Global and EAFE Plus Update

1
Global and EAFE Plus Update

• Paul Markham, Investment manager, Global Equities
  June 2008

2
Newtons appeal Our process delivers
Newton EAFE Plus Composite Versus MSCI EAFE NDR
Index
Performance relative to the Index()
Underperformance
Outperformance

• Stock picking with conviction
• Overall strong performance regardless of
  investment environment
• High information ratios strong risk adjusted
  returns
• The process has been in place for nearly 30 years

Please see appendix for full disclosure
information Source Internal CompositePeriod to
31/05/2008, USD
Our performance has stood the test of time
3
Portfolio construction EAFE PLUS Versus EAFE NDR
Index (as of 31 May, 2008)
Key sector positions compared to the MSCI
World()
Relative position to benchmark ()
underweight
overweight
Source Newton as at 31/05/08Portfolio holdings
are subject to change at any time without notice
and should not be construed as investment
recommendations
Stock selection driving allocations
4
Portfolio construction EAFE Plus vs. MSCI EAFE
NDR Index (as of 31 May, 2008)
Relative position to benchmark()

• Key country positions compared to the MSCI World
  Index()

underweight
overweight
Source Newton as at 31/05/08 Portfolio holdings
are subject to change at any time without notice
and should not be construed as investment
recommendations
Stock selection driving regional allocations
5
Newtons appeal Our process delivers
Newton Global Equity Institutional Composite
Versus MSCI World NDR Index

• Stock picking with conviction
• Overall strong performance regardless of
  investment environment
• High information ratios strong risk adjusted
  returns
• The process has worked for nearly 30 years

Performance relative to the Index
()
Underperformance
Outperformance

• Exceeded benchmark in 11 of the last 12 calendar
  years
• Annualised outperformance since composite
  inception (Apr 1, 95 May 31, 08) 4.6 p.a.
  (gross)
• 10 year information ratio 1.0 (gross)

Please see appendix for full disclosure
information Source Internal CompositePeriod to
31/03/2008, USD
Our performance has stood the test of time
6
Portfolio constructionGlobal Equity vs. MSCI
World NDR Index (as of 31 May, 2008)
Key sector positions compared to the MSCI
World()
Relative position to benchmark ()
underweight
overweight
Source Newton as at 31/05/08Portfolio holdings
are subject to change at any time without notice
and should not be construed as investment
recommendations
Stock selection driving allocations
7
Portfolio construction Global Equity vs. MSCI
World NDR Index (as of 31 May, 2008)
Relative position to benchmark()

• Key country positions compared to the MSCI World
  Index()

underweight
overweight
Source Newton as at 31/05/08 Portfolio holdings
are subject to change at any time without notice
and should not be construed as investment
recommendations
Stock selection driving regional allocations
8
Newton Global Equity Institutional
CompositeAnnual Disclosure Presentation
N.A. - Information is not statistically
meaningful due to an insufficient number of
portfolios in the composite for the entire year.

• Newton Global Equity Institutional Composite
  contains fully discretionary equity portfolios
  that invest in global equities including emerging
  markets, which may include stocks that do not
  form part of the benchmark and for comparison
  purposes is measured against the FTSE World and
  MSCI World indices. Returns include the effect of
  foreign currency exchange rates. 
• Newton has prepared and presented this report in
  compliance with the Global Investment Performance
  Standards (GIPS).  
• Newton refers to the following group of
  affiliated companies Newton Investment
  Management Limited, Newton Capital Management
  Limited, Newton International Investment
  Management Limited, Newton Capital Management LLC
  and Newton Fund Managers (CI) Limited. Assets
  under management include assets managed by all of
  these companies except Newton Capital Management
  LLC, which provides marketing services in the
  U.S. for Newton Capital Management Limited Except
  for Newton Capital Management LLC and Newton
  Capital Management Limited, none of the other
  Newton companies offer services in the U.S. The
  firm maintains a complete list and description of
  composites, which is available upon request.  
• Results are based on fully discretionary accounts
  under management, including those accounts no
  longer with the firm. Non-fee-paying accounts are
  not included in this composite. Capital gains,
  dividend and interest received may be subject to
  withholding tax imposed by the country of origin
  and such taxes may not be recoverable. The FTSE
  and MSCI Index ranges are calculated gross of
  withholding taxes. Past performance is not
  indicative of future results 
• The U.S. Dollar is the currency used to express
  performance. Further information regarding the
  exchange rates used is available upon request.
  Returns are presented net and gross of management
  fees and include the reinvestment of all income.
  Actual returns will be reduced by investment
  advisory fees and other expenses that may be
  incurred in the management of the account. The
  fee schedule appropriate for this presentation
  starts at 0.25 per annum subject to a minimum of
  100,000, however, individual fees are negotiated
  on an account by account basis. The annual
  composite dispersion presented is an
  equal-weighted standard deviation calculated for
  the accounts in the composite the entire year. 
• Carve-outs are included in this composite and
  performance reflects required total segment plus
  cash returns using a pro-rated cash allocation.
  Carve-outs from composite 720001 comprise 2.8 of
  this composite at the end of 2006.  
• The Newton Global Equity Institutional Composite
  was created 3Q00. 
• Newton has prepared and presented this report in
  compliance with the Global Investment Performance
  Standards (GIPS ). For each of the years from
  1996 to 2005, Newton has been verified by an
  independent verifier. Copies of the verification
  reports are available upon request. Additional
  information regarding the firms policies and
  procedures for calculating and reporting
  performance results is available upon request.

