyLonInv 330.50 -14.00 349.75 225.00 7.26 15.51 23.7 LondonMtrc 161.00 0.20 161.50 132.30 4.35 6.67 910.5 Drax 375.00 9.30 828.50 348.37 4.69 -12.69 2984.6
Renold 55.00 -1.25 69.00 49.00 - -16.59 129.3 AvocetMng 6.76 0.11 14.25 4.19 - -0.17 530.6 Homesve 336.40 5.50 354.50 293.80 3.36 40.03 250.4
CloseBrs 1535 14.00 1580 1217 3.00 15.35 210.4 McKaySec 240.00 4.00 245.00 187.00 3.58 6.18 12.0 Natl GridX 930.00 -4.00 965.00 777.50 4.52 16.29 9543.4
Rotork 2309 9.00 2890 2146 2.08 20.44 358.1 Barrick C$ 15.70 -0.51 23.78 11.67 1.48 -5.35 3036.4 HowdenJny 414.90 0.60 440.00 287.50 1.33 23.15 1536.3
DBAG 28.00 0.16 28.08 18.25 - - 49.1 MucklGp 497.00 12.00 542.00 417.00 4.00 7.48 12.6 Pennon♦ 863.00 -3.00 925.00 679.00 3.51 29.74 1062.0
Severfd 67.25 -1.75 72.05 52.60 - 152.49 60.4 BHP Bltn 1558.5 74.50 2102.53 1247.5 4.41 10.28 13405.8 Intserve 558.00 23.00 751.50 487.20 3.85 15.72 163.3
El Oro 55.00 - 87.00 50.00 6.55 4.56 22.0 UtdUtils 994.50 -6.50 1045 704.50 3.62 19.17 2121.6

AIM
52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol 52 Week Vol
Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s Price +/-Chg High Low Yld P/E 000s
Aerospace & Defence PolarCap 390.00 -9.50 531.00 353.00 6.41 13.53 21.1 Insurance Egdon Res 8.75 - 30.80 8.50 - -28.78 619.7 InlandHms 58.75 0.75 63.00 43.00 0.46 21.74 372.9 Synectics 137.50 - 580.00 115.00 6.18 36.12 6.5
Cohort 243.50 -1.00 251.87 160.00 1.72 18.26 22.0 Share 36.50 - 53.00 23.50 1.42 36.35 9.9 Gable 51.25 0.50 90.00 50.00 - 13.57 163.1 Enegi Oil 0.95 - 10.25 0.85 - -0.32 91.6 Lok'nStor 241.00 - 255.00 194.00 2.63 305.45 4.3 Utilityws 217.25 6.25 373.28 195.00 1.38 17.86 3294.2
ShoreCap 422.50 - 430.00 345.00 1.89 23.92 0.7 Helios 127.50 1.00 160.00 120.00 1.18 25.58 11.4 EuropaOil 5.00 -0.13 10.75 4.65 - -23.81 466.8 LXB Retail 136.00 1.25 147.50 119.25 - 7.18 86.8
Banks STM Group 26.50 1.00 34.00 15.00 - 243.12 45.0 FalkldO&G 26.75 1.50 33.75 16.75 - -56.08 3292.0 MirLand 64.50 0.50 255.00 61.00 - 4.81 3.3
Tech - Hardware
BCB Hldgs 10.50 -0.50 14.17 10.00 - -2.15 20.0 WH Ireland 82.50 - 143.00 79.00 1.82 16.96 47.0 Media FaroePet 71.50 5.50 154.89 58.00 - -90.51 2210.6 NewRiver 294.00 -5.00 322.00 264.75 3.49 27.56 149.8 AminoTech 125.50 -0.50 134.90 75.24 2.75 20.59 122.2
STB 3005 32.50 3009 2245 2.06 30.31 105.9 Avesco 117.50 1.00 126.50 94.00 4.68 -9.18 5.8 GETECH 33.50 - 105.00 32.00 6.09 6.76 35.8 PnthrSec 332.50 - 357.00 295.00 3.61 9.58 0.3 IQE 20.50 -0.25 26.25 12.08 - -56.47 815.5
Food & Beverages Cello Gp 91.00 - 100.00 81.00 2.47 15.78 40.3 GlobalPet 2.38 - 7.50 2.00 - -0.60 108.2 PSPI 26.00 - 29.00 21.00 - -2.85 6.0
Basic Resource (Ex Mining) FinsbryFd 65.50 - 70.00 47.00 1.15 10.40 224.4
Tech - Software & Services
M&Csaatc 336.00 -3.50 344.75 235.00 1.62 85.67 23.8 Gulfsands 30.00 0.50 71.91 21.00 - -2.50 41.8 SiriusRE € 0.42 0.01 0.43 0.28 0.74 6.69 251.1
CropperJ 465.00 32.50 470.00 352.00 1.70 23.26 14.8 Nichols 1077 -1.00 1204 834.56 1.82 45.36 11.3 Blinkx 27.50 -0.50 142.50 23.25 - -23.38 2155.9
MissionMk 40.00 -1.50 56.90 31.50 0.63 8.24 25.3 Indus Gas 135.50 -7.00 815.00 125.00 - 25.81 0.9 Songbird 349.00 0.25 359.26 175.00 - 4.08 11351.5
PureCircle 572.50 -5.00 655.00 455.00 - 695.63 56.4 BondInt 89.00 -2.00 153.75 83.00 2.02 23.69 10.6
Chemicals Next15Cm 161.50 - 163.00 91.00 1.58 104.46 45.7 Infrastrata 4.88 0.25 10.00 4.25 - -3.84 13.8 SumGermny €♦ 0.77 - 0.79 0.50 0.84 4.52 15.0
RealGdFd 42.00 - 69.00 23.00 - -5.25 54.1 Brady 82.50 - 84.50 57.17 2.06 29.30 6.2
Scapa 133.00 -1.75 150.00 107.00 0.75 -34.21 562.4 YouGov 117.00 - 133.00 98.50 0.51 279.90 16.1 Iofina 31.38 -0.63 93.98 20.75 - -13.87 724.8 TaliesinPr 2202.5 10.00 2250 1605.35 - 16.25 11.3
Ukrproduct 7.28 - 10.50 5.95 - -1.00 - Datatec 312.50 - 330.85 258.20 3.32 19.27 -
Ithaca Engy 71.75 6.75 160.50 44.75 - 5.56 2971.0 UnitchCP 3.05 0.23 54.80 2.25 - 0.60 65.0
Construction & Materials Wynnstay 561.50 -1.00 690.52 535.00 1.71 16.21 11.7 Mining DDD 3.25 - 8.00 3.00 - -2.78 51.3
KBC Adv 94.50 2.00 142.00 79.00 - 13.37 117.4 Winkworth 126.50 -1.00 189.10 115.00 4.43 11.39 6.2 Eckoh 44.00 - 48.50 33.00 0.71 103.77 130.9
Abbey 872.50 - 927.30 800.00 0.90 9.00 - AfricanMin# 10.00 - 169.75 9.12 - -1.11 -
Health Care Equip & Services Max 0.60 0.04 2.26 0.50 - -0.29 688.9 EgSoltns 75.00 0.50 84.00 42.00 - -128.42 0.6
AccsysTch 57.25 0.63 76.50 0.86 - -5.64 20.8 AMC 9.13 0.03 13.47 2.29 - -9.39 1766.3
NewWldO&G 0.16 - 0.99 0.11 - -0.43 569.7
Retailers
Advnc Med 130.00 - 140.00 106.85 0.46 22.52 271.6 BeowMin 1.60 -0.03 6.45 1.15 - -1.37 2022.8 ASOS 2946 96.00 7195 1742 - 66.28 771.3 Iomart 169.50 0.25 294.50 159.93 1.03 20.99 42.1
Aukett 7.75 - 9.50 5.88 1.29 13.14 23.4 PetrelRes 4.63 - 18.25 4.25 - -10.88 2.1
CareTech 224.50 - 268.00 193.00 3.12 4.51 53.3 BotswanaD 1.25 -0.13 4.15 1.03 - -2.20 760.0 Koovs 139.00 -1.00 237.40 120.00 - - 7.7 K3BusTc 225.50 - 239.63 165.00 0.44 27.97 6.4
Petroceltic 129.00 10.75 224.00 98.50 - -6.48 1258.9
Electronic & Electrical Equip ImmunDiag 330.00 - 593.00 286.00 2.58 17.42 0.2 CentAsiaM 143.50 -1.50 190.71 135.16 6.02 2.68 113.5 Majestic 327.00 -2.25 524.00 311.96 4.89 12.90 101.4 Monitise 15.25 2.00 80.50 12.75 - -4.28 19771.3
SphereMed 22.50 -0.50 31.00 20.00 - -2.67 2.5 PetroNeft 4.30 0.25 7.25 3.75 - -38.05 961.5 OMG♦ 35.25 - 37.00 25.00 1.13 133.02 8.1
CeresPow 9.13 0.13 11.75 5.90 - -6.63 179.5 Connema 1.13 - 5.00 0.25 - -1.69 20.0 StanlGib 295.00 -3.50 387.00 240.00 2.29 26.20 16.4
Tristel 81.75 - 90.50 39.00 0.83 25.18 35.1 Plexus 181.00 -5.25 325.00 168.00 0.57 31.47 4.9 Progility 7.13 - 11.49 4.00 - -45.38 22.0
Densitrn 5.38 - 6.70 4.00 1.86 -6.09 5.0 C'royG&NR 0.95 0.03 2.30 0.50 - -9.50 120.0
PresidentEn 12.13 0.13 50.00 10.75 - -54.62 515.7 Support Services Pub Tech 180.00 2.50 399.70 125.50 - -77.29 5.6
ElektronT 5.63 - 7.50 3.25 - -1.59 150.0 House, Leisure & Pers Goods GrekaDrill 9.23 - 20.00 7.20 - -41.74 72.1
Rockhop 60.75 4.50 135.75 51.00 - -11.88 4294.4 AndSyks 303.00 -7.00 385.00 260.00 6.86 13.46 4.4 SciSys 88.00 - 97.00 70.65 1.66 14.36 18.2
FlowGp 32.75 -1.38 50.00 13.00 - -8.27 1400.9 Herencia 0.24 -0.01 0.61 0.18 - -2.93 13752.2
Airea 14.25 0.50 15.20 9.03 3.86 21.89 13.4 Serica 3.43 0.30 16.17 2.79 - -1.95 618.1 Augean 47.00 0.50 56.75 42.00 0.74 12.10 5.1 WANdisco 402.50 -2.50 1390 255.15 - -5.18 7.1
LPA 65.00 - 148.00 61.31 2.08 4.44 5.6 HighldGld 40.00 0.25 84.25 17.73 12.06 3.86 787.9
Churchll 580.00 - 630.00 425.00 2.52 21.34 10.1 Sound Oil 10.63 - 14.00 4.50 - -3.89 1529.9 Begbies 43.00 0.13 55.00 37.54 5.12 16.81 23.6
ThorpeFW 141.00 1.00 145.09 120.00 2.16 16.16 13.8 KarelianDd 0.98 -0.03 4.90 0.92 - -9.56 371.9 Telecommunications
gamingrealm 32.25 - 41.70 19.50 - -6.90 59.0 TowerRes 0.48 -0.03 7.25 0.45 - -0.46 6685.1 Christie 150.00 - 162.00 84.00 1.00 27.44 11.8
Zytronic 295.00 - 308.00 197.00 3.12 15.14 31.3 KEFI Min 1.03 -0.08 2.10 0.90 - -1.94 2005.7
HavelckE 15.50 - 25.00 15.10 - 28.08 10.0 TrinityE 19.50 0.13 153.85 17.08 - -0.92 2256.4 Empres 40.50 - 60.50 38.13 0.86 6.86 30.2 AltNetwks 490.00 1.00 547.00 415.00 2.76 29.48 6.5
OracleC 0.83 - 2.41 0.25 - -2.29 234.5
Financial General Mulberry 845.00 -9.25 900.00 562.50 0.59 164.65 3.7
PatagonG 2.90 -0.05 11.90 2.81 - -5.00 5143.7
UnJackOil 0.21 -0.01 0.52 0.14 - -2.66 3502.6 Hargreaves 570.00 -2.00 906.50 522.50 3.93 4.66 75.0 AvantiCom 226.00 8.00 329.25 162.75 - -4.76 237.8
Ambrian 7.50 -0.50 12.50 7.50 - 3.33 36.0 Portmern 905.00 - 930.00 720.00 2.65 16.12 0.6 VictorOil 59.25 1.00 71.40 0.94 - -62.83 187.3 Hydrogen 70.50 -2.00 113.00 68.00 6.52 -25.72 7.4
SinclairW 46.00 1.00 120.00 35.00 6.52 -3.01 38.0
RamblMtls 10.50 -0.75 32.63 10.00 - 4.90 620.7
VolgaGas 70.50 4.50 143.00 55.00 - 8.60 57.9 Travel & Leisure
Arbuthnot 1417.5 67.50 1463.41 1000.00 1.83 18.36 0.4 ShantaGold 11.13 - 16.00 8.50 - 14.12 3083.6 Impellam 605.00 5.00 620.00 365.50 1.98 106.51 8.2
TelfordHms 351.50 -3.50 379.00 245.50 2.50 12.96 178.7 CastleStIn 17.50 - 18.75 17.00 17.14 -2.05 2.1
Ashcourt Rw 263.50 - 270.00 166.00 - 2214.29 724.3 SierraRut 21.00 - 64.00 19.75 - 79.85 46.1 Pharmaceuticals & Biotech ISG 227.00 -34.00 356.00 215.00 4.02 17.35 822.8
WalkerGb 195.50 -1.00 219.00 151.05 0.95 22.08 77.2 Celtic 76.00 - 77.27 72.00 - 9.26 2.4
Aurora 9.63 - 25.08 8.00 - -0.56 62.6 Sirius Min 7.70 0.18 14.50 7.26 - -150.98 2057.6 JhnsnSrv 70.75 1.13 71.00 52.00 1.71 17.75 109.4
Abcam 424.75 - 521.00 270.88 1.70 24.95 356.7 ..6%CvPf 62.50 - 75.00 50.00 5.18 - -
BP Marsh 133.00 -3.50 155.00 116.75 2.07 9.43 21.9 Industrial Engineering SolGold 2.20 - 14.75 2.03 - -4.99 4254.9 JourneyGp 122.50 - 167.00 113.00 2.24 17.98 0.5
AllcePharm 33.88 -0.38 37.50 30.00 2.68 10.60 25.0 ..Cv Pf 135.00 - 150.00 120.00 - - 0.4
BrooksMac 1360 2.50 1817 1300 1.69 19.81 4.0 Stratex 1.83 -0.10 4.27 1.70 - -1.43 246.2 LonSec 2335 - 2600 1876.75 2.96 20.55 -
600 Grp 15.00 -0.25 24.01 14.60 - 4.00 232.9 Epistem 272.50 - 342.00 260.00 - -15.71 3.0 Dalata 222.50 - 249.00 209.24 - 228.21 0.8
Camellia 9150 -42.00 11300 8450 1.37 14.06 0.7 Xtract Res 0.08 - 0.30 0.06 - -1.63 27660.0 Matchtech 500.00 -7.50 640.00 495.00 3.65 14.29 69.6
CoracGrp 3.25 - 14.30 3.00 - -3.62 1226.6 e-Thera 31.50 - 36.55 19.02 - -12.08 11.7 Dart 288.25 -2.00 304.50 177.75 0.95 13.11 338.5
CaptlMgt 112.50 - 278.00 103.00 - 2.78 0.8 ZincOx 9.13 - 24.00 6.00 - -1.24 35.5 NewmkSec 2.88 0.03 2.94 1.50 2.61 6.12 523.4
Molins 90.50 - 188.00 75.00 6.08 6.84 39.6 GW Phrms 401.00 -12.50 541.00 205.00 - -57.56 162.8 GoalsSocc 217.50 - 235.70 200.00 0.85 21.48 263.0
Charlemgn 11.13 - 19.95 9.50 7.93 13.82 13.7 NormanBr 22.50 - 40.00 20.00 - -2.02 0.2
MS Intl 128.50 -1.00 217.00 125.50 6.23 17.36 2.0 HtchChMd 1365 - 1550 627.00 - 167.92 15.7 MinoanGp 8.63 - 18.22 8.15 - -14.23 202.1
Fairpoint 117.50 - 164.00 109.00 5.11 13.84 54.7 Oil & Gas NWF 128.00 - 163.00 120.00 3.75 11.56 18.0
Pres Tech 372.50 - 790.00 247.00 2.15 13.34 30.2 ImmuPhar 53.00 - 67.00 41.00 - -11.59 107.3 PeelHtls 89.00 1.50 90.00 66.00 - 19.05 7.0
ImpaxGp♦ 57.00 - 59.00 44.50 2.11 20.61 17.8 AlkneEng 22.00 - 48.00 21.35 0.91 3.55 202.1 Optimal Pay 373.00 8.25 558.09 270.00 - 22.30 996.5
ReNeuron 3.63 0.38 4.39 2.75 - -8.06 11481.2 Prezzo 126.25 - 165.00 118.00 0.25 19.99 89.7
Leeds 39.50 - 43.79 29.00 - 9.66 45.1 Industrial General AmeriRes 33.00 - 67.25 19.10 - 10.15 6664.4
Sareum 0.35 0.03 0.70 0.30 - -7.78 1936.7 PennaCns 137.00 - 155.00 111.00 1.82 83.33 5.4
MattioliWds 502.50 - 510.00 414.00 1.81 22.50 8.6 API Group 59.00 - 77.00 42.00 3.39 9.77 4.7 AndesEnrg 30.13 -1.50 70.59 27.00 - -3012.50 186.5
SinclairIS 35.88 0.63 39.18 23.30 - -38.99 128.4 Petards 11.88 - 15.99 8.25 - -1.85 5.7 Utilities
Miton 25.00 - 49.50 18.50 2.16 -4.20 117.6 Powerflte 51.00 -0.50 58.38 27.43 2.12 19.85 87.7 BahamasP 1.63 -0.10 4.70 1.47 - -7.29 2308.8 RedhallGp 11.50 - 53.54 9.00 - -0.80 11.5 ModernWtr 19.50 - 39.50 18.10 - -3.19 60.7
Vernalis 50.38 0.13 53.00 28.59 - -17.44 4131.9
MAB 176.00 - 187.23 160.00 - 21.45 0.6 RM2 48.50 -1.00 93.00 48.05 - -3.77 492.1 BorSthnPet 5.88 - 15.89 4.69 - -91.80 2338.2 Renew♦ 280.00 6.00 327.13 195.60 1.43 16.88 82.8 RenEnGen 62.88 0.13 81.00 62.50 3.26 17.20 35.6
Numis♦ 207.00 -7.50 419.50 196.09 4.83 12.10 1548.5 Symphny 10.25 -0.38 11.33 5.75 - -24.58 70.0 Circle Oil 11.88 0.63 28.70 9.64 - 4.86 1822.2 Real Estate Restore 280.50 - 284.00 170.13 0.89 40.22 892.8 Rurelec 3.38 - 14.36 3.25 - -0.45 373.8
Park Grp 58.00 -1.88 64.98 46.00 3.97 14.03 12.5 ClontarfEn 0.73 0.03 1.50 0.35 - -0.46 77.0 Conygar♦ 182.75 - 191.00 160.00 0.82 7.80 7.6 SafeCharge 271.50 11.50 285.50 162.00 - 224.38 107.1 SeaEnergy 23.50 2.00 44.00 18.68 - -30.28 512.3
Plus500 560.00 5.00 707.00 283.00 2.30 12.26 234.3 Cluff NR 4.00 - 5.48 3.00 - -2.77 59.9 FltchKng♦ 61.50 - 65.00 35.00 4.88 8.56 0.1 Servoca 22.50 -0.25 23.50 7.10 - 23.27 41.4

Investment Companies
Conventional (Ex Private Equity) 52 Week Dis(-) ..CULS 106.63 0.25 107.70 101.75 - - - JPM Inc&Gr 106.50 0.25 112.00 98.50 2.07 116.8 -8.8 ScottOrtll♦ 870.00 - 900.00 671.20 1.32 923.2 -5.8 Amati VCT 67.25 - 80.50 66.50 7.43 70.4 -4.5 Infra India 14.00 - 18.00 9.50 - 44.2 -68.3
Price +/-Chg High Low Yld NAV or Pm Edin Inv 666.00 4.50 670.50 565.20 3.53 683.5 -2.6 JPM Ind 584.00 5.00 605.50 312.50 - 633.0 -7.7 SecTstScot 138.25 0.50 149.00 129.86 3.47 150.1 -7.9 AmatiVCT2 102.75 - 123.50 102.53 6.57 108.3 -5.1 MMP 4.13 - 8.75 4.00 - - -
3i Infra 153.50 -0.30 161.50 132.60 4.36 149.9 2.4 Edin WWd♦ 407.75 0.25 452.45 332.25 0.49 451.4 -9.7 JPM JpSm 223.50 2.50 224.75 174.50 - 251.2 -11.0 Seneca I&G 137.63 1.38 139.22 131.00 3.98 146.3 -5.9 ArtemisVCT 62.00 - 69.50 60.00 6.45 70.9 -12.6 Marwyn Val 205.00 - 240.70 184.56 - - -
AbnAsianIn♦ 198.50 -1.25 213.80 171.30 3.98 202.7 -2.1 EP Global 243.50 2.25 249.00 207.04 1.11 241.1 1.0 JPM Jap 245.88 0.88 247.50 195.00 1.14 280.1 -12.2 Shires Inc 255.00 3.75 261.75 216.26 4.71 257.8 -1.1 Baronsmd 70.63 - 77.80 69.50 13.45 73.3 -3.6 TerraCat 95.50 - 126.70 60.00 - - -
AbnAsian 925.00 0.50 1014 751.00 1.08 985.8 -6.2 Estabmt 178.50 - 188.00 163.00 2.63 226.8 -21.3 JPM Mid 801.00 13.50 842.00 669.10 2.12 912.3 -12.2 StdLf Eqt 407.00 3.00 431.00 362.50 3.29 430.7 -5.5 ..VCT 2 91.75 - 101.49 91.00 13.62 94.4 -2.8 Tiger Res 1.08 - 1.80 0.90 - 1.3 -16.9
AbnJapInv 454.00 -2.00 470.00 319.00 0.99 469.8 -3.4 Euro Ast 1010 20.00 1040 800.00 5.15 1004.5 0.5 JPM O'seas 1056.5 6.50 1076 890.95 1.42 1133.0 -6.8 StdLf Sml 279.50 3.50 348.75 256.00 1.49 305.9 -8.6 ..VCT 3 95.00 - 110.10 94.00 16.32 97.4 -2.5
AbnLatAmIn 68.50 - 85.68 60.25 6.20 76.0 -9.9 EuroInvT 771.00 15.25 797.00 659.33 1.82 832.8 -7.4 JPMRussian 304.13 11.13 518.22 223.25 5.03 353.4 -13.9 StrategicEq 196.38 -0.13 201.90 152.85 0.76 192.2 2.2 ..VCT 4 88.88 - 96.10 86.75 14.63 91.5 -2.9 ISDX
..Sub 1.00 - 5.89 0.50 - - - F&C Cp&I 262.50 3.00 271.75 231.75 3.71 261.6 0.3 JPMSnrSec 94.00 -1.00 102.50 94.00 - 93.4 0.6 Temp Bar 1186 13.00 1287 1101 3.18 1229.5 -3.5 ..VCT 5 72.75 - 78.39 71.50 8.25 74.1 -1.8
F&CGblSmlr 924.50 6.50 924.50 781.00 0.87 915.1 1.0 JPM Smlr 735.00 4.50 877.00 632.40 1.29 895.8 -18.0 TempEmerg 576.00 9.00 626.64 492.00 1.26 648.5 -11.2 BSC VCT 89.00 1.00 92.20 83.00 6.18 101.1 -12.0 52 Week Vol
AbnNewDn 184.00 0.63 195.00 150.25 1.96 206.0 -10.7
F&CMgdG 144.00 0.50 146.00 130.00 - 145.0 -0.7 JPM US Sml 181.50 5.00 182.00 134.50 0.39 183.3 -1.0 TRIG 102.50 -1.50 412.00 99.00 - - - ..VCT2 56.00 - 61.00 53.50 8.04 62.3 -10.1 Price +/-Chg High Low Yld P/E 000s
AbnNewThai 480.00 7.50 482.75 338.37 1.67 547.3 -12.3
F&CMgdI♦ 123.00 0.50 125.00 110.00 3.94 120.5 2.1 JupDv&G♦ 113.00 - 115.00 104.50 0.88 123.9 -8.8 ThreadUKSel 178.00 - 187.70 163.00 2.39 191.6 -7.1 Crown Place 29.88 - 30.50 29.00 8.37 33.0 -9.5 ArsenalFC 1515000 2500 1550000 1400000 - 129.64 0.0
AbnSmlCo 188.00 1.00 230.00 174.00 3.35 230.2 -18.3
FidAsian 247.25 0.88 255.00 196.50 0.44 280.0 -11.7 JupEur 498.00 2.00 502.37 371.25 0.70 490.1 1.6 TREurGth 537.75 9.00 601.00 438.00 1.12 620.3 -13.3 Frsight3VCT 43.38 -3.00 67.90 42.00 4.61 72.1 -39.8 ShephdNm 1125 - 1260 1025 2.25 27.07 1.6
Abn UK 322.00 2.00 324.50 288.00 3.20 338.8 -5.0
FidChiSpS 136.70 1.90 142.68 97.20 0.84 155.6 -12.1 JupGrn 138.50 1.00 145.89 133.20 0.79 143.8 -3.7 TroyInc&G 70.75 0.50 70.75 59.37 2.33 69.7 1.5 Frsight4VCT 46.00 -2.00 64.70 43.00 - 86.1 -46.6 Thwaites 120.50 - 132.00 112.50 3.70 -25.69 0.0
Abf Gd Inc 167.00 1.00 185.25 138.25 4.29 195.0 -14.4
Abf Sml 1052 17.00 1237 966.00 2.27 1183.2 -11.1 Fid Euro 173.30 4.60 173.40 137.40 1.72 183.9 -5.8 JupPrim 303.50 1.50 306.16 268.34 2.55 306.4 -0.9 UtilicoEmg 195.63 0.50 202.23 168.00 3.12 210.9 -7.2 Frsight4C 50.00 - 52.00 30.00 - 82.5 -39.4
AcenciADbt 106.25 - 109.00 101.75 3.57 111.1 -4.4 Fid Jap 77.00 0.50 77.50 54.17 - 86.8 -11.3 JupUSSmCo 664.00 11.00 701.50 596.99 - 711.3 -6.6 UtilicoInv 120.00 1.75 133.80 101.00 7.81 175.3 -31.5 FrsightSol 100.50 - 113.00 95.00 5.97 104.0 -3.4
AdvDvpMk 445.00 5.00 473.66 382.00 - 502.9 -11.5 Fid Spec 853.00 5.00 966.00 796.84 1.91 944.6 -9.7 KeystoneInv 1829 6.50 1848.64 1651.76 2.73 1874.8 -2.4 ValAndInc 256.25 1.00 288.00 238.43 3.32 293.7 -12.8 Inc&GthVCT 100.50 0.50 106.24 93.50 17.91 114.2 -12.0 Guide to FT Share Service
Alliance 495.00 5.20 499.40 420.20 1.94 565.1 -12.4 FinsG&I 581.00 6.50 582.00 464.25 1.86 574.7 1.1 Law Deb 521.00 5.00 553.68 465.10 2.88 489.8 6.4 Witan 780.00 8.00 791.95 642.00 1.88 776.3 0.5 KingsAYVCT 18.00 - 19.50 17.00 5.56 19.5 -7.7
AllianzTech 559.00 5.75 584.50 463.07 - 595.7 -6.2 FstPacfic H HK$ 7.89 -0.04 9.48 7.35 2.35 - - LinTrain £ 413.00 5.00 420.00 331.00 1.64 369.8 11.7 WitanPac 245.50 2.50 248.00 205.75 1.81 277.8 -11.6 Maven I&G 63.50 - 69.00 60.00 7.09 68.1 -6.8
AltAstsOps 45.00 0.38 47.00 35.50 - 49.5 -9.1 For & Col 460.50 5.60 463.30 361.90 2.43 473.8 -2.8 Ln&StLaw♦ 378.00 4.00 410.50 330.80 3.57 377.6 0.1 WorldTst 255.00 -2.00 256.95 211.00 - 293.3 -13.1 MavenVCT2 54.00 - 56.75 43.00 4.63 58.1 -7.1
Art Alpha 282.63 4.13 312.00 269.00 1.13 330.8 -14.6 Geiger 18.38 - 34.89 17.00 - 24.5 -25.0 Lowland 1263 21.00 1547.5 1219 2.81 1373.0 -8.0 WwideHlth 1835 -6.00 1884 1180.01 0.82 1816.6 1.0 MavenVCT3 77.50 - 79.00 70.00 5.48 82.6 -6.2 For queries about the London Share Service pages e-mail
..Sub 31.50 -0.75 46.00 30.00 - - - GenEmer 540.00 7.50 583.00 476.00 - 597.9 -9.7 M&GHighInc♦ 163.00 - 173.50 145.00 0.92 176.0 -7.4 MavenVCT4 85.75 - 89.00 80.00 5.42 95.9 -10.6 ft.reader.enquiries@morningstar.com.
Conventional - Private Equity 52 Week Dis(-)
AsianToRt 208.50 2.00 212.75 163.00 1.56 225.1 -7.4 GFIS 21.25 -0.25 35.99 19.00 - 54.1 -60.7 Majedie 236.00 -0.13 243.00 198.64 5.85 254.6 -7.3 MavenVCT5 35.75 - 37.00 26.50 5.59 39.5 -9.5 All data is as of close of the previous business day. Company classifications
Price +/-Chg High Low Yld NAV or Pm
Aurora 147.00 - 171.21 144.00 2.59 166.4 -11.7 GRIT 23.50 - 70.00 18.45 - - - Man&Lon 236.00 -0.25 281.50 219.00 5.83 285.4 -17.3 MobeusI&G 87.00 - 107.90 84.00 4.02 95.4 -8.8 are based on the ICB system used by FTSE (see www.icbenchmark.com). FTSE
GoldenPros 31.75 0.25 49.00 26.50 - 35.3 -10.1 MCGlobPort 180.25 1.63 182.50 154.25 2.22 180.9 -0.4 AbnPvtEq 90.13 - 96.00 73.75 2.27 118.8 -24.1 ..I&G 2VCT 105.50 - 119.50 97.00 1.18 133.6 -21.0
BG Japan 388.00 -3.00 398.48 313.50 - 389.9 -0.5 100 constituent stocks are shown in bold.
Hansa 867.00 10.00 1010 826.50 1.85 1161.2 -25.3 MCurPac 313.13 1.63 316.23 257.00 2.08 352.0 -11.0 Altamir € 10.27 0.07 11.99 9.43 - 15.6 -34.2 ..I&G 4VCT 102.00 - 116.00 99.00 5.15 100.8 1.2
BG Shin 326.50 3.50 334.75 282.50 - 335.2 -2.6 Closing prices are shown in pence unless otherwise indicated. Highs & lows
..A 835.00 -1.00 986.00 825.00 0.60 1161.2 -28.1 MercantIT 1524 24.00 1666 1316.55 2.10 1699.0 -10.3 Dun Ent 372.50 0.13 434.75 332.84 4.43 499.8 -25.5 Nthn 2 VCT 75.50 - 81.00 73.50 7.28 84.9 -11.1
BSRT 27.50 -0.25 47.75 27.00 - 42.9 -35.9 are based on intra-day trading over a rolling 52 week period. Price/earnings
Hen Div 92.63 -0.13 93.50 87.75 5.45 90.3 2.6 MrchTst♦ 488.00 6.00 524.00 422.18 4.84 492.8 -1.0 Electra 3036 6.00 3052 2338 - 3188.1 -4.8 Nthn 3 VCT 93.25 - 99.48 92.00 5.90 105.3 -11.4
Bankers♦ 607.00 10.00 614.50 506.00 2.41 624.4 -2.8 ratios (PER) are based on latest annual reports and accounts and are updated
HenEuroF♦ 1030 10.00 1032.32 816.47 2.65 1020.5 0.9 Mid Wynd 314.50 - 317.20 256.00 1.08 318.2 -1.2 ElectraPrf 149.00 - 149.68 141.25 - 140.2 6.3 NthnVent 77.50 - 88.88 75.00 7.74 86.0 -9.9
BrngEmEu 507.50 12.75 711.00 432.00 3.74 580.9 -12.6 with interim figures. PER is calculated using the company’s diluted earnings
HenEuro 862.00 11.00 865.00 678.25 1.97 858.8 0.4 MitonWw 158.50 - 159.48 147.00 - 179.4 -11.6 F&C PvtEq 218.00 1.75 233.00 197.00 2.46 261.6 -16.7 ProVenGI 79.00 - 82.84 76.00 8.23 83.1 -4.9
BH Global 1292.5 0.50 1304 1162 - 1409.0 -8.3 from continuing operations. Yields are based on closing price and on dividends
HenFarEs 343.00 1.50 351.00 289.25 5.22 337.0 1.8 MMP 4.13 - 8.75 4.00 - - - GraphEnt 575.00 2.00 619.00 536.10 1.30 673.8 -14.7 ProVenVCT 93.50 - 97.00 89.50 7.49 98.1 -4.7
..EUR € 12.00 - 14.00 11.80 - - - paid in the last financial year and updated with interim figures. Yields are
HendGlob 399.00 4.00 405.00 336.20 2.51 436.0 -8.5 Monks 398.10 1.60 406.00 348.40 0.99 461.0 -13.6 HVPE $ 12.75 0.03 12.80 10.55 - 15.6 -18.3 UnicornAIM♦ 126.00 - 133.00 120.00 4.76 138.8 -9.2
..USD $ 12.70 -0.15 12.95 11.20 - 13.9 -8.6 shown in net terms; dividends on UK companies are net of 10% tax, non-UK
HenHigh 186.38 3.00 187.00 156.50 4.56 181.4 2.7 MontanSm 490.00 2.25 551.49 390.50 1.43 537.4 -8.8 HgCapital 1079 10.50 1145.75 990.00 2.69 1151.0 -6.3
BH Macro 2108 -2.00 2122.74 1919 - 2210.0 -4.6 Ordinary Income Shares 52 Week HR companies are gross of tax. Highs & lows, yields and PER are adjusted to reflect
HenInt Inc 130.75 1.75 132.89 103.00 3.21 127.6 2.5 Mur Inc 790.00 3.50 808.00 699.86 3.89 802.0 -1.5 JPM Pvt Eq $ 0.87 - 0.88 0.72 - 1.1 -20.9
..EUR € 20.43 0.04 20.50 18.40 - 21.4 -4.5 Price +/-Chg High Low Yld WO GRY 0% capital changes where appropriate.
Hen Opp 812.50 1.00 971.99 755.00 1.29 954.0 -14.8 Mur Int♦ 1059 20.00 1150 912.00 4.06 1005.4 5.3 JZ Capital 404.50 - 451.99 390.00 - 651.4 -37.9
..USD $ 20.36 0.04 20.50 18.40 - 21.3 -4.4 Trading volumes are end of day aggregated totals, rounded to the nearest
HenSmlr 563.50 1.00 616.39 468.13 1.95 647.7 -13.0 ..B 1050 - 1538.69 900.00 - 1005.4 4.4 LMS Capitl 78.00 1.00 88.75 72.75 - 92.7 -15.9 JPM I&C 97.50 -0.25 100.80 86.00 6.41 -14.0 -0.3
BiotechGth 750.00 -11.50 792.86 390.01 - 730.9 2.6 1,000 shares.
HendVal♦ 225.25 0.25 254.00 224.04 0.67 282.7 -20.3 NB DDIF $ 1.17 0.01 1.25 1.00 - - - Mithras 141.50 - 148.23 130.00 0.71 156.4 -9.5 JupiterDv&G♦ 4.25 - 5.83 3.52 16.94 5.9 -29.8
BlckRCom 90.75 4.25 119.88 80.54 6.57 88.7 2.3
Herald 680.50 3.50 747.00 594.00 - 823.0 -17.3 NewCtyEgy 20.38 0.75 42.00 16.75 - 24.4 -16.5 NB PE Ptnr $ 12.00 -0.01 12.11 9.90 - - - M&GHI&Gt 59.00 1.50 68.80 55.00 - -13.9 -3.8 Net asset value per share (NAV) and split analytics are provided only as a
BlckREmEur 211.13 8.13 280.00 169.25 0.98 241.9 -12.7
HICL Infra 152.40 0.10 156.39 133.00 5.85 132.8 14.8 ..Sub 0.13 - 0.15 0.06 - - - Nthn Invs 473.00 - 483.81 348.00 2.11 468.8 0.9 Rghts&Icp 4020 - 4900 3800 2.04 -62.0 0.7 guide. Discounts and premiums are calculated using the latest cum fair net
BlckRFrnt♦ 109.88 -0.38 133.28 103.50 1.25 116.0 -5.3
Impax Env. 151.88 0.25 156.50 136.00 0.79 172.8 -12.1 NewCityHY♦ 62.75 - 68.00 61.53 6.63 58.4 7.4 Pantheon 1298 11.00 1298 1055 - 1530.3 -15.2 asset value estimate and closing price. Discounts, premiums, gross redemption
BlckRGtEur 239.25 3.25 254.15 201.75 2.51 249.4 -4.1 Income Shares 52 Week HR
Ind IT 283.00 - 296.00 263.00 1.77 316.7 -10.6 NewIndia 363.88 1.88 371.30 194.03 - 384.4 -5.3 PantheonR 1225 - 1240 1010 - 1530.3 -20.0 yield (GRY), and hurdle rate (HR) to share price (SP) and HR to wipe out (WO)
..Sub 11.75 0.13 28.50 8.00 - - - Price +/-Chg High Low Yld WO GRY 0%
Intl PP 135.60 0.20 139.50 125.60 4.54 121.1 12.0 New Star IT 70.50 1.00 76.24 65.45 - 113.5 -37.9 PrincssPE € 7.08 - 7.25 6.20 7.85 8.6 -17.7 are displayed as a percentage, NAV and terminal asset value per share (TAV)
BlckRHSUK# 134.75 0.25 142.50 120.00 - 137.7 -2.1 JPM In&Gr 95.00 - 97.00 90.15 4.63 -56.6 7.4
InvAsTr 195.25 1.75 198.00 146.79 1.77 218.7 -10.7 NorthAmer♦ 873.00 11.00 906.45 759.73 3.15 943.9 -7.5 Riverstone 910.00 4.50 960.50 822.00 - 1062.2 -14.3 in pence.
BlckR I&G 186.75 2.50 188.33 158.01 3.05 187.9 -0.6 M&GHghIc 55.25 -0.25 63.00 53.00 - -14.1 -0.7
Inv Inc 293.25 3.63 294.00 255.00 4.08 312.9 -6.3 NthAtSml 1850 5.00 1866 1594 - 2313.6 -20.0 StdLfEuPv 206.75 -0.75 236.42 195.75 2.42 257.4 -19.7
BlckRckLat 391.00 6.00 508.45 355.00 4.41 443.4 -11.8 Rghts&I 1052.5 - 1252 895.00 2.85 - 17.7
InvPerp 75.88 0.38 77.50 69.00 6.59 73.8 2.8 Oryx Int 464.00 - 473.00 375.00 - 551.5 -15.9 X FT Global 500 company
BlckRckNrAm 118.25 -0.25 120.75 98.75 2.54 126.4 -6.4 Conventional - Property ICs 52 Week Dis(-)
IPST BalR 117.13 - 117.80 108.50 - 122.5 -4.4 PacAsset 198.00 0.75 198.25 143.63 1.31 205.6 -3.7 Capital Shares 52 Week HR ♦ trading ex-dividend
BlckRSmlr 821.25 7.25 926.50 697.00 1.46 915.3 -10.3 Price +/-Chg High Low Yld NAV or Pm
IPST Gbl Eq 156.50 - 159.49 138.00 - 158.6 -1.3 PacHorzn 199.00 - 204.75 159.20 0.75 216.5 -8.1 Price +/-Chg High Low SP WO TAV 0% ■ trading ex-capital distribution
BlckRThrmt 286.00 3.25 320.75 238.00 1.40 339.8 -15.8 Direct Property
IPST Mngd 102.00 0.38 101.81 100.00 - 103.3 -1.3 Perp I&G 397.00 4.40 403.60 350.81 3.00 405.9 -2.2 JPM Inc&Gr 11.25 - 15.50 9.00 0.8 -3.6 9.1 # price at time of suspension from trading
BlckRWld 320.80 10.90 520.99 286.00 6.55 357.9 -10.4 AseanaPr $ 0.45 - 0.47 0.39 - 0.6 -25.0
Bluecrest A 188.00 0.30 188.50 171.60 - 197.3 -4.7 IPST UK Eq♦ 159.00 1.38 162.00 143.00 3.55 164.9 -3.6 PerAsset 35790 130.00 36313.1 31810 1.56 35400. 1.1 M&GHghIc 4.25 0.50 6.54 3.00 7.2 6.1 -
AXA Propty 42.88 - 43.63 37.00 - - - The prices listed are indicative and believed accurate at the time of publication.
Brit Ast 132.00 1.25 143.50 119.25 4.84 141.4 -6.6 InvPpUK 329.88 - 346.98 281.00 1.97 372.4 -11.4 6 Zero Dividend Preference Shares 52 Week HR
CustdnREIT 105.75 0.25 115.50 103.50 - - - No offer is made by Morningstar or the FT. The FT does not warrant nor
Brit Emp 527.50 5.50 528.00 470.20 1.99 589.2 -10.5 Invs Cap A♦ 94.00 0.50 99.00 87.00 4.71 104.8 -10.3 PolarFins 96.63 1.38 109.50 92.00 - 109.4 -11.7 Price +/-Chg High Low SP WO TAV 0%
F&CComPrp 143.20 1.30 148.40 116.50 4.19 120.2 19.1 guarantee that the information is reliable or complete. The FT does not accept
Brunner 546.50 8.00 552.50 486.00 3.20 631.8 -13.5 Invs Cap B 93.00 1.50 103.00 87.03 - 104.8 -11.3 ..Sub 7.63 - 19.89 5.00 - - - Abf Gd Inc 149.38 0.38 149.75 137.75 -33.4 - 159.7
F&CUKRealE 95.00 -2.00 97.00 81.00 5.26 90.8 4.6 responsibility and will not be liable for any loss arising from the reliance on
Calednia 2301 -4.00 2337 1899.09 2.13 2764.0 -16.8 Invs CapU 362.00 3.00 378.00 347.00 0.90 419.1 -13.6 PolarHealth 170.50 0.63 172.59 142.50 2.02 182.3 -6.5 EcofinWatr 153.50 - 154.25 144.25 -68.6 -92.3 160.7
IndMultiPr 54.50 - 73.00 48.00 - - - or use of the information.
CanGen C$ 19.42 0.35 21.00 17.34 0.75 27.8 -30.1 JLaingInf 121.70 0.30 155.35 113.60 5.24 105.7 15.1 PolarTech 577.00 2.50 590.74 431.00 - 573.8 0.6 F&C PvtEq 151.50 - 152.14 146.25 - - -
InvistaERET 1.00 -0.13 4.40 0.50 - 10.8 -90.7
Cap Gear 3352.5 5.00 3465 3080 0.48 3285.1 2.1 JPM Amer 288.70 3.90 296.14 225.80 0.94 284.4 1.5 ProspJap $ 1.09 - 1.19 0.91 - 1.2 -9.2 JPM I&C 171.38 - 171.75 159.63 -17.9 - 192.1 The London Share Service is a paid-for-print listing service and may not be
Longbow 105.00 - 106.75 100.50 - - -
CayenneTst 154.50 1.00 153.75 137.01 0.78 161.1 -4.1 JPM Asn 245.75 4.50 248.27 188.34 1.06 270.2 -9.0 QatarInvF $ 1.32 0.03 1.49 1.15 2.15 1.6 -17.5 JupiterDv&G 110.75 0.13 112.25 97.75 -5.0 - 127.9 fully representative of all LSE-listed companies. This service is available to all
PictonProp 70.75 0.25 71.50 56.00 4.24 66.0 7.2
CayenCULS 106.50 - 106.00 105.25 - - - JPM Brazil 57.00 0.63 76.49 52.56 1.75 62.2 -8.4 RIT Cap 1450 8.00 1452.48 1230 1.98 1540.8 -5.9 JZ Capital 354.50 - 356.00 333.00 -90.7 - 369.8 listed companies, subject to the Editor’s discretion. For new sales enquiries
SLIPropInc 82.00 0.25 82.00 72.00 5.56 76.6 7.0
City Merch♦ 188.75 0.38 191.50 182.15 5.30 184.5 2.3 JPM China 191.50 3.75 194.00 139.25 0.84 210.5 -9.0 RobecoNV € 30.38 - 30.91 26.47 - - - M&GHghIc 112.88 - 114.70 105.00 -17.4 -90.2 122.8 please email stella.sorrentino@ft.com or call 020 7873 4012.
UKComPrp 91.00 0.25 92.65 74.50 5.34 80.4 13.2
CityNatRs♦ 101.75 0.50 146.75 95.00 5.41 131.3 -22.5 JPMElct MC 99.50 - 101.99 98.00 - 101.2 -1.7 RolincoNV € 28.32 - 28.98 24.80 - - - UtilicoFn16 184.25 - 185.00 170.00 -54.2 -86.8 192.8
City Lon♦ 397.00 4.70 398.00 345.00 3.69 392.0 1.3 ..MG 589.00 3.25 600.01 507.66 1.27 600.3 -1.9 Ruffer Inv 219.75 1.25 222.50 193.50 - 215.7 1.9 Property Securities
UtilicoFn18 140.50 1.25 140.03 117.00 -19.4 -29.9 160.5
DexionAb 180.00 1.25 181.00 157.00 - 193.7 -7.1 ..MI 102.75 1.00 104.99 93.01 0.83 105.8 -2.9 SchdrAsiaP 295.63 1.88 296.50 221.50 1.13 326.1 -9.3 SchdrGlbRe
TR Prop
124.50
311.00
- 126.25 29.00 3.37 138.7
3.00 313.50 229.33 2.40 317.4
-10.2
-2.0 UtilicoFn20 111.00 0.25 112.00 100.00 -10.1 -12.3 154.9 Data provided by Morningstar
..EUR € 2.46 - 2.50 2.26 - 2.7 -8.9 JPM Emrg 617.50 6.50 632.37 498.94 0.89 691.0 -10.6 Schdr Inc 276.75 2.75 278.42 235.50 3.54 284.7 -2.8
..USD $ 3.76 - 3.75 3.30 - 4.1 -8.3 JPM EurGth 236.00 -1.00 240.00 193.00 2.84 253.8 -7.0 SchdrJap 137.50 -0.50 138.22 106.79 1.27 150.5 -8.6 VCTs 52 Week Dis(-) Investment Companies - AIM
DiverseInc♦ 80.25 0.63 90.75 73.02 2.93 81.1 -1.0 JPM EurInc 132.50 2.50 132.50 104.75 - 137.9 -3.9 SchdrOrient 199.00 2.50 201.59 159.58 3.77 200.6 -0.8 Price +/-Chg High Low Yld NAV or Pm
Dun Inc 272.50 7.00 371.25 239.00 4.07 284.2 -4.1 JPM EuSm 217.25 3.63 246.80 164.00 1.33 251.1 -13.5 SchdrUK 162.00 1.50 198.50 146.83 2.78 180.0 -10.0 AlbionDev 70.00 - 70.89 67.00 7.14 71.2 -1.7 52 Week Dis(-)
Dun Sml♦ 182.00 4.75 243.50 171.30 2.86 218.9 -16.9 JPM Clavr 605.50 11.50 633.50 534.51 3.22 651.3 -7.0 SchdrUKMd♦ 446.00 8.38 527.50 402.49 1.78 481.6 -7.4 ..D 100.00 - 101.00 98.00 2.50 104.7 -4.5 Price +/-Chg High Low Yld NAV or Pm
EcofinWatr 152.00 0.63 176.75 123.25 4.40 185.0 -17.8 JPMGIConv 103.00 0.25 112.50 99.00 - 100.5 2.5 ScotAmer 247.00 -1.00 257.50 221.99 4.17 254.0 -2.8 Albion Ent 89.00 - 92.00 85.00 5.62 95.2 -6.5 AdFrntMkt 57.50 - 65.50 54.62 - 63.0 -8.7
JPM GEI 120.25 0.25 130.00 105.00 4.24 120.5 -0.2 Scottish In♦ 616.00 4.00 626.00 536.00 1.88 683.7 -9.9
..CULS
EdinDragn
106.00
285.00
- 111.70 102.52
0.75 291.79 225.00
-
0.77
-
314.8
-
-9.5 JPM I&C Uni 351.50 - 370.50 330.06 - 372.1 -5.5 ScottMort 253.70 4.50 258.70 189.00 1.14 250.7 1.2
AlbionTech♦ 77.00 - 81.00 71.25 8.12 83.2 -7.5 CrysAmber
GLI Finance♦
150.38
61.50
- 157.66 129.81 0.3 150.9
0.13 65.00 50.00 8.1 - -
-0.3
www.morningstar.co.uk
AlbionVCT 66.00 - 68.75 64.00 7.58 67.5 -2.2
IndiaCap 68.00 1.00 69.40 32.76 - 76.0 -10.5
Wednesday 4 February 2015 ★ FINANCIAL TIMES 25

