Pension funds

UK Assets & Holdings as at 30 September 2008

SE AEGON UK Opportunities
Asset Allocation	%	Top Holdings	%
Energy	19.9	Hsbc Hldgs Ord Usd0.50(UK Reg)	8.6
Financials	19.0	Vodafone Group USD 0.114	6.4
Consumer Staples	11.1	Bg Group Ord Gbp0.10	5.0
Industrials	8.6	Royal Dutch Shell A(lon) Eur0.07	4.7
Health Care	8.6	Astrazeneca Ord Usd0.25	4.2
Materials	8.6	Imperial Tobacco Ord Gbp0.10	4.1
Telecommunication Services	6.4	Bp Ord Usd0.25	3.9
Utilities	