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Newton EAFE (Global Equity ex U.S.) Plus
Composite Annual Disclosure Presentation
N.A. - Information is not statistically
meaningful due to an insufficient number of
portfolios in the composite for the entire
year. Part period return Composite inception
1st November 1997.

• Newton EAFE (Global Equity ex US) Plus Composite
  contains fully discretionary segregated
  portfolios that invest in global equity markets
  with the exception of North America and for
  comparison purposes is measured against the MSCI
  EAFE Index. This composite comprises portfolios
  that invest in global equities including emerging
  markets, which may include stocks that do not
  form part of the benchmark. Returns include the
  effect of foreign currency exchange rates.  
• Newton has prepared and presented this report in
  compliance with the Global Investment Performance
  Standards (GIPS).  
• Newton refers to the following group of
  affiliated companies Newton Investment
  Management Limited, Newton Capital Management
  Limited, Newton International Investment
  Management Limited, Newton Capital Management LLC
  and Newton Fund Managers (CI) Limited. Assets
  under management include assets managed by all of
  these companies except Newton Capital Management
  LLC, which provides marketing services in the
  U.S. for Newton Capital Management Limited Except
  for Newton Capital Management LLC and Newton
  Capital Management Limited, none of the other
  Newton companies offer services in the U.S. The
  firm maintains a complete list and description of
  composites, which is available upon request.  
• Results are based on fully discretionary accounts
  under management, including those accounts no
  longer with the firm. Non-fee-paying accounts are
  not included in this composite. Capital gains,
  dividend and interest received may be subject to
  withholding tax imposed by the country of origin
  and such taxes may not be recoverable. The MSCI
  Index range is calculated gross of withholding
  taxes. Past performance is not indicative of
  future results.  
• The U.S. Dollar is the currency used to express
  performance. Further information regarding the
  exchange rates used is available upon request.
  Returns are presented net and gross of management
  fees and include the reinvestment of all income.
  Actual returns will be reduced by investment
  advisory fees and other expenses that may be
  incurred in the management of the account. The
  fee schedule appropriate for this presentation
  starts at 0.25 per annum subject to a minimum of
  100,000, however, individual fees are negotiated
  on an account by account basis. 
• The Newton Global Equity (ex US) Composite was
  created 4Q04. 
• Newton has prepared and presented this report in
  compliance with the Global Investment Performance
  Standards (GIPS ). For each of the years from
  1996 to 2005, Newton has been verified by an
  independent verifier. Copies of the verification
  reports are available upon request. Additional
  information regarding the firms policies and
  procedures for calculating and reporting
  performance results is available upon request.

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Important information

• Newton Capital Management Limited
• Newton refers to the following group of
  affiliated companies Newton Investment
  Management Limited, Newton Capital Management
  Limited, Newton International Investment
  Management Limited, Newton Capital Management LLC
  and Newton Fund Managers (CI) Limited. Assets
  under management include assets managed by all of
  these companies except Newton Capital Management
  LLC, which provides marketing services in the
  U.S. for Newton Capital Management Limited Except
  for Newton Capital Management LLC and Newton
  Capital Management Limited, none of the other
  Newton companies offer services in the U.S.
• Past performance is not a guide to future
  returns. The value of investments and the income
  from them can fall as well as rise and investors
  may not get back the original amount invested.
  The value of overseas securities will be
  influenced by fluctuations in exchange rates. If
  part of the portfolio is invested in
  sub-investment grade bonds, which typically have
  a low credit rating and carry a high degree of
  default risk, then please be aware that this can
  affect the capital value of your investment. If
  the portfolio has exposure to hedge funds, gold,
  private equity and property via publicly quoted
  transferable securities, then there are
  additional risks associated with these sectors.
  The information contained within this document
  should not be construed as a recommendation to
  buy or sell a security. It should not be assumed
  that a security has been - or will be -
  profitable. There is no assurance that a
  security will remain in the portfolio.
• The opinions expressed in this presentation are
  those of Newton Capital Management Limited and
  should not be construed as investment advice. In
  addition the information should not be construed
  as a recommendation to buy or sell a security.
  This presentation is for professional investors
  only.
• Where referencing MSCI Index performance figures
  Neither MSCI nor any other party involved in or
  related to compiling, computing or creating the
  MSCI data makes any express or implied warranties
  or representations with respect to such data (or
  the results to be obtained by the use thereof),
  and all such parties hereby expressly disclaim
  all warranties of originality, accuracy,
  completeness, merchantability or fitness for a
  particular purpose with respect to any of such
  data. Without limiting any of the foregoing, in
  no event shall MSCI, any of its affiliates or any
  third party involved in or related to compiling,
  computing or creating the data have any liability
  for any direct, indirect, special, punitive,
  consequential or any other damages (including
  lost profits) even if notified of the possibility
  of such damages. No further distribution or
  dissemination of the MSCI data is permitted
  without MSCIs express written consent.
• Newton Capital Management Limited is an
  investment management firm authorized and
  regulated in the United Kingdom by the Financial
  Services Authority in the conduct of investment
  business and is a wholly owned subsidiary of the
  Bank of New York Mellon Corporation. Registered
  in England no 2675952.
• Tel [phone]
• web www.newton.co.uk/us
• Newton Investment Management Limited
• This presentation is for professional investors
  only. The opinions expressed in this
  presentation are those of Newton Investment
  Management and should not be construed as
  investment advice. In addition the information
  contained in this presentation should not be
  construed as a recommendation to buy or sell a
  security.
• Newton Investment Management Limited
• The Bank of New York Mellon Centre
• 160 Queen Victoria Street
• London EC4V 4LA
• Registered in England No. 1371973
• Tel [phone]