MANAGED FUNDS SERVICE

Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield

CF Heartwood Balanced Income B Inc 116.76 - 0.69 2.37 Strategic Bond Gross £ 0.33 - 0.00 3.23 Tem Latin America $ 49.30 - 0.15 0.89

ACPI Global UCITS Funds Plc (IRL) Barings (Luxembourg) (LUX) CF Heartwood Balanced B Acc 128.23 - 0.64 0.63 Comgest AM International Ltd (IRL) Edinburgh Partners Limited (IRL) Target 2015 £ 0.50 - 0.00 0.27 Class A Acc
www.acpi.com FCA Recognised CF Heartwood Defensive Multi Asset Fund B Accumulation 111.39 - -0.02 0.01 46 St Stephen's Green, Dublin 2, Ireland 27-31 Melville Street, Edinburgh, Edinburgh, EH2 4DJ +353 1 434 5143 Target 2015 - Gross £ 0.50 - 0.00 0.30 Frk Biotech Discovery $ 32.82 - -0.28 -
Regulated Russia A GBP Inc F £ 21.17 - 0.14 1.46 FCA Recognised Dealing - Fax only - +353 1 434 5230
CF JM Finn Gbl Opps A Acc 277.74 - 1.12 1.54 Target 2020 £ 0.58 - 0.00 0.49 Frk Brazil Opportunities Fd $ 10.21 - -0.02 0.00
ACPI Emerging Mkts FI UCITS Fund USD A $ 106.05 - 0.02 0.00 Comgest Gth Asia Pac ex Jap DIS F $ 8.14 - -0.02 0.30 FCA Recognised
CF Richmond Core 191.41 - 1.36 0.00 Edinburgh Partners Opportunities Fund PLC Target 2025 £ 1.34 - 0.01 0.28 Frk Euro S-Term Money Mkt Fd € 1012.31 - -0.01 0.00
ACPI Global Credit UCITS Funds USD A $ 13.80 - 0.00 0.00 Comgest Gth Emerging Mkt DIS F $ 33.65 - 0.12 0.29
Barmac Asset Management Ltd (UK)
CF Seneca Diversified Growth A ACC 215.30 - 0.80 1.18 European Opportunities I EUR € 2.65 - 0.01 1.28 Target 2030 £ 1.42 - 0.01 0.25 Frk Euroland Fund € 19.00 - 0.11 0.00
ACPI Global Fixed Income UCITS Fund USD A $ 151.94 - -0.03 0.00 40 Dukes Place, London, EC3A 7NH Comgest Gth Europe DIS F € 19.23 - -0.11 0.00
Artemis Fund Managers Ltd (1200)F (UK) CF Seneca Diversified Growth B ACC 126.71 - 0.47 2.01 European Opportunities I GBP £ 1.99 - 0.01 1.58 UK Select £ 2.36 - 0.02 1.12 Frk European Growth € 14.75 - 0.00 -
ACPI India Fixed Income UCITS Fund USD A3 $ 88.98 - 0.27 0.00 Authorised Corporate Director - Capita Financial Managers Comgest Gth GEM PC DIS F € 12.98 - -0.03 0.00
57 St. James's Street, London SW1A 1LD 0800 092 2051 Dealing: 0845 922 0044 European Opportunities I USD $ 3.01 - 0.02 1.38 Frk European Sml Mid Cap Gth € 32.33 - 0.15 0.00
CF Seneca Diversified Growth N ACC 125.71 - 0.46 1.74 UK Growth £ 3.56 - 0.04 0.05
ACPI International Bond UCITS Fund USD A $ 18.51 - 0.01 0.00 Authorised Inv Funds Authorised Inv Funds
CF Seneca Diversified Income A INC 89.06 - 0.27 5.46 European Opportunities A EUR € 2.58 - 0.00 0.91 UK Smaller Companies £ 1.92 - 0.02 0.25 Frk Gbl Equity Strategies Fd $ 11.27 - 0.10 0.00
Artemis Capital R ACC 1202.39 1270.22 17.16 1.50 Retail Accumulation 2 112.80 - 0.44 0.00 Consistent Unit Tst Mgt Co Ltd (1200)F (UK)
CF Seneca Diversified Income B INC 105.27 - 0.32 6.06 Global Opportunities I USD $ 1.69 - 0.01 1.15 WealthBuilder A Acc £ 1.02 - 0.01 0.62 Frk Gbl Fundamental Strat Fd $ 12.92 - 0.07 0.00
Artemis European Growth R Acc 244.41 257.91 2.93 3.62 PO BOX 10117, Chelmsford, Essex, CM1 9JB
ACPI Select UCITS Funds PLC (IRL) Retail Income 2 111.40 - 0.44 0.00
CF Seneca Diversified Income N INC 104.39 - 0.31 6.06 Dealing & Client Services 0845 0264281 Global Opportunities I GBP £ 1.12 - 0.00 1.00 Fidelity PathFinder Frk Global Conver.Securities $ 11.55 - 0.05 0.00
Regulated Artemis European Opps R Acc 71.96 75.92 0.65 1.36 The Castleton Growth Fund Ret Acc F 109.43 - 0.43 0.00 Authorised Inv Funds
ACPI Balanced UCITS Fund USD Retail $ 13.94 - -0.07 0.00 Investment Adviser - DSM Capital Partners Global Opportunities I EUR € 1.49 - 0.00 0.99 Fidelity PathFinder Foundation 1 Gross Acc (clean) £ 1.12 - 0.00 - Frk Global Growth $ 14.06 - 0.13 0.00
Artemis Global Energy R Acc 29.26 31.00 1.26 0.00 The Castleton Growth Fund Ret Inc F 109.85 - 0.42 0.00 Consistent UT Inc 58.78 59.49 0.59 4.34
ACPI Balanced UCITS Fund EUR Retail € 10.55 - -0.06 0.00 The Westchester $ 25.95 - 0.11 0.00 Global Opportunities A GBP £ 1.05 - 0.00 0.59 Fidelity PathFinder Foundation 1 Acc (clean) £ 1.12 - 0.00 - Frk Global Gth & Val $ 24.39 - 0.21 0.00
Artemis Global Growth R Acc 178.06 187.91 0.58 0.76 Consistent UT Acc 133.12 134.72 1.34 4.20
ACPI Balanced UCITS Fund GBP Retail £ 10.64 - -0.06 0.00 The Westchester Class 1 GBP Acc £ 18.67 - 0.03 0.00 Pan European Opportunities I EUR € 1.60 - 0.01 - Fidelity PathFinder Foundation 2 Acc (clean) £ 1.13 - 0.01 - Frk Global Sml Mid Cap Gth $ 27.59 - 0.12 0.00
Artemis Global Income R Acc 96.31 101.76 1.12 3.76
BlackRock (JER)
The Westchester Class 2 GBP Acc £ 18.69 - 0.03 0.00
Practical Investment Inc 210.05 214.83 1.83 3.76
Fidelity PathFinder Foundation 3 Acc (clean) £ 1.13 - 0.01 - Frk Gold and Precious Mtls Fd F $ 4.16 - 0.06 0.00
ACPI Balanced UCITS Fund USD Institutional $ 10.00 - - - Artemis Global Income R Inc 79.66 84.17 0.92 3.87 Regulated
Investment Adviser Lacomp Plc Practical Investment Acc 989.77 1012.31 8.60 3.66
ACPI Balanced UCITS Fund EUR Institutional € 10.00 - - - Fidelity PathFinder Foundation 4 Acc (clean) £ 1.14 - 0.01 - Frk India $ 34.28 - 0.19 0.00
Artemis Global select R Acc 69.04 72.87 0.06 0.00 BlackRock UK Property £ 38.89 - 0.02 3.54
CF Lacomp World 104.90 110.14 -0.07 0.00 Fidelity PathFinder Foundation 5 Acc (clean) £ 1.18 - 0.01 - Frk Japan Fd ¥ 794.44 - -4.80 -
ACPI Balanced UCITS Fund GBP Institutional £ 10.00 - - - Artemis High Income R Inc 81.13 86.39 0.24 5.54 Blackrock UK Long Lease £ 1043.11 - 2.31 0.00
Investment Adviser - Morant Wright Management Limited Coupland Cardiff Funds Plc (IRL)
ACPI Focused Equity UCITS Fund $ 12.30 - 0.11 0.00 Fidelity PathFinder Focussed 1 Gross Acc (clean) £ 1.13 - 0.00 - Frk K2 Alt Strat Fd $ 10.34 - -0.01 -
Artemis Income R Inc 211.18 223.67 3.00 4.04 BLK Intl Gold & General $ 5.58 5.89 0.07 0.00 CF Morant Wright Japan A 247.66 - -2.69 0.00 31/32 St James's Street, London, SW1A 1HD
FCA Recognised Fidelity PathFinder Focussed 1 Acc (clean) £ 1.13 - 0.00 - Frk MENA Fund $ 7.03 - 0.17 0.00
Artemis Income R Acc 346.92 367.44 4.93 3.93 CF Morant Wright Japan A Inc 244.01 - -2.64 0.00
CC Asia Alpha Fd - Cls A Euro € 12.46 12.46 -0.01 0.00 Fidelity PathFinder Focused 2 Acc (Clean) £ 1.14 - 0.00 - Frk Mutual Beacon $ 69.99 - 0.84 0.00
Abbey Life Assurance Company Limited (UK) Artemis Monthly Dist R Inc 63.14 67.02 0.38 4.74 CF Morant Wright Japan B 262.43 - -2.84 0.43
100 Holdenhurst Road, Bournemouth BH8 8AL 0845 9600 900 CC Asia Alpha Fd - Cls B USD $ 12.23 12.23 -0.01 0.00 EFG Hermes Fidelity PathFinder Focussed 3 Acc (clean) £ 1.15 - 0.01 - Frk Mutual Euroland Fd € 16.93 - 0.04 0.00
additional fund prices can be found @ www.abbeylife.co.uk Artemis Pan-Euro Abs Ret GBP 98.15 - 0.00 - CF Morant Wright Japan B Inc 248.79 - -2.69 0.45 DIFC, The Gate Building, West Wing Level 6, PO BOX 30727, Dubai UAE
CC Asia Alpha Fd - Cls C GBP £ 12.09 12.09 -0.01 0.00 Fidelity PathFinder Focussed 4 Acc (clean) £ 1.16 - 0.01 - Frk Mutual European EUR € 23.63 - 0.01 0.00
Insurances Artemis Strategic Assets R Acc 76.77 81.21 0.87 0.00 CF Morant Wright Nippon Yield ACC A 252.68 - -2.64 2.16 Contact: Telephone + 971 4 363 4029 Email AMsales@EFG-HERMES.com
CC Asia Alpha Fd - Cls I USD $ 9.66 9.66 -0.01 0.00 Other International Funds Fidelity PathFinder Focussed 5 Acc (clean) £ 1.15 - 0.01 - Frk Mutual Gbl Disc $ 17.14 - 0.14 0.00
Life Funds Artemis Strategic Bond R M Acc 83.39 88.54 0.01 3.99 CF Morant Wright Nippon Yield ACC B 260.94 - -2.72 2.16
Prop. Acc. Ser 2 1465.90 1543.10 0.00 - CC Asian Evolution Fd. Cls A USD $ 14.65 14.65 -0.03 0.00 The EFG-Hermes Egypt Fund $ 29.93 - - 0.00 Fidelity PathFinder Freedom 1 Gross Acc (clean) £ 1.10 - 0.00 - Frk Natural Resources Fd F $ 7.54 - 0.24 0.00
Artemis Strategic Bond R M Inc 55.09 58.49 0.01 4.06 CF Morant Wright Nippon Yield Fund A Inc 224.36 - -2.35 2.21
CC Asian Evolution Fd. Cls B GBP £ 13.79 13.79 -0.02 0.00 Middle East & Developing Africa Fund (Final) $ 19.81 - - 0.00 Fidelity PathFinder Freedom 2 Acc (clean) £ 1.09 - 0.00 - Frk Real Return Fd F $ 10.54 - 0.01 0.00
Selective Acc. Ser 2 1578.10 1661.30 7.50 -
Artemis Strategic Bond R Q Acc 83.47 88.63 0.01 3.99 BlueBay Asset Management LLP (LUX)
CF Morant Wright Nippon Yield Fund B Inc 231.76 - -2.42 2.20
American Ser. 4 1663.90 1751.40 19.10 - Regulated CC Asian Evolution Fund - Cls C USD Acc $ 16.46 16.46 -0.03 0.00 Saudi Arabia Equity Fund SR 13.66 - -0.05 0.00 Fidelity PathFinder Freedom 1 Acc (clean) £ 1.10 - 0.00 - Frk Strategic Income Fd $ 14.69 - 0.00 0.00
Artemis Strategic Bond R Q Inc 55.19 58.60 0.01 4.08
BlueBay EmMkAbRet IN-EUR(Perf) € 98.05 - -1.31 0.00 CC Japan Alpha Fd - Cls A Euro € 9.90 9.90 -0.03 0.00 Fidelity PathFinder Freedom 3 Acc (clean) £ 1.09 - 0.00 - Frk Technology $ 10.52 - 0.08 0.00
Custodian Ser. 4 493.00 518.90 2.10 -
Artemis UK Growth R Acc 425.80 450.76 3.75 0.59
BlueBay EmMkt B-USD $ 294.40 - 0.95 0.00 Fidelity PathFinder Freedom 4 Acc (clean) £ 1.09 - 0.00 - Frk U.S. Focus Fund $ 15.82 - 0.24 0.00
Equity Ser. 4 570.40 600.50 6.80 - CC Japan Alpha Fd - Cls B GBP £ 10.78 10.78 -0.04 0.00 Electric & General (1000)F (UK)
Artemis UK Smaller Cos R Acc 1008.35 1085.97 1.36 0.55
BlueBay EmMktCrp B-USD $ 163.77 - -0.05 0.00 CC Japan Alpha Fd - Cls C JPY ¥ 1058.40 1058.40 -3.69 0.00 Stuart House St.John's Street Peterborough PE1 5DD Fidelity PathFinder Freedom 5 Acc (clean) £ 1.13 - 0.00 - Frk US Equity $ 23.29 - 0.33 -
European Ser 4 582.90 613.60 7.80 -
Artemis UK Special Sits R Acc 505.87 537.40 8.47 1.70 Orders & Enquiries: 0845 850 0255
BlueBay EmMktSel B-USD $ 158.50 - 0.50 0.00 CC Japan Inc & Grwth Fd - Cls Acc USD $ 15.71 15.71 -0.16 0.00 Fidelity PathFinder Income 1 Income (clean) £ 1.06 - 0.00 - Frk US Opportunities $ 11.66 - 0.06 0.00
Fixed Int. Ser. 4 920.00 968.40 -2.10 - Authorised Inv Funds
Artemis US Abs Ret I Acc 101.14 - -0.18 -
BlueBay EmMkLocCy B-USD $ 154.20 - 0.85 0.00 CC Japan Inc & Grwth Fd - GBP Founder Acc £ 16.17 16.17 -0.17 0.00 Authorised Corporate Director - Carvetian Capital Management Fidelity PathFinder Income 1 Gross Income (clean) £ 1.06 - 0.00 - Frk US Sml Mid Cap Gth F $ 19.08 - 0.19 -
Intl Ser. 4 440.80 464.00 3.90 -
Artemis US Equity I Acc 109.44 - 0.80 -
BlueBay GlblConv I-USD $ 186.53 - 0.80 0.00 CC Japan Inc & Grwth Fd - GBP Founder Inc £ 15.35 15.35 -0.17 0.00 Electric&General Net Income A 138.10 - 2.40 2.10 Fidelity PathFinder Income 2 Income (clean) £ 1.07 - 0.01 - Frk Wrld Perspective Fd $ 18.81 - 0.10 0.00
Japan Ser 4 352.50 371.00 -2.60 - CATCo Reinsurance Opportunities Fund Ltd. (UK)
Artemis US Select I Acc 109.84 - 0.61 -
BlueBay GlblHgYd B-USD $ 130.11 - 0.18 0.00 CC Japan Inc & Grwth Fd - JPY Founder Acc ¥ 1636.95 1636.95 -18.07 0.00 Fidelity PathFinder Income 2 gross £ 1.08 - 0.00 4.25 Tem Africa $ 10.68 - 0.07 0.00
Man. Ser. 4 1680.60 1769.10 12.50 - 9 Par-La-Ville Road, S E Pearman Building, 2nd Floor, Hamilton, Bermuda
Artemis US Smlr Cos I Acc 113.54 - 0.65 -
BlueBay HgYield B-EUR € 331.64 - -0.33 0.00 Authorised Funds CC Japan Inc & Grwth Fd - JPY Founder Inc ¥ 1542.86 1542.86 -17.03 0.00 Ennismore Smaller Cos Plc (IRL) Fidelity PathFinder Income 2 Gross Income (clean) £ 1.07 - 0.00 - Tem Asian Sml Comp Fd $ 39.12 - 0.13 0.00
Money Ser. 4 524.10 551.70 0.00 -
Artemis US Ex Alpha I Acc 111.80 - 0.74 - CATCo Re Opps Fund Ords $ 1.3312 - 0.1436 16.55 5 Kensington Church St, London W8 4LD 020 7368 4220
BlueBay HgYieldCp B-EUR € 140.45 - -0.11 0.00 CC Japan Inc & Grwth Fd - USD Founder Acc $ 16.10 16.10 -0.18 0.00 Fidelity PathFinder Income 3 Income (clean) £ 1.07 - 0.01 1.89 Tem BRIC $ 13.71 - 0.05 0.00
Prop. Ser. 4 1051.80 1107.10 0.00 - FCA Recognised
BlueBay InvGr B-EUR € 175.07 - 0.12 0.00 CC Japan Inc & Grwth Fd - USD Founder Inc $ 15.29 15.29 -0.17 0.00 Institutional OEIC Funds Tem China $ 22.68 - -0.15 0.00
Custodian Ser 5 474.30 499.30 1.90 - Ennismore European Smlr Cos NAV £ 92.44 - 0.28 0.00
Artemis Fund Managers Ltd (CYM)
BlueBay InvGEurGv B-EUR € 151.67 - 0.14 0.00 CATCo Reinsurance Fund Ltd. (BMU) America £ 3.87 - 0.04 0.42
International Ser 5 424.10 446.50 3.70 - Regulated Ennismore European Smlr Cos NAV € 122.53 - -0.13 0.00 Tem Eastern Europe € 17.88 - 0.00 0.00
Regulated Emerging Markets £ 3.41 - 0.00 0.49
BlueBay InvGEurAg I-EUR € 151.61 - 0.09 0.00 Tem Emerging Mkts Sml Comp Fd $ 10.15 - 0.02 0.00
Managed Ser 5 1617.10 1702.20 12.00 - Artemis Gbl Hedge Fd Ltd GBP £ 55.60 - 0.34 - CATCo Re Fund Ltd Series A $ 1643.1807 - 13.5508 -
BlueBay InvGLibor B-EUR € 125.84 - 0.03 0.00 Europe £ 4.05 - 0.07 2.44 Tem Euroland € 18.85 - 0.09 0.00
Money Ser 5 513.20 540.20 0.00 - Artemis Gbl Hedge Fd Ltd EUR € 51.90 - 0.27 - CATCo Re Fund Ltd Series B $ 1688.2146 - 14.6326 - Ennismore European Smlr Cos Hedge Fd
HighIncomeLoan H-EUR € 190.83 - 0.19 0.00 Other International Funds Fidelity Pre-Retirement Bond Fund £ 121.90 - -1.10 1.50 Tem European EUR € 20.47 - 0.07 0.00
Property Ser 5 1012.00 1065.30 0.00 - Artemis Gbl Hedge Fd Ltd USD $ 55.96 - 0.33 - CATCo Re Fund Ltd Series D $ 1408.6155 - 11.9140 0.00
NAV € 440.44 - 1.50 0.00 Global Focus £ 2.78 - 0.02 0.53 Tem Frontier Mkts Fund $ 18.04 - 0.06 0.00
Pension Funds Artemis Pan-Euro Hdg EUR € 179.43 - 3.22 - CATCo Re Fund Ltd Series E $ 1434.4695 - 12.7443 0.00
American 1912.90 2013.60 25.10 - BONHOTE Index Linked Bond £ 2.71 - -0.02 0.63 Tem Growth (Euro) € 15.79 - 0.08 0.00
Artemis Pan-Euro Hdg GBP £ 199.42 - 3.79 -
Other International Funds Index Linked Bond Gross £ 3.26 - -0.02 0.63
Equity 5044.90 5310.40 62.30 - Artemis Pan-Euro Hdg USD $ 188.04 - 3.46 - Crèdit Andorrà Asset Management (LUX) Equinox Fund Mgmt (Guernsey) Limited (GSY) Tem Korea $ 5.28 - 0.07 0.00
Bonhôte Alternative - Multi-Arbitrage (USD) Classe (EUR) € 6810.00 - -25.00 2.46 Cavendish Asset Management Limited (1200)F (UK)
www.creditandorra.com Regulated
European 1177.40 1239.40 16.20 - Index-Linked Bond Fund Gross Inc £ 12.79 - -0.08 0.63 Tem Thailand $ 21.42 - 0.10 0.00
Chelsea House, Westgate, London W5 1DR
Bonhôte Alternative - Multi-Performance (USD) Classe (EUR) € 10120.00 - 16.00 0.84 FCA Recognised Equinox Russian Opportunities Fund Limited $ 84.60 87.16 -9.25 0.00
Fixed Int. 1695.50 1784.70 -4.30 - IFA Enquiries 020 8810 8041 Admin/Dealing 0870 870 7502 Japan £ 1.97 - -0.01 0.76
Artisan Partners Global Funds PLC (IRL) Crediinvest SICAV Money Market Eur I € 11.23 - 0.00 -
Authorised Inv Funds Long Bond £ 0.54 - -0.01 2.64
International 937.50 986.80 9.70 - Beaux Lane House, Mercer Street Lower, Dublin 2, Ireland Frontier Gottex (UK)
Crediinvest SICAV Money Market Usd A $ 10.02 - 0.00 0.00
Tel: 44 (0) 207 766 7130 Braemar Group PCC Limited (GSY) Cavendish Opportunities Fund B Class 987.80 - 8.40 1.43 Euronova Asset Management UK LLP (CYM) Long Bond Gross £ 0.87 - -0.01 2.58 Authorised Inv Funds
Japan 368.20 387.60 -3.00 -
FCA Recognised Regulated Cavendish Opportunities Fund A Class 982.40 - 8.30 0.57 Crediinvest SICAV Fixed Income Eur € 10.92 - -0.01 0.00 Regulated
Long Bond Fund Gross Inc £ 12.16 - -0.11 2.63 FP Frontier MAP Balanced Fund 139.61 - 0.42 0.66
Managed 4361.30 4590.90 34.80 - Artisan Partners Global Funds plc UK Agricultural Class A £ 1.27 - 0.02 0.00 Smaller Cos Cls One Shares (Est) € 31.17 - -0.15 0.00
Cavendish Opportunities Fund C Acc 1014.00 - 9.00 1.30 Crediinvest SICAV Fixed Income Usd $ 10.68 - 0.00 0.00
Property 2692.60 2834.40 0.00 - Artisan Emerging Markets I USD Acc $ 7.51 - -0.01 0.00 Pacific (Ex Japan) £ 3.78 - 0.00 1.88
UK Agricultural Class B £ 1.38 - 0.01 0.00 Crediinvest SICAV Spanish Value € 258.65 - 0.99 0.00 Smaller Cos Cls Two Shares (Est) € 22.14 - -0.09 0.00
Cavendish Worldwide Fund B Class 311.20 - 2.10 0.95
Security 1477.00 1554.70 0.10 - Artisan Global Equity Fund Class I USD Acc $ 14.34 - -0.01 0.00 Pan European £ 2.65 - 0.03 2.05 Frontier Capital (Bermuda) Limited
Student Accom Class B £ 0.72 - -0.28 0.00 Crediinvest SICAV International Value € 228.12 - 0.37 0.00 Smaller Cos Cls Three Shares (Est) € 11.08 - -0.06 -
Cavendish Worldwide Fund A Class 310.80 - 2.10 0.16 Other International
Selective 2028.40 2135.20 9.40 - Artisan Global Opportunities I USD Acc $ 11.45 - 0.04 - Reduced Duration UK Corporate Bond £ 10.57 - 0.02 3.33
Crediinvest SICAV Big Cap Value € 17.51 - 0.11 0.00 Smaller Cos Cls Four Shares (Est) € 14.34 - -0.06 0.00 Commercial Property-GBP Class £ 71.42 - -0.53 -
Cavendish Worldwide Fund C Acc 317.40 - 2.20 0.90
Formerly Hill Samuel Life Assurance Ltd Artisan Global Value Fund Class I USD Acc $ 15.71 - 0.16 0.00 Reduced Duration UK Corporate Bond Gross £ 10.69 - 0.02 3.32
CAF Financial Solutions (UK)
Cavendish AIM Fund B Class 149.30 - 0.20 0.40 Crediinvest SICAV US American Value $ 17.92 - 0.22 0.00 Global Real Estate-GBP C Class £ 45.26 - -0.50 -
100 Holdenhurst Road, Bournemouth, BH8 8AL 0845 6023 603 Reduced Duration UK Corporate Bond Inc £ 10.13 - 0.02 3.35
Artisan US Value Equity Fund Class I USD Acc $ 11.65 - 0.23 0.00 Kings Hill, West Malling, Kent 03000 123 222
Managed Ser A (Life) 1583.80 1675.90 6.40 - Cavendish AIM Fund A Class 145.50 - 0.20 0.00 Crediinvest SICAV Sustainability € 15.25 - -0.02 0.00
Property & Other UK Unit Trusts Reduced Duration UK Corp Bond Gross Inc £ 10.14 - 0.02 3.35
Managed Ser A (Pensions) 1062.50 1118.50 5.20 - CAF UK Equitrack Inc Fd 73.98 73.98 1.12 3.41 Cavendish Asia Pacific Fund B Class 173.10 - 0.10 1.44
Ashmore Sicav (LUX) Select Emerging Markets Equities £ 1.32 - 0.01 0.96
Formerly Target Life Assurance Ltd CAF UK Equitrack Acc Fd 101.30 101.30 1.45 3.34 Cavendish Asia Pacific Fund A Class 172.90 - 0.10 0.66 Dantrust Management (Guernsey) Ltd (GSY)
2 rue Albert Borschette L-1246 Luxembourg Select European Eqts £ 1.73 - 0.01 -
100 Holdenhurst Road, Bournemouth, BH8 8AL 0845 6023 603 Regulated
FCA Recognised FP CAF Alternative Strategies A Class Acc 110.37 - -0.09 0.47 Cavendish Asia Pacific Fund C Acc 178.10 - 0.10 1.42
Managed (Life) 1605.10 1689.50 6.60 - Dantrust II Limited kr 459.40 459.50 -1.10 - Select Global Equities £ 2.98 - 0.02 0.97
Ashmore SICAV Emerging Market Debt Fund $ 96.01 - -0.33 13.57 FP CAF Alternative Strategies A Class Inc 109.99 - -0.09 0.33 Cavendish European Fund B Class 135.70 - 1.80 1.32
Managed Growth (Life) 507.00 533.70 2.80 - South East Asia £ 3.81 - 0.01 0.68
Ashmore SICAV Emerging Market Frontier Equity Fund $ 154.77 - 1.46 2.11 Eurobank Fund Management Company (Luxembourg) S.A.
FP CAF Fixed Interest A class Acc 114.93 - 0.06 2.76 Cavendish European Fund A Class 134.50 - 1.80 0.38
Managed (Pensions) 6375.50 6711.10 32.20 - DAVIS Funds SICAV (LUX) Regulated Sterling Core Plus Bond Gr Accum £ 2.16 - -0.02 3.43
Ashmore SICAV Emerging Market Total Return Fund $ 86.01 - -0.07 10.25 FP CAF Fixed Interest A class Inc 102.70 - 0.05 2.81 Cavendish Japan Fund B Class 147.70 - -2.20 0.82 Fundsmith LLP (1200)F (UK)
Regulated (LF) Absolute Return € 1.30 - 0.00 0.00 Sterling Core Plus Bond Inc £ 1.43 - -0.01 3.53
Managed Growth (Pensions) 621.80 654.50 4.10 - PO Box 10846, Chelmsford, Essex, CM99 2BW 0330 123 1815
Ashmore SICAV Global Equity Fund $ 110.10 - 0.62 0.60 FP CAF Fixed Interest B class Acc 115.39 - 0.06 2.76 Cavendish Japan Fund A Class 146.90 - -2.20 0.00 Davis Value A $ 39.41 - 0.54 0.00
additional fund prices can be found on our website (LF) Balanced - Active Fund (RON)RON 16.24 - -0.04 0.00 UK £ 3.48 - 0.04 1.91 www.fundsmith.co.uk, enquiries@fundsmith.co.uk
Ashmore SICAV Global Small Cap Equity Fund $ 128.02 - -0.18 0.07 FP CAF Fixed Interest B class Inc 102.98 - 0.05 2.81 Cavendish North American Fund B Class 189.10 - 1.60 0.59 Davis Global A $ 28.96 - 0.22 0.00 Authorised Inv Funds
(LF) Cash Fund € € 1.30 - -0.01 0.00 UK Aggreg Bond Gr Accum £ 1.86 - -0.01 3.03
Ashmore SICAV Local Currency Fund $ 86.50 - 0.35 1.95 FP CAF International Equity A Class Acc 139.87 - -0.49 0.70 Cavendish North American Fund A Class 184.00 - 1.40 0.00 Fundsmith Equity T Acc 206.53 - 1.05 1.09
(LF) Cash Fund (RON) RON 15.58 - -0.05 0.00 UK Aggregate Bond Inc £ 1.27 - -0.01 3.08
EM Mkts Corp.Debt USD F $ 93.98 - -0.62 9.77 FP CAF International Equity A Class Inc 136.40 - -0.48 0.71 Cavendish Technology Fund B Class 262.50 - 1.50 0.10 Fundsmith Equity T Inc 196.61 - 1.00 1.10
Discretionary Unit Fund Mngrs (1000)F (UK) (LF) Eq Emerging Europe € 0.78 - 0.01 0.00 UK Corporate Bond £ 1.28 - 0.01 3.90
EM Mkts Loc.Ccy Bd USD F $ 92.10 - 0.14 10.67 FP CAF UK Equity A Class Acc 145.79 - -0.09 2.18 Cavendish Technology Fund A Class 250.90 - 1.40 0.00 1 Poultry, London EC2R 8JR 020 7 415 4130
(LF) Eq Flexi Style Greece € 1.22 - 0.02 - UK Corporate Bond - Gross £ 2.31 - 0.00 3.77
Authorised Inv Funds
FP CAF UK Equity A Class Inc 134.52 - -0.09 2.20 Cavendish UK Balanced Income Fund B Class 142.40 - 1.40 4.84 GAM Limited (2300)F (UK)
Disc Inc 1362.40 1404.60 8.00 0.00 (LF) Global Bond Fd € 12.22 - -0.02 0.00 UK Corporate Bond Fund Gross Inc £ 11.58 - 0.02 3.89 GAM Sterling Management Limited
FP CAF UK Equity B Class Acc 145.79 - -0.09 2.17 Cavendish UK Balanced Income A Class 136.10 - 1.30 5.06 (LF) Global Equities € 1.13 - 0.01 0.00
Do Accum 5063.90 5220.50 29.70 0.00 UK Gilt Bond £ 1.33 - -0.01 1.82 12 St James's Place London SW1A 1NX. 0800 919 927
Alceda Fund Management S.A. FP CAF UK Equity B Class Inc 134.51 - -0.08 2.20 Cavendish UK Select Fund B Class 158.80 - 3.20 1.75 (LF) Eq Mena Fund € 15.26 - -0.03 0.00 Internet: gam.com
UK Gilt Gross £ 2.09 - -0.02 1.79
www.alceda.lu Authorised Inv Funds
Cavendish UK Select Fund A Class 158.50 - 3.20 0.91 (LF) Greek Government Bond € 14.34 - 0.02 0.00
FCA Recognised UK Long Corp Bond £ 1.47 - -0.01 4.19 GAM Funds OEIC
AC Opp - Aremus Fund EUR A € 105.18 - -0.35 - (LF) Income Plus $ $ 1.22 - 0.00 0.00 UK Long Corp Bond - Gross £ 2.59 - -0.01 4.04 GAM Global Diversified Acc 3936.89 - 23.09 0.00
Cedar Rock Capital Limited (IRL) (LF) Greek Corporate Bond € 10.32 - -0.09 0.00 UK Long Corporate Bond Fund - Gross Income £ 11.78 - -0.04 4.18 GAM North American Gwth Acc 3176.52 - 32.33 0.00
AC Risk Parity 7 Fund EUR A € 126.04 - 0.72 0.00
Aspect Capital Ltd (UK) Regulated
AC Risk Parity 12 Fund EUR A € 154.77 - 1.25 0.00 (LF) FOF Balanced Blend € 1.41 - -0.01 0.00 UK Specialist £ 1.83 - 0.02 1.22 GAM UK Diversified Acc 1858.57 - 11.88 1.08
Other International Funds Cedar Rock Capital Fd Plc $ 348.17 - 10.71 0.00

