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Strength of the Business: Strong Investment PerformanceTwo-thirds of Our Funds Ranked in Top-2 Quartiles or Outperformed BenchmarksThe aggregate report shows the percentage of funds that either outperform their benchmark or have peer ranking in the top 2 quartilesover 3 year rolling periods. This single measure is a blended score using the number of funds and amount of funds under management.65%Total Business 3 Year Score for PAM‐Managed Funds* (Dec 2007 to Oct 2010)62%66%55%45%35%33%25%Dec 07 Jun 08 Dec 08 Apr 09 Jun 09 Aug 09 Oct 09 Dec 09 Feb 10 Apr 10 Jun 10 Aug 10 Oct‐10Source: PCA Funds Regional Performance team, October 2010.Funds with no benchmark and no peer ranking are excluded from aggregate score. FUM used for all periods is as of the reporting date. Funds listed in each country only represents funds managed by the investment team in those countriesand ddoes not tinclude funds managed dby 3d 3rd party or feeder funds.* 3 Yrs Blended Score: 50% No + 50% FUM of funds outperforming benchmark or in top 2 quartiles over 3 years rolling period45

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