Asset Management
AC Risk Parity 17 Fund EUR A € 103.72 - 1.48 0.00 Aspect Diversified USD $ 416.16 - 10.71 0.00 (LF) FOF Equity Blend € 1.27 - 0.00 0.00 Retail Share Classes
Cedar Rock Capital Fd Plc £ 363.94 - 15.70 0.00
(LF) FOF Glob. Emerging Mkts € 0.92 - 0.00 0.00 Emerging Markets - retail £ 1.37 - 0.01 0.00
ACQ Risk Parity Bond Fund EUR A € 104.49 104.49 0.06 0.00 Aspect Diversified EUR € 249.75 - 6.90 - Cedar Rock Capital Fd Plc € 321.18 - 23.16 0.00 Dodge & Cox Worldwide Funds (IRL) GAM Limited (IRL)
CCLA Investment Management Ltd (UK) 6 Duke Street,St.James,London SW1Y 6BN (LF) FOF Dynamic Fixed Inc € 11.77 - -0.02 0.00 Europe Long Term Growth £ 1.54 - 0.00 1.84 FCA Recognised
Aspect Diversified GBP £ 127.07 - 3.36 0.00
Senator House 85 Queen Victoria Street London EC4V 4ET www.dodgeandcox.worldwide.com 020 3713 7664 GAM Fund Management Ltd
{*}CAR - Net income reinvested
Aspect Diversified CHF SFr 119.88 - 2.70 0.00 Authorised Inv Funds (LF) FOF Real Estate € 17.15 - -0.16 0.00
Charles Schwab Worldwide Funds Plc (IRL) FCA Recognised Georges Court, 54-62 Townsend Street, Dublin 2 + 353 1 6093927
Aspect Diversified Trends USD $ 124.20 - -0.20 0.00 The Public Sector Deposit Fund Regulated Dodge & Cox Worldwide Funds plc - Global Bond Fund GAM Star Fund Plc
The Public Sector Deposit Fund-share class 1 F 100.00 - 0.00 0.48 EUR Accumulating Class € 11.91 - -0.05 -
FIL Fund Management (LUX)
Aspect Diversified Trends EUR € 124.17 - -0.18 0.00 Schwab USD Liquid Assets Fd $ 1.00 - 0.00 0.01 GAM Star Asia-Pacific Eqty USD Acc F $ 11.94 - -0.02 0.77
2a, rur Albert Borschette, BP 2175, L-1021, Luxembourg
The Public Sector Deposit Fund-share class 2 F 100.00 - 0.00 0.28 EUR Accumulating Class (H) € 9.70 - -0.01 -
Aspect Diversified Trends GBP £ 128.28 - -0.20 0.00 Phone: 800 22 089, 800 22 088 GAM Star Asian Eqty USD Ord Acc F $ 14.31 - -0.12 0.00
The Public Sector Deposit Fund-share class 3 F 100.00 - 0.00 0.33 EUR Distributing Class € 11.69 - -0.04 - Regulated
Chartered Asset Management Pte Ltd GAM Star Balanced GBP Acc £ 10.33 - -0.01 -
The Public Sector Deposit Fund-share class 4 F 100.00 - 0.00 0.38 Other International Funds China Consumer A-GBP £ 15.38 - 0.03 0.00
Allianz Global Investors GmbH(1200) F EUR Distributing Class (H) € 9.51 - -0.01 - GAM Star Cap.Appr.US Eqty USD Inc F $ 17.26 - 0.18 0.00
(UK) Atlantas Sicav (LUX)
199 Bishopsgate, London, EC2M 3TY,0800 073 2001 The Public Sector Deposit Fund-share class 5 F 100.00 - 0.00 0.28 CAM-GTF Limited $ 340592.92 340592.92 -8106.27 0.00 China Focus A-GBP £ 4.34 - -0.03 0.24
Regulated GBP Distributing Class £ 10.73 - 0.02 - GAM Star Cat Bond USD Acc $ 12.42 - 0.00 0.00
Authorised Inv Funds American Dynamic $ 3372.48 - -57.35 0.00 CAM GTi Limited $ 737.96 - -0.80 0.00 Global Financial Services A-GBP £ 0.43 - 0.01 0.00
GBP Distributing Class (H) £ 9.55 - 0.00 - FIL Investment Services (UK) Limited (1200)F (UK) GAM Star Cautious GBP Acc £ 10.39 - -0.01 -
OEIC
American One $ 3117.50 - -62.55 0.00 CCLA Investment Management Ltd (UK) Raffles-Asia Investment Company $ 1.96 1.96 -0.03 6.61 130, Tonbridge Rd, Tonbridge TN11 9DZ Global Health Care A-GBP £ 0.54 - -0.01 0.00
USD Accumulating Class $ 9.74 - 0.00 - GAM Star China Equity USD Acc F $ 22.16 - -0.19 0.50
Allianz BRIC Stars A Acc 163.44 - 0.53 0.61 Callfree: Private Clients 0800 414161
Bond Global € 1360.06 - -6.34 0.00 Senator House 85 Queen Victoria Street London EC4V 4ET Global Industrials A-GBP £ 0.69 - 0.01 0.00
Dodge & Cox Worldwide Funds plc-Global Stock Fund Broker Dealings: 0800 414 181
Allianz BRIC Stars C Acc 174.23 - 0.57 1.04 Property & Other UK Unit Trusts GAM Star Cont European Eqty GBP Acc F £ 3.35 - 0.00 0.00
Eurocroissance € 819.73 - -10.98 0.00 USD Accumulating Share Class $ 16.67 - 0.20 0.00 Authorised Inv Funds Global Inflation-Linked Bd A-GBP-Hdg £ 1.20 - 0.00 0.51
Allianz Brazil Fund A Acc 58.90 - 0.18 0.97 CBF Church of England Funds GAM Star Cred Opportunities GBP Acc £ 12.61 - 0.01 4.12
Far East $ 695.65 - -8.87 0.00 GBP Accumulating Share Class £ 18.25 - 0.26 0.00 Unit Trust Global Real Asset Securities £ 1.51 - 0.02 0.00
Investment Inc 1340.27 1355.09 2.50 3.78 GAM Star Defensive GBP Acc £ 10.93 - -0.01 0.00
Allianz Brazil Fund C Acc 60.25 - 0.19 1.65 Cash Accum Units 186.23 186.23 0.00 0.00
Investment Acc 2648.50 2677.80 4.93 - GBP Distributing Share class £ 13.41 - 0.20 0.63 Global Technology A-GBP £ 0.24 - 0.00 0.00
Allz Continental European A Acc 876.16 - 5.50 0.20 GAM Star Discretionary FX USD Acc F $ 12.96 - 0.03 0.00
Cash Fund £ 1.00 1.00 0.00 0.12 Global Telecomms A-GBP £ 0.29 - 0.00 1.01
BLME Asset Management (LUX) Global Equity Inc 159.57 161.33 0.28 4.31 EUR Accumulating Share Class € 22.09 - 0.19 0.00
Allz Continental European C Acc 141.19 - 0.89 1.04 GAM Star Dynamic Gbl Bd USD Acc H $ 10.69 - 0.01 1.44
BLME Sharia'a Umbrella Fund SICAV SIF Dodge & Cox Worldwide Funds plc-International Stock Fund Gross Accum Cash £ 1.28 1.28 0.00 0.00 India Focus A-GBP £ 4.93 - 0.03 0.00
Global Equity Acc 225.02 227.50 0.40 - GAM Star Emerging Asia USD Class ACCU $ 13.06 - -0.06 0.47
Allz European Eq Inc A Inc 139.35 - 2.28 3.59 Regulated USD Accumulating Share Class $ 15.00 - 0.17 0.00 MoneyBuilder Cash ISA £ 1.00 1.00 0.00 0.11
UK Equity Inc 146.85 148.33 0.27 4.05 Cheyne Capital Management (UK) LLP (IRL) Latin America A-GBP £ 1.69 - 0.01 0.18
Allz European Eq Inc A Acc 188.52 - 3.09 3.75 $ Income Fund - Share Class A Acc $ 1139.71 - 0.00 0.00 Regulated GAM Star Emerg. Market Rates USD Acc F $ 11.62 - 0.00 0.00
EUR Accumulating Share Class € 15.58 - 0.13 0.00 MoneyBuilder Global £ 2.62 2.62 0.01 0.19
UK Equity Acc 210.69 212.81 0.39 - GAM Star European Eqty USD Acc F $ 21.87 - 0.05 0.00
Allz European Eq Inc C Acc 105.83 - 1.73 3.56 $ Income Fund - Share Class B Acc $ 1159.10 - 0.00 0.00 Cheyne Convertibles Absolute Return Fund € 1342.49 - 1.32 0.00 Dodge & Cox Worldwide Funds plc-U.S. Stock Fund OEIC Funds
Fixed Interest Inc 173.35 174.05 0.02 3.96 Findlay Park Funds Plc (IRL)
Allz European Eq Inc C Inc 102.36 - 1.67 3.48 $ Income Fund - Share Class C Acc $ 1009.19 - -0.01 0.00 Cheyne European Real Estate Bond Fund € 112.34 - 0.05 0.00 USD Accumulating Share Class $ 17.90 - 0.26 0.00 American £ 27.74 - 0.16 0.00 GAM Star Flexible Gbl Port GBP Ac £ 12.58 - 0.03 0.00
Styne House, Upper Hatch Street, Dublin 2 Tel: 00 353 1603 6460
Fixed Interest Acc 510.35 512.39 0.05 - GAM Star GAMCO US Equity Acc F $ 13.22 - 0.18 0.00
Allianz EcoTrends A Acc 87.34 - 1.38 0.00 $ Income Fund - Share Class D Dis $ 1002.11 - 0.00 - Cheyne Global Credit Fund € 120.21 - -0.07 0.00 GBP Accumulating Share Class £ 18.53 - 0.31 0.00 American Special Sits £ 11.17 - 0.11 0.00 FCA Recognised
Property Fund Inc 124.33 128.50 0.10 6.51 American Fund USD Class $ 77.16 - 0.81 0.00 GAM Star Global Conv Bond USD Acc F $ 11.29 - 0.00 0.00
Allianz EcoTrends C Acc 91.67 - 1.45 0.00 $ Income Fund - Share Class G Acc £ 1077.59 - -0.01 0.00 EUR Accumulating Share Class € 20.49 - 0.22 0.00 Asia Pacific Ops W-Acc £ 1.08 - 0.00 -
Property Fund Acc 216.50 223.76 2.85 - American Fund GBP Hedged £ 42.04 - 0.44 0.00 GAM Star Global Rates USD Acc F $ 12.60 - -0.03 0.00
Allianz Gilt Yield Fund C Inc 174.27 - -1.02 1.86 $ Income Fund - Share Class M Acc € 1017.60 - -0.01 0.00 Cheyne Capital Management (UK) LLP Fidelity Asian Dividend Fund A-Accumulation £ 1.18 - 0.01 0.48
Other International Funds Asset Management Latin American Fund USD Class $ 15.68 - -0.51 0.00
Asset Management
Allianz Gilt Yield Fund I Inc 180.10 - -1.06 1.86 $ Income Fund - Share Class W DisA$ 1028.54 - 0.07 - Fidelity Asian Dividend Fund A-Income £ 1.14 - 0.01 2.60 GAM Star Global Selector USD Acc F $ 14.09 - 0.17 0.00

Allianz Japan A Acc 491.38 - -6.97 0.00 Gl Sukuk Fund - Share Class A Acc $ 1210.48 - 0.71 0.00 CCLA Fund Managers Ltd (UK) Cheyne European Event Driven Fund € 143.98 - 0.75 0.00
China Consumer £ 1.55 - 0.01 0.21 GAM Star Japan Eqty USD Acc F $ 12.01 - -0.08 0.38
Senator House 85 Queen Victoria Street London EC4V 4ET Cheyne European High Yield Fund € 134.71 - -1.84 0.00
Allianz Japan C Acc 110.89 - -1.57 0.00 Gl Sukuk Fund - Share class B Acc £ 1077.64 1077.64 0.63 0.00 Property & Other UK Unit Trusts Emerging Asia £ 1.28 - 0.01 0.24 GAM Star Keynes Quant Strat USD Acc F $ 12.52 - -0.02 0.00
Cheyne Long/Short Credit Fund $ 213.53 - 1.23 -
Allz RiskMaster Conservative A Acc 120.78 - 0.26 0.00 COIF Charity Funds (UK) Emerg Eur, Mid East & Africa H £ 1.53 - 0.01 0.84 GAM Star Local EM Rates and FX USD Acc $ 11.86 - 0.05 0.00
Investment Inc 1222.64 1236.16 -4.53 3.75 Cheyne Malacca Asia Equity Fund Class A $ 1441.37 - -50.85 0.00
Allz RiskMaster Conservative C Acc 122.34 - 0.26 0.31 Bank of America Cap Mgmt (Ireland) Ltd (IRL) Enhanced Income - Acc £ 1.90 - 0.02 6.74 GAM Star North of South EM Equity Acc F $ 11.68 - -0.01 0.02
Regulated Investment Acc 11403.81 11529.95 -42.33 - Cheyne Multi Strategy Liquid Fund $ 124.67 - -0.92 -
Allz RiskMaster Defensive A Acc 114.68 - 0.04 0.00 Dominion Fund Management Limited Enhanced Income - Inc £ 1.29 - 0.01 6.90 GAM Star Technology USD Acc F $ 15.67 - 0.03 0.00
Global Liquidity USD $ 1.00 - 0.00 0.21 Ethical Invest Inc 189.34 191.44 -0.86 3.82 Cheyne Real Estate Credit Holdings Fund £ 139.97 - 0.47 0.00 PO Box 660 Ground Floor, Tudor House Le Bordage St Peter Port
Allz RiskMaster Defensive C Acc 116.15 - 0.04 0.14 European - Inc £ 1.45 - 0.02 2.35 GAM Star US All Cap Eqty USD Acc F $ 13.69 - 0.15 0.00
Guernsey - Channel Islands United Kingdom GY1 3PU
Ethical Invest Acc 233.99 236.57 -1.04 - Cheyne Real Estate Debt Fund Class A1 £ 128.31 - -0.27 0.00 Fleming Financial Trust Investment Fund Limited (NZ)
Allz RiskMaster Growth A Acc 126.84 - 0.67 0.00 +44(0)1481 734343 investorservices@dominion-funds.com www.dominion-funds.com European £ 16.37 - 0.22 1.58 GAM Star Worldwide Eqty USD Acc F $ 3222.70 - 27.94 0.37
Barclays Investment Funds (CI) Ltd (JER) Cheyne Total Return Credit Fund - December 2017 Class $ 197.75 - -0.92 0.00 Incorporated in New Zealand, Reg No 5141841
Allz RiskMaster Growth C Acc 129.51 - 0.68 0.03 Global Equity Inc 150.32 151.98 -0.45 4.30 FCA Recognised European Opportunities £ 3.63 - 0.04 0.37
39/41 Broad Street, St Helier, Jersey, JE2 3RR Channel Islands 01534 812800 Registered address: Level 5, 3 City Road, Graftn, Auckland, 1010, New Zealand
Global Equity Acc 214.71 217.09 -0.65 - Cheyne Total Return Credit Fund December 2019 $ 133.38 - -1.32 - DGT - Consumer £ I Class £ 131.79 - 0.26 0.00
Allz RiskMaster Moderate A Acc 125.17 - 0.46 0.00 FCA Recognised Extra Income £ 0.28 - 0.00 3.59 www.fftinvestmentfund.com GYS Investment Management Ltd (GSY)
Bond Funds Fixed Interest Inc 142.04 142.60 1.03 3.90 DGT - Consumer £ R Class £ 127.16 - 0.24 0.00 info@fftinvestmentfund.com Regulated
Allz RiskMaster Moderate C Acc 127.22 - 0.47 0.48 Extra Income - Gross £ 0.28 - 0.00 3.59
Other International Funds Taurus Emerging Fund Ltd $ 251.31 256.43 0.84 0.00
Allz Sterling Total Return Fund A Inc 155.27 - -0.41 2.99
Sterling Bond F £ 0.49 - 0.00 3.25 Fixed Interest Acc 789.93 793.09 5.74 - CMI Asset Mgmt (Luxembourg) SA (LUX) DGT - Strategic £ I Class £ 1.14 - 0.00 0.00
Global Dividend - Acc £ 1.57 - 0.02 2.98 Fleming FT Investment Fund
23 route d'Arlon, L-8010 Strassen Lux 00 352 3178311
Property Inc 106.95 110.53 0.04 6.12 DGT - Strategic £ R Class £ 1.15 - 0.00 0.00
Allz Sterling Total Return Fund C Inc 156.11 - -0.41 3.54 FCA Recognised Global Dividend - Inc £ 1.43 - 0.01 3.20 Fleming Fund $ 2.63 2.73 0.04 -
Baring Fund Managers Ltd (1200)F (UK) Property Acc 230.09 237.80 0.09 - CMI Global Network Fund (u) Generali International Limited
Allz Total Return Asian A Acc 702.87 - -2.58 - Global Focus £ 13.07 - 0.09 0.00
Dealing and Enquiries 020 7214 1004 PO Box 613, Generali House, Hirzel Street, St Peter Port, Guernesy, GY1 4PA 01481 714108
Allz Total Return Asian C Inc 648.27 - -2.37 1.15
Local Authorities Property Fd (LAMIT) (UK) Regional Equity Sub Funds Dominion Fund Management Limited Global High Yield Fund - A Gross Acc £ 11.87 - 0.02 4.67 Foord Asset Mgt (Guernsey) Ltd (GSY) International Insurances
Fund Information: www.barings.com
Property 265.84 285.56 8.22 4.55 CMI Continental Euro Equity € 29.01 - 0.50 0.91 Other International Funds
Authorised Inv Funds Global High Yield Fund - A Gross Inc £ 10.27 - 0.01 4.84 Regulated Global Multi-Strategy Managed $ 4.85 5.23 0.05 0.00
Allz UK Corporate Bond A Inc 110.76 - -0.45 3.66
DX EVOLUTION PCC LIIMITED - DXE (€) FUND € 106.91 106.91 6.02 0.00
Dynamic Capital Growth Acc 661.00 698.30 2.50 1.28 CMI Pacific Basin Enhanced Equity $ 44.51 - 0.13 2.37 Foord International Trust $ 34.23 - 0.14 0.00
Allz UK Corporate Bond C Inc 111.09 - -0.45 3.56 Global High Yield Fund - A Net Acc £ 11.53 - 0.01 4.74 UK Multi-Strategy Managed £ 4.83 5.20 0.04 0.00
DX EVOLUTION PCC LIMITED - DXE (US$) FUND $ 106.70 106.70 2.69 0.00
Dynamic Capital Growth Inc 268.40 283.50 1.00 1.29 CG Asset Management Limited (IRL) Single Country Equity Sub Funds
Allz UK Equity Income A Inc 288.80 - 4.87 4.55 Global High Yield Fund - A Net Inc £ 10.27 - 0.01 4.83 EU Multi-Strategy Managed € 2.92 3.15 0.06 0.00
Northern Trust, George's Court, 54-62 Townsend Street, Dublin 2, Rep of Ireland CMI Japan Enhanced Equity F ¥ 3989.51 - -41.76 0.86
Eastern Acc GBP 693.40 - 1.80 0.00 Global Property - Acc £ 1.59 - -0.01 1.23
Franklin Templeton International Services Sarl (IRL) Global Bond USD $ 3.59 3.87 0.01 0.00
Allz UK Equity Income C Inc 103.35 - 1.74 3.21 00 353 1 434 5098
CMI UK Equity £ 12.37 - 0.19 2.11 JPMorgan House - International Financial Services Centre,Dublin 1, Ireland
Eastern Inc GBP 680.50 - 1.80 0.00 FCA Recognised Global Property W Inc £ 1.33 - 0.00 -
Allianz UK Growth A Acc 4389.49 - 78.89 1.67 Other International Funds
Europe Select Inc GBP 2464.00 - 15.00 0.64 Capital Gearing Portfolio Fund Plc £ 26868.82 26868.82 -23.65 0.62 CMI US Enhanced Equity F $ 77.37 - 0.97 -
Allianz UK Growth C Acc 101.65 - 1.83 1.33 Global Special Sits £ 24.56 - 0.13 0.04 Franklin Emerging Market Debt Opportunities Fund Plc Genesis Asset Managers LLP
CG Portfolio Fund Plc Index Tracking Sub Funds Franklin Emg Mkts Debt Opp CHFSFr 17.80 - -0.86 6.29 Other International Funds
Allianz UK Unconstrained C Acc 100.87 - 1.78 0.74 European Growth Inc 1021.00 1076.00 15.00 1.07 Index Emerging Markets P-Acc £ 1.13 - 0.01 -
Real Return Cls A £ 175.72 175.72 1.33 2.28 Euro Equity Index Tracking € 19.88 - 0.45 2.00 Emerging Mkts NAV £ 5.92 - 0.02 0.00
German Growth Acc GBP 591.30 - 10.00 0.74 Franklin Emg Mkts Debt Opp EUR € 12.66 - 0.11 5.94
Allianz UK Unconstrained A Acc 209.83 - 3.69 0.85 Index Europe ex UK P-Acc £ 1.04 - 0.01 0.16
Dollar Fund Cls D £ 135.80 135.80 1.70 1.55 Japan Index Tracking ¥ 732.94 - -8.53 0.94
German Growth Inc GBP 545.70 - 9.10 0.54 Franklin Emg Mkts Debt Opp GBP £ 10.61 - -0.01 5.96
Allianz UK Index C Acc 1838.51 - 28.75 2.93 Index Japan P-Acc £ 1.07 - 0.00 0.02
Capital Value Fund Cls V £ 130.40 130.40 -0.15 0.27 UK Eqty Index Tracking £ 15.90 - 0.25 2.90 Dragon Capital Group
Global Bond Inc 123.50 129.70 -0.30 1.82 c/o 1901 Me Linh Point, 2 Ngo Duc Ke, District 1, Ho Chi Minh City, Vietnam Franklin Emg Mkts Debt Opp SGD S$ 23.02 - -0.10 5.97 Guardian (UK)
Allianz UK Index C Inc 1305.53 - 20.40 2.47 Index Pacific ex Japan P-Acc £ 1.14 - 0.00 -
US Eqty Index Tracking $ 56.73 - 0.72 0.80 Ballam Road, Lytham St Annes, Lancashire, FY8 4JZ 01253 733 151
Global Growth Inc 377.00 397.20 2.60 0.00 Fund information, dealing and administration: funds@dragoncapital.com Franklin Emg Mkts Debt Opp USD $ 17.85 - -0.19 6.03
Allianz UK Mid Cap A Acc 3776.20 - 51.69 0.88 Index UK A-Acc £ 0.87 - 0.02 1.18 Insurances
Managed Sub Funds Other International Funds
Allianz UK Mid Cap Fund C Acc 3834.83 - 52.57 1.69 Japan Growth Acc 130.60 137.70 -2.20 0.00 Index UK P-Acc £ 1.05 - 0.01 0.97 Guardian Assurance
Global Bond £ 1.54 - 0.00 0.84 Vietnam Enterprise Inv. (VEIL) NAV $ 3.46 - -0.04 0.00
Allianz US Equity A Acc 401.15 - 3.30 0.13 Korea Acc 264.50 280.40 1.10 0.00 Index US A-Acc £ 1.61 - 0.02 1.32 Franklin Templeton Investment Funds (LUX) Property Bond £ 23.34 24.31 0.00 -
Global Network Mgd Global Mxd £ 2.39 - 0.02 - Vietnam Growth Fund (VGF) NAV $ 22.61 - -0.17 0.00 8A rue Albert Borschette / L-1246 Luxembourg
Allianz US Equity C Acc 185.23 - 1.53 0.81 Multi Asset A Acc ... C 157.30 - 0.00 0.73 Index US P-Acc £ 1.24 - 0.01 1.73 Choices Wth-Pfts Lg-tm 316.90 333.50 0.00 -
Global Equity £ 2.62 - 0.03 0.02 Vietnam Property Fund (VPF) NAV $ 0.80 - 0.03 0.00 www.franklintempleton.co.uk UK freephone 0 800 305 306
Yield expressed as CAR (Compound Annual Return) Multi Asset A Inc ... C 151.90 - 0.00 0.74 Index World A-Acc £ 1.43 - 0.01 1.70 FCA Recognised Choices Wth-Pfts St-tm 268.90 283.10 0.00 -
Bond Sub Funds
All transactions to Ser A units the sell price will be used UK Growth Inc 251.80 266.30 3.90 1.37 Class A Dis Choices Managed 626.62 659.60 -1.26 -
CMI Euro Bond F € 47.30 - -0.02 1.80 Index World P-Acc £ 1.17 - 0.02 2.10
Charity Fund Canada Life Investments (UK) DSM Capital Partners Funds (LUX) Frk Gbl R.Estate (USD) A Dis $ 10.44 - 0.04 2.19
www.dsmsicav.com Japan £ 2.65 - -0.01 0.25 Choices Equity 699.68 736.51 -2.60 -
0800 032 6347 (charity enquiries) 1-6 Lombard St, London, EC3V 9JU, Dealing: 0845 606 6180 CMI UK Bond £ 8.42 - -0.04 -
Amundi Funds (LUX)
Regulated Frk High Yield $ 6.71 - -0.01 -
Freedom With Pfts Long-Tm 217.80 229.30 0.00 -
Authorised Inv Funds Japan Smaller Companies £ 1.85 - -0.02 0.00
5 Allee Scheffer L-2520 Luxembourg + 44 (0)20 7074 9332 Targeted Return Fund Acc 145.40 146.40 0.20 3.15 CMI US Bond $ 13.61 - -0.04 1.51
Asia Pacific B Acc 915.05 - 2.89 0.95 Global Growth I2 Acc € 124.69 - -0.13 0.00 Frk Euro Gov. Bond € 11.56 - 0.01 1.01
www.amundi-funds.com MoneyBuilder Asset Allocator £ 1.23 - 0.00 0.50 Freedom With Pfts Short-Tm 196.10 206.40 0.00 -
Targeted Return Fund Inc 114.70 115.40 0.20 3.22 Currency Reserve Sub Funds
FCA Recognised Balanced B Acc 148.57 - 1.01 0.00 Frk Euro High Yield € 6.59 - 0.00 4.58
CMI Euro Currency Reserve € 24.97 - 0.01 - MoneyBuilder Balanced £ 0.52 - 0.00 4.04 Freedom Managed 362.89 381.99 -0.65 -
Bd. Euro Corporate AE Class - R - EUR € 19.02 - -0.02 0.00 Corporate Bond B Inc 219.68 - -0.84 - Ecclesiastical Inv Mgt Ltd (1200)F (UK) Frk Euro Liquid Reserve € 4.37 - 0.00 -
CMI Stlg Currency Reserve £ 4.93 - 0.00 - Money Builder Dividend £ 2.67 - 0.03 4.39 Freedom Equity 405.84 427.21 -1.22 -
Bd. Global AU Class - R - USD $ 27.00 - 0.07 0.00 Baring International Fd Mgrs (Ireland) (IRL) PO Box 3733, Swindon, SN4 4BG, 0845 604 4056 Frk Euro Short Dur Bond Fd € 10.20 - 0.00 -
Northern Trust, George Court 54-62 Townsend Street, Dublin 2 Rep of Ireland 020 7214 1004 European B Acc 246.20 - 3.29 0.00 MoneyBuilder Growth £ 0.75 - 0.01 2.17 Corp Pens Mananged 221.21 221.21 -0.44 -
CMI US Dllr Currency Reserve $ 9.80 - 0.00 0.50 Authorised Inv Funds
Eq. Emerging Europe AE Class - R - EUR € 26.83 - -0.24 0.00 Frk Europ Corp Bond Fd € 11.59 - 0.01 1.64
Asset Management
FCA Recognised Global Bond B Inc 98.20 - -0.29 2.18 MoneyBuilder Growth ISA £ 0.76 - 0.01 2.33 Corp Pens Equity 228.41 228.41 -0.85 -
CMI Access 80% Gu F € 5.67 - 0.02 - Amity UK Cls A Inc 206.40 - 2.00 1.47
Eq. Emerging World AU Class - R - USD $ 93.32
Eq. Greater China AU Class - R - USD $ 619.06
-
-
0.21 0.00
-2.84 0.00
ASEAN Frontiers A GBP Inc
Asia Growth A GBP Inc H
£ 125.82
£ 47.21
-
-
0.03 0.91
0.08 0.00
Global Equity B Acc
Global Equity Income B Inc
610.04
126.84
-
-
2.89 1.45
1.37 3.90
Amity UK Cls B Inc 205.60 - 2.00 2.31 MoneyBuilder Income
Asset Management
£ 0.37 - 0.00 3.23
Frk European Total Return
Frk Global Aggr.Inv.Grd Bond Fd
€ 10.42
$ 10.82
-
-
0.01 1.48
0.01 0.00
Corp Pens Fixed Interest
Corp Pens Index Linked
Asset Management 309.96 309.96 1.03
368.62 368.62 2.21
-
-
Cohen & Steers SICAV (LUX) Higher Income Cls A Inc 130.60 - 0.70 4.72 MoneyBuilder Income -Gross £ 0.37 - 0.00 3.23
Eq. Latin America AU Class - R - USD $ 429.15 - 3.87 0.00 Australia A GBP Inc £ 73.93 - -0.03 2.27 Global High Yield Bond B Inc 100.59 - 0.00 5.04 Frk Global Aggregate Bond Fd $ 10.22 - 0.00 1.27
Regulated Higher Income Cls B Inc 134.10 - 0.80 4.65 Multi Asset Adventurous A-Acc £ 1.36 - 0.01 0.46 Corp Pens Deposit 190.27 190.27 0.01 -
Gl. Macro Bds & Curr Low Vol AHG - GBP £ 98.89 - -0.03 0.00 Baring China Bond Fund $ 10.10 - 0.00 0.00 Global Infrastructure B Acc 117.95 - 1.03 1.72 European Real Estate Securities € 22.3400 - 0.2549 1.35 Frk Global Income Fd $ 10.18 - 0.02 -
UK Equity Growth Cls A Inc 227.30 - 2.10 0.48 Multi Asset Alloc Adventurous A-Acc £ 3.67 - 0.05 2.29 Corp Pens Protector 388.88 388.88 3.17 -
Baring Emerging Markets Corporate Debt Fund $ 9.17 - 0.05 0.00 Global Resource B Acc 90.76 - 2.04 0.07 Europ.RealEstate Sec. IX € 29.4051 - 0.3355 0.00 Frk Income $ 12.52 - 0.10 3.09
UK Equity Growth Cls B Inc 231.70 - 2.20 1.29 Multi Asset Alloc Strategic A-Acc £ 1.23 - 0.01 0.27 Corp Pens UK Index Tracker £ 1.97 1.97 0.00 -
The Antares European Fund Limited Baring European Opportunities Fund Class A EUR Acc € 12.05 - 0.14 0.00 Japan B Acc 48.64 - -0.47 0.00 Gbl RealEstate Sec. I $ 11.2910 - 0.0449 1.29 Frk US Government $ 9.49 - 0.01 - Guardian Linked Life Assurance Ltd
Amity Balanced For Charities A Inc 114.40 - 0.70 4.34 Multi Asset Alloc Def - Gross A £ 1.15 - 0.00 0.27
Other International Frk US Liquid Reserve Inc $ 9.67 - 0.00 0.00
Baring Global Mining Fund - Class A GBP Inc £ 5.22 - 0.13 0.74 Portfolio III B Acc 109.92 - 0.04 1.37 Gbl RealEstate Sec. IX $ 13.1679 - 0.0524 0.00 Managed Acc £ 18.22 19.17 -0.03 -
AEF Ltd Usd $ 584.81 - 9.96 - Amity European Fund Cls A Inc 201.40 - 3.40 1.25 Multi Asset Alloc Def - Net A £ 1.15 - 0.00 0.24
Dynamic Emerging Markets A GBP Acc F £ 10.01 - 0.07 0.00 Portfolio IV B Acc 110.36 - 0.20 1.82 Frk US Low Duration Fd $ 9.89 - 0.00 0.53 Equity Acc £ 33.01 34.75 -0.10 -
AEF Ltd Eur € 586.74 - 10.53 0.00 Amity European Fund Cls B Inc 203.10 - 3.50 2.13 Multi Asset Alloc Growth A £ 1.27 - 0.01 0.00
Eastern Europe A GBP Inc £ 43.33 - 0.98 0.79 Portfolio V B Acc 110.61 - 0.39 0.87 Frk US Total Return $ 11.53 - 0.00 1.56 Fixed Interest Acc £ 17.64 18.57 0.04 -
Amity Global Equity Inc for Charities A Inc 107.40 - 0.80 3.92 Multi Asset Defensive £ 1.25 - 0.00 0.35
Emerging Mkt Debt LC A GBP Hedged Inc £ 9.01 - 0.05 6.60 Portfolio VI B Acc 110.95 - 0.54 1.00 Tem Asian Bond $ 13.42 - 0.02 3.04 International Acc £ 13.21 13.91 -0.06 -
Amity International Cls A Inc 220.90 - 1.30 1.28 Multi Asset Defensive - Gross £ 1.26 - 0.00 0.34
Arbiter Fund Managers Limited (LUX)
Tem Asian Growth $ 32.58 - -0.01 0.29
Emerging Opportunities A GBP Inc H £ 20.35 - 0.09 0.00 Portfolio VII B Acc 108.79 - 0.73 0.78 Nth American Acc £ 6.71 7.06 -0.04 -
FCA Recognised Amity International Cls B Inc 222.40 - 1.30 2.09 Multi Asset Growth £ 1.41 - 0.01 0.34
Glb Emerging Markets A GBP Inc H £ 20.49 - 0.09 0.44 North American B Acc 869.74 - 3.11 0.45 Tem Emerging Markets $ 32.85 - 0.28 0.27 Pacific Acc £ 3.96 4.17 0.01 -
Arbiter Global Emerging Markets Fund Class A USD $ 110.85 - 0.06 0.00 Amity Sterling Bond Fund A Inc 110.30 - -0.10 5.19 MultiManager Balanced £ 1.09 - 0.00 -
Glb Resources A GBP Inc H £ 12.79 - 0.24 0.34 Strategic Return B Acc 107.18 - 0.39 - Tem Emg Mkts Balanced AQdis $ 7.82 - 0.04 2.87 European Acc £ 3.34 3.52 -0.02 -
Arbiter Global Emerging Markets Fund Class B GBP £ 104.06 - -0.06 - Amity Sterling Bond Fund B Inc 118.60 - 0.00 5.18 Multi Asset Open Growth A-Acc £ 0.48 - 0.00 0.77
High Yield Bond A GBP Hedged Inc H £ 6.74 - 0.00 6.62 Total Return B Acc 106.13 - 0.58 1.24 Comgest SA (LUX) Tem Emg Mkts Bd $ 17.08 - -0.02 6.69 Property Acc £ 6.74 7.10 0.00 -
Multi Asset Open Strategic A-Acc £ 1.26 - 0.00 1.60
Hong Kong China A GBP Inc £ 618.21 - 5.30 0.58 17 square Edouard VII - 75009 Paris, www.comgest.com Tem Global $ 33.63 - 0.26 0.47
Arisaig Partners UK Equity B Inc 110.17 - 1.54 1.51 Index-Linked Acc £ 6.89 7.25 0.03 -
FCA Recognised Eclectica Asset Management (UK) Multi Asset Open Strategic A-Inc £ 0.31 - 0.00 2.32
Other International Funds India Fund - Class A GBP Inc £ 16.19 - 0.13 0.00 UK Equity & Bond Income B Inc 239.67 - 2.37 4.59 40 Dukes Place, London EC3A 7NH Tem Global (Euro) € 18.48 - 0.07 0.37 Deposit Accum £ 4.46 4.69 0.00 -
Comgest Asia F $ 4073.31 - -8.31 0.00 Multi Asset Strategic £ 1.57 - 0.00 0.51
Arisaig Africa Consumer Fund Limited $ 16.98 - 0.04 0.00 Latin America A USD Inc H $ 34.65 - 0.77 - Order desk: 0845 6080941 Switchboard 0870 6072555 Tem Global Balanced $ 22.55 - 0.16 0.64 Guardian Pensions Management Ltd
UK Equity Income B Inc 424.37 - 5.43 - Comgest Europe F SFr 5422.15 - 4.69 0.00 Open World A-Acc £ 1.21 - 0.00 0.00
Arisaig Asia Consumer Fund Limited $ 62.98 - -0.20 0.00 Authorised Corporate Director - Capita Financial Managers
MENA A GBP Inc F * £ 15.18 - 0.10 - UK Government Bond B Inc 49.45 - -0.26 2.18 Tem Global Bond $ 20.75 - 0.00 2.32 Pens. Managed Acc. £ 23.67 24.91 -0.05 -
Authorised Inv Funds Multi Asset Income A Gross Acc £ 1.58 - 0.01 3.66
Arisaig Global Emerging Markets Consumer Fund $ 10.50 - -0.02 0.00 Tem Global Bond (Euro) € 10.34 - 0.00 2.89 Pens. Equity Acc. £ 35.24 37.09 -0.13 -
Comgest SA (FRA) CF Eclectica Agriculture A EUR Acc € 1.48 - 0.01 0.00 Multi Asset Income A Gross Inc £ 1.14 - 0.00 5.06
Arisaig Global Emerging Markets Consumer UCITS € 12.01 - -0.08 0.00 Baring International Fd Mgrs (Ireland) (IRL) 17 square Edouard VII - 75009 Paris Tem Global Equity Income A(Mdis) $ 9.84 - 0.08 3.69
Capita Asset Services (UK) CF Eclectica Agriculture A GBP Acc 111.61 - 0.59 0.00 Multi Asset Income A Net Acc £ 1.50 - 0.01 3.67
Arisaig Global Emerging Markets Consumer UCITS STG £ 11.59 - -0.03 0.00 Regulated 40 Dukes Place, London EC3A 7NH FCA Recognised Tem Global High Yield Fd F $ 9.32 - 0.00 4.99
CF Eclectica Agriculture A USD Acc $ 1.68 - 0.02 0.00 Multi Asset Income A Net Inc £ 1.14 - 0.00 5.06
HPB Assurance Ltd
Arisaig Latin America Consumer Fund $ 22.86 - 0.10 0.00 China A-Share A GBP Inc £ 5.70 - 0.14 0.00 Order Desk 08459 220044 Switchboard 0870 607 2555 Comgest Magellan € 21.26 - -0.03 0.00 Anglo Intl House, Bank Hill, Douglas, Isle of Man, IM1 4LN 01638 563490
Tem Global Income $ 13.99 - 0.06 1.64
Authorised Inv Funds CF Eclectica Agriculture C EUR Acc € 1.53 - 0.01 0.32 South East Asia £ 8.58 - 0.03 0.45 International Insurances
Tem Global Smaller Cos $ 32.75 - 0.26 0.00
CF Heartwood Cautious B Acc 130.02 - 0.22 0.37 CF Eclectica Agriculture C GBP Acc 115.37 - 0.62 0.36 Special Situations £ 28.46 - 0.41 1.77 Holiday Property Bond Ser 1 £ 0.53 - 0.00 -
Tem Global Total Return $ 17.60 - 0.01 3.56
CF Heartwood Cautious Income B Inc 113.49 - 0.25 2.07 CF Eclectica Agriculture C USD Acc $ 1.72 - 0.01 0.38 Strategic Bond £ 0.33 - 0.00 3.23 Holiday Property Bond Ser 2 £ 0.62 - 0.00 0.00
CF Heartwood Growth B Acc 146.47 - 1.21 0.65
 26 ★ FINANCIAL TIMES Wednesday 4 February 2015

MANAGED FUNDS SERVICE

Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield

European Opportunities Inc F 75.77 - 1.14 0.18 Invesco Energy A $ 22.75 - 0.79 - UK Strategic Eq Inc Acc ... C 149.20xd - 2.30 3.13 Sterling Class £ 52.5340 - 0.0000 0.19 (Accum Units) 6814.62xd - 65.75 4.14 Emerging Markets 246.42 - 1.38 1.67 US Property A F $ 71.47 - -1.96 0.00

Hamon Investment Group European Opportunities Acc F 77.58 - 1.16 0.18 Invesco Euro Corporate Bond Fund (A) € 17.62 - 0.00 0.00 UK Strategic Eq Inc Inc ... C 99.65xd - 1.55 3.24 US Dollar Class $ 60.5800 - -0.0010 -0.32 M&G Property Portfolio A Acc 125.87xd 132.49 0.01 3.94 ETF Global Growth A 161.23 - -0.47 0.00
Other International Funds Lloyds Multi Strategy Fund Limited
European Smlr Cos Acc F 164.76 - 2.05 0.00 Invesco Euro Inflation Linked Bond A € 15.81 - 0.02 0.00 UK Strategic Gth Acc 108.90xd - 1.10 0.88 Property Portfolio A 117.94xd 124.14 0.01 4.03 ETF Commodity A 84.71 - 2.91 0.00 Morgens Waterfall Vintiadis.co Inc
Asian Market Leaders - USD $ 26.41 - 0.08 0.00 Conservative Strategy £ 1.1710 - -0.0020 2.30 Other International Funds
Global Bd Acc (Gross) F 131.39 - -0.04 1.06 Invesco Euro Reserve A € 322.89 - 0.00 0.00 UK Strategic Gth Inc 101.60xd - 1.00 1.09 Property Portfolio X 117.94xd 117.94 0.01 4.03 European Multi-Cap 241.51 - 3.26 0.22
Asian Market Leaders - GBP £ 13.76 - 0.08 0.00 Growth Strategy £ 1.5420 - 0.0010 1.64 Phaeton Intl (BVI) Ltd (Est) $ 438.01 - 2.93 0.00
Global Bd Inc (Gross) F 81.87 - -0.02 1.07 Invesco European Bond A € 7.14 - 0.00 0.00 US Acc 712.60xd - 7.30 0.04 Extra Income 80.77 85.47 0.34 4.08
Greater China - USD $ 10.89 - 0.07 0.00 Aggressive Strategy £ 1.8280 - 0.0090 0.00
Global Bond Acc F 123.68 - -0.04 1.06 Invesco European Growth Equity A € 23.22 - 0.33 - US Inc 98.64xd - 1.01 0.04 M & G (Guernsey) Ltd (GSY) Far East Growth A Inc 169.02 - -0.68 1.91
Greater China - GBP £ 4.58 - 0.04 0.00 Global USD Growth Strategy $ 1.3960 - 0.0120 0.00 Regulated
Global Bond Inc F 81.78 - -0.02 1.07 Invesco Global Absolute Return Fund A Class € 11.85 - 0.04 - US Equity Income Acc ... C 122.30xd - 1.30 1.75 Global 181.16 190.78 0.39 0.00
Selected Asian P'folio $ 49.36 49.37 -0.39 0.00 Dealing Daily The M&G Offshore Fund Range
Glbl Distribution Acc 52.58 - 0.69 4.35 Invesco Global Bond A Inc $ 5.58 - 0.01 - US Equity Income £ hdg Inc ... C 100.80xd - 1.25 1.96 Global Bond Inc 144.86 153.29 0.14 3.36
American Fund 162.83 169.61 1.69 0.00
Glbl Distribution Acc (Gross) 52.89 - 0.70 4.35 Invesco Global Equity Income Fund A $ 59.14 - 0.90 0.00 US Equity Income Inc ... C 105.50xd - 1.10 1.79 High Yield Fixed Interest 73.28 77.75 0.06 6.07
Corporate Bond 1382.83 1425.60 -4.32 3.03
Hargreaves Lansdown Fd Mgrs (1100)F (UK)
Glbl Distribution Inc 51.37 - 0.67 4.38 Invesco Global Inc Real Estate Sec A dist $ 9.88 - -0.01 2.26 US Select Acc 110.80xd - 0.90 0.00 Multi Cap Income A Inc 148.64 - -3.40 4.23
PO Box 55736, 50 Bank Street, Canary Wharf London E14 1BT Global Basics 2444.54 2520.14 19.52 0.00
Enquiries 0117 90090000 Glbl Distribution Inc (Gross) 51.37 - 0.67 4.38 Invesco Global Inv Grd Corp Bond A Dist $ 12.35 - -0.02 3.04 US Select Inc 109.40xd - 0.90 0.00 Nano-Cap Growth A Acc 96.3439 106.1600 -0.3511 -
Global Leaders 3337.44 3476.50 33.30 1.32 Natixis International Funds (Lux) I SICAV (LUX)
Authorised Inv Funds Global Equity (acc) F 469.55 - 6.92 0.50 Invesco Global Leisure A $ 34.90 - 0.20 0.00 US Smaller Cos Acc 373.60xd - 0.80 0.00 Special Situations A Acc 1001.83 1060.14 1.35 0.25
Global High Yield Bond 994.77 1025.54 -3.20 4.66 Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000
Hargreaves Lansdown Funds
Global Equity (inc) F 428.28 - 6.32 0.50 Invesco Global Smaller Comp Eq Fd A $ 52.56 - 0.53 0.00 US Smaller Cos Inc 97.90xd - 0.22 0.00 UK Multi-Cap Growth A Inc 221.40 234.29 0.12 0.44 FCA Recognised
Unit Trust Global Macro Bond Fund 11531.17 11887.80 -19.09 0.54
Global Equity Income Acc F 120.30 - 1.50 3.23 Invesco Global Structured Equity A $ 45.05 - 0.30 - UK Micro Cap Growth A 403.38 426.86 -1.83 0.00 Harris Global Equity R/A (USD) $ 262.91 262.91 2.62 0.00
Multi-Manager Spec Sits Tst 258.17 271.75 -1.11 0.22 Lombard Odier Funds (Europe) S.A (LUX) Optimal Income Fund 145.59 150.09 0.86 2.37
Global Equity Income Inc F 101.10 - 1.26 3.31 Invesco Global Total Ret.(EUR) Bond Fund A € 13.46 - 0.00 0.00 JPMorgan Asset Management (Europe) S.à. r.l. (FRA) www.loim.com US Multi-Cap Income 317.41 - 0.53 0.17 Harris Concentrated US Equity H-N/A (GBP) £ 144.08 144.08 2.48 0.00
HL Multi-Manager Income & Growth Trust (Accumulation units) 160.81 169.17 -1.06 3.88 Recovery Fund Limited 'A' Participating Shares 10703.55 11149.53 176.67 0.72
Gbl Financial Capital Acc 85.76 - 0.39 4.37 Invesco Gold & Precious Metals A $ 5.21 - 0.06 0.00 6 route de Trèves L - 2633 Senningerberg - Luxembourg Regulated MFM - Third Party Funds Harris Concentrated US Equity R/D (GBP) £ 104.35 104.35 1.68 34.05
HL Multi-Manager Income & Growth Trust (Income units) 99.61 104.79 -0.66 3.88 FCA Recognised Lombard Odier Funds Recovery Fund Limited 'I' Participating Shares 10715.03 10823.26 178.60 1.54
Gbl Financial Capital Inc 75.03 - 0.34 4.50 Invesco Greater China Equity A $ 47.11 - 0.45 0.00 Junior Oils 100.64 106.50 6.36 0.00 Loomis Sayles Strategic Alpha Bond Fund H-N/D(GBP) £ 99.94 99.94 0.02 1.89
Multi-Manager Bal Mgd Tst 179.99 189.29 -0.63 0.92 Star Capitol America Absolute Ret Bond (EUR) PA € 12.22 - 0.00 0.00 Strategic Corporate Bond Fund 139.45 145.26 -0.29 2.89
Gbl Financial Cap Acc Gross 88.97 - 0.41 4.87 Invesco India Equity A $ 54.46 - -0.17 0.00 Junior Gold C Acc 28.67 - 0.45 0.00
HL Multi-Manager Equity & Bond Trust (Income units) 108.72 114.24 -0.28 2.29 Star Capitol America D € 2580.21 - 25.45 0.00
Absolute Ret Bond (USD) PA $ 17.89 - -0.01 0.00 UK Growth 1550.94 1615.56 26.88 1.08
Gbl Financial Cap Inc Gross 75.29 - 0.35 5.06 Invesco Japanese Equity Adv Fd A ¥ 3457.00 - -48.00 0.00 MFM Artorius Fund 136.88 - 0.34 0.20 Natixis International Funds (Dublin) I plc (IRL)
HL Multi-Manager Equity & Bond Trust (Accumulation units) 144.68 152.03 -0.37 2.29 All Roads (CHF) PA SFr 18.06 - 0.05 0.00
MFM Bowland 136.73 147.82 -1.74 0.00 Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA +44 (0)20 3216 9000
Global Opportunities Acc F 93.80 - 1.07 0.49 Invesco Japanese Value Eq Fd A ¥ 1119.00 - -14.00 0.00 JPMorgan Charity Funds (UK)
Multi-Manager Strategic Bond Trust A Acc 170.08 175.34 0.07 1.78 All Roads (USD) PA $ 11.40 - 0.04 0.00 Regulated
Global Smaller Cos Acc F 1667.19 - 8.10 0.00 Invesco Latin American Equity A $ 7.46 - 0.04 0.00 60 Victoria Embankment, London EC4Y 0JP 020 7742 9175 MFM Hathaway Inc 102.51 107.34 -1.17 1.43
Multi-Manager Strategic Bond Trust A Inc 143.54 147.97 0.07 1.78 All Roads (GBP) PA £ 11.62 - 0.03 0.00 Loomis Sayles Global Opportunistic Bond R/D (GBP) £ 14.38 14.38 0.02 0.96
Property & Other UK Unit Trusts MFM SGWM Managed A Acc 124.47 - -0.15 0.16
Global Smaller Cos Inc F 1594.81 - 7.74 0.00 Invesco Nippon Small/Mid Cap Equity A ¥ 1000.00 - -21.00 0.00 Loomis Sayles High Income R/D (USD) $ 9.51 9.51 0.03 13.02
HL Multi Manager UK Growth 99.16 102.23 -0.50 0.00 UK Equity Fund for Charities I...C £ 2.861200xd 2.872150 0.043330 3.30 All Roads (EUR) PA € 11.57 - 0.03 0.00
Global Targeted Rets Acc 58.28 - 0.02 0.00 Invesco Pan European Equity A EUR Cap NAV € 19.37 - 0.43 0.00 MFM Techinvest Special Situations Acc 108.10 - -0.20 0.09
Bond Fund for Charities £ 1.425350xd 1.432300 -0.006570 3.60 Alpha Japan (EUR) PA F € 10.73 - 0.01 0.00 Loomis Sayles Multisector Income R/D (GBP) £ 14.07 14.07 0.02 4.20
High Income Acc F 800.74 - 7.30 3.51 Invesco Pan European High Income Fd A € 14.19 - 0.06 1.97 MFM Techinvest Technology Acc 359.03 - 1.99 0.00
Haussmann Alpha Japan (CHF) PA F SFr 13.47 - 0.00 0.00
High Income Inc F 449.73 - 4.10 3.60 Invesco Pan European Small Cap Equity A € 19.65 - 0.37 0.00 MFM UK Primary Opportunities A Inc 320.57 - 2.10 1.34
Other International Funds MFS Investment Funds (LUX) Natixis International Funds (UK)
Jefferies Umbrella Fund (LUX) Alpha Japan (JPY) PA F ¥ 1271.00 - 0.00 0.00 Slater Investments Ltd - Investment Adviser
Haussmann Cls A $ 2700.75 - -7.45 0.00 High Yield Fund Acc 107.56 - -0.12 4.20 Invesco Pan European Structured Equity A € 16.54 - 0.13 - 11 Rue Aldringen, L-1118 Luxembourg 00 352 468193626 FCA Recognised Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA 0044 20 3216 9000
Alpha Japan (USD) PA F $ 15.38 - 0.01 0.00 MFM Slater Growth 358.54 380.41 -1.80 0.00
FCA Recognised Em.Mk.Debt Fd.US Dollar $ 121.83 - 0.22 0.00 Authorised Funds
Haussmann Cls C € 2368.79 - -0.84 0.00 High Yield Fund Acc (Gross) 124.49 - -0.13 4.17 Invesco UK Eqty Income A £ 30.94 - 0.28 0.00
Alternative Beta PA F SFr 118.83 - 0.51 0.00 MFM Slater Income A Inc 150.95 - -1.12 3.77 H2O MultiReturns Fund N/A (GBP) $ 13.11 13.11 0.04 1.68
Haussmann Cls D SFr 1259.31 - -10.97 0.00 High Yield Fund Inc 43.92 - -0.05 4.29 Invesco UK Investment Grade Bond A £ 1.04 - -0.01 2.72 Europe Convertible Bd A (Dis) - D - EUR F € 13.54 - 0.01 0.96 Em.Mk.Debt Fd.Yen 1 ¥ 10330.00 - 19.00 0.00
Alternative Beta PA F € 79.56 - 0.34 0.00 MFM Slater Recovery 157.67 167.29 -1.44 0.11 H2O MultiReturns Fund I/A (GBP) £ 1.21 - 0.01 2.05
High Yield Fund Inc (Gross) 43.94 - -0.05 4.28 Invesco US Structured Equity A $ 22.20 - 0.19 0.00 Europe Convertible Bd B (Cap) € 15.56 - 0.01 0.00 Em.Mk.Debt Fd.Yen 2 ¥ 14866.00 - 1.00 0.00
Alternative Beta PA F $ 118.86 - 0.50 0.00 Harris Associates Global Concentrated Equity Fund N/A (GBP) £ 1.07 - 0.02 -
Heartwood Wealth Management Limited (IRL) Hong Kong & China Acc F 480.08 - 2.54 0.73 Invesco US Value Eq Fd A $ 31.97 - 0.52 0.00 Global Convertible A (Dis) F $ 19.10 - -0.03 0.00 Em.Mk.Debt Fund Yen 3 ¥ 10357.00 - 19.00 0.00
Commodities (CHF) PA SFr 6.12 - 0.03 0.00 Marlborough International Management Limited (GSY) Harris Associates Global Concentrated Equity Fund I/A(GBP) £ 1.07 - 0.01 -
Regulated Income & Growth Acc F 959.90 - 7.60 3.66 Invesco USD Reserve A $ 87.02 - 0.00 0.00 Global Convertible B (Cap) F $ 22.69 - -0.03 0.00 Em.Mk.Debt Fund Yen 4 ¥ 14866.00 - 1.00 0.00
Commodities (EUR) PA € 6.16 - 0.02 0.00 Tudor House, Le Bordage, St Peter Port, Guernsey, CI, GY1 1DB +44 1481 71520
Heartwood Caut Multi Asset B Acc 142.43 - 0.29 0.00 Global Convertible A Hdg GBP(Dis) F £ 12.90 - -0.03 0.00 Loomis Sayles Strategic Income H-N/D (GBP) £ 0.98 - 0.00 4.61
Income & Growth Inc F 425.91 - 3.37 3.76 Em.Mk.Eq.Fund Euro € 119.49 - 0.30 0.00 FCA Recognised
Commodities (USD) PA $ 6.31 - 0.03 0.00 Loomis Sayles Strategic Income H-N/A (GBP) £ 1.05 - 0.00 4.75
Income Acc F 3093.77 - 27.47 3.33 Invesco Global Asset Management Ltd (IRL) Global Convertible B Hdg GBP (Cap) F £ 15.17 - -0.03 0.00 Em.Mk.Eq.Fund Sterling £ 106.00 - 0.70 0.00 Marlborough North American Fund Ltd £ 30.34 30.64 -0.53 0.00
Henderson Global Investors (UK) Convertible Bd P A € 17.13 - 0.04 0.00 Loomis Sayles US Equity Leaders N/A (GBP) £ 1.35 - 0.02 0.29
Income Inc F 1771.67 - 15.73 3.41 Dublin 00 353 1 439 8100 Hong Kong 00 852 2842 7200 Global Convertible Hdg A (Cap) F $ 19.05 - -0.04 0.00 Em.Mk.Eq.Fd.US Dollar $ 103.52 - 0.80 0.00 Marlborough Tiger Fund Ltd F £ 27.34 27.61 0.30 0.00
PO Box 9023, Chelmsford, CM99 2WB Enquiries: 0800 832 832 FCA Recognised Convertible Bd Asia PA F SFr 13.55 - -0.02 0.00 Loomis Sayles US Equity Leaders I/A (GBP) £ 1.32 - 0.01 0.50
Japan Acc F 288.02 - -2.41 0.33 Global Convertible B Hdg (Dis) F $ 22.67 - -0.05 0.00 Em.Mk.Loc.Ccy Debt Fd.FC ¥ 9486.00 - 37.00 6.30
www.henderson.com Invesco Stlg Bd A QD F £ 2.68 - 0.00 3.56 Convertible Bd Asia PA F € 14.36 - -0.02 0.00
Authorised Inv Funds Japanese Smlr Cos Acc F 66.76 - -1.45 0.00 Global Convertible A Hdg EUR(Dis) F € 15.47 - -0.18 0.25 Em.Mk.Loc.Ccy Debt Fd.FD ¥ 11184.00 - 24.00 5.93 Martin Currie Fund Management Ltd (1200)F (UK)
Invesco Asian Equity A $ 6.84 - 0.03 - Convertible Bd Asia PA F $ 14.45 - -0.01 0.00
Asia Pacific Capital Growth A Acc 793.50 - -1.40 0.82 Global Convertible B Hdg EUR (Cap) F € 17.03 - -0.04 0.00 Em.Mk.Loc.Ccy Debt Fd II $ 93.46 - 0.35 0.00
Saltire Ct, 20 Castle Terrace Edinburgh Inv Ser:0808 1002125 NatWest (2230)F (UK)
Latin America Acc F 130.18 - 0.88 1.21
Invesco ASEAN Equity A $ 103.43 - 0.10 - Emerg. Consumer (CHF) PA SFr 12.69 - -0.04 0.00 Authorised Inv Funds PO Box 23873, Edinburgh EH7 5WJ**
Asian Dividend Income Inc 97.12 102.49 -0.44 5.81 Global Convertible A Hdg CHF (Dis) FSFr 22.62 - -0.05 0.00 Gb.Conc.Eq.Fd.Euro € 266.78 - 1.50 0.00
Latin America Inc F 109.49 - 0.74 1.22 Martin Currie Investment Funds (OEIC) Enquiries: 0800 085 5588
Invesco Bond A $ 27.96 - 0.01 - Emerg. Consumer (EUR) PA € 12.75 - -0.04 0.00
Cautious Managed A Acc 244.40 - 1.70 3.22 Global Convertible B Hdg CHF (Cap) FSFr 24.95 - -0.06 0.00 Gb.Conc.Eq.Fd.Sterl.UK T £ 167.99 - 1.63 0.00 Class A (Retail) Authorised Inv Funds
Managed Growth Acc F 161.71 - 1.75 0.82
Invesco Continental Eurp Small Cap Eqty A $ 186.57 - 2.64 0.00 Emerg. Consumer (USD) PA $ 12.73 - -0.04 0.00 Series 1(Minimum initial investment 16375,000)
Cautious Managed A Inc 154.80 - 1.10 3.28 Gb.Conc.Eq.Fd.Sterling £ 254.85 - 2.47 0.00 Asia Pacific 120.60 - -0.20 1.02
Managed Growth Inc F 135.43 - 1.46 0.82
Invesco Emerging Markets Equity A $ 39.75 - 0.28 0.00 Emerg.Eq. Risk Par.(EUR) PA € 8.88 - -0.01 0.00 United Kingdom Equity Index Fund £ 13.08 - 0.06 2.53
China Opportunities A Acc 879.20 - 0.70 - Gb.Conc.Eq.Fd.US $ 191.54 - 2.07 0.00 China 116.40 - -0.10 0.06
Managed Income Acc F 159.74 - 1.55 3.17
Invesco Emerging Markets Bond A $ 21.47 - 0.09 4.72 Emerg. Eq. Risk Par.(USD) PA $ 7.04 - 0.03 0.00 UK Specialist Equity Inc £ 19.49 - -0.08 0.35
Emerging Markets Opportunities A Acc 157.60 - 0.50 0.40 Gb.Eq.Hdg Fd.Euro IRE T € 178.76 - 1.75 0.00 Emerging Mkts 210.70 - 1.50 0.27
Managed Income Inc F 99.92 - 0.97 3.24
Invesco Continental European Equity A € 8.46 - 0.17 0.07 Emerg. Loc.Cur.&Bds DH (CHF) PASFr 8.32 - 0.01 0.00 Contl Europe Spec Equity £ 15.72 - -0.06 0.00
European Growth A Acc 165.60 - 1.50 0.80 Gb.Eq.Euro Hdg Fd. € 253.57 - 2.49 0.00 European Equity Income A acc 352.30 - 5.70 3.59
Money Acc F 90.08 - 0.00 0.26
Invesco Gilt A £ 15.69 - -0.09 1.50 Emerg.Loc.Cur.Bd.Fdt PA SFr 8.71 - 0.08 0.00 US Spec Equity Fund £ 13.62 - 0.09 0.00
European Selected Opportunities A Acc 1283.00 - 15.00 0.49 Gb.Eq.Fund Euro € 273.97 - 1.83 0.00 Global Alpha 133.80 - 1.10 0.38
Money Acc (Gross) F 95.17 - 0.00 0.26
Invesco Global Small Cap Equity A NAV $ 119.68 - 0.87 0.00 Emerg.Loc.Cur.Bd.Fdt PA € 11.97 - 0.01 0.00 Japan Specialist Fund £ 9.02 - -0.02 0.00
European Special Situations A Acc 88.87 - 0.98 1.13 Gb.Eq. Fd Euro IRE T € 173.14 - 1.15 0.00 Global Equity Income Inc 109.90 - 1.20 3.91
Monthly Income Plus Acc F 298.12 - 0.24 4.79
Invesco Global High Income A NAV $ 12.77 - 0.01 5.30 Emerg.Loc.Cur.Bd.Fdt PA $ 9.43 - 0.05 0.00 Pacific Basin Specialist Equity Fund £ 24.28 - 0.05 0.59
Fixed Interest Monthly Income A Inc 22.40 23.49 0.03 5.99
Monthly Income Plus Acc (Gross) F 347.84 - 0.28 4.76 Swiss & Global Asset Management (LUX) Gb.Eq.Fd.Sterling UK T £ 208.64 - 2.23 0.00 Global Equity Income acc 138.50 - 1.50 3.82
Invesco Gbl R/Est Secs A GBP F F £ 8.39 - -0.02 0.70 funds@swissglobal-am.com, www.jbfundnet.com Euro BBB-BB Fdt PA SFr 15.96 - -0.01 0.00 UK Sovereign Bd Index Fund £ 11.47 - -0.07 2.58
Global Care Growth A Inc 199.90 - 2.10 0.12 Gb.Eq.Fd.US Dollar $ 310.67 - 3.67 0.00 Japan Alpha 101.20 - -1.10 0.05
Monthly Income Plus Inc F 113.14 - 0.09 4.89 Regulated
Invesco Global Health Care A $ 129.28 - 0.07 0.00 Euro BBB-BB Fdt PA € 12.54 - 0.00 0.00 UK Specialist Equity Income Fund £ 9.87 - -0.04 3.51
Global Equity Income A Inc 50.75 - 0.55 3.81 Gb.Eq.Fund Sterling £ 206.66 - 2.21 0.00 North American 252.40 - 2.80 0.00
Monthly Income Plus Inc (Gross) F 113.27 - 0.09 4.89 JB BF ABS-EUR B € 105.39 - -0.06 0.00
Invesco Global Select Equity A $ 13.11 - 0.23 0.00 Euro BBB-BB Fdt PA £ 11.06 - 0.00 0.00 Global Spec Inv Grade Bd Fund GBP £ 10.44 - 0.02 3.13
Global Growth Fund 1992.67 2081.93 13.98 0.00 Gb.Val.Ex-Jap.Fd.USD $ 117.33 - 1.38 0.00 European Equity Income A Inc 318.40 - 5.20 3.67
Pacific Acc F 1008.10 - -3.13 0.37 JB BF Abs Ret Def-EUR B € 111.10 - -0.08 0.00
Invesco Jap Eqty Core A $ 1.67 - -0.01 - Euro BBB-BB Fdt PA $ 17.80 - 0.00 0.00 Inflation Lkd Sov Bd Fund £ 13.08 - -0.07 0.71
Global Technology A Acc 909.50 - 2.70 0.00 Gb.Val.Ex-Japan Fd.Yen ¥ 13528.00 - 136.00 0.00
Pacific Inc F 925.93 - -2.88 0.37 JB BF Abs Ret EM-USD B $ 118.56 - -0.03 0.00
Invesco Japanese Equity A $ 17.23 - -0.17 0.00 Euro Credit Bd PA F € 13.15 - -0.01 0.00 Global Emerg Mkts Equity Fund £ 12.93 - 0.13 0.46
Multi-Manager Absolute Return A Acc 136.80 - 0.10 0.00 Marwyn Asset Management Limited (CYM)
Tactical Bond Acc F 69.52 - -0.02 1.76 JB BF Abs Ret-EUR B € 129.50 - -0.16 0.00
Invesco Korean Equity A $ 28.61 - 0.06 - Euro Government Fdt PA € 12.79 - 0.00 0.00 Series 2 (Investment Management customers only)
Multi-Manager Active A Acc 176.10 - 1.10 0.00 Regulated
Tactical Bond Inc F 60.66 - -0.02 1.77 JB BF Abs Ret Pl-EUR B € 127.22 - -0.17 0.00 MFS Meridian Funds SICAV (LUX) United Kingdom Equity Index Fund £ 13.08 - 0.06 2.88
Invesco PRC Equity A $ 52.09 - 0.43 - Euro Inflation-Lk Fdt PA € 12.12 - 0.04 0.00 Marwyn Value Investors £ 525.38 - 16.85 0.00
Multi-Manager Distribution A Inc 132.40 - -0.40 2.49 Regulated
Tactical Bond Acc (Gross) F 72.01 - -0.02 1.75 JB BF EM Corporate-USD B $ 106.11 - 0.03 0.00 UK Specialist Equity Inc £ 19.67 - -0.08 1.53
Invesco Pacific Equity A $ 49.22 - -0.04 0.18 Euro Resp.Corp. Fdt PA € 18.64 - 0.00 0.00 Absolute Return A1 € 19.86 - 0.00 0.00
Multi-Manager Diversified A Acc 78.97 - -0.08 2.61
Tactical Bond Inc (Gross) F 60.72 - -0.02 1.78 JB BF EM Infl Link-USD B $ 98.40 - -0.09 0.00 Contl Europe Spec Equity £ 16.39 - -0.06 0.62
Invesco Global Technology A $ 15.11 - 0.03 0.00 Europe High Conviction PA € 10.99 - -0.04 0.00 Asia ex-Japan A1 $ 24.81 - 0.22 0.00 Mayfair Capital Investment Management Limited (UK)
Multi-Manager Global Select Acc 182.40 - 0.60 0.00
UK Aggressive Acc F 208.13 - 3.39 1.78 JB BF EM Inv Grade-USD B $ 102.87 - 0.17 0.00 2 Cavendish Square, London, W1G 0PU, 020 7495 1929 US Spec Equity Fund £ 14.11 - 0.10 0.16
Invesco UK Eqty A £ 8.33 - 0.14 1.11 Eurozone Small&Mid Caps PA € 46.84 - -0.04 0.00 Bond A1 $ 10.63 - 0.00 0.00
Multi-Manager Income & Growth A Acc 153.40 - -0.30 2.03
UK Aggressive Inc F 173.33 - 2.82 1.81 JB Emerging (EUR)-EUR B € 338.60 - 0.71 0.00 Property & Other UK Unit Trusts Japan Specialist Fund £ 9.50 - -0.02 0.56
Multi-Manager Income & Growth A Inc 143.70 - -0.30 2.05 Fdmt.Eq.L/S SH Sd EUR PA € 10.47 - -0.06 - China Equity Fd A1 $ 10.07 - 0.06 0.00
UK Growth Acc F 566.57 - 9.43 1.82 JB Emerging (USD)-USD B $ 407.97 - 1.29 0.00 Property Income Trust for Charities 76.02 78.55 0.97 6.48
Pacific Basin Specialist Equity Fund £ 24.08 - 0.05 1.18
Multi-Manager Managed A Acc 230.30 - 1.70 - Fdmt.Eq.L/S SH Sd USD PA $ 10.46 - -0.06 - Continental European Eqty A1 € 16.87 - 0.05 0.00
UK Growth Inc F 359.46 - 5.99 1.85 JB BF Local EM-USD B $ 289.77 - 0.85 0.00 UK Sovereign Bd Index Fund £ 11.62 - -0.07 2.58
Multi-Manager Managed A Inc 226.10 - 1.70 0.00 Gl Aggregate High Conv PA $ 19.38 - 0.02 0.00 Emer Mkts Debt Lo Curr Fd A1 $ 13.03 - 0.04 0.00
UK Smaller Cos Equity Acc F 769.66 - 6.94 0.62 JB BF Total Ret-EUR B € 99.48 - -0.07 0.00 McInroy & Wood Portfolios Limited (UK)
UK Specialist Equity Income Fund £ 10.53 - -0.04 3.47
Sterling Bond Acc 206.49 215.75 -0.88 2.84 Gbl.Gvt.Fdmt PA € 10.89 - -0.03 0.00 Emerging Markets Debt A1 $ 33.07 - 0.08 0.00 Easter Alderston, Haddington, EH41 3SF 01620 825867
UK Smaller Cos Equity Inc F 593.59 - 5.35 0.62 JB EF Abs Ret Eur-EUR B € 118.98 - -0.29 0.00 Global Spec Inv Grade Bd Fund GBP £ 10.55 - 0.02 3.13
Gbl.Gvt.Fdmt.(CHF) PA SFr 22.90 - 0.17 0.00 Emerging Markets Eq.A1 $ 11.70 - 0.07 0.00 Authorised Inv Funds
Sterling Bond Inc 65.08 68.00 -0.28 2.88
UK Strategic Income Acc F 181.10 - 2.85 3.49 JB EF Euro Value-EUR B € 185.60 - 1.79 0.00 Balanced Fund Personal Class Units 3975.50 - 21.50 1.82 Inflation Lkd Sov Bd Fund £ 13.20 - -0.07 0.71
Strategic Bond A Inc 130.00 - 0.00 5.74 Gbl.Gvt.Fdt.SH (CHF) PA SFr 27.67 - 0.02 0.00 European Concentrated A1 € 17.25 - 0.07 0.00
UK Strategic Income Inc F 137.91 - 2.17 3.58 JB EF Japan-JPY B ¥ 15734.00 - -186.00 0.00 Income Fund Personal Class Units 2467.40xd - 19.70 2.78 Global Emerg Mkts Equity Fund £ 12.45 - 0.13 0.64
Invest AD Gbl.5B Fdmt (EUR) PA € 11.80 - -0.04 0.00 European Core Eq A1 € 29.54 - 0.10 0.00
UK & Irish Smaller Companies A Acc 515.40 - 2.90 0.05
US Equity Acc F 547.68 - 8.18 0.00 Client services: +971 2 692 6101 clientservices@InvestAD.com JB EF Luxury B-EUR B € 225.31 - -0.02 0.00 Emerging Markets Fund Personal Class Units 1884.00 - 2.80 2.04 The initial charge you will pay will depend on the amount you invest
UK Absolute Return A Acc 144.00 - 0.20 0.00 Gbl.5B Fdmt (CHF) PA SFr 10.12 - 0.07 0.00 European Res.A1 € 30.68 - 0.07 0.00
Invesco Perpetual Funds (No Trail) Other International Funds **Address and Telephone number for series 1 only
JB Ms EF Special Val. EUR/A € 144.12 - 0.72 0.77 Smaller Companies Fund Personal Class Units 3477.10xd - 29.70 1.55
UK Alpha A Acc 108.70 - 1.70 1.05 Invest AD - Iraq Opportunity Fund $ 70.70 - -1.67 0.00 Gbl.5B Fdmt SH (USD) PA $ 11.16 - -0.01 0.00 European Smaller Companies A1 € 45.21 - -0.12 0.00
Asian (No Trail) Acc F 198.79 - 0.44 1.33
JB Strategy Balanced-CHF/B SFr 151.65 - 1.21 0.00
UK Equity Income & Growth A Inc 616.60 - 7.20 3.45 Invest AD - Emerging Africa Fund $ 1163.89 - 0.25 0.00 Generation Global (CHF) PA F SFr 12.38 - 0.15 0.00 European Value A1 € 34.42 - 0.02 0.00
Asian (No Trail) Inc F 180.76 - 0.41 1.34
JB Strategy Balanced-EUR € 158.02 - 0.54 0.00 Meridian Fund Managers Ltd
UK Index A Acc 510.50 - 7.90 1.99 Invest AD - GCC Focus Fund $ 1738.00 - 49.06 0.00 Generation Global (EUR) PA F € 19.44 - 0.05 0.00 Global Bond A1 $ 10.78 - 0.01 0.00
Asian Equity Income (No Trail) Acc F 131.73 - 0.06 3.99 Other International Funds
JB Strategy Balanced-USD/B $ 133.14 - 0.69 0.00
UK Property A Acc 193.08 203.24 0.05 4.04 Generation Global (USD) PA F $ 15.02 - 0.10 0.00 Global Conc.A1 $ 36.01 - 0.35 0.00
Asian Equity Income (No Trail) Inc 114.18 - 0.06 4.10 Global Gold & Resources Fund $ 204.84 - -17.30 -
JB Strategy Growth-CHF/B SFr 93.50 - 1.00 0.00
UK Property A Inc 97.68 102.81 0.03 - Global Energy (USD) PA F $ 8.70 - 0.28 0.00 Global Energy Fund A1 $ 14.22 - 0.34 0.00
Balanced Risk 6 No Trail Acc 110.24 - 0.23 0.20 Global Energy & Resources Fund $ 51.93 - -5.53 -
JB Strategy Growth-EUR € 119.15 - 0.57 0.00
UK Tracker A Acc 233.20 - 3.60 1.42 Golden Age (CHF) PA F SFr 21.31 - 0.05 0.00 Global Equity A1 $ 45.33 - 0.47 0.00
Balanced Risk 8 No Trail Acc 114.62 - 0.29 0.45
JB Strategy Inc-CHF/B SFr 120.87 - 0.57 0.00
US Growth A Acc 775.40 - 3.40 0.00 Balanced Risk 10 No Trail Acc 119.11 - 0.37 0.67
Golden Age (EUR) PA € 14.38 - 0.03 0.00 Global Equity A1 € 25.42 - 0.23 0.00 New Capital Fund Management Ltd (IRL)
JB Strategy Inc-EUR/B € 162.78 - 0.20 0.00 Metage Capital
Golden Age (USD) PA F $ 20.00 - 0.04 0.00 Leconfield House, Curzon Street, London, W1J 5JB
Corporate Bond (No Trail) Acc F 165.48 - -0.10 3.90 Global Multi-Asset A1 $ 16.24 - 0.10 0.00 Other International Funds
JB Strategy Inc-USD/B $ 149.58 - 0.41 0.00 FCA Recognised
Japan Small & Mid Caps PA ¥ 3107.00 - 0.00 0.00 Global Res.A1 $ 25.70 - 0.29 0.00 MGS -Master Series (Est) $ 223.20 - 10.16 - New Capital UCITS Funds
Corporate Bond (No Trail) Inc F 120.85 - -0.07 4.00
Distribution (No Trail) Acc F 169.17 - 0.43 4.13 JPMorgan Asset Mgmt (1200)F (UK) Sh.T- Money Mkt EUR PA € 112.42 - 0.00 0.00 Global Total Return A1 € 17.53 - 0.08 0.00 MEMO - Master Series (Est) $ 484.95 - 3.97 0.00 Asia Pac Bd USD Inst Inc $ 96.13 - 0.12 3.10
60 Victoria Embankment, London EC4Y 0JP Sh.T- Money Mkt CHF PA SFr 129.35 - -0.01 0.00 MEMO - MEMV Series $ 114.18 - -3.32 0.00
Distribution (No Trail) Inc F 115.38 - 0.29 4.21 High Yield A1 $ 25.04 - 0.02 0.00 Asia Pac Bd USD Ord Inc $ 98.19 - 0.11 2.38

Asset Management
Brokerline: 0800 727 770, Clients: 0800 20 40 20
Emerging Countries (No Trail) Acc F 172.21
Asset Management
- 0.75 0.99 Authorised Inv Funds Sh.T- Money Mkt GBP PA £ 10.25 - 0.00 0.00 High Yield Fund A1 € 16.09 - -0.01 0.00 Asia Pac Eq EUR Ord Inc Managemen € 100.14 - -0.05 2.88

Asset Management Ministry of Justice Common Investment Funds (UK)

JPM Retail OEIC (A class unless stated)
Asset Management
Sh.T- Money Mkt USD PA $ 10.30 - 0.00 0.00 Inflation-Adjusted Bond A1 $ 14.57 - 0.00 0.00 Asia Pac Eq GBP Ord Inc £ 103.04 - -0.06 3.27
Emerging Countries (No Trail) Inc F 162.30 - 0.70 1.00
America Eq Fd A - Net Acc 58.54xd - 0.52 0.00 Sw.Fr.Bd(For) PA SFr 23.99 - 0.03 0.00 Property & Other UK Unit Trusts
Hermes Investment Funds Plc (IRL) Emerging European (No Trail) Acc F 68.42 - 1.56 3.92 Japan Equity A1 $ 9.52 - 0.09 0.00 Asia Pac Eq USD Ord Inc $ 103.92 - -0.06 2.68
Hermes Investment Management Limited, 1 Portsoken Street, London E1 8HZ +44 (0) 207 680 2121 America Eq Fd A - Net Inc 58.54xd - 0.52 0.00 The Equity Idx Tracker Fd Inc 1395.00 1395.00 14.00 2.74
Sw.Fr.Credit Bd(For) PA SFr 13.79 - 0.02 0.00 Latin American Equity Fd A1 $ 15.14 - 0.14 0.00 Asia Pac Eq USD Inst Acc $ 107.63 - -0.06 0.00
Emerging European (No Trail) Inc F 62.37 - 1.42 4.03 Kames Capital ICVC (UK) Distribution Units
FCA Recognised Asia Acc 128.90xd - 0.00 0.37
Kames House, 3 Lochside Crescent, Edinburgh, EH12 9SA Tactical Alpha (CHF) PA SFr 10.42 - -0.02 0.00 Limited Maturity A1 $ 14.07 - 0.00 0.00 Asia Pac Eq USD Inst Inc $ 115.97 - -0.06 3.32
Hermes Active UK Inflation Fund Class F Acc £ 1.32 1.32 -0.01 0.00 European Equity (No Trail) Acc F 145.82 - 3.23 2.87
Asia Inc 71.51xd - 0.00 0.36 0800 45 44 22 www.kamescapital.com Tactical Alpha (EUR) PA € 10.65 - -0.02 0.00 Prudent Wealth Fd A1 $ 14.22 - 0.07 0.00
European Equity (No Trail) Inc F 123.16 - 2.73 2.94 Dyn Europ Eq EUR Ord Inc € 162.18 - -0.13 1.21
Hermes Asia Ex-Japan Equity Fund Class F Acc £ 1.59 1.59 0.00 0.00 Authorised Funds Mirabaud Asset Management (LUX)
Cautious Managed Rt Acc 67.09xd - 0.02 0.17 Tactical Alpha (USD) PA $ 15.27 - -0.03 0.00 Research Bond A1 $ 16.92 - 0.01 0.00
European Equity Income (No Trail) Acc F 150.33 - 3.45 3.23 www.mirabaud.com, marketing@mirabaud.com Dyn Europ Eq GBP Ord Inc £ 172.96 - -0.11 1.80
Hermes Asia Ex-Japan Equity Fund Class R Acc € 3.37 3.37 -0.01 0.00 Diversified Income B Acc 112.45 - 0.48 0.00
Cautious Managed Rt Inc 59.05xd - 0.02 0.17 Technology PA € 13.35 - -0.01 0.00 UK Equity A1 £ 8.21 - 0.05 0.00 Regulated
European Equity Income (No Trail) Inc F 117.89 - 2.70 3.31 Dyn Europ Eq USD Ord Inc $ 162.61 - -0.11 1.24
Hermes Global Emerging Markets Fund Class F Acc £ 1.26 1.26 0.00 0.00 Diversified Income B Inc 107.43 - 0.46 0.00 Mir. Conv. Bds Eur A EUR € 132.54 - 0.19 0.00
Diversified Real Ret Acc 54.95xd - 0.11 0.90 Technology PA $ 20.25 - -0.01 0.00 US Conc.Growth A1 $ 15.15 - 0.17 0.00
European High Income (No Trail) Acc F 166.99 - 0.83 3.35 China Equity EUR Ord Acc € 147.83 - -1.83 0.00
Hermes Global Emerging Markets Fund Class R Acc € 3.12 3.12 0.02 0.00 Ethical Cautious Managed A Acc 162.46 - 0.87 1.53 Mir. Conv. Bds Glb A USD $ 112.59 - 0.02 0.00
Diversified Real Ret Inc 53.64xd - 0.10 0.91 Wld Gold Expertise PAF SFr 13.50 - 0.13 0.00 US Government Bond A1 $ 17.32 - 0.01 0.00
European High Income (No Trail) Inc F 124.37 - 0.62 3.41 China Equity GBP Ord Acc £ 151.89 - -1.92 0.00
Hermes Global Equity Fund Class F Acc £ 1.51 1.51 0.02 0.00 Ethical Cautious Managed A Inc 135.83 - 0.72 1.55 Mir. - Eq Asia ex Jap A $ 186.68 - 1.11 0.00
Emerging Mkts Acc 159.50xd - 0.70 0.56 Wld Gold Expertise PA € 10.70 - 0.11 0.00 Value A1 $ 21.57 - 0.30 0.00
Invesco Perpetual High Yield Fund acc (No trail) 222.04 - -0.24 4.26 China Equity USD Ord Acc $ 149.92 - -1.89 0.00
Hermes Global Equity Fund Class R Acc € 3.86 3.86 0.04 0.00 Ethical Corporate Bond A Acc 199.16 - -1.53 3.35 Mir. - Eq Glb Emrg Mkt A USD $ 104.09 - 1.31 0.00
Emerging Mkts Inc 68.62xd - 0.30 0.58 Wld Gold Expertise PA $ 14.01 - 0.14 0.00
Invesco Perpetual High Yield Fund inc (No trail) 168.89 - -0.19 4.35 China Equity USD Inst Acc $ 153.00 - -1.93 0.00
Hermes Global ESG Equity Fund Class F Acc £ 1.15 1.15 0.00 - Ethical Corporate Bond A Inc 114.48 - -0.88 3.35 Mir. - Eq Global A USD $ 126.03 - 0.95 0.00
Emrg Mkts Inc Acc... C 58.44xd - 0.35 3.93 LO Selection
European Opportunities (No Trail) Acc F 161.80 - 2.43 0.76 MMIP Investment Management Limited (GSY) Global Val.Cr.Fd GBP Ord Inc £ 113.92 - 0.08 3.81
Hermes Global High Yield Bond Fund Class F Acc £ 1.12 1.12 0.01 0.00 Ethical Equity A Acc 167.08 - 1.99 1.10 Mir. -Eq Spain A € 25.70 - -0.14 0.00
Emrg Mkts Inc Inc... C 53.16xd - 0.32 4.03 Balanced (CHF) PA F SFr 106.07 - 0.48 0.00 Regulated
European Opportunities (No Trail) Inc F 153.54 - 2.30 0.77 Global Val.Cr.Fd USD Inst Acc $ 123.64 - 0.09 0.00
Hermes Global High Yield Bond Fund Class R Acc € 2.83 2.83 0.01 0.00 High Yield Bond A Acc 115.60 - 0.01 4.41 Multi-Manager Investment Programmes PCC Limited Mir. - Eq Swiss Sm/Mid A SFr 270.41 - 1.72 0.00
Europe Acc 1040.00xd - 15.00 1.34 Balanced (EUR) PA F € 125.03 - 0.00 0.00
European Smaller Companies (No Trail) Acc F 201.55 - 2.50 0.54 Global Val.Cr.Fd GBP Ord Acc £ 178.34 - 0.14 0.00
Hermes Multi Asset Inflation Fund Class F GBP Acc £ 1.00 1.00 0.00 - High Yield Bond A Inc 54.09 - 0.00 4.41 European Equity Fd Cl A Initial Ser € 2208.68 2217.55 1.10 0.00
Conservative (CHF) PA F SFr 103.86 - 0.25 0.00 Mir. - Glb High Yield Bds A $ 108.60 - 0.04 -
Asset Management
Europe Inc 59.93xd - 0.84 1.37
Global Balanced Index (No Trail) Acc F 156.95 - 0.93 1.78 Global Val.Cr.Fd USD Ord Acc $ 167.86 - 0.13 0.00
Hermes Multi Strategy Credit Fund Class F Acc Hed £ 1.01 1.01 0.00 - Inflation Linked A Acc 135.99 - 0.30 1.77 Japanese Equity Fd Cl A Initial Ser ¥ 315452.00 316508.00 -1147.00 0.00
set Management Eur Dynamic exUK Acc 159.20xd - 2.30 0.95 Conservative (EUR) PA F € 114.51 - -0.04 0.00 Mir. - Glb Eq High Income A USD $ 103.61 - 0.76 0.00
Global Bond (No Trail) Acc F 138.78 - -0.03 1.30 Global Val.Cr.Fd EUR Ord Acc € 157.12 - 0.13 0.00
Hermes Sourcecap EU Alpha Fund Class F Acc £
Hermes Sourcecap EU Alpha Fund Class F Dis £
1.27
1.25
1.27 0.02
1.25 0.02 1.84
-
Global Bond (No Trail) Inc Asset Management
F 126.90 - -0.04 1.31
Eur Dynamic exUK £ hdg Acc 176.50xd -
Asset Management
2.70 0.88
Asset Management
Investment Grade Bond A Acc
Investment Grade Bond A Inc
162.36
120.38
-
-
-0.39 3.22
-0.28 3.22
Global Allocation (GBP) PA F £ 9.99 - -0.01 0.00
MMIP - US EQUITY CLASS A 01 June 07 Series $ 1340.85 1344.86 -6.38 0.00
Pacific Basin Fd Cl A Initial Ser $ 2374.79 2394.11 -48.62 0.00
Mir. - Glb Strat. Bd A USD $ 106.25 - 0.03 0.00
Swiss Select Equity Inst Acc SFr 100.50 - 0.45 -

Asset Management Asset Management

Eur Dynamic exUK Inc 73.25xd - 1.07 0.97 Growth (CHF) PA F SFr 109.49 - 0.67 0.00 Mir. Opp.- Activ.Strategies I $ 101.39 - -1.31 -
Glbl Distribution Acc (No Trail) 105.54 - 1.39 - Swiss Select Equity Ord Acc SFr 99.91 - 0.43 -
Hermes Sourcecap EU Alpha Fund Class R Acc € 3.00 3.00 0.05 0.00 Sterling Corporate Bond A Acc 71.28 - -0.18 2.99 UK Equity Fd Cl A Series 01 £ 2170.61 2191.95 -0.26 0.00
Eur Smaller Cos Acc 431.20xd - 3.00 0.00 Growth (EUR) PA F € 134.71 - 0.05 0.00
Glbl Distribution Inc (No Trail) 103.11 - 1.35 - US Growth USD Ord Acc $ 198.01 - 2.05 0.00
Hermes Sourcecap EX UK Fund Class F Acc £ 1.31 1.31 0.02 0.00 Sterling Corporate Bond A Inc 32.20 - -0.08 2.99 Diversified Absolute Rtn Fd USD Cl AF2 $ 1615.58 - 11.56 0.00
Eur Smaller Cos Inc 56.07xd - 0.38 0.00 Vantage 1500 (EUR) MA € 10.36 - 0.01 0.00
Global Equity (No Trail) acc F 206.47 - 3.04 1.03 US Growth EUR Ord Acc € 189.91 - 1.98 0.00
Hermes Sourcecap EX UK Fund Class R Acc € 3.01 3.01 0.04 0.00 Strategic Bond A Acc 182.51 - 0.35 2.71 Diversified Absolute Return Stlg Cell AF2 £ 1632.60 - 12.04 0.00
Fusion Balanced Acc 54.53 - 0.07 0.00 Vantage 3000 (EUR) MA € 10.65 - 0.03 0.00
Global Equity (No Trail) inc F 193.22 - 2.85 1.04 US Growth GBP Ord Acc £ 198.21 - 2.06 0.00
Hermes UK Small & Mid Cap Fund Class F Acc £ 1.47 1.47 0.01 0.00 Strategic Bond A Inc 122.35 - 0.24 2.71 PrivilEdge
Fusion Balanced Inc 54.51 - 0.06 0.00
Global Equity Income (No Trail ) Acc F 247.89 - 3.11 3.21 US Growth USD Inst Acc $ 181.72 - 1.88 0.00
Hermes UK Small & Mid Cap Fund Class R Acc € 4.32 4.32 0.05 0.00 UK Equity Absolute Return A Acc 117.25 - -0.02 0.00 Inc.Pt.RMB Dt.CNH PA CNY 99.79 - -0.01 - Manek Investment Mgmt Ltd (1000)F (UK)
Fusion Conservative Acc 54.10 - 0.06 0.00
Global Equity Income (No Trail) Inc F 208.33 - 2.61 3.30 P.O.Box 100, Swindon SN1 1WR 0844 800 9401 Wealthy Nat Bd EUR Inst Inc € 110.26 - 0.04 3.93
Hermes US SMID Equity Fund Class F Acc £ 1.54 1.54 0.02 0.00 UK Equity A Acc 227.57 - 2.83 1.21 Inc.Pt.RMB Dt.SH CHF PA SFr 9.88 - 0.02 -
Fusion Conservative Inc 54.08 - 0.07 0.00 Authorised Inv Funds
Global ex UK Core Equity Index ( No Trail) Acc F 170.83 - 1.29 1.32 Wealthy Nat Bd GBP Inst Inc £ 113.80 - 0.04 3.80
Hermes US SMID Equity Fund Class R Acc € 3.22 3.22 0.05 0.00 UK Equity Income A Acc 202.91 - 2.85 3.98 Inc.Pt.RMB Dt.SH EUR PA € 9.89 - 0.03 - Montello Real Estate Opportunity Fund (LUX)
Fusion Growth Acc 55.73 - 0.08 0.00 Growth Fd Acc 57.57 61.00 -0.39 0.00
Global ex UK Enhanced Index ( No Trail) Acc F 199.08 - 1.77 1.74 101 New Cavendish Street,London W1W 6XH Wealthy Nat Bd EUR Ord Inc € 109.62 - 0.03 3.65
UK Equity Income A Inc 162.65 - 2.28 4.08 Inc.Pt.RMB Dt.USD PA $ 9.93 - 0.03 -
Fusion Growth Inc 55.72 - 0.07 0.00 Regulated
Gbl Fin Cap No Trail Acc 174.09 - 0.80 4.35 Wealthy Nat Bd GBP Ord Inc £ 114.42 - 0.04 3.55
Hermes Property Unit Trust (UK)
Fusion Growth + Acc 57.25 - 0.09 0.00
UK Opportunities A Acc 163.50 - 1.90 1.07 Jenn. US Eq.Opp. USD PA $ 9.61 - 0.12 -
Manulife Global Fund (LUX) Montello Real Estate Opportunity Fund II £ 1079.96 - 7.12 - Wealthy Nat Bd USD Ord Inc $ 111.57 - 0.04 3.51
Property & Other UK Unit Trusts Gbl Fin Cap No Trail Inc 152.34 - 0.70 4.48 Neubrg.Berman US Core PA $ 14.37 - 0.21 0.00
UK Smaller Companies A Acc 236.46 - 2.41 0.28 31 Z.A. Bourmicht, L-8070 Bertrange, Luxembourg
Fusion Growth + Inc 57.25 - 0.08 0.00 New Capital Alternative Strategies
Property £ 5.31 5.64 0.13 4.93 Global Opportunities (No Trail) Acc F 240.43 - 2.74 1.01 www.manulife.com.hk
Sands US Growth PA € 13.62 - 0.06 0.00
Fusion Income Acc...C 54.12 - 0.01 2.44 FCA Recognised Morant Wright Management Ltd (CYM) All Weather Fd USD Cls $ 119.43 - -0.22 0.00
Global Smaller Companies (No Trail) Acc F 242.63 - 1.18 0.40 Sands US Growth PA $ 16.48 - 0.08 0.00
Fusion Income Inc...C 52.33 - 0.00 2.49 Kames Capital Investment Portfolios ICVC (UK) American Growth Fund Class A F $ 28.2535 - 0.6673 0.00 Regulated All Weather Fd EUR Cls € 107.75 - -0.24 0.00
Impax Asset Management (IRL) Global Smaller Companies (No Trail) Inc F 233.37 - 1.13 0.40 Kames House, 3 Lochside Crescent, Edinburgh EH12 9SA Will.Blair Gbl. Ldrs PA € 15.22 - 0.02 0.00
Global Allocation A-Net Acc 54.23xd - 0.21 0.65 American Growth Fund Class AA F $ 1.6067 - 0.0379 0.00 MW Japan Fd Ltd A $ 21.93 - 0.00 0.00
Norfolk House, 31 St James's Square, London, SW1Y 4JR 0800 45 44 22 www.kamescapital.com All Weather Fd GBP Cls £ 115.84 - -0.23 0.00
Global Targeted Rets (No Trail) Acc 117.37 - 0.03 0.00 Will.Blair Gbl. Ldrs PA $ 12.88 - 0.09 0.00
FCA Recognised Authorised Funds American Growth Fund Class AA (HKD) FHK$ 10.0772 - 0.2385 - MW Japan Fd Ltd B $ 22.20 - 0.00 0.00
Global Allocation A-Net Inc 53.87xd - 0.20 0.65 Tactical Opps USD Cls $ 167.30 - -7.06 0.00
Env Mkts (Ire) Stl A £ 2.21 - 0.02 0.00 High Income (No Trail) Acc F 170.56 - 1.56 3.50
Global Equity Acc 972.00xd - 10.00 0.47 Property Income B Acc 111.70 - 0.17 - Asian Equity Fund Class A F $ 3.1722 - 0.0121 0.40 Tactical Opps EUR Cls € 140.74 - -5.98 0.00
High Income (No Trail) Inc F 127.68 - 1.17 3.59
Env Mkts (Ire) Euro A € 2.01 - 0.01 0.00
Global Equity Inc 72.24xd - 0.75 0.47 Property Income B Inc 107.85 - 0.17 - Lothbury Property Trust (UK) Asian Equity Fund Class AA F $ 1.0218 - 0.0039 0.00 Morant Wright Funds (Ireland) PLC (IRL) Tactical Opps GBP Cls £ 158.17 - -6.72 0.00
Env Mkts (Ire) USD A $ 1.74 - 0.01 0.00 Hong Kong & China (No Trail) Acc F 189.65 - 1.00 1.23 155 Bishopsgate, London EC2M 3TQ +44(0) 20 3551 4900 FCA Recognised
Global Bond exUK Acc 254.40xd - -0.50 0.69 Property & Other UK Unit Trusts Asian Small Cap Equity Fund Class AA F $ 2.2156 - 0.0204 0.00
Income & Growth (No Trail) Acc F 225.10 - 1.78 3.65 Morant Wright Fuji Yield CHF Acc HedgedSFr 10.37 - -0.08 -
Global Bond exUK Inc 200.80xd - -0.40 0.69 Kames Capital VCIC (IRL) Lothbury Property Trust GBP £ 1654.97 1776.10 10.45 3.28 Asian Small Cap Equity Fund Class AA (HKD)HK$ 8.9682 - 0.0835 -
Income & Growth (No Trail) Inc F 182.24 - 1.44 3.74 1 North Wall Quay, Dublin 1, Ireland +35 3162 24493 Morant Wright Fuji Yield EUR Acc Hedged € 10.17 - -0.08 -
INDIA VALUE INVESTMENTS LIMITED (INVIL) Global Consumer Trends Acc 92.90xd - 0.69 0.49 China Value Fund Class A F $ 8.7009 - 0.0666 0.70
www.invil.mu Income (No Trail) Acc F 169.35 - 1.51 3.31 FCA Recognised Morant Wright Fuji Yield GBP Acc Hedged £ 10.36 - -0.08 -
Other International Funds Global Consumer Trends Inc 88.18xd - 0.66 0.49 Absolute Return Bond B GBP Acc 1078.75 - 3.56 - China Value Fund Class AA F $ 2.7279 - 0.0209 0.48

Asset Management
Income (No Trail) Inc F 127.66 - 1.13 3.40 Morant Wright Fuji Yield USD Acc Hedged $ 10.09 - -0.08 -

Asset Manageme
NAV £ 7.37 - -0.02 0.00 Global Eq Income £ hdg Acc... C 67.00xd - 0.71 3.84 Eq Market Neutral B Acc 1000.09 - -0.28 - Dragon Growth Fund Class A F $ 2.0146 - 0.0098 -
Japan (No Trail) Acc F 136.32 - -1.14 0.85 Morant Wright Fuji Yield USD Dist Hedged $ 10.33 - -0.08 -
Global Eq Income £ hdg Inc ... C 49.29xd - 0.52 3.95 Eq Market Neutral Plus B Acc 998.86 - -0.46 - Dragon Growth Fund Class AA HKDHK$ 9.7616 - 0.0479 0.59
Japanese Smaller Companies (No Trail) Acc F 169.41 - -3.67 0.00 Morant Wright Fuji Yield YEN Acc ¥ 1035.31 - -7.80 -
Intrinsic Value Investors (IVI) LLP (IRL) Global Eq Income Acc... C 71.18xd - 0.67 3.70 High Yield Global Bond A GBP Inc 538.30 - 0.00 4.28 Emerging Eastern Europe Fund Class AA F $ 1.3762 - 0.0405 - Northwest Investment Management (HK) Ltd
Latin American (No Trail) Acc F 125.38 - 0.85 1.84 Morant Wright Fuji Yield YEN Dist ¥ 1035.31 - -7.80 -
1 Hat & Mitre Court, 88 St John Street, London EC1M 4EL +44 (0)20 7566 1210 11th Floor, Kinwick Centre, 32, Hollywood Road, Central Hong Kong +852 9084 4373
Global Eq Income Inc ... C 63.31xd - 0.59 3.82 High Yield Global Bond B GBP Inc 1118.03 - 0.03 4.80 Emerging Eastern Europe Fund Class A F $ 3.2025 - 0.0943 0.93
FCA Recognised Latin American (No Trail) Inc F 114.51 - 0.78 1.86 Morant Wright Sakura Fund Sterling Acc Hedged £ 12.26 - -0.11 0.00 Other International Funds
Global Financials Acc 721.60xd - 10.40 0.72 Investment Grade Global Bd A GBP Inc 573.22 - -0.17 2.40 M & G Securities (1200)F (UK) European Growth Fund Class A F $ 10.7019 - 0.2382 1.24 Northwest $ class $ 2282.96 - 24.66 0.00
IVI European Fund EUR € 16.66 - 0.06 0.00 Managed Growth (No Trail) Acc F 195.41 - 2.11 1.27 Morant Wright Sakura Fund Euro Acc Hedged € 12.24 - -0.11 0.00
PO Box 9039, Chelmsford, CM99 2XG
Global Financials Inc 41.07xd - 0.59 0.73 Kames Global Equity Income B GBP Acc 1133.92 - 11.61 - European Growth Fund Class AA F $ 0.7750 - 0.0173 0.60 Northwest Warrant $ class $ 2016.80 - 163.93 0.00
IVI European Fund GBP £ 17.05 - 0.16 1.07 Managed Growth (No Trail) Inc F 181.60 - 1.96 1.29 www.mandg.co.uk Enq: 0800 390 390, Dealing: 0800 328 3196 Morant Wright Sakura Fund Yen Acc Unhedged ¥ 1245.47 - -11.11 0.00
Global High Yield Bond A Mth Net Inc 39.05xd - -0.01 7.06 Kames Global Equity Income B GBP Inc 1105.25 - 11.30 - Authorised Inv Funds Global Contrarian Fund Class AA F $ 0.9330 - 0.0178 0.00
Managed Income (No Trail) Acc F 190.85 - 1.85 3.17 Morant Wright Sakura Fund Dollar Acc Hedged $ 12.22 - -0.11 0.00
Global High Yield Bond Acc ... C 99.39xd - -0.02 6.99 Strategic Global Bond A GBP Inc 1124.70 - 1.51 1.56 Charifund Inc 1500.25 - 18.71 4.44 Global Property Fund Class AA F $ 1.0446 - 0.0061 0.73
Managed Income (No Trail) Inc F 160.10 - 1.55 3.23 Morant Wright Sakura Fund Swiss Franc Acc HedgedSFr 12.24 - -0.11 -
Global High Yield Bond Inc ... C 39.03xd - -0.01 7.09 Strategic Global Bond B GBP Inc 637.72 - 0.87 2.04 Charifund Acc 19910.10 - 248.30 4.28 Global Resources Fund Class AA F $ 0.8554 - 0.0206 0.00
Monthly Income Plus (No Trail) Acc F 171.28 - 0.14 4.78
Global Property Secs Acc 61.72xd - 0.13 0.76 M&G Corporate Bond A Acc 64.93xd - -0.21 3.04 Greater China Opportunities Class AA $ 1.0250 - 0.0072 -
Monthly Income Plus (No Trail) Inc F 111.08 - 0.09 4.88
Global Property Secs Inc 53.51xd - 0.12 0.77 Kleinwort Benson Bank (UK) M&G Corporate Bond A Inc 41.54xd - -0.13 3.04 Healthcare Fund Class AA F $ 1.8855 - 0.0234 0.00
Pacific (No Trail) Acc F 186.29 - -0.58 0.84
Income Fd A - Net Acc 50.20xd - -0.26 - 14 St. George Street, Mayfair, London W1S1FE M&G Dividend A Inc 62.11xd - 0.99 4.14 India Equity Fund Class AA F $ 1.4913 - 0.0030 0.00
Pacific (No Trail) Inc F 176.81 - -0.55 0.92 Dealing and enquiries: 0800 024 2400
Income Fd A - Net Inc 48.56xd - -0.26 - M&G Dividend A Acc 603.30xd - 9.63 4.00 International Growth Fund Class A F $ 4.6082 - 0.0887 0.14 Oasis Crescent Management Company Ltd
Invesco Fund Managers Ltd (UK) Tactical Bond (No Trail) Acc F 141.83 - -0.05 2.23 Authorised Inv Funds
Perptual Park, Henley-On-Thames, Oxon, RG9 1HH Japan Acc 262.60xd - -4.50 0.00 Unit Trust Manager/ACD - Host Capital M&G Episode Growth X Inc 51.03xd - 0.61 1.83 International Growth Fund Class AA F $ 1.0590 - 0.0204 0.00 Other International Funds
Dealing: 0800 085 8571 Tactical Bond (No Trail) Inc F 121.51 - -0.03 2.26
Japan Inc 63.21xd - -1.08 0.00 HC KB Capital Growth A Acc 171.21 - 1.44 1.36 M&G Episode Income A Acc 145.36xd - 0.93 3.21 Japanese Growth Fund Class A F $ 3.0620 - -0.0176 0.66 Oasis Crescent Equity Fund R 9.94 - 0.19 0.00
Investor Services: 0800 085 8677 UK Aggressive (No Trail) Acc F 170.57 - 2.78 2.32 Morgan Stanley Investment Funds (LUX)
Broker Services: 0800 028 2121 Multi-Asset Inc A Mth Net Inc 66.70xd - 0.36 3.72 HC KB Capital Growth A Inc 162.82 - 1.37 1.38 M&G Episode Income A Inc 124.48xd - 0.80 3.28 Japanese Growth Fund Class AA F $ 0.7883 - -0.0045 0.00 6b Route de Trèves L-2633 Senningerberg Luxembourg (352) 34 64 61
UK Aggressive (No Trail) Inc F 143.52 - 2.34 2.37
www.invescoperpetual.co.uk HC KB Capital Growth B Acc 164.85 - 0.00 1.10 M&G Extra Income A Inc 771.97 - 6.77 4.15 www.morganstanleyinvestmentfunds.com Oasis Global Mgmt Co (Ireland) Ltd (IRL)
Multi-Asset Inc Acc... C 86.39xd - 0.46 3.64 Latin America Equity Fund Class AA F $ 0.9098 - 0.0172 1.46
Authorised Inv Funds UK Enhanced Index (No Trail) Acc F 407.77 - 6.45 3.29 FCA Recognised Regulated
Multi-Asset Inc Inc... C 66.69xd - 0.36 3.72 HC KB Capital Growth B Inc 159.26 - 0.00 1.07 M&G Extra Income A Acc 6098.33 - 53.44 4.04 Russia Equity Fund Class AA F $ 0.3790 - 0.0154 0.00
INVESCO PERPETUAL Funds UK Enhanced Index (No Trail) Inc F 262.58 - 4.15 3.37 US Advantage A F $ 52.82 - -0.73 0.00 Oasis Global Investment (Ireland) Plc
Multi-Asset Macro Acc 60.47xd - -0.10 0.00 HC KB Capital Growth C Acc 171.88 - 0.00 2.01 M&G Global Basics A Inc 663.11 - 5.34 0.28 Taiwan Equity Fund Class AA F $ 1.5426 - 0.0117 0.22 Oasis Global Equity $ 27.50 - 0.28 0.18
Asian Acc F 476.21 - 1.06 0.82 UK Growth (No Trail) Acc F 149.28 - 2.49 2.34 Asian Equity A F $ 44.77 - 0.06 0.00
Multi-Asset Macro Inc 60.47xd - -0.10 0.00 HC KB Capital Growth C Inc 159.94 - 0.00 2.00 M&G Global Basics A Acc 1001.04 - 8.05 0.28 Turkey Equity Fund Class AA F $ 0.9499 - -0.0089 0.00 Oasis Crescent Global Investment Fund (Ireland) plc
Asian Inc F 427.72 - 0.95 0.83 UK Growth (No Trail) Inc F 122.15 - 2.04 2.39 Asian Property A F $ 19.36 - 0.16 0.00
Multi-Manager Growth Acc 714.80xd - 6.30 0.38 HC KB Enterprise Equity Income A Inc 111.25 - -0.81 3.78 M&G Global Dividend Fund A Acc 198.47xd - 2.32 3.18 US Bond Fund Class AA F $ 1.2231 - -0.0010 - Oasis Crescent Global Equity Fund $ 27.99 - 0.29 0.00
Asian Equity Income Acc F 64.60 - 0.03 4.00 UK Smaller Companies Equity (No Trail) Acc F 249.61 - 2.25 1.14 Asian Property AX F £ 11.92 - 0.08 0.56
Multi-Manager Growth Inc 667.10xd - 5.90 0.38 HC KB Enterprise Equity Income A Acc 160.47 - -1.18 3.69 M&G Global Dividend Fund A Inc 160.55xd - 1.87 3.27 U.S. Bond Fund Class AA Inc F $ 1.0123 - -0.0009 - OasisCresGl Income Class A $ 11.05 - -0.02 2.44
Asian Equity Income Inc F 55.98 - 0.02 4.11 UK Smaller Companies Equity (No Trail) Inc F 232.95 - 2.10 1.15 Diversified Alpha Plus A F € 33.66 - -0.19 0.00
Natural Resources Acc 472.40xd - 10.70 0.04 HC KB Endeavour Multi Asset Balanced A Acc 134.85 - 0.77 0.81 M&G Glbl Emrgng Mkts A Acc 212.85xd - 0.10 0.69 U.S. Bond Fund Class AA (HKD) IncHK$ 10.0517 - -0.0077 - OasisCresGl LowBal D ($) Dist $ 12.11 - 0.06 0.00
Balanced Risk 6 Acc 54.31 - 0.12 0.00 UK Strategic Income (No Trail) Acc F 716.58 - 11.29 3.47 Emerg Europ, Mid-East & Africa Eq A F € 65.24 - -0.18 0.00
Natural Resources Inc 33.45xd - 0.75 0.02 HC KB Endeavour Multi Asset Balanced A Inc 128.70 - 0.73 0.81 M&G Glbl Emrgng Mkts A Inc 205.88xd - 0.10 0.70 U.S. Special Opportunities Fund Class AA F $ 0.9074 - 0.0009 7.19 OasisCresGl Med Eq Bal A ($) Dist $ 12.21 - 0.07 0.04
Balanced Risk 8 Acc 56.48 - 0.15 0.04 UK Strategic Income (No Trail) Inc F 545.75 - 8.60 3.56 Emerging Markets Debt A F $ 75.65 - 0.39 0.00
New Europe Acc 145.40xd - 2.80 2.72 HC KB Enterprise Fixed Income A Acc 126.43 - -0.15 3.44 M&G Global Macro Bond Fund A Acc 110.48xd - -0.16 0.54 U.S. Special Opportunities Fund Class AA (HKD)HK$ 9.3825 - 0.0103 - Oasis Crescent Gbl Property Eqty $ 10.03 - 0.08 1.55
Balanced Risk 10 Acc 58.70 - 0.19 0.27 US Equity (No Trail) Acc F 227.19 - 3.40 0.04 Emerging Markets Domestic Debt AX F £ 12.76 - 0.01 5.21

Asset Management
New Europe Inc 34.56xd - 0.66 2.89 HC KB Enterprise Fixed Income A Inc 114.32 - -0.14 3.44 M&G Global Macro Bond Fund A Inc 76.82xd - -0.11 0.54 U.S. Special Opportunities Fund Class AA Inc $ 0.9201 - 0.0010 -
Childrens Acc F 411.36 - 6.73 1.75 Emerging Markets Equity A F $ 36.89 - 0.08 0.00

set Management
Corporate Bd Acc (Gross) F 208.09 - -0.12 3.65 Portfolio Acc 199.10 - 1.90 0.98 M&G Global High Yield Bond X Inc 50.59xd - 0.04 4.68 US Small Cap Equity Fund Class AA F $ 1.0916 - 0.0280 0.00
Euro Bond A F € 15.98 - 0.04 0.00
Corporate Bd Inc (Gross) F 91.62 - -0.05 3.75 Asset Management Sterling Corporate Bond Acc 86.02xd - -0.35 2.49 Asset Management
Lloyds Investment Fund Managers Limited (1000)F (JER)
PO Box 311, 11-12 Esplanade, St Helier, Jersey, JE4 8ZU 01534 845555
M&G Global High Yield Bond X Acc
M&G Managed Growth X Inc
116.35xd
80.07
-
-
0.08 4.66
0.61 0.61
US Treasury Inflation-Protected Securities Fund Class AA F $ 1.3198 - -0.0061 0.06
Euro Corporate Bond AX F £ 23.07 - 0.02 1.93
Corporate Bond Acc F 186.24 - -0.11 3.67 Sterling Corporate Bond Inc 54.60xd - -0.22 2.50
Other International Funds Euro Strategic Bond A F € 44.20 - 0.00 0.00
Corporate Bond Inc F 91.40 - -0.05 3.75 Strategic Bond Acc 68.95xd - 0.10 3.33
Lloydstrust Gilt £ 12.9100xd - -0.0400 2.36
M&G Optimal Income A Inc 146.92 - 0.86 2.37 Manulife Global Fund European Currencies High Yield Bd A F € 21.48 - 0.00 0.00
Strategic Bond Inc 58.07xd - 0.08 3.36 M&G Optimal Income A Acc 191.02 - 1.12 2.37 Other International Funds
Distribution Acc F 110.70 - 0.28 4.14 Lloyds Investment Funds Limited European Equity Alpha A F € 44.08 - -0.29 0.00
Asia Total Return Fund Class AA $ 0.9960 - 0.0008 - Odey Asset Management LLP (UK)
Distribution Acc (Gross) F 125.81 - 0.32 4.12 UK Active Index + E Acc 282.50xd - 4.40 2.74 Euro High Income € 1.7140xd - 0.0000 2.99 M&G Recovery GBP A Inc 123.78xd - 2.06 0.96
Invesco (LUX)
Asia Total Return Fund Class AA Inc $ 0.9591 - 0.0006 3.45
European Property A F € 34.20 - -0.21 - 40 Dukes Place, London, EC3A 7NH
Distribution Inc F 66.32 - 0.17 4.22 Dublin 00 353 1 439 8100 Hong Kong 00852 3191 8282 UK Active Index + E Inc 53.26xd - 0.83 2.91 European £ 7.8750 - 0.0700 1.01 M&G Recovery GBP A Acc 276.94xd - 4.61 0.95
Eurozone Equity Alpha A F € 11.31 - -0.07 0.00 Order Desk: 0845 300 2106, Enquiries: 0870 607 2555
FCA Recognised Asia Value Dividend Equity Fund Class AA F $ 1.6576 - 0.0040 0.00
Distribution Inc (Gross) F 66.32 - 0.17 4.22 UK Dynamic Acc 154.00xd - 1.90 1.25 High Income £ 0.9215xd - -0.0019 4.88 M&G Strategic Corp Bond A Inc 76.85 - -0.16 2.89 Authorised Corporate Director - Capita Financial Managers
Invesco Management SA Global Bond A F $ 40.09 - 0.03 0.00
Asia Value Dividend Equity Fund Class AA Inc $ 1.0130 - 0.0029 - Authorised Inv Funds
Emerging Countries Acc F 263.77 - 1.14 0.49 UK Dynamic Inc 127.10xd - 1.60 1.27 International £ 4.4630 - 0.0570 1.27 M&G Strategic Corp Bond A Acc 108.51 - -0.22 2.89
Invesco Active Multi-Sector Credit Fund A € 2.93 - 0.00 0.00 Global Brands A F $ 92.13 - -1.13 0.00 CF Odey Continental European R Acc 740.79 - 6.83 0.18
Strategic Income Fund Class AA F $ 1.0941 - 0.0002 4.40
Emerging Countries Inc F 239.98 - 1.04 0.49 UK Eq & Bond Inc Acc ... C 141.80xd - 1.40 3.19 North American £ 16.0700 - 0.2500 0.07 M&G Global Leaders GBP A Inc 192.10 - 1.92 1.47
Invesco Asia Balanced A dist $ 15.59 - 0.04 3.48 Global Convertible Bond A F $ 42.28 - -0.24 0.00 CF Odey Continental European I Acc 126.53 - 1.17 0.73
Emerging European Acc F 33.01 - 0.75 3.21 UK Eq & Bond Inc Inc ... C 84.81xd - 0.79 3.29 Sterling Bond £ 1.5630xd - -0.0050 3.37 M&G Global Leaders GBP A Acc 446.27 - 4.46 1.45
Invesco Asia Consumer Demand Fund A income $ 14.12 - 0.11 0.18 Global Property A F $ 29.23 - -0.18 0.00 CF Odey Continental European I Inc 121.60 - 1.12 0.73
UK Focus Acc 73.30xd - 1.15 0.96 M&G UK Inflation Lnkd Corp Bnd A Acc 112.07 - 0.42 0.23
Marlborough Fd Managers Ltd (1200)F (UK)
Emerging European Inc F 30.89 - 0.70 3.29 UK £ 7.1480 - 0.1090 1.06
Invesco Asia Infrastructure (A) $ 13.50 - 0.05 1.51 Marlborough House, 59 Chorley New Road, Bolton, BL1 4QP 0808 145 2500 Indian Equity A F $ 37.53 - 0.12 0.00 CF Odey Opus R Inc 3854.02 - 10.09 0.00
UK Focus Inc 62.75xd - 0.98 0.96 Lloyds Gilt Fund Limited M&G UK Inflation Lnkd Corp Bnd A Inc 110.46 - 0.41 0.23 www.marlboroughfunds.com
European Equity Acc F 829.09 - 18.35 2.33 Invesco Asia Opportunities Equity A $ 106.69 - 0.54 0.00 Latin American Equity A F $ 48.50 - -0.15 0.00
Lloyds Gilt Fund Quarterly Share £ 1.3390xd - -0.0040 1.89 Authorised Inv Funds CF Odey Opus Fund A Accumulation 137.50 - 0.36 0.00
European Equity Inc F 701.44 - 15.53 2.38 UK Higher Inc Acc ... C 892.50xd - 12.60 3.73
Invesco Balanced Risk Allocation Fund A € 15.66 - 0.04 0.00 Short Maturity Euro Bond A F € 20.42 - 0.00 0.00 CF Odey Opus Fund I Acc 176.55 - 0.46 0.25
Monthly Share £ 1.2890xd - -0.0040 1.89 Balanced 153.03 161.81 -0.60 0.08
European Equity Income Acc F 73.26 - 1.68 3.25 UK Higher Inc Inc ... C 531.30xd - 7.50 3.91 M & G Securities Ltd (UK)
US Dollar Liquidity A F $ 13.03 - 0.00 0.00
Invesco Capital Shield 90 (EUR) A € 12.15 - 0.00 0.00 CF Odey Opus Fund I Inc 172.87 - 0.46 0.25
Lloyds Money Fund Limited Property & Other UK Unit Trusts Bond Income 52.40 55.45 0.04 4.29
European Equity Income Inc F 57.44 - 1.32 3.32 UK Managed Equity Acc 68.04xd - 1.03 1.98
Invesco Emerging Europe Equity Fund A $ 7.72 - 0.20 0.00 Australian Dollar A$ 173.4030 - 0.0080 1.56 US Growth A F $ 62.07 - -0.79 0.00 CF Odey Absolute Return Fund Euro Hedged € 1.75 - 0.00 0.00
Charibond 131.25xd - -0.52 4.95 Cash 50.08 - 0.00 0.60
European High Income Acc F 81.31 - 0.41 3.36 UK Managed Equity Inc 58.05xd - 0.88 2.00
Invesco Emerging Local Currencies Debt A Inc $ 8.43 - 0.05 5.97 Euro € 52.7270 - 0.0000 -0.05 US Growth AH F € 42.91 - -0.54 0.00 CF Odey Absolute Return Fund US Dollar Hedged $ 1.61 - -0.01 0.00
(Accum Units) 3736.66xd - -14.75 4.89 Cautious Inc 84.94 89.42 -0.02 1.59
European High Income Inc F 60.55 - 0.30 3.42 UK Smaller Cos Acc 333.10xd - 1.30 0.00
Invesco Emerging Mkt Quant.Eq. A $ 10.97 - 0.10 0.00 New Zealand Dollar NZ$ 209.7430 - 0.0230 2.68 US Growth AX F £ 41.21 - -0.62 0.00 CF Odey Absolute Return R 293.42 - -1.17 0.00
NAACIF 78.70xd - -0.06 4.32 Defensive A Inc 116.64 - -0.16 0.97
UK Smaller Cos Inc 64.69xd - 0.27 0.00
Wednesday 4 February 2015 ★ FINANCIAL TIMES 27

MANAGED FUNDS SERVICE

Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield Fund Bid Offer +/- Yield

CF Odey Absolute Return I 302.28 - -1.20 0.00 Pictet-Emerging Markets Index-I USD F $ 245.84 - 0.70 0.00 Your Portfolio Fund V Class 1 128.40 - 0.00 0.60 Guide to Data
CF Odey Portfolio Fund Class P Institutional Acc 104.88 - -0.25 - Pictet-Emerging Corporate Bonds I USD $ 104.87 - 0.04 0.00 Polunin Capital Partners Ltd Your Portfolio Fund V Class 2 128.10 - 0.10 0.90 Scottish Friendly Asset Managers Ltd (UK) The Hartford International Funds (IRL) Veritas Asset Management LLP (IRL)
CF Odey Portfolio Fund Class P Retail Acc 104.63 - -0.25 - Pictet-Emerging Markets High Dividend I USD $ 109.41 - 0.91 0.00 Other International Funds Your Portfolio Fund VI Class 1 127.70 - 0.00 0.60 Scottish Friendly Hse, 16 Blythswood Sq, Glasgow G2 4HJ 0141 275 5000 Regulated HSSI Ltd, 1 Grand Canal Sq, Grand Canal Harbour, Dublin 2, Ireland
Developing Countries 'A' $ 38.29 - 0.63 0.00 Authorised Inv Funds Gbl Govt Bond (Ex Japan) Index (GBP) £ 1666.54 - 3.29 0.00 Veritas Funds Plc
CF Odey Portfolio Fund I Acc 148.27 - -0.39 0.06 Pictet-Emerging Markets Sust Eq I USD $ 98.72 - 0.11 0.00 Your Portfolio Fund VI Class 2 127.90 - -0.10 0.90 The fund prices quoted on these pages are supplied by
Managed Growth 230.40 - 1.60 0.00 www.veritas-asset.com the operator of the relevant fund. Details of funds
Emerging Markets Active $ 42.90 - 0.70 - UK Corporate Bond £ 1618.90 - -6.22 0.00
CF Odey Portfolio Fund I Inc 145.92 - -0.38 0.06 Pictet-Environmental Megatrend Sel I EUR € 154.84 - 0.01 0.00 +353 1 635 6799 published on these pages, including prices, are for the
UK Growth 243.40 - 2.20 0.00
Luxcellence Em Mkts Tech $ 970.51 - 12.92 0.00 Gilt £ 1631.53 - -8.53 0.00 FCA Recognised purpose of information only and should only be used as
CF Odey Portfolio Fund R Acc 144.54 - -0.38 0.00 Pictet-EUR Bonds-I F € 560.83 - 0.32 0.00 Ruffer LLP (1000)F (UK) a guide. The Financial Times Limited makes no
Polunin Developing Countries $ 853.63 860.89 -6.77 0.00 Global Eq (Ex Japan) Index Fund ¥ 1.36 - 0.01 0.00 Institutional
CF Odey Portfolio Fund R Inc 144.30 - -0.38 0.00 Pictet-EUR Corporate Bonds Ex Fin i EUR € 146.59 - 0.05 0.00 40 Dukes Place, London EC3A 7NH representation as to their accuracy or completeness and
Order Desk and Enquiries: 0845 601 9610 SIA (SIA Funds AG) (LUX) Veritas Asian Fund A USD H $ 312.80 - -0.54 0.66 they should not be relied upon when making an
Polunin Discovery - Frontier Markets $ 1501.86 - -1.34 - Global Eq (ex Japan) Class HJ4 ¥ 1.41 - 0.01 0.00 investment decision.
Pictet-EUR Corporate Bonds-I F € 202.46 - 0.05 0.00 Authorised Inv Funds Regulated Veritas Asian Fund A GBP H £ 385.15 - -1.42 0.48
Polunin Small Cap $ 1438.76 1456.74 28.25 0.00 Global Eq (ex Japan) Class JP5 ¥ 1.50 - 0.01 0.00
Odey Asset Management LLP (CYM) Pictet-EUR Government Bonds I EUR € 159.72 - 0.19 0.00 Authorised Corporate Director - Capita Financial Managers LTIF Alpha € 167.44 - -0.54 0.00
Veritas Asian Fund A EUR H € 321.03 - -1.13 0.41 The sale of interests in the funds listed on these pages
Regulated CF Ruffer Investment Funds Global Eq Ex Japan Index Fund (Hedge) ¥ 1.37 - 0.01 0.00 may, in certain jurisdictions, be restricted by law and
Pictet-EUR High Yield-I F € 240.39 - -0.25 0.00 LTIF Classic € 344.06 - 1.78 0.00
Veritas China Fund A USD $ 135.90 - 0.53 0.00 the funds will not necessarily be available to persons in
OEI MAC Inc A £ 450.91 - 5.23 0.00
Pictet-EUR Inflation Linked Bonds I EUR € 127.63 - 0.29 0.00
Private Fund Mgrs (Guernsey) Ltd (GSY) CF Ruffer Gold Fund C Acc 84.29 - -4.56 0.00
LTIF Natural Resources € 81.56 - 1.03 0.00
Gbl Govt Bond (Ex Japan) Index ¥ 1.34 - 0.00 0.00
all jurisdictions in which the publication circulates.
Regulated Veritas China Fund A GBP £ 138.32 - 0.56 0.00
OEI Mac Inc B £ 255.11 - 7.51 0.00 CF Ruffer Gold Fund O Acc 83.64 - -4.52 0.00 Gbl Govt Bond (ex Japan) Class JP4 ¥ 1.31 - 0.00 0.00 Persons in any doubt should take appropriate
Pictet-EUR Short Mid-Term Bonds-I F € 136.69 - 0.04 0.00 professional advice. Data collated by Morningstar. For
Monument Growth 27/01/2015 £ 457.73 462.82 12.95 1.07 Veritas China Fund A EUR € 134.14 - 0.49 0.00
OEI MAC Inc USD $ 2458.96 - 27.81 0.00 Equity & General C Acc 376.16 - -1.26 0.25 Japan Equity Index Fund ¥ 0.95 - -0.01 0.00 other queries contact reader.enquiries@ft.com +44
Pictet-EUR Short Term HY I EUR € 117.06 - 0.02 0.00 SIA (SIA Funds AG) (CH) Veritas Global Equity Income Fund D USD $ 126.58 - 1.24 4.74 (0)207 873 4211.
Odey European Inc EUR € 975.05 - 14.82 0.00 Equity & General C Inc 347.15 - -1.16 0.25 Other International Fds Japan Equity Class JP3 ¥ 1.15 - -0.01 0.00
Pictet-EUR Sov.Sht.Mon.Mkt EUR I € 103.20 - 0.01 0.00
Odey European Inc A GBP £ 373.03 - 5.75 -
Prusik Investment Management LLP (IRL)
LTIF Stability Growth SFr 200.00 - 7.90 -
Veritas Global Equity Income Fund D EUR € 216.37 - 1.92 4.05
Equity & General O Inc 346.53 - -1.16 0.00 The fund prices published in this edition along with
Pictet-Euroland Index IS EUR € 129.46 - 0.70 0.00 Enquiries - 0207 493 1331 Veritas Global Equity Income Fund D GBP £ 163.23 - 1.22 4.55 additional information are also available on the
Odey European Inc B GBP £ 211.78 - 3.26 0.00
Pictet-Europe Index-I EUR F € 168.41 - 0.19 0.00 Regulated Equity & General O Acc 373.38 - -1.26 0.00 LTIF Stability Inc Plus SFr 177.60 - 7.00 5.70 The National Investor (TNI) Financial Times website, www.ft.com/funds. The
www.tni.ae Veritas Global Focus Fund D USD $ 24.87 - 0.21 2.87 funds published on these pages are grouped together by
Odey European Inc USD $ 455.04 - 6.79 0.00 Prusik Asian Equity Income B Dist $ 163.04 - -0.42 4.59 European C Acc 488.91 - 2.75 0.22
Pictet-European Equity Selection-I EUR F € 582.68 - 0.89 0.00 Other International Funds fund management company.
Veritas Global Focus Fund D EUR € 22.08 - 0.16 2.69
Giano Capital EUR Inc € 4955.50 - 77.78 0.00
Pictet-European Sust Eq-I EUR F € 235.39 - -0.69 0.00
Prusik Asia A $ 203.21 - -0.53 0.00 European O Acc 485.35 - 2.73 0.00 Smith & Williamson Investment Management (1200)F (UK)
UAE Blue Chip Fund * AED 10.31 - -0.08 0.00
25 Moorgate, London, EC2R 6AY 020 7131 8100 Veritas Global Focus Fund D GBP £ 28.02 - 0.17 2.45 Prices are in pence unless otherwise indicated. The
Prusik Asian Smaller Cos A $ 160.55 - 0.45 0.00 Japanese Fund C Acc 173.43 - -1.81 0.01 TNI Funds Ltd (BMU)
Pictet-Generics-I USD F $ 277.64 - -0.38 0.00 www.sandwfunds.com change, if shown, is the change on the previously
Veritas Global Focus Fund A GBP £ 27.04 - 0.16 -
Odey Asset Management LLP (IRL)
Pictet-Global Bds Fundamental I USD $ 124.04 - 0.52 0.00
Japanese Fund O Acc 171.97 - -1.80 0.00 Authorised Inv Funds MENA Hedge Fund $ 966.46 - -87.16 0.00 quoted figure (not all funds update prices daily). Those
FCA Recognised Veritas Global Focus Fund A EUR € 12.86 - 0.09 2.14 designated $ with no prefix refer to US dollars. Yield
Pictet-Global Bonds-I EUR € 164.06 - -0.60 0.00
Purisima Investment Fds (UK) (1200)F (UK) Pacific C Acc 296.56 - -3.15 0.47 European Growth Trust A Class 494.90 - 5.70 1.37 TNI Funds Plc (Ireland) percentage figures (in Tuesday to Saturday papers)
Odey Pan European EUR R € 339.91 - -1.50 0.00 40 Dukes Place, London EC3A 7NH MENA UCITS Fund * $ 1329.41 - -11.21 0.00 Veritas Global Focus Fund A USD $ 23.98 - 0.20 2.41 allow for buying expenses. Prices of certain older
Pacific O Acc 294.12 - -3.13 0.17 Far Eastern Income and Growth Trust A Class 413.60 - -3.60 2.79 insurance linked plans might be subject to capital gains
Odey Pan European GBP R £ 205.90 - -0.06 0.00 Pictet-Global Emerging Currencies-I USD F $ 98.25 - 0.30 0.00 Order Desk 08459 220044, Enquiries: 0870 607 2555 Veritas Global Focus Fund C GBP £ 29.18 - 0.18 0.00 tax on sales.
Authorised Inv Funds Total Return C Acc 397.66 - -1.12 1.60 Fixed Interest Trust A Class 127.50xd - -0.60 3.89
Odey Allegra European EUR O € 266.28 - -2.38 0.00 Pictet-Global Emerging Debt-I USD F $ 353.52 - -1.51 0.00
Veritas Global Focus Fund C EUR € 23.10 - 0.17 0.00
Authorised Corporate Director - Capita Financial Managers Total Return C Inc 279.28 - -0.78 1.62 Global Gold and Resource Trust A Class 178.30 - 0.80 0.00
Pictet-Global Megatrend Selection-I USD F $ 225.38 - 1.12 0.00 Guide to pricing of Authorised Investment Funds
Odey Allegra European EUR A € 160.16 - -1.43 0.00 Global Total Fd PCG A 160.42 - 2.11 0.36 Veritas Global Focus Fund C USD $ 25.95 - 0.22 0.00 (compiled with the assistance of the IMA. The
Total Return O Inc 277.13 - -0.78 1.61 MM Endurance Balanced Fund A Class 212.90 - -0.50 0.96
Odey Allegra European GBP O £ 288.04 - -1.39 0.00 Pictet-Greater China-I USD F $ 475.24 - 2.63 0.00 Investment Management Association, 65 Kingsway,
Global Total Fd PCG B 159.30 - 2.09 0.13 Veritas Global Equity Income Fund A GBP £ 156.78 - 1.18 4.57
Total Return O Acc 394.71 - -1.11 1.60 MM Global Investment Fund A Class 2244.00 - 10.00 1.53 London WC2B 6TD. Tel: +44 (0)20 7831 0898.)
Odey Allegra European USD O $ 232.26 - -0.86 0.00 Pictet-High Dividend Sel I EUR F € 153.02 - 0.37 0.00
Global Total Fd PCG INT 157.54 - 2.06 0.00 Veritas Global Equity Income Fund A EUR € 210.66 - 1.87 4.07
North American Trust A Class 1729.00 - 14.00 0.00
Odey Allegra European EUR I € 254.01 - -2.28 0.00 Pictet-India Index I USD $ 111.46 - 0.03 0.00 OEIC: Open-Ended Investment Company. Similar to a
Veritas Global Equity Income Fund A USD $ 122.07 - 1.19 4.76
Oriental Growth Fund A Class 147.80 - 0.10 1.59 unit trust but using a company rather than a trust
Odey Allegra European EUR A I € 162.84 - -1.46 0.00 Pictet-Indian Equities-I USD F $ 486.29 - -3.40 0.00 structure.
Purisima Investment Fds (CI) Ltd (JER) Veritas Global Equity Income Fund C GBP £ 180.29 - 1.36 -
UK Equity Growth Trust A Class 411.30 - 4.30 0.80
Odey Allegra European GBP D £ 173.46 - -0.84 0.00 Pictet-Japan Index-I JPY F ¥ 14691.19 - -170.59 0.00 Regulated Veritas Global Equity Income Fund C EUR € 242.01 - 2.15 - Different share classes are issued to reflect a different
UK Equity Income Trust A Class 229.90 - 2.90 5.63
Odey Allegra International Euro Class € 172.34 - -0.80 0.00 Pictet-Japanese Equities Opp-I JPY F ¥ 8619.80 - -89.99 0.00 PCG B 157.55 - -1.34 0.00 currency, charging structure or type of holder.
Veritas Global Equity Income Fund C USD $ 139.47 - 1.37 -
Odey Allegra International GBP Class £ 203.14 - -0.12 0.00 Pictet-Japanese Equity Selection-I JPY F ¥ 13136.27 - -139.86 - PCG C 155.59 - -1.33 0.00 The Resolution Fund (1200) (UK) Veritas Global Real Return Fund A USD $ 20.31 - 0.02 2.07
Smith & Williamson Fd Admin Ltd (1200)F (UK) Selling price:Also called bid price. The price at which
Pictet-LATAM Index I USD $ 64.44 - -2.48 0.00 Tel 0870 870 8434
Odey Allegra International USD $ 153.81 - 0.09 0.00 Veritas Global Real Return Fund A GBP £ 11.29 - 0.01 2.06 units in a unit trust are sold by investors.
S W Mitchell Capital LLP (CYM) 25 Moorgate, London, EC2R 6AY 0141 222 1150 Authorised Inv Funds
Odey Allegra International Euro I Class € 157.70 - -0.73 0.00 Pictet-LATAM Lc Ccy Dbt-I USD F $ 137.34 - -2.68 0.00 Putnam Investments (Ireland) Ltd (IRL) Authorised Inv Funds
Regulated Global Fixed Income D Acc F 104.30 - 0.00 0.59 Veritas Global Real Return Fund A EUR € 11.96 - 0.01 0.17 Buying price: Also called offer price. The price at
Pictet-Pacific Ex Japan Index-I USD F $ 363.37 - -1.19 0.00 Regulated S&W Deucalion Fd (OEIC) 2061.00 - 27.00 0.45
Odey Allegra International GBP D inc £ 184.04 - -0.10 0.00 S W Mitchell European Fund Class A EUR € 298.90 - -2.66 - Global Fixed Income D Inc F £ 1.03 - 0.00 0.58 Retail which units in a unit trust are bought by investors.
Putnam New Flag Euro High Yield Plc - E € 1025.47 - -0.12 2.59 Includes manager’s initial charge.
Odey Allegra International GBP A D £ 135.74 - -0.07 0.00 Pictet-Premium Brands-I EUR F € 158.94 - -0.46 0.00 S W Mitchell Small Cap European Fund Class A EUR € 215.99 - -2.86 - S & W Magnum 383.50 405.20 2.60 1.50 Veritas Asian Fund B USD $ 219.96 - -0.36 0.47
Global Yield B Acc F 119.40 - 0.10 1.60
Odey Allegra Developed Markets Fund USD I $ 126.91 - 0.36 0.00 Pictet-Quality Global Equities I USD $ 134.65 - 1.04 0.00 The Charlemagne Fund EUR € 279.88 - -12.15 - S & W Marathon Trust 187.40 198.30 0.80 1.66 Veritas Asian Fund B GBP £ 283.86 - -1.01 0.04 Single price: Based on a mid-market valuation of the
Global Yield B Inc F 112.70 - 0.10 1.60
Pictet-Russia Index I USD $ 44.18 - 0.30 0.00 Rathbone Unit Trust Mgmt (1200)F (UK)
Charity Value and Income Fund Acc 137.10 138.00 1.80 4.57 Veritas Asian Fund B EUR € 236.32 - -0.84 0.00
underlying investments. The buying and selling price
Odey Allegra Developed Markets Fund GBP I £ 130.94 - 0.23 0.00 PO Box 9948, Chelmsford, CM99 2AG Global Balanced B Acc F 130.70 - 0.10 0.37 for shares of an OEIC and units of a single priced unit
Pictet-Russian Equities-I USD F $ 37.63 - 0.45 0.00 Veritas China Fund B GBP £ 133.62 - 0.51 0.00 trust are the same.
Odey Atlas Fund GBP I £ 105.98 - -0.30 - Order Desk: 0845 300 2101, Enquiries: 0207 399 0399 S W Mitchell Capital LLP (IRL) Charity Value and Income Fund Inc 95.42 96.04 1.26 4.70
Global Balanced B Inc F 126.20 - 0.10 0.36
Pictet-Security-I USD F $ 187.46 - 1.02 0.00 Authorised Inv Funds Regulated Veritas China Fund B EUR € 140.86 - 0.52 0.00
Odey Atlas Fund GBP I S £ 1.27 - -0.01 0.00 Global Growth B Acc F 138.50 - 0.20 0.29 Treatment of manager’s periodic capital charge:
Pictet-Select-Callisto I EUR € 105.87 - 0.99 0.00 Blue Chip Income Inc 155.43 160.47 2.11 4.08 SWMC European Fund B EUR € 14991.41 - -28.59 0.00 The letter C denotes that the trust deducts all or part of
Odey Atlas Fund GBP R S £ 1.09 - 0.00 0.00 SMT Fund Services (Ireland) Limited Global Growth B Inc F 129.80 - 0.10 0.29
Veritas Global Focus Fund B USD $ 17.33 - 0.15 1.75
the manager’s/operator’s periodic charge from capital,
Pictet-Small Cap Europe-I EUR F € 968.62 - -2.55 0.00 Blue Chip Income Acc 225.68 232.81 3.05 3.95 SWMC UK Fund B £ 10201.57 - -13.06 - Regulated Veritas Global Focus Fund B GBP £ 20.67 - 0.12 1.76 contact the manager/operator for full details of the
Odey Giano European Fund EUR R € 124.69 - -0.39 0.00 Global Equity Fund B Acc F 131.40 - 0.20 0.31 effect of this course of action.
Ethical Bond Inc 94.31 96.40 -0.09 4.80 SWMC Small Cap European Fund B EUR € 12786.93 - -31.83 0.00 Monthly Dividend High Yield $ 6.92 - 0.00 0.00
Odey Giano European Fund GBP R £ 125.17 - -0.38 0.00 Pictet-ST.MoneyMkt-I € 140.55 - 0.00 0.00 Veritas Global Focus Fund B EUR € 15.33 - 0.11 1.71
Daiwa Gaika MMF Global Equity Fund B Inc F £ 1.31 - 0.00 0.31
Pictet-ST.MoneyMkt JPY I USD ¥ 101569.47 - 1.71 0.00 Ethical Bond Acc 175.47 179.05 -0.18 4.67 SWMC Emerging European Fund B EUR € 8326.16 - 26.91 0.00 Veritas Global Equity Income Fund B GBP £ 144.84 - 1.08 4.62 Exit Charges: The letter E denotes that an exit charge
Odey Giano European Fund USD R $ 125.93 - -0.39 0.00 AU$ Portfolio A$ 0.01 - 0.00 - UK Income Focus B Inc F 66.60 - 0.40 3.22 may be made when you sell units, contact the
Pictet-ST.MoneyMkt-ICHF SFr 125.22 - 0.01 0.00 Global Opportunities Acc 125.24 129.15 0.66 0.00 Veritas Global Equity Income Fund B EUR € 194.13 - 1.72 4.11
Odey Naver Fund Euro I Class € 127.01 - -0.16 0.00 manager/operator for full details.
US$ Portfolio $ 0.01 - 0.00 - UK Income Focus B Acc F 87.80 - 0.60 3.14
Pictet-ST.MoneyMkt-IUSD $ 134.83 - 0.00 0.00 Income Inc 858.23 888.03 9.45 3.94 Veritas Global Equity Income Fund B USD $ 121.53 - 1.18 4.81
Odey Naver Fund GBP I Class £ 127.53 - -0.17 0.00 Canadian Dllr Pfolio C$ 0.01 - 0.00 - UK Balanced B Inc F 70.80 - 0.20 1.34 Time: Some funds give information about the timing of
Pictet-Timber-I USD F $ 159.69 - 0.30 0.00 Income Acc 1287.63 1331.09 14.17 3.82 Veritas Global Real Return Fund B USD $ 19.70 - 0.02 1.62 price quotes. The time shown alongside the fund
Odey Odyssey USD I $ 158.92 - -0.02 0.00 New Zealand Dllr Pfolio NZ$ 0.01 - 0.00 - UK Balanced B Acc F 77.00 - 0.20 1.32
Multi Asset Enhanced Growth Acc 124.25 - 0.62 0.00 manager’s/operator’s name is the valuation point for
Odey Odyssey Fund GBP I £ 158.39 - -0.01 0.00 Pictet Total Ret-Agora I EUR € 107.50 - -0.03 - Veritas Global Real Return Fund B GBP £ 11.09 - 0.01 1.64 their unit trusts/OEICs, unless another time is indicated
Daiwa Bond Series UK Growth B Acc F 77.90 - 0.40 1.19
Pictet Total Ret-Corto Europe I EUR € 128.46 - -1.08 0.00 Multi Asset Strategic Growth inc 149.28 - 0.58 1.19 Veritas Global Real Return Fund B EUR € 12.82 - 0.01 1.44
by the symbol alongside the individual unit trust/OEIC
Odey Odyssey Fund GBP R £ 156.04 - -0.02 0.00 Monthly Dividend AUD Bd A$ 10.62 - 0.07 0.00 UK Growth B Inc F 86.10 - 0.40 1.18 name.
Pictet Total Ret-Divers Alpha I EUR € 102.12 - -0.29 - Multi Asset Strategic Growth acc 156.85 - 0.60 1.04
Odey Odyssey EUR I € 142.26 - -0.02 0.00 Monthly Dividend EUR Bd € 10.99 - 0.01 0.00 UK Equity B Acc F 87.70 - 0.90 2.28
Pictet Total Ret-Kosmos I EUR € 108.73 - -0.03 0.00 Multi Asset Total Return inc 127.55 - -0.02 1.63 RobecoSAM (LUX)
Veritas Asset Management LLP
The symbols are as follows: ✠ 0001 to 1100 hours; ♦
Odey Odyssey Fund EUR R € 118.40 - -0.01 0.00 Monthly Dividend CAD Bd C$ 10.64 - 0.03 0.00 UK Equity B Inc F 80.80 - 0.80 2.31 1101 to 1400 hours; ▲1401 to 1700 hours; # 1701 to
Tel. +41 44 653 10 10 http://www.robecosam.com/
Pictet Total Ret-Mandarin I USD $ 118.17 - 0.45 0.00 Multi Asset Total Return acc 138.67 - -0.02 1.75 www.veritas-asset.com midnight. Daily dealing prices are set on the basis of
Odey Odyssey Fund USD R $ 123.78 - -0.02 0.00 Regulated Mthly Div US Preferred Secs $ 8.00 - 0.01 0.00
Recovery Inc 409.67 425.35 5.18 2.40 Other International Funds the valuation point, a short period of time may elapse
Odey Orion Fund Euro I Class € 124.60 - 0.16 0.00 Pictet-US Equity Selection-I USD $ 184.99 - 2.22 0.00 RobecoSAM Sm.Energy/A £ 12.02 - 0.11 1.23 Daiwa Equity Fund Series before prices become available.Historic pricing: The
Recovery Acc 483.21 501.31 6.11 2.36
Thesis Unit Trust Management Limited (UK) Real Return Asian Fund USD (Est) € 296.30 - 8.99 0.00 letter H denotes that the managers/operators will
Pictet-US High Yield-I USD F $ 146.72 - 0.02 0.00 RobecoSAM Sm.Materials/A £ 127.52 - 0.64 1.94 New Major Economies $ 9.03 - 0.12 0.00 Exchange Building, St Johns Street, Chichester, West Sussex, PO19 1UP
Odey Orion Fund USD I Class $ 124.62 - 0.17 0.00 Real Return Asian Fund GBP (Est) £ 314.44 - 9.14 0.00 normally deal on the price set at the most recent
Pictet-USA Index-I USD F $ 176.70 - 2.26 0.00 Strategic Bond Ret Acc £ 1.19 1.21 0.00 3.85 Authorised Funds valuation. The prices shown are the latest available
Odey Swan Fund Euro I Class € 111.83 - -1.50 0.00 RobecoSAM Gl.Small Cap Eq/A £ 80.38 - 0.61 1.70
Real Return Asian Fund EUR (Est) $ 309.01 - 8.60 0.00 before publication and may not be the current dealing
Pictet-USD Government Bonds-I F $ 647.84 - -0.02 0.00 Strategic Bond Ret Inc £ 1.08 1.09 0.00 4.13 Standard Life Wealth (JER) TM New Court Fund A 2011 Inc £ 13.27 - 0.03 0.00 levels because of an intervening portfolio revaluation or
Odey Swan Fund Euro R Class € 110.81 - -1.49 0.00 RobecoSAM Sustainable Gl.Eq/B € 175.23 - 1.01 0.00
PO Box 189, St Helier, Jersey, JE4 9RU 01534 709130 a switch to a forward pricing basis. The
Pictet-USD Short Mid-Term Bonds-I F $ 129.30 - 0.02 0.00 TM New Court Fund - A 2014 Acc £ 13.30 - 0.04 -
Odey Swan Fund GBP I Class £ 112.03 - -1.49 0.00 RobecoSAM S.HealthyLiv/B € 176.91 - 0.44 0.00 managers/operators must deal at a forward price on
FCA Recognised Virgin Money Unit Trust Managers Limited (1700)F (UK) request, and may move to forward pricing at any time.
Pictet-USD Sov.ST.Mon.Mkt-I $ 102.49 - 0.00 0.00 RECM Global Management Limited (GSY)
RobecoSAM S.Water/A £ 167.24 - 1.00 2.26 Standard Life Offshore Strategy Fund Limited
TM New Court Equity Growth Fund - Inc £ 13.40 - 0.04 0.00
Jubilee House, Gosforth, Newcastle upon Tyne NE3 4PL
Odey Swan Fund GBP R Class £ 116.42 - -1.57 0.00 Forward pricing: The letter F denotes that that
www.recmglobal.com Enquiries: info@recmglobal.com
Pictet-Water-I EUR F € 264.38 - -0.13 0.00 Bridge Fund £ 1.6160 - 0.0128 2.47 www.virginmoney.com managers/operators deal at the price to be set at the
Odey Swan Fund USD I Class $ 111.58 - -1.50 0.00 Regulated next valuation.
Authorised Inv Funds
Odey Swan Fund USD IR Class $ 111.08 - -1.49 0.00 RECM Global Fund Limited - Class A $ 17.10 - 0.19 0.00 Diversified Assets Fund £ 1.1948 - 0.0042 3.01
Virgin UK Index Tracking Trust 247.60 - 1.70 2.62
Investors can be given no definite price in advance of
Odey Swan Fund USD R Class $ 110.63 - -1.49 0.00 Pimco Fds: Global Investors Series Plc (IRL) RECM Global Equity Fund Limited - Class A $ 8.69 - 0.12 0.00 Global Equity Fund £ 1.8393 - 0.0146 1.32
the purchase or sale being carried out. The prices
Virgin Income Trust 127.80 - -0.80 2.20
PIMCO Europe Ltd,11 Baker Street,London W1U 3AH Global Balanced Fund - Income Units £ 1.3873 - 0.0098 1.60 appearing in the newspaper are the most recent
Odey European Absolute Return Fund EUR I € 101.91 - -1.13 0.00 http://gisnav.pimco-funds.com/ Virgin Pension Growth Fund 280.70 - 1.90 2.55 provided by the managers/operators. Scheme
Odey European Absolute Return Fund GBP I £ 101.41 - -1.13 0.00 Dealing: +44 20 3640 1000 Renasset Select Funds Plc (IRL) Global Balanced Fund - Accumulations Units £ 1.5907 - 0.0112 1.58 particulars, prospectus, key features and reports: The
Virgin Pension Income Protector Fund 271.90 - -1.70 2.37 most recent particulars and documents may be obtained
PIMCO Funds: +44 (0)20 3640 1407 Regulated Global Fixed Interest Fund £ 1.0491 - 0.0013 3.59
Odey European Absolute Return Fund USD I $ 102.17 - -1.14 0.00 Virgin Climate Change Fund 107.18 - 0.58 0.00
free of charge from fund managers/operators. *
FCA Recognised European Opportunities Fund A € 141.82 - -0.04 - Toscafund (CYM) Indicates funds which do not price on Fridays.
Odey European Absolute Return Fund EUR R € 97.24 - -1.35 0.00 Sterling Fixed Interest Fund £ 0.8991 - -0.0034 3.19
Asia Local Bond Fund - Inst Acc $ 10.15 - 0.00 0.00 Regulated
European Opportunities Fund B € 104.90 - -0.02 0.00
Odey European Absolute Return Fund GBP R £ 101.29 - -1.13 0.00 UK Equity Fund £ 1.9517 - 0.0265 2.84 Tosca $ 271.46 - 9.50 0.00 Charges for this advertising service are based on the
Capital Securities Inst Acc $ 14.50 - -0.03 0.00 Renaissance Eastern European Allocation Fund € 411.10 - -0.02 - Waverton Investment Funds Plc (1600)F (IRL) number of lines published and the classification of the
Odey European Absolute Return Fund USD R $ 101.78 - -1.13 - Tosca Mid Cap GBP £ 231.97 - 5.27 0.00 waverton.investments@citi.com fund. Please contact data@ft.com or call
CommoditiesPLUS111sp Strategy - Inst Acc $ 7.47 - 0.03 0.00 Renaissance Eastern European Fund A € 389.69 - 7.67 - Santander Asset Management UK Limited (1200)F (UK) FCA Recognised +44 (0)20 7873 3132 for further information.
Odey European Absolute Return Fund EUR S € 102.15 - -1.14 0.00 287 St Vincent Street, Glasgow G2 5NB, 0845 6000 181 Tosca Opportunity B USD $ 313.41 - 20.23 0.00
Credit Absolute Return Fund Inst Acc $ 11.29 - -0.01 0.00 Renaissance Eastern European Fund B € 83.66 - 1.65 0.00 Waverton Asia Pacific A USD $ 19.79 - 0.10 1.05
Odey European Absolute Return Fund GBP S £ 102.66 - -1.14 0.00 Authorised Funds
Diversified Income - Inst Acc $ 19.46 - -0.01 - Renaissance Ottoman Fund € 121.43 - 0.98 0.00 Santander Atlas Range Waverton European Fund A Eur € 17.48 - 0.08 0.33
Odey European Absolute Return Fund USD S $ 102.26 - -1.13 0.00
Diversified Income Durat Hdg Fund Inst Acc $ 11.19 - -0.02 0.00 Santander Atlas Port 3 Acc Ret 151.10 - 0.40 - Waverton Global Bond Fund Cls A $ 9.20 - 0.00 5.15
EM Fundam.Ind StocksPLUS Fund Inst Acc $ 10.62 - 0.04 0.00 Santander Atlas Port 3 Inc Ret 105.90 - 0.30 - Waverton Global Equity Fund A GBP £ 14.77 - 0.17 0.24
Odey Wealth Management (CI) Ltd (IRL) Emerging Asia Bond Fund Inst Acc $ 10.02 - 0.07 0.00 Santander Atlas Port 3 Acc Inst 165.40 - 0.30 - Stenham Asset Management Inc Waverton UK Fund A GBP £ 13.31 - 0.19 1.86
www.odey.com/prices
FCA Recognised Emerging Multi-Asset Fund Inst Acc $ 8.75 - 0.06 0.00 Santander Atlas Port 4 Acc Ret 182.40 - 0.20 - www.stenhamassetmanagement.com Waverton Equity Fund A GBP £ 15.00 - 0.03 0.00
Odey Opportunity EUR I € 219.91 - 0.09 0.00 Emerging Local Bond - Inst Acc $ 12.65 - 0.05 - Other International Funds
Santander Atlas Port 4 Inc Ret 132.40 - 0.10 - Waverton Sterling Bond Fund A GBP £ 9.87 - 0.01 5.21
Emerging Markets Bond - Inst Acc $ 38.02 - 0.09 0.00 Stenham Asia USD $ 131.74 - -1.80 -
Santander Atlas Port 4 Acc Inst 165.20 - 0.20 -
Stenham Credit Opportunities A Class USD $ 105.26 - -0.12 0.00
Odey Wealth Management UK Emerging Markets Corp.Bd Fund Inst Acc F $ 12.92 - -0.01 0.00 Robeco Asset Management (LUX) Santander Atlas Port 5 Acc Ret 193.80 - 0.20 - WA Fixed Income Fund Plc (IRL)
Authorised Funds Coolsingel 120, 3011 AG Rotterdam, The Netherlands. Stenham Emerging Markets USD B1 $ 108.18 - -2.11 0.00
Emerging Markets Curr.Fd- Inst Acc $ 12.36 - 0.06 0.00 Santander Atlas Port 5 Acc Inst 164.00 - 0.20 - Regulated
www.robeco.com/contact TreeTop Asset Management S.A. (LUX)
VT Odey Total Return Fund Class A £ 103.74 - 0.50 - Stenham Gold USD $ 159.09 - 0.93 0.00 European Multi-Sector € 125.35 - 0.11 0.00
Euro Bond - Inst Acc € 22.95 - 0.00 - Santander Atlas Port 6 Acc Ret 267.70 - 0.20 - Regulated
FCA Recognised
VT Odey Total Return Fund Class A € 110.43 - 0.52 - Stenham Growth USD $ 212.93 - -0.95 - TreeTop Convertible Sicav
Euro Credit - Inst Acc € 14.81 - -0.01 0.00 Asia-Pacific Equities (EUR) € 131.55 - -0.30 0.00 Santander Atlas Port 6 Acc X 191.10 - 0.10 -
VT Odey Total Return Fund Class I £ 105.33 - 0.51 - Stenham Healthcare USD $ 170.84 - 2.73 0.00 International A € 298.82 - 0.76 0.00
Euro Income Bond - Inst Acc F € 12.87 - -0.01 0.00 Chinese Equities (EUR) € 77.95 - -0.88 0.00 Santander Atlas Port 6 Acc Inst 163.80 - 0.10 - Winton Capital Management
VT Odey Total Return Fund Class I € 100.00 - 0.00 - Stenham Helix USD $ 104.66 - 0.71 0.00 International B $ 383.68 - 1.01 0.00 Other International Funds
Euro Long Average Duration - Inst Acc € 23.44 - 0.07 0.00 Em Stars Equities (EUR) € 189.88 - -0.78 0.00 Santander Atlas Port 7 Acc Ret 208.90 - 0.30 -
VT Odey Total Return Fund Class R £ 106.03 - 0.51 - Stenham Managed Fund USD $ 113.25 - -0.09 - International C £ 133.11 - 0.37 0.00 Winton Futures USD Cls B $ 1022.41 - 11.02 0.00
Euro Low Duration Fund Inst Acc € 11.35 - -0.01 0.00 Emerging Markets Equities (EUR) € 156.93 - -0.42 0.00 Santander Atlas Port 7 Acc Inst 165.10 - 0.20 -
VT Odey Total Return Fund Class R $ 105.26 - 0.48 - Stenham Multi Strategy USD $ 118.17 - 0.09 - International D € 284.26 - 0.74 0.00 Winton Futures EUR Cls C € 286.60 - 3.08 0.00
Euro Real Return - Inst Acc € 13.38 - 0.05 - Flex-o-Rente (EUR) € 109.36 - -0.17 0.00 Authorised Inv Funds
VT Odey Total Return Fund Class I $ 108.64 - 0.49 - Stenham Quadrant USD A $ 389.49 - 2.32 - Pacific A € 289.78 - -0.12 - Winton Futures GBP Cls D £ 313.07 - 3.38 0.00
Euro Short-Term Inst Acc € 12.28 - 0.00 0.00 Glob.Consumer Trends Equities (EUR) € 144.09 - 0.10 0.00 Max 70% Shs Acc Ret 168.20 - 0.70 -
Stenham Trading Inc USD $ 113.02 - 0.64 - Pacific B $ 365.46 - -0.24 0.00 Winton Futures GBP Cls F £ 120.76 - 1.31 0.00
Euro Short-Term Inv Acc € 11.91 - 0.00 0.00 High Yield Bonds (EUR) € 124.02 - 0.06 0.00 Max 70% Shs Inc Ret 143.50 - 0.60 -
TreeTop Global Sicav Winton Evolution USD Cls F $ 1757.18 - 26.33 0.00
Omnia Fund Ltd Euro Ultra Long Duration - Inst Acc € 31.23 - 0.20 0.00 Investments Inc Acc Ret 162.10 - -0.80 - Stenham Universal USD $ 439.88 - 0.40 -
Lux -O- Rente (EUR) € 142.09 - -0.05 0.00 Global Opp.A € 142.39 - 1.14 0.00
Other International Funds Stenham Universal II USD $ 163.71 - 0.08 0.00 Winton Evolution EUR Cls H € 1379.72 - 20.77 0.00
Global Advantage - Inst Acc $ 12.67 - 0.03 0.00 New World Financials (EUR) € 51.44 - 0.13 0.00 Investments Inc Inc Ret 109.10 - -0.50 -
Estimated NAV $ 827.27 - -20.43 0.00 Global Opp.B $ 141.34 - 1.36 0.00 Winton Evolution GBP Cls G £ 1401.48 - 20.95 0.00
Global Advantage Real Return Fund Inst Acc $ 9.56 - 0.01 0.00 US Premium Equities (EUR) € 176.92 - 2.43 0.00 Equity Inc Inc Inst 243.60 - 3.40 -
Global Opp.C £ 181.75 - 1.62 0.00 Winton Futures JPY Cls E ¥ 20107.25 - 204.86 0.00
Global Bond - Inst Acc $ 28.22 - 0.00 0.00 Equity Inc Inc Ret 210.00 - 2.90 - Stratton Street Capital (CI) Limited (GSY)
US Premium Equities (USD) $ 197.97 - 2.72 0.00 Sequoia Equity A € 144.31 - 0.88 0.00
Regulated
Global Bond Ex-US - Inst Acc $ 19.74 - 0.00 - N&P UK Gwth Inc Ret 165.70 - 2.50 -
Japanese Synthetic Warrant ¥ 1057.77 - -17.93 0.00 Sequoia Equity B $ 150.99 - 1.17 0.00
Global Fundam.Index StocksPLUSInst Acc $ 11.51 - 0.14 0.00 Stckmkt 100 Track Gwth Acc Inst 97.28 - 1.52 -
Royal Bank of Scotland (2230)F (UK) Japan Synthetic Warrant GBP Hedged Participating Shares £ 133.67 - 7.58 0.00 Sequoia Equity C £ 172.24 - 1.14 3.53
Global High Yield Bond - Inst Acc $ 19.94 - 0.00 0.00 PO Box 23873, Edinburgh EH7 5WJ 0800 917 7072 Stckmkt 100 Track Gwth Acc Ret 179.00 - 2.80 -
Japan Synthetic Warrant Fund USD Class $ 11.77 - 0.07 0.00
Authorised Inv Funds
Global Investment Grade Credit - Inst Income $ 12.63 - 0.00 3.23 UK Growth Acc Inst 282.10 - 4.30 -
Series 5 (Minumum Initial Investment £75,000) Japan Synthetic Warrant US Dollar Hedged Participating Shares $ 132.49 - 7.20 0.00
Global Investment Grade Credit Fund Inst Acc € € 11.58 - -0.05 0.00 UK Growth Acc Ret 328.50 - 5.00 -
Optima Fund Management United Kingdom Equity Index Fund £ 16.36 - 0.07 2.53 Renminbi Bond Fund AUD Cls A A$ 114.75 - -0.44 0.00
Other International Funds Global Investment Grade Credit Fund Inst Acc $ $ 16.80 - 0.00 0.00 UK Growth Inc Ret 221.00 - 3.40 -
UK Specialist Equity Inc £ 19.49 - -0.09 0.35 Renminbi Bond Fund AUD Cls B A$ 116.64 - -0.45 0.00 Yuki International Limited (IRL)
JENOP Global Healthcare Fund Ltd $ 15.93 - 0.45 0.00 Global Multi-Asset - Inst Acc $ 14.68 - 0.06 0.00 Managed OEIC
Contl Europe Specialist Fund £ 23.22 - -0.09 0.00 Renminbi Bond Fund CHF Cls A SFr 114.39 - -0.46 0.00 Tel +44-20-7269-0207 www.yukifunds.com
Optima Fd NAV $ 90.82 - 0.72 0.00 Glob Em Shs Port Acc Ret 175.10 - 0.20 - Regulated
Global Real Return - Inst Acc $ 18.73 - 0.01 0.00
Japan Specialist Fund £ 13.65 - -0.03 0.00 Renminbi Bond Fund CHF Cls B SFr 114.36 - -0.46 0.00
Optima Discretionary Macro Fund Limited $ 86.61 - 0.42 0.00 Max 70% Shs Port Acc Ret 257.50 - 0.10 - Yuki Mizuho Umbrella Fund
High Yield Bond - Inst Acc $ 27.78 - 0.01 0.00
US Spec Equity Fund £ 18.41 - 0.13 0.00 Renminbi Bond Fund CNH Cls A CNH 118.71 - -0.11 0.00 Yuki Mizuho Japan Dynamic Growth ¥ 6559.00 - -121.00 0.00
The Dorset Energy Fd Ltd NAV $ 38.67 - 0.00 0.00 Max 70% Shs Port Acc X 184.90 - 0.00 -
Income Fund Inst Acc $ 11.95 - -0.01 0.00
Pacific Basin Specialist Equity Fund £ 42.81 - 0.08 0.61 Renminbi Bond Fund CNH Cls B CNH 118.64 - -0.11 0.00 Yuki Mizuho Japan Large Cap ¥ 6858.00 - -112.00 0.00
Platinum Fd Ltd $ 87.52 - 0.00 0.00 Investment Port Acc Ret 239.90 - -0.60 -
Inflation Strategy Fund Inst Acc $ 9.88 - -0.01 0.00
UK Sovereign Bd Index Fund £ 11.24 - -0.07 2.58 Renminbi Bond Fund Euro Cls B € 115.22 - -0.46 0.00 Yuki Japan Low Price ¥ 24518.00 - -281.00 0.00
Platinum Fd Ltd EUR € 17.11 - 0.00 0.00 Investment Port Acc X 170.10 - -0.30 -
Low Average Duration - Inst Acc $ 14.75 - 0.00 -
Inflation Lkd Sov Bd Fund £ 13.33 - -0.07 0.71
Troy Asset Mgt Ltd (UK)
Renminbi Bond Fund GBP Cls B £ 116.59 - -0.46 0.00 Yuki Japan Value Select ¥ 11925.00 - -176.00 0.00
Platinum Japan Fd Ltd $ 48.82 - 0.00 0.00 Max 50% Shs Port Acc Ret 248.80 - -0.30 - 40 Dukes Place, London EC3A 7NH
PIMCO EqS Emerging Markets Fund Inst Acc $ 8.43 - 0.09 0.00
UK Specialist Equity Income Fund £ 9.84 - -0.04 3.51 Renminbi Bond Fund SGD Cls B S$ 115.55 - -0.45 0.00 Order desk: 0845 608 0950, Enquiries 0845 608 0950 YMR Umbrella Fund
Optima Partners Global Fd $ 14.45 - 0.00 0.00 Max 50% Shs Port Inc Ret 224.50 - -0.20 -
PIMCO EqS Pathfinder.Eur.Fd Inst Acc F € 15.33 - 0.14 0.00 Authorised Inv Funds
Global Emerg Mkts Equity Fund £ 12.49 - 0.12 0.43 Renminbi Bond Fund USD Cls B $ 116.18 - -0.46 0.00 YMR N Growth ¥ 15811.00 - -290.00 0.00
Optima Partners Focus Fund A $ 16.67 - 0.00 0.00 Max 50% Shs Port Acc X 180.10 - -0.20 - ACD Capita Financial Mgrs
PIMCO EqS Pathfinder.Fd Inst Acc F $ 13.98 - 0.23 0.00 Yuki Asia Umbrella Fund
Global Spec Inv Grade Bd Fund GBP £ 10.28 - 0.02 3.13 Renminbi Bond Fund YEN Cls B ¥ 12846.98 - -51.27 0.00
Max 100% Shs Port Acc Ret 281.30 - 0.20 - Trojan Investment Funds
Socially Resp.Emerg.Mkts Bd Fd Inst Acc F $ 12.87 - 0.01 0.00 Series 6 (Investment Management Customers Only) Yuki Japan Rebounding Growth Fund ¥ 21597.00 - -343.00 0.00
Renminbi Bond Fund USD Class $ 159.93 - -0.63 0.00
Max 100% Shs Port Acc X 202.00 - 0.10 - Spectrum Fund 'O' Acc 160.16 - -0.26 0.26
Orbis Investment Management Ltd (BMU) StocksPLUS{TM} - Inst Acc $ 22.65 - 0.32 0.00 United Kingdom Equity Index Fund £ 16.15 - 0.08 2.88
Renminbi Bond Fund GBP Class £ 155.15 - -0.62 0.00
Regulated Enhanced Inc Inc Ins 213.50 - 3.40 - Spectrum Fund 'O' Inc 156.19 - -0.25 0.26
Total Return Bond - Inst Acc $ 27.55 - -0.02 0.00 UK Specialist Equity £ 19.67 - -0.08 1.53
Renminbi Bond Fund SGD Class S$ 152.81 - -0.60 0.00
Zadig Gestion (Memnon Fund) (LUX)
Orbis Global Equity $ 168.97 - -0.87 0.00 Enhanced Inc Inc Ret 203.10 - 3.20 - Trojan Fund O Acc 260.34 - 1.34 0.58
UK Corporate Bond - Inst Acc £ 17.72 - -0.02 0.00 Contl Europe Specialist Fund £ 23.99 - -0.09 0.62 FCA Recognised
Orbis Optimal (US$) $ 73.22 - 0.34 0.00 Renminbi Bond Fund YEN Class ¥ 18995.00 - -76.00 0.00
Enhanced Inc Inc X 171.80 - 2.70 - Trojan Fund O Inc 216.58 - 1.12 0.59 Memnon European Fund I GBP £ 111.26 - 0.53 0.00
UK Long Term Corp. Bnd Inst-Inst Acc £ 20.22 - -0.02 0.00 Japan Specialist Fund £ 14.27 - -0.03 0.56
Orbis Optimal (Euro) € 25.20 - 0.13 0.00 Managed Investments OEIC Renminbi Bond Fund EUR Class € 105.80 - -0.42 0.00
Trojan Capital O Acc 205.92 - 1.72 0.92
UK Real Return - Inst Acc £ 24.06 - -0.03 0.00 US Spec Equity Fund £ 19.10 - 0.14 0.16
Orbis Optimal (Yen) ¥ 1046.00 - 3.00 0.00 Max 30% Shs Port Acc Ret 158.70 - -0.10 - Poland Geared Growth £ 0.51 - -0.02 0.00
UK Sterling Long Average Duration - Inst Acc £ 23.68 - -0.07 - Pacific Basin Specialist Equity Fund £ 42.48 - 0.08 1.18
Trojan Capital O Inc 176.64 - 1.48 0.93 Zebedee Capital Partners LLP (CYM)
Orbis Japan Equity (US$) $ 39.68 - 0.12 0.00 Max 30% Shs Port Acc X 158.70 - -0.10 - Trojan Income O Acc 265.28 - 2.53 3.70 Regulated
UK Sterling Low Average Duration - Inst Acc £ 14.19 - -0.01 - UK Sovereign Bd Index Fund £ 11.33 - -0.07 2.58
*Orbis Prices as of January 30th Max 30% Shs Inc Port Inc Ret 160.40 - -0.10 - Zebedee Focus Fund Limited Class A EURO Shares € 169.78 - -0.96 0.00
Trojan Income O Inc 170.68 - 1.63 3.82
Unconstrained Bond - Inst Acc $ 12.11 - -0.02 0.00 Inflation Lkd Sov Bd Fund £ 13.18 - -0.07 0.71
Max 30% Shs Inc Port Inc X 160.50 - -0.10 - Zebedee Focus Fund Limited Class B USD Shares $ 197.30 - -1.19 0.00
US Fundam.Index StocksPLUS Inst Inc $ 12.42 - 0.17 0.00 UK Specialist Equity Income Fund £ 10.53 - -0.04 3.47
Orbis Sicav (LUX) Max 60% Shs Port Acc Ret 271.90 - 0.20 - Zebedee Focus Fund Limited Class A USD $ 170.38 - -0.82 0.00
Regulated
UBS Global Asset Mgmt Fds Ltd (UK)
Global Spec Inv Grade Bd Fund GBP £ 10.52 - 0.03 3.13
Max 60% Shs Port Inc Ret 220.80 - 0.20 - 21 Lombard Street, London, EC3V 9AH
Orbis Japan Equity (Yen)
Orbis Japan Equity (Euro)
¥ 3880.00
€ 25.64
-
-
11.00 0.00
0.08 0.00
Global Emerg Mkts Equity Fund £ 12.45
Address and telephone number for Series 5 only
- 0.12 0.62
Max 60% Shs Port Inc X 170.90 - 0.10 -
Client Services 0800 587 2113, Client Dealing 0800 587 2112
www.ubs.com/retailfunds
Money Market
Eq Inc Port Acc Ret 293.10 - 0.30 - E.I. Sturdza Strategic Management Limited (GSY)
Trusts and
Authorised Inv Funds
Orbis Asia ex-Japan - Investor Shares $ 22.23 - -0.06 0.00 Regulated
Eq Inc Port Inc Ret 233.60 - 0.20 - OEIC
Orbis Global Equity - Investor Shares € 148.04 - -0.37 0.00 Royal London Unit Managers (CIS) (1200) F (UK) Nippon Growth Fund Limited ¥ 95449.00 - 362.00 -
Global Emerg Mkts Eqty B Acc £ 1.43 - 0.01 1.50
Bank Accounts
PO Box 105, Manchester M4 8BB 08457 464646 Managed Investments OEIC 2
Strat Evarich Japan Fd Ltd JPY ¥ 85642.00 - -2482.00 0.00
Authorised Inv Funds Investments Inc Port Inc Ret 175.90 - -0.80 - Global Optimal B Acc £ 1.01 - 0.01 -
Gross
Oryx International Growth Fund Ltd Platinum Capital Management Ltd CIS Sustainable Diversified Trust A £ 1.59 - 0.00 1.74 Investments Inc Port Inc X 159.30 - -0.80 -
Strat Evarich Japan Fd Ltd USD $ 854.09 - -24.71 0.00
UBS UK Opportunities Fund B Acc £ 0.92 - 0.02 - Gross Net AER Int Cr
Other International Funds Other International Funds
CIS Sustainable World Trust A 169.60 - 0.90 0.77 £ Gov Bond Inc Inst 185.50 - -1.10 - US Equity B Acc £ 1.44 - 0.01 0.28
NAV (Fully Diluted) £ 5.44 - 0.05 0.00 Platinum All Star Fund - A (Est) $ 114.71 - - -
Corporate Bd Inc Tst 93.84 98.78 -0.24 3.96 Strat Bond Inc Inst 188.20 - -0.30 - E.I. Sturdza Funds PLC (IRL)
UBS Asian Consumption Fund - B Acc £ 0.60 - 0.00 0.44 CCLA Investment Management Ltd
Platinum Global Dividend Fund - A (Est) $ 63.96 - - - Regulated Senator House 85 Queen Victoria Street, London EC4V 4ET
European Growth 102.70 108.20 0.80 1.74 Managed Investments OEIC 3 UBS S&P 500 Index C Acc £ 0.52 - 0.00 -
Platinum Global Dividend UCITS Fund $ 73.98 73.98 0.27 6.85 Nippon Growth (UCITS Fund Euro Hedged Class EUR) € 1024.03 - -8.22 0.00 CBF Church of England Deposit Fund 0.50 - 0.50 Qtr
Sustainable Leaders A 461.30 - 3.90 0.68 Div Inc Port Inc Ret 171.70 - 2.30 - UBS Targeted Return B Acc £ 1.27 - 0.01 1.15
Platinum Arbitrage Opportunities Fund Ltd Class A (Est) $ 85.93 - - - Nippon Growth (UCITS Fund Euro Hedged Institutional Class EUR) € 1199.30 - -9.63 0.00
UK Growth 490.80 516.60 4.90 1.07 Corp Bond Acc Inst 221.10 - -1.00 -
Platinum Essential Resources UCITs Fund $ 6.95 6.95 0.13 - Nippon Growth (UCITS) Fund JPY Class A shares ¥ 93779.00 - -759.00 0.00
UBS Sterling Corporate Bond Indexed Fund 54.09 - -0.23 3.16 CCLA Fund Managers Ltd
Multi-Manager OEIC Senator House 85 Queen Victoria Street, London EC4V 4ET
UK Income With Growth 236.10 248.50 1.60 4.35 UBS Multi Asset Income B Inc (net) £ 0.52 - 0.01 3.71
Platinum Maverick Enhanced Fund Limited $ 92.87 - - 0.00 Bal Intl Track Acc Ret 272.00 - 1.10 - Nippon Growth (UCITS) Fund JPY Class B Acc shares ¥ 78662.00 - -637.00 0.00 COIF Charities Deposit Fund 0.45 - 0.45 Qtr
US Growth 149.50 157.30 1.20 0.00 UBS UK Equity Income B Inc Net £ 0.42 - 0.01 4.88
Platinum Navigator Fund Ltd Class A $ 98.72 - - - Bond Mthly Inc Acc Ret 148.40 - -0.10 - Nippon Growth (UCITS) Fund JPY Class C Dis shares ¥ 76411.00 - -619.00 0.00
Additional Funds Available Corporate Bond UK Plus B Inc Net £ 0.54 - 0.00 4.00
Permal Investment Mgmt Svcs Ltd Please see www.cis.co.uk for details Bond Mthly Inc Inc Ret 97.10 - -0.06 - Nippon Growth (UCITS Fund Class D Institutional JPY) ¥ 50719.00 - -409.00 0.00
www.permal.com UBS Global Allocation (UK) B Acc £ 1.12 - 0.01 1.58
Strategic China Panda Fund USD $ 2290.29 - -23.96 0.00
Data Provided by
Asset Management
Other International Funds
UBS Global Enhanced Equity Income C Inc £ 0.50 - 0.00 -

Asset Management Asset Management

Offshore Fund Class A US $ Shares RBS Collective Investment Fds Ltd (UK) Santander Asset Management UK Limited (1200)F (UK) Strategic China Panda Fund Hedged EURO € 2229.67 - -23.16 0.00
PO Box 9908, Chelmsford, CM99 2AF 0845 300 2585 287 St Vincent Street, Glasgow G2 5NB 0845 605 4400 UBS US Growth Fund B Acc £ 1.42 - 0.01 0.00
Investment Holdings N.V. $ 5436.88 - -32.89 0.00 Strategic China Panda Fund Hedged Sterling £ 2259.09 - -23.65 0.00
Authorised Inv Funds Authorised Inv Funds UBS Emerging Markets Equity Income B Inc £ 0.45 - 0.00 -
Macro Holdings Ltd $ 4198.93 - 30.95 0.00 Strategic Euro Bond Accumulating Class CHFSFr 1020.00 - 0.20 0.00
Balanced Acc 356.10 - 1.90 1.09 Santander Premium Fund (OEIC)
Fixed Income Holdings N.V. $ 400.40 - -10.13 7.99 A Shares Strategic Euro Bond Institutional Class EUR € 1033.81 - 0.17 0.00
Balanced Inc 290.50 - 1.60 1.10
Jubilee Absolute Return Fund $ 157.82 - -0.85 0.00 Polar Capital Funds Plc (IRL) Strategic Euro Bond Fund Accumulating Class Shares € 1162.11 - 0.16 0.00 Unicapital Investments (LUX)
Equity Income 334.60 - 4.30 3.68 Europe (ex-UK) 273.90 - 3.60 -
Regulated Regulated
Japan Equities 146.10 - -1.50 - Strategic Euro Bond Fund Distributing Class Shares € 1062.59 - 0.15 0.00
Asian Financials I USD $ 308.32 308.32 -0.59 0.00 Extra Income 111.70 - -0.40 3.08 Investments III € 24.78 - -51.77 0.00

Biotechnology I USD $ 16.92 16.92 -0.21 0.00 FTSE 100 Tracker Special 1 303.30 - 4.70 2.98 Pacific Bas (ex-Japan) 545.60 - -0.80 - Strategic Global Bond RMB Acc CNY 1096.07 - 1.64 0.00
Investments IV - European Private Eq. € 307.74 323.13 0.00 - www.morningstar.co.uk
Sterling Bonds 274.60 - -1.10 - Strategic Global Bond USD Acc $ 1076.87 - -0.86 0.00
European Income Acc EUR € 11.20 11.20 0.00 - FTSE 100 Tracker Special 3 210.30 - 3.30 2.75 Investments IV - Global Private Eq. € 429.57 451.05 0.00 0.00 Data as shown is for information purposes only. No
UK Equities 264.60 - 3.20 - Strategic US Momentum and Value Fund $ 798.35 - 6.08 0.00
Financial Opps I USD $ 11.90 - 0.10 2.03 FTSE 100 Tracker Standard 287.00 - 4.40 2.51 offer is made by Morningstar or this publication.
US Equities 260.40 - 2.20 - Strategic US Momentum and Value EUR Hedged Class EUR € 557.16 - 4.28 0.00
GEM Growth I USD $ 9.85 - 0.00 0.00 Growth 316.00 - 4.10 2.06 Unicorn Asset Management Ltd (UK)
B Shares Strategic US Momentum and Value CHF Hedged Class CHFSFr 553.90 - 4.43 0.00 PO Box 10602, Chelmsford, Essex, CM1 9PD 0845 026 4287
GEM Income I USD $ 11.12 - 0.02 0.00 High Yield 128.20 - -0.40 3.51
Pictet Funds (Europe) SA (LUX) Pacific Bas (ex-Japan) 544.80 - -0.80 - Authorised Inv Funds
15, Avenue J.F. Kennedy L-1855 Luxembourg Global Alpha I USD $ 12.68 12.68 0.09 0.00 International Growth 406.40 - 5.00 0.61 UK Growth A Inc 369.58 - 1.39 0.00
Tel: 0041 58 323 3000 Taube Hodson Stonex Ptnrs UT (1200)F (UK)
Global Convertible I USD $ 11.33 11.33 0.02 0.00 Stakeholder Investment 171.80 - 1.10 1.37 Mastertrust A Inc F 351.88 - 1.91 -
50 Bank Street, Canary Wharf, London E14 5NT
FCA Recognised
Adventurous Growth 150.20 - 1.00 0.50
Saracen Fund Managers Ltd (1000)F (UK)
Global Insurance I GBP £ 3.75 - 0.04 0.00 Admin: 50 Bank Street, Canary Wharf, London E14 5NT UK Growth B Inc 370.60 - 1.40 0.25
Pictet-Absl Rtn Fix Inc-HI EUR € 107.98 - -0.24 0.00 19 Rutland Square, Edinburgh EH1 2BB
Balanced Growth 146.70 - 1.10 0.70 Dealing & Enquiries: 0870 870 8433
Global Technology I USD $ 21.60 - 0.12 0.00 Dealing: 00 353 1 603 9921 Mastertrust B Inc F 315.82 - 1.73 0.40
Pictet-Absl Rtn Glo Div-I EUR F € 124.91 - -0.16 0.00 Authorised Inv Funds
Cautious Growth 135.80 - 0.30 1.20 Saracen Investment Funds ICVC (OEIC) Enq. 0131 202 9100
Healthcare Blue Chip Fund I USD Acc $ 10.62 10.62 0.04 - THS Growth & Value Funds Outstanding British Cos A Acc F 226.86 - 0.53 0.48
Pictet-Agriculture-I EUR F € 192.14 - 0.13 0.00 Authorised Inv Funds
Healthcare Opps I USD $ 36.24 - 0.04 0.00 Income 123.70 - 0.60 2.20 International Outstanding British Cos B Acc F 235.59 - 0.55 1.24
Pictet-Asian Equities Ex Japan-I USD F $ 227.14 - 0.96 0.00 Saracen Growth Fd Alpha Acc £ 3.44 - 0.01 1.05
Income Opportunities B2 I GBP Acc £ 1.66 1.66 0.01 0.00 Capital Protected Accelerator Fund 2 125.30 - 3.00 0.00 IGV - Inc A 336.80 - 4.70 1.83 UK Smaller Cos A Inc F 400.18 - -0.75 0.09
Pictet-Asian Local Currency Debt-I USD F $ 156.61 - -0.50 0.00 Saracen Growth Fd Beta Acc £ 5.47 - 0.01 1.57
Japan Alpha I JPY ¥ 182.84 182.84 -2.08 0.00 Capital Protected Accelerator Fund 3 117.10 - 2.90 0.00 IGV - Inc B 335.50 - 4.70 1.09 UK Smaller Cos B Inc F 391.98 - -0.72 0.84
Pictet-Biotech-I USD F $ 799.19 - -8.59 0.00 Saracen Global Income & Growth Fund A - Acc £ 1.22 - 0.01 2.86
Japan I JPY ¥ 1836.34 - -29.13 0.00 Capital Protected Fund 4 133.90 - 3.20 0.00 IGV - Acc X 404.40 - 5.60 1.33 UK Income A Acc F 241.04 - 1.24 6.27
Pictet-Brazil Index I USD $ 55.31 - 0.53 0.00 Saracen Global Income & Growth Fund A - Dist £ 1.16 - 0.01 2.92
North American I USD $ 16.71 16.71 0.19 0.00 Capital Protected Fund 6 172.20 - 0.00 0.00 IGV - Acc Y 432.20 - 6.00 1.79 UK Income A Inc F 222.53 - 1.15 6.53
Pictet-CHF Bonds I CHF SFr 507.00 - 2.12 0.00 Saracen Global Income and Growth Fund -Acc £ 1.51 - 0.01 3.23
UK Absolute Equity I GBP £ 10.74 10.74 -0.10 - Your Portfolio Fund II Class 1 113.50 - 0.00 0.90 IGV - Acc Z 402.50 - 5.60 1.07 UK Income B Acc F 254.40 - 1.32 6.24
Pictet-China Index I USD $ 115.57 - -0.50 0.00 Saracen Global Income and Growth Fund -Dist £ 1.35 - 0.00 3.32
Your Portfolio Fund II Class 2 113.20 - 0.00 1.00 European
. UK Income B Inc F 234.96 - 1.22 6.50
Pictet-Clean Energy-I USD F $ 89.03 - 1.18 0.00
Your Portfolio Fund III Class 1 118.90 - 0.00 0.90 For Save & Prosper please see Countrywide Assured EGV - Acc S 270.10 - 4.60 -
Polar Capital LLP (CYM)
Pictet-Digital Communication-I USD F $ 238.86 - 1.79 0.00
Regulated Your Portfolio Fund III Class 2 118.80 - 0.00 1.10 EGV - Acc Z 270.10 - 4.60 0.26
Pictet-Eastern Europe-I EUR F € 278.68 - 2.00 0.00 Value Partners Hong Kong Limited (IRL)
ALVA Convertible A USD $ 126.25 - -0.06 0.00 Your Portfolio Fund IV Class 1 124.20 - 0.10 0.80 Schroder Property Managers (Jersey) Ltd Continental www.valuepartners.com.hk / vpl@vp.com.hk
Pictet-Em Lcl Ccy Dbt-I USD F $ 176.62 - 1.16 0.00 European Conviction A EUR € 164.81 - 2.42 0.00 Other International Funds Regulated
Your Portfolio Fund IV Class 2 123.90 - 0.10 1.10 CVG - Acc S 108.80 - 1.90 -
Pictet-Emerging Markets-I USD F $ 551.68 - 4.34 0.00 European Forager A EUR € 181.04 - 0.47 0.00 Indirect Real Estate SIRE £ 124.74 129.81 1.55 3.32 Value Partners Classic Equity USD Hedged $ 13.72 - 0.12 0.00
CVG - Acc X 108.80 - 1.90 -
28 ★★★ FINANCIAL TIMES Wednesday 4 February 2015

MARKETS & INVESTING

Capital markets
FT Alphaville

Credit ratings warped by

geopolitical pressures
Ireland issues debut ultra-long bond
Fitch Ratings, controlled by president and CEO of Demand for the 30-year debt at a time when yields on eurozone points, to 3.7 per cent, largely as a result
€11bn debt-to-GDP level and relatively weak
the American mass media Dagong, properly bonds are hitting record lows following of a slow but sustained pick-up in banking sector remained its biggest
conglomerate Hearst understands. debt strong as short-term the European Central Bank’s decision to domestic demand. Orders placed by weaknesses in an otherwise improving
investors for the
Corporation, sought last “The global credit crisis yields languish globally begin a €60bn-a-month government Last year brought the first signs that €4bn Irish economic environment.
month to amplify western has shown us that credit bond-buying programme. demand was recovering after being in government bond Both the central bank and the rating
sanctions against Russia rating concerns the safe Portugal sold €2bn of its long-dated the doldrums since a financial crisis that agency urged Dublin to keep fiscal pol-
by placing a BBB minus, development of the human ELAINE MOORE — LONDON bond at a yield of 4.13 per cent, while saw the collapse of property prices and 2.08 % icy tight after a recent effort at loosen-
VINCENT BOLAND — DUBLIN
barely investable rating on society,” he says. “The Italy’s €6.5bn equivalent bond was various banks. Yield on the debt,
ing, which was sparked mainly by politi-
Gazprom, the large and current international credit Ireland sold its first ultra-long govern- priced to yield 3.29 per cent. The central bank’s forecast compares amounting to 90 cal pressure on the government for
reliable Siberian gas rating system is favourable ment bond yesterday, taking advantage Investor appetite for longer-term with an expected outcome for gross basis points over more spending with about a year to go to
extractor, writes Paul to the countries behind it, of record low rates in eurozone debt bonds has increased in recent months as domestic product growth in 2014 of the mid-swap rate a general election.
Murphy. who apply their value and markets. yields on shorter-term debt fall, in some 5.1 per cent. Gabriel Fagan, chief economist at the
Thankfully, Dagong ideologies to the rating Investors put in orders of more than cases trading in negative territory. However, central bank officials said central bankI, said: “Fiscal consolida-
Global Credit Rating standards. €11bn for the €4bn bond, a high level According to JPMorgan, the total uni- the 2014 figure had overstated the tion is needed — we’re not out of the
Company of Beijing has set “It becomes the origin of of demand that crimped the final verse of government bonds trading with level of economic activity during the woods in that sense.”
the record straight. the crisis and is no longer price down from the initial whispers of a negative yield was $3.6tn last week, or year as a result of so-called “contract Barclays, Citigroup, Crédit Agricole
“[We] assign the able to shoulder the credit close to 100 basis points above mid- 16 per cent of the JPM Global Govern- manufacturing” — offshore activity by CIB, Danske Bank, Davy and Royal Bank
international scale long- rating responsibility for the swaps, a eurozone pricing benchmark, ment Bond index. Ireland’s outsized pharmaceutical of Scotland arranged the sale of Irish
term issuer credit ratings world. to 90bp over mid-swaps for a yield of Dublin’s bond placing was completed industry. debt, which will mature in February
to Gazprom at AAA for “However, the human 2.08 per cent. as the Central Bank of Ireland upgraded A further note of caution was added 2045. Yields on Irish benchmark 10-
both local currency and society in the credit Dublin is following in the footsteps of its forecast for the country’s economic yesterday by rating agency Moody’s, year debt remained relatively steady
foreign currency with a economy stage needs fair Portugal and Italy in issuing 30-year growth for this year by 0.3 percentage which said Ireland’s continued high yesterday at 1.15 per cent.
stable outlook. and just credit rating.”
“Quite a few of But back to Gazprom
Gazprom’s core indicators and Fitch. The US rating
are among the best in
global integrated oil and
agency came out with a
new “price deck’ on Analysis. Currencies
gas industry. The sanctions Monday, applying a fresh
imposed by the US and EU
as well as the short-run
deterioration of the
Russian economy impose
per barrel base case for
Brent.
It has stress-tested
Russian oil and gas
Unease over Aussie’s ‘shock absorber’ role
little impact on repayment companies with new
capacity.” forecasts and — for
It is no joke the way Gazprom, at least —
modern finance is being concluded that sanctions Weaker currency is not yet Australian dollar
warped by geopolitical create more of a credit stimulating economy amid fall Against currencies (rebased)
pressures and ambitions — headache than the volatile Yen
something Guan price of crude. in value of commodity exports Euro 140
Jianzhong, the brave www.ft.com/alphaville US dollar
130
Gazprom JAMIE SMYTH — SYDNEY

Share price (rouble) For Australians, taking a foreign holiday

120
became almost an obsession during
160 the mining rush that pushed their cur-
110
150 rency to record highs and bolstered
household incomes. In the 10 years to
140 100
the end of 2013 the number of overseas
130 trips doubled.
120 But the travel boom may be turning to 90
110 bust as a slump in the price of iron ore —
Australia’s biggest export — and a cam- 80
100 paign by the central bank to weaken the 2010 11 12 13 14 15
Feb 2013 2014 Feb currency take their toll.
2015 The Australian dollar fell to a five-
Source: Thomson Reuters Datastream
and-a-half-year low of US$0.7667 yes- Aussie and iron ore price
terday after the Reserve Bank of Aus- US$ per Iron ore 62% China
tralia cut interest rates 25 basis points to A$ import price
fastFT a record low of 2.25 per cent — its first ($ per tonne)
rate move in 18 months. Since July the
currency has plunged almost 20 per 1.2 200
Weaker iron ore prices push cent against the US dollar, and most
1.1
180
economists say it has further to fall.
S&P to downgrade steelmaker “At current levels the Australian dol-
1.0
160
lar is still merely acting as a shock 140
It’s another casualty of the cautious in our absorber to the economy, rather than 120
falling iron ore price. assumptions about providing any outright stimulus,” says 0.9
ArcelorMittal, the average steel margins in Daniel Been, ANZ currency strategist. 100
steelmaker that produces the next two years. We “With the Australian economy likely to 0.8
80
some of its iron ore and believe currently lower raw continue growing at sub-par pace, we
coal steelmaking needs, material prices may not think the [currency] will continue to fall 0.7 60
has been downgraded to result in sustainably higher out of favour with investors.” 2010 11 12 13 14 15
BB by Standard & Poor’s as margins because the Credit Suisse reckons that the Aussie
Source: Thomson Reuters Datastream
a result of weak ore prices. supply-demand balance in could fall to as low as US$0.72 in the
The credit rating agency, the steel industry remains coming 12 months.
which has lowered its iron relatively weak. The slide in the currency against the A slowing for the first time since the most recent tative easing in Japan and Europe is pre- ment and political uncertainty as the
ore price assumption to “Despite the solid order greenback reflects a recovering US conveyor belt: official recession in 1991-92. venting the Aussie from falling sharply government has failed to get important
$65 a tonne this year and book for automotive steel economy as well as nervousness about the price of iron Glenn Stevens, RBA governor, has set against the yen and the euro, and is frus- budget measures passed.
next to account for the — notably in Europe, the health of the economy Down Under. ore, Australia’s his sights on a weaker currency as the trating the RBA’s attempts to push the “Mortgage holders are nervous
“well-supplied market”, where the major part of Australia is facing its greatest chal- biggest export, key to rebalancing the economy, with currency lower. because since the financial crisis they
expects ArcelorMittal’s ArcelorMittal’s steel lenge in a generation with the slump in has slumped, the consequent growth in services, con- A benign inflation outlook as a result have come to realise that the interest
funds from operations to shipments is to the auto the price of the commodities it exports squeezing real struction and agriculture offsetting of falling oil prices should provide scope rates on their home loans depend on
fall closer to 15 per cent of industry; a supportive — iron ore, coal and liquefied natural domestic the decline in mining investment. But for further rate cuts. But the RBA must international money markets as much
debt versus the 20 per market environment in the gas. A drop in mining investment and income as the central bank’s decision to cut be aware of other dangers, such as the as domestic interest rates,” says Tim
cent predicted as recently US; and the likely benefits fears over China’s economic growth out- David Gray/Reuters
rates reflects, this transition is taking possible development of a housing bub- Sims, a founder of Pacific Equity Part-
as November. of the continued look are casting a shadow over an econ- place more slowly than had been ble. In Sydney house prices have risen ners, a private equity group.
But S&P has kept its weakening of the Brazilian omy that has not experienced a reces- hoped given the rapid slump in com- 13 per cent in a year. However, Australia’s economic funda-
outlook stable because it real, improvements in the sion in almost a quarter of a century. modity prices. A recent financial-sector inquiry has mentals are good, he says, and he plays
“has some flexibility and steel segment profit are Gross domestic product rose 2.7 per “There are some signs of a pick-up, identified the reliance on foreign fund- down the broader impact of the
capacity” to support the unlikely to fully cent in the year to the end of last Sep- with job adverts trending higher, ing and mortgage lending on the part of resources downturn.
current rating. It now compensate for weaker tember, a higher rate than most devel- stronger employment growth in recent Australia’s main four banks’ (almost “The mineral resource sector makes
predicts earnings before mining profits.” oped economies but below trend for a months and apartment building rising,” two-thirds of bank loans are mortgages) up less than 10 per cent of total eco-
interest, tax, depreciation It could revise the country with net immigration of says Ivan Colhoun, chief markets econo- as a significant vulnerability. The RBA is nomic output and is 80 per cent owned
and amortisation this year outlook to positive if there 200,000 people a year. mist at National Australia Bank. “But working with regulators to restrict the by overseas investors. A lot of the pain
of between $7bn-$7.3bn, is a sustained improvement A 25 per cent fall in Australia’s terms clearly the RBA is dissatisfied at the level of lending to investors, which caused by lower commodity prices will
versus $8bn previously, in steel market conditions of trade — a measure of the relative pace at which this is happening.” makes up 40 per cent of the value of hit foreign shareholders rather than the
and a similar outcome next and margins, or if mining value of exports and imports — since For exporters one problem is that the home loans. domestic economy,” says Mr Sims.
year. profits recover. late 2011 is squeezing real gross domes- sharp fall in value of the Australian dol- Nor has the surge in property values Many Australians will hope he is right
S&P explained: “We are www.ft.com/fastFT tic income, which has declined over the lar against its US rival is not being mir- bolstered consumer confidence, which so they can get back to the jet-set life-
past two quarters. Real wages are falling rored against other currencies. Quanti- has been dented by higher unemploy- styles of the boom years.

Commodities Equities

Resurgent Brent oil approaches $58 a barrel Greek banks lifted by Athens debt-swap plan
NEIL HUME expenditure to about $20bn, lower than affect supply in the future. The market MICHAEL HUNTER Shares in the main lenders rose to the most, the European Central Bank.
previous guidance of $24bn-$26bn,” is particularly excited by the fall in the top of a resurgent Athens General index. “The ECB has a tough, rather politi-
Oil continued its strong run yesterday Greek financial stocks jumped after the
said analysts at Morgan Stanley. “The drilling rig count in the US and the fact National Bank of Greece made the big- cised choice to make if it continues to
with Brent, the international crude new government’s debt-swap plan
company aims to reduce exploration that it has fallen 24 per cent in the last gest gain, climbing 20.8 per cent to provide liquidity past this point,” said
marker, clawing back its losses for the helped bank shares back towards levels
spending, delay marginal upstream four months from 1,609 to 1,233.” €1.22, more than 45 per cent above the Ranko Berich, head of market analysis
year as the US dollar weakened and last seen before the rise to power of the
projects and rephase some down- Mr Hufton noted that gains had seen low point it reached at the height of the at Monex Europe. “Swapping national
three major oil companies announced anti-austerity Syriza party.
stream projects to achieve this.” the major oil contracts break above post-election sell-off. Piraeus, the big- debt for growth-linked bonds is indeed a
plans to cut spending on new and exist-
The spending cuts and a sharp decline their 34-day moving average, making Market reaction to the policy — outlined gest lender, was up 18.4 per cent at way to ease austerity. [But] as Greece’s
ing projects.
in the US rig count have raised hopes short selling a dangerous proposition. by Yanis Varoufakis, finance minister — €0.63, Alpha Bank gained 13.9 per cent creditors chew the idea over, the clock is
ICE March Brent gained as much as that non-Opec production will fall sig- A scramble to buy back bearish bets was enthusiastic, as the suggested meas- to €0.38 and Eurobank Ergasias was ticking on the nation’s fiscal situation
$2.91 to $57.91 a barrel, its highest level nificantly this year, helping to balance a has been another factor in the advance ures looked less radical than feared after 18.3 per cent up at €0.15. and the health of its banks.”
since the start of the year, taking gains market that analysts say could be over- in oil prices. The latest data from the US the January 25 election, easing concerns Overall, the main national index rose Banking analysts at Credit Suisse
over the past four sessions to 18 per supplied by as much as 2m barrels a day Commodity Futures Trading Commis- of a damaging stand-off between Greece 11.3 per cent to 840.57, taking it back called the funding situation for Greek
cent. Meanwhile, West Texas Interme- in the first half of the year. sion showed that hedge funds and other and its creditors. towards the mark it held before the banks “tough but manageable”. The sec-
diate, the US benchmark, gained as “From a fundamental perspective, money managers had raised short posi- Mr Varoufakis’s proposals involve vote. Yesterday’s rebound takes the tor relies on the ECB’s emergency
much as $3.48 to $53.05 a barrel. price is performing its role in encourag- tions in WTI to almost 130m barrels in exchanging outstanding debt for new Athens General’s recovery from its post- liquidity assistance facility for funds in
Traders said the announcement of ing demand and discouraging supply,” the week to January 27. growth-linked bonds, running a perma- election nadir to 18.2 per cent. the face of withdrawals by depositors
capital expenditure cuts by BP, BG said David Hufton of PVM, an oil broker. Crude has dropped almost 60 per cent nent budget surplus and targeting Analysts said the banking sector’s for- and foreign banks’ reluctance to lend. In
Group and China’s Cnooc had given a “On the supply side, while there is no since mid-June because of a combina- wealthy tax evaders. He told the tunes remained dependent on the reac- a note, Hugo Swann and Victoria Chere-
further boost to prices, which some par- evidence yet of production slippage, tion of strong supply growth from US Financial Times that Syriza would not tion of the troika of creditors behind the vach of Credit Suisse said the ELA would
ticipants think may have bottomed. there is plenty of evidence of expendi- shale fields, sustained Opec output and seek a write-off of Greece’s €315bn sov- bailout — the International Monetary remain available “in all but the utmost
“BP plans to reduce organic capital ture and investment cutbacks that will weak global demand. ereign debt. Fund, European Commission and, fore- disagreement with the troika”.
Wednesday 4 February 2015 ★★★ FINANCIAL TIMES 29

MARKETS & INVESTING

Global overview
TRADING POST Markets update
Jamie
Chisholm
Equities boosted by surging crude S&P 500 index
Change on day 1.44%

and optimism on Greek debt deal

2060
2040
2020
The ADP private employment survey 2000
will be published tomorrow, the
1980
precursor to the official US non-farm Jan 2015 Feb
payrolls report, due on Friday.
For the past few months NFPs have Athens stocks rally 11% contrast, the German Bund yield rose US equities Further gains for crude oil
come in stronger than expected. But 4 basis points to 0.35 per cent — but was prices and increased optimism that
10-year Treasury yields are 50 basis while Brent gains ground still below the 0.36 per cent yield of Greece will reach a deal to resolve its
points lower than at the start of for fourth day in a row but Japan’s 10-year government bond for debt stand-off helped the S&P 500
December. the first time. rise sharply for a second day
Treasury bears are frustrated. But Treasury bond prices and Divyang Shah, global strategist at IFR
their time will come, stresses Strategas gold take a tumble Markets, noted headline comments FTSE 100 index
Research. The New York-based about the “Japanification” of the euro- Change on day 1.32%
boutique gives several reasons why we DAVE SHELLOCK zone but argued that the move was 7000
should expect 10-year yields to rise. largely down to a poor JGB auction that 6800
The Federal Reserve has not raised Soaring oil prices, an easing of tensions saw the 10-year yield rise 8bp. 6600
interest rates for eight years, but it “is over Greece and more central bank pol- “The 10-year JGB yield has doubled 6400
likely to remove emergency icy accommodation provided the back- since mid-January with the finger point-
6200
accommodation” because US wage drop to a strong performance for US and ing to low risk appetite as dealers were Jan 2015 Feb
inflation has probably bottomed and European equities. There were falls for still nursing their wounds from the
government spending is turning from a Treasury bond prices and gold. recent volatility,” he said. UK equities A 2.8 per cent gain for BP
drag on growth to “being mildly Brent crude rose another 5.8 per cent The improved risk appetite in the helped push the FTSE 100 higher after
stimulative”. to $57.91 a barrel — a fourth successive markets pushed the US 10-year Treas- the oil group’s quarterly profits beat
With “bond bullishness increasingly advance and the highest settlement ury yield up 11bp to 1.78 per cent, expectations, while mining stocks were
consensus”, any snap-back will be since late December. The oil benchmark putting it on course for the biggest one- lifted by rising industrial metals prices
potentially more intense. has rallied more than 28 per cent from a day rise since November 2013, accord-
Investors see short-term near six-year low of $45.19 in the middle ing to Reuters data. Eurofirst 300 index
deflationary pressures and are of last month. Australia’s 10-year yield tumbled to a
Change on day 0.75%
mistakenly extrapolating this far into Capital expenditure cuts by major oil record low of 2.27 per cent after the cen- 1500
the future. But “QE in significant producers and industry data showing a tral bank became the latest to join pol- 1450
quantities can arrest the decline in drop in the number of US rigs in opera- icy easing. The Reserve Bank of Aus- 1400
— Shannon Stapleton/Reuters
inflationary expectations”, and the tion have supported the rebound. tralia cut its main interest rate 25bp to
Temperature of financial markets: FT.com/video 1350
falls in commodity prices are a big But Ole Hansen, head of commodity 2.25 per cent in response to slowing
1300
boost for large emerging economies strategy at Saxo Bank, said while oil’s FT capital markets editor Ralph Atkins discusses central bank inflation and growth concerns. But the
Jan 2015 Feb
such as China and India. upward momentum was shaking out unconventional measures with columnist John Plender “Aussie” dollar recovered from a steep
Strategas also calculates that short positions, “fundamentals did not early slide to trade flat at $0.7797. European equities The Eurofirst 300
“commercial banks and insurers may justify a major recovery at this stage, “It was a move that had been talked rose back towards a seven-year high
be overexposed to the long end of considering expectations that the global don to $5,680 a tonne, the biggest one- ing certain aspects of the memorandum about in the press but was not fully dis- and Greek stocks leapt 11.3 per cent
the curve”. And it says an improving supply glut could rise even further over day gain since July 2013. in place,” said Anthony Karydakis, chief counted by the market, hence the sharp as a new government softened its
housing market should deliver higher the coming months. Greek stocks were in focus as the ATG economic strategist at Miller Tabak. slide in the Aussie that resulted,” said stance towards Athens’ creditors
net new supply of mortgage-backed “Rising crude oil prices will make it index jumped 11.3 per cent, led by a “We should view he risk of a major Steve Barrow, head of G10 strategy at
securities, increasing supply and possible for many shale producers to rebound for banks. The yield on Greek debacle related to Greece as having Standard Bank. “The market has also
putting prices under pressure. restart their forward hedging at profita- 10-year government debt fell the most dropped dramatically . . . .Eurozone moved to discount further reductions.” Nikkei 225 index
ble levels and thereby maintain produc- since 2012, sliding below 10 per cent. markets can therefore focus on the The US currency was weaker against (’000) Change on day 1.27%
18.0
jamie.chisholm@ft.com tion levels.” The rebound came after Greece’s new more fundamental issues of underlying most of its major peers, with the dollar
Energy stocks were big gainers on government said it would abandon its economic growth and assessing the index down 1 per cent and the euro up 17.5
US government bonds both sides of the Atlantic, while miners call for half the country’s debt to be writ- effectiveness of the European Central 1.3 per cent at $1.1483. 17.0
10-year Treasury yield (%) were helped by strength in industrial ten off and would instead request a Bank’s unfolding quantitative easing The rise in oil prices pushed the Rus-
metals. Wall Street got an extra boost “menu of debt swaps” to ease its burden. programme.” sian rouble 4.8 per cent higher against 16.5
2.5 Jan 2015 Feb
from news of stronger than expected US “The new government’s change of Relief was evident in “peripheral” the dollar, while the US currency was
2.0 car sales in January. heart is a reflection of the absence of real eurozone stock markets, with Spanish down 1.4 per cent, compared with its Japanese equities Poor demand at a
The S&P 500 equity index rose 1.4 per options available to it other than accept and Italian stocks rallying 2.7 per cent Canadian counterpart, to C$1.2396. 10-year Japanese government bond
1.5
Nov 2014 2015 Feb
cent to 2,050 while the FTSE Eurofirst to play the game mostly on the terms of and 2.6 per cent respectively, although The falling dollar failed to support the auction and weak US manufacturing
Source: Thomson Reuters Datastream
300 ended 0.8 per cent higher. The price its lenders, while trying to extract as yields on both countries’ government gold price, with the metal down $14 at data undermined Tokyo stocks
of copper jumped 3.3 per cent in Lon- many concessions as possible by alter- bonds edged back only modestly. By $1,260 an ounce.

Ladbrokes will be outweighed by the loss of circa

Share price (pence) $200m-£300m a year of free cash flow Trading Directory
160 on current prices, at a time when group
140
free cash flow fails to cover dividends,”
the broker said.
120
Diamond miners underperformed
100 after a Botswana-based stone polisher,
Feb 2014 Feb
London Source: Thomson Reuters Datastream
2015 Teemane, said it would close this
month, blaming a margin squeeze.
Ladbrokes a winner Day's
Petra Diamonds was down 1.9 per cent
on speculation of Indices Close change
to 151.5p and Aim-traded Botswana
Diamonds sank 9.1 per cent to 1.3p.
FTSE 100 6871.80 89.25
private equity interest FTSE 250 16570.30 214.74
Leading the FTSE 100 fallers,
FTSE 350 3753.29 48.73 Aberdeen Asset Management slid
FTSE All-Share 3685.14 46.85 3.4 per cent to 425p after reporting
FTSE All-Share Yield 3.26 - £4.8bn of net outflows in the December
FTSE 100 Futures 6810.00 96.00 quarter on below-benchmark
Bryce Elder 10 yr Gilt Yield 2.53 -0.29 investment performance.
20yr Gilt All-Share Ratio 0.60 - Consumer goods company Reckitt
Benckiser slipped 0.5 per cent to £56
A revival of bid speculation put Betting software maker Playtech, up after Exane BNP Paribas advised taking
Ladbrokes among London’s biggest 2.4 per cent to 702p, has also been profit. If the health business was valued
gainers yesterday. linked with Ladbrokes, though the at 21 times 2015 earnings, on par with
Talk that the bookmaker might be a company said in an email it had “no Merck’s recently auctioned consumer
private equity target helped it rally concrete plans” to announce healthcare unit, the consumer goods
6.8 per cent to 124p. The stock has acquisitions. side would still be at a material
bounced 21 per cent since hitting a A bounceback for commodities lifted premium to peers at 15 times earnings,
record low in January. A fall in medium- the wider market, with the FTSE 100 up the broker said. But given like-for-like
term interest rates coupled with steady 1.3 per cent, or 89.25 points, to 6,871.80. sales growth of 1 per cent, that looked
cash generation at Ladbrokes’ retail Miner BHP Billiton gained 5 per cent unjustified.
business meant a leveraged buyout to £15.59 even as pressure grew on the “It is not impossible that Reckitt falls
could make sense, despite regulatory management to delay the spin-off of prey to a bid from either pharma or
threats and uncertainty about a South32, its package of non-core assets consumer majors,” Exane said.
turnround of the bookmakers’ online including bauxite and nickel mines. “However, to our mind, this is more
business, analysts said. JPMorgan Cazenove forecast that, at than in the price.”
CVC Capital Partners, the new owner predicted spot metals prices, South32 Smith & Nephew lost 0.8 per cent to
of Sky’s online gaming operations, is would have a valuation of about $7bn — £11.75 before tomorrow’s year-end
among companies rumoured to have less than half its expected value when results, despite reheated speculation
looked at Ladbrokes after news in the spin-off was announced last year. that Stryker’s long-rumoured bid for the
December that its chief executive, “Near term, we believe the benefit of medical equipment maker might come
Richard Glynn, plans to step down. higher margins for streamlined BHP this month.

been a boon to US consumers. significantly lower than it was in 2014

Auto sales climbed to their highest and will be in line with peers and cash
level in eight years in 2014 driven by flow per share beat estimates.
these conditions and pent-up demand, The energy exploration and
data from WardsAuto showed last production group reported a narrower
month. Auto dealerships, however, have loss of $395m or 78 cents a share in the
struggled as consumers increasingly three months ended December,
turn to online shopping. compared with the year-ago period.
Wall Street AutoNation shares, which have Sales fell 5 per cent to $3.2bn. Analysts
AutoNation roars ahead climbed 30 per cent in the past year,
gained more than 6 per cent to $63.17.
on Wall Street were looking for earnings
of 80 cents a share on sales of $3.7bn.
after car sales accelerate Gannett was up nearly 6 per cent at Mallinckrodt slid 1.7 per cent to
$33.32 after the publisher said it would $104.93 after missing fiscal first-quarter
resume share buybacks as it reported a sales estimates. The drugmaker
24 per cent jump in fourth-quarter reported a net income of $92.7m, below
sales. The Virginia-based company had estimates — although adjusted earnings
Mamta Badkar suspended its share repurchases in topped forecasts. Sales of $866m fell
August when it announced that it would short of expectations for $884.7m.
be splitting its publishing arm from its Staples rose after bowing to activist
Better than expected fourth-quarter broadcast and digital businesses. pressure, agreed to enter merger talks
results from AutoNation boosted stock There is about $150m remaining with Office Depot. The stationery chain
in the largest new car dealer in the US. under its current share buyback gained nearly 11 per cent to $19.01.
The Florida-based company reported programme. Gannett reported net Oil prices extended their rally and the
a 7 per cent rise in profits to $116.7m or income of $676m. Sales of $1.7bn were S&P 500 was led higher by energy
$1.02 a share in the three months ended shy of forecasts for $1.75bn. stocks. The benchmark index added
in December. Sales gained nearly 12 per Anadarko Petroleum rose 3.4 per cent 1.4 per cent to 2,050.03, while the Dow
cent to $5.05bn. to $85.60, despite a fourth-quarter miss, Jones Industrial Average gained 1.8 per
Easier credit conditions and a collapse after the company said its 2015 capital cent to 17,666.40 and the Nasdaq
in global oil prices since mid-June have spending programme will be Composite rose 1.1 per cent to 4,727.74.
30 ★ Wednesday 4 February 2015

INSIGHT Analysis. Equities

Tracy
Alloway
US corporate earnings skewed by strong dollar
Currency swings a deepening Global reach

Superhero’s quest problem for export-focused

multinationals on S&P 500
Foreign sales as a percentage of total sales, by US sector (2013) Dollar index

leads mutual funds

96

ERIC PLATT — NEW YORK

94
into shadowy territory Even Apple, the world’s most valuable
company which just set a record with 92
its $18bn quarterly profit, has a cur-
rency problem. Information 90
Energy Materials Healthcare Industrials

H
oly Cow Batman, these bonds can outperform In the fourth quarter, as the company technology
stocks!” Bill Gross wrote back in 2003 when sold nine iPhones a second, the dollar
he was chief investment officer at Pimco. He strengthened against virtually all its
56.60% 54.64% 54.45% 51.28% 45.91% 88
was describing a strategy of in effect borrow- trading partners. The cost to Apple:
86
ing money and using financial instruments to more than $2bn in lost sales and the
boost returns on fixed income securities. brief closure of its Russian website as
Applying such leverage, he argued, allowed investors to the rouble plummeted. That problem 84
achieve the seemingly impossible: generate the kind of is only going to deepen, executives
profits typical of stocks while enjoying the stability of caution. 82
bonds. Super hero-like indeed. But the strategy came with Dozens of US companies have warned
a catch. In order to juice up returns, fund managers needed that a sharply stronger dollar has eaten Consumer Consumer Telecommunications 80
to engage with the so-called shadow banking system. The into revenues and crimped profits dur- Financials Utilities
discretionary staples services
extent to which low interest rates have driven mutual ing the final three months of the year,
funds and other asset managers to become entwined with forcing businesses to cut costs as hedg- 40.96% 39.79% 32.31% Not meaningful Not meaningful 78
shadow banking is laid bare in a research paper by Zoltan ing strategies failed to offset currency Total non-US sales: 46.29% Feb 2013 14 Feb
Pozsar, former senior adviser at the US Treasury. fluctuations. 15
FT graphic Sources: S&P Dow Jones Indices; Thomson Reuters Datastream
Shadow banking has long been described as a network of Pfizer, United Technologies, Procter
non-bank financial intermediaries, but it is perhaps better & Gamble, Microsoft and Google are
characterised as a particular set of financial activities. among the long list of multinationals
These include financial institutions borrowing money by that have blamed the greenback for lost the dollar going to par against the euro.” higher if currencies were constant. In cent from sales and 12 per cent, or at
pawning their assets through repurchase agreements, sales. Currency consultancy FiREapps
Trend has A stronger dollar has several effects the current quarter currency shifts are least $1.4bn, from net earnings this year.
transactions that involve the lending of securities, and the says the losses could reach $12bn in the put large on corporate earnings. For most, sales likely to shave 5 percentage points off Howard Silverblatt, senior index ana-
use of derivatives. fourth quarter, three times the impact and profit earned abroad are suddenly Apple’s growth, or $2.3bn. That is more lyst with S&P Dow Jones Indices, says
Traditional notions of shadow banking usually centre on in the third quarter.
companies worth less as companies translate than S&P 500 constituents Mattel, the dollar has been “the excuse of the
the idea of “repo” being used to fund the balance sheets of The currency swings have had a simi- ‘on the back results in euros, yen and so forth back Royal Caribbean, SanDisk and Charles quarter”, with executives pointing to the
broker-dealers and banks. When Lehman Brothers and lar effect to monetary tightening, ana- into the US currency. Further, the cost to Schwab each generated in revenues in currency for lacklustre results. More
Bear Stearns became locked out of the repo market in lysts say, and the difficulty is likely to be
foot when it manufacture goods in the US has the final three months of 2014. than two-fifths of S&P 500 sales are gen-
2008, they suddenly found themselves starved of financ- exacerbated as the European Central comes to remained steady, forcing executives to As “our existing hedges expire, they erated abroad, with technology, energy
ing, triggering an avalanche of Bank unleashes a fresh round of bond either raise prices to protect margins, at get replaced by new contracts at current and industrials sectors realising more
stress in the financial system. buying. Bank of America expects full-
guidance’ the loss of some orders, or maintain levels, and therefore the protection that than half of revenues outside the US.
Regulators have spent the
Pimco’s balance year earnings forecasts to be clipped prices to avoid alienating customers. is provided to us by our hedging pro- For the fourth quarter, earnings per
years since trying to clamp sheet window as strategists update 2015 foreign At Apple, chief financial officer Luca gramme diminishes over time”, Mr share for the blue-chip index are
down on shadow banking. exchange and energy prices. Maestri says the Japanese yen and Maestri said on a call with analysts. expected to climb 6.4 per cent from a
Because such activities are
dressing is “The recent strength in the dollar has Russian rouble proved most costly, “It goes without saying a strong US year earlier, marginally below forecasts
rarely associated with them, symptomatic of put American multinational companies although profits were also hit by move- dollar has a negative impact on our at the start of December, according to
mutual funds have not often on the back foot when it comes to reve- ments in the euro, and Australian and international business.” S&P Dow Jones Indices. But full-year
been mentioned in conjunc-
long-term trend nue and earnings guidance for 2015,” Canadian dollars. Mr Maestri says year- Consumer staples behemoth Procter 2015 forecasts have been trimmed dras-
tion with shadow banking. says Nicholas Colas, chief market strate- on-year growth in the company’s fiscal & Gamble, which owns Tide detergent, tically as the dollar soared and oil prices
Mr Pozsar’s research suggests that this is a mistake. A gist at Convergex. “Moreover, the trend first quarter, which includes the festive Crest toothpaste and Bounty paper tow- cratered. Analysts see S&P 500 earnings
quick look at the balance sheet of Pimco’s Total Return seems to be towards an even stronger shopping season, would have been els, called the currency swings “unprec- up 2.7 per cent in the current year,
Fund shows a bevy of derivatives including futures, for- dollar. There’s plenty of talk about 4 percentage points, or about $2.3bn, edented”, saying they would trim 5 per including a first-quarter contraction.
wards and swaps. Moreover,its repo borrowings at the end
of the first quarter of 2014 stood at $1.12bn. The fund’s
annual report shows repo borrowings averaged $5.73bn in
the period, five times the amount reported at quarter-end. Commodities
Such window dressing is usually associated with big
investment banks, which cut back on their leverage ahead
of the end of the quarter as they seek to flatter their fund-
ing profiles and impress investors. Its presence on Pimco’s
Beijing constrained by
balance sheet is symptomatic of a long-term trend that has
seen mutual funds evolve from staid, largely “long-only”
record farm stockpiles
managers into very different beasts. In addition to accu-
mulating billions of dollars of fixed income securities, the
funds have reached for an alternative financial toolkit of LUCY HORNBY rural work leading group, at
derivatives, securities lending and other forms of leverage, a press conference to explain
to help boost returns. Chinese stockpiles of agri- rural policies for the year.
How did we arrive at this unexpected situation? Mr cultural commodities have By capping the state-set
Pozsar posits two main causes. First, mutual funds hit historically high levels, minimum purchase price as
have spent much of the 21st century fending off a two- complicating efforts to costs rise, the government
pronged attack from hedge funds and exchange traded phase out a policy of state hoped to bring it into line
funds, which have made hefty inroads into the asset man- buying without causing a with market prices, Mr Chen
agement market. steep fall in prices, accord- said. But the steep drop in oil
Second, that competition has occurred at the same time ing to Beijing’s most senior prices meant growers should
as big investors have had to grapple with low interest rates agricultural adviser. still have comfortable mar-
and low growth. While the yield on the benchmark US Government buying of cot- gins this year, he added. “We
Treasury has dropped from an average 6 per cent in 2000 ton, wheat, corn, soya, sugar just want it to stabilise —
to 1.66 per cent, the return expectations of US public pen- and rice at above market that’s all.”
sion funds have barely budged at roughly 8 per cent, prices has encouraged farm- A pilot scheme to replace
according to the paper. ers to grow strategic crops. minimum prices with direct
In other words mutual funds have tried to solve the But the practice has led to payments to cotton and
problem of actual returns falling far short of pension bloated warehouses, smug- soyabean growers, who
funds’ targeted returns by levering up their fixed income gling and an increase in would then be free to sell at
securities through shadow banking methods. cheaper imports. market prices, was still being
The obvious solution to this problem — lowering the China has amassed 60 per evaluated, Mr Chen said. If
return expectations of investors — is easier said than done. cent of the world’s cotton the scheme succeeded, a
A more palatable policy recommendation is that if regula- stocks, prompting an decision would be made
tors want to clamp down on shadow banking activities, announcement by Beijing whether to extend it to
they ought to take a holistic look at the environment last year that it would release other crops.
that is fuelling them. its cotton holdings. Beijing makes additional
By seeking to leverage fixed income assets to offset the The bigger the stockpiles payments of about Rmb600
problems of low yields, mutual funds are striving to grow, the harder it is for the ($96) a tonne to cotton farm-
become the superheroes that investors need — but are hav- government to extricate ers in Xinjiang, where much
ing to lurk in the shadows to do so. itself. Dumping the glut into of the crop is produced by the
the market would reverber- Xinjiang Production and
tracy.alloway@ft.com ate through the international Construction Corps, a para-
sector because China has military group of Han Chi-
become a large buyer of agri- nese settlers along the Cen-
cultural commodities. tral Asian border. Farmers in
Policy makers fear that central China get less.
releasing inventories would The amount is supposed to
More comment and data on ft.com depress prices and push close the gap between mar-
farmers towards more lucra- ket prices of about
tive cash crops, increasing Rmb13,600 a tonne and the
Y Fast FT Our global economies, headed reliance on imports. state purchase price of
team gives you market- by Brazil, Russia, India China’s grain harvest has Rmb9,800.
moving news and views, and China. risen every year for more Growers had been asked to
24 hours a day, five days ft.com/beyondbrics than a decade, as high prices reduce acreage this year to
a week. ft.com/fastft have encouraged farmers to alleviate the surplus, Mr
Y Podcast The Hard
Y Alphaville Our Currency podcast takes a grow strategic crops. But Chen said.
irreverent financial blog. look at what is driving costs have remained high Among the inadvertent
Join Paul Murphy and the global currency and the agricultural sector is consequences of the guaran-
Bryce Elder for the daily market. ft.com/podcasts uncompetitive compared teed prices paid by the state
Markets Live session at with other countries. is that some traders, includ-
Y Video View from the “Since last year we haven’t ing state-owned groups,
11am. ft.com/alphaville
Markets features video raised the minimum price import relatively cheap rice
Y beyondbrics News and interviews with leading [for wheat and rice]. That and other commodities for
comment from more market analysts. sends a signal to the farm- use as collateral for loans,
than 40 emerging ft.com/vftm ers,” said Chen Xiwen, direc- which are then ploughed into
tor of the office of the central the shadow banking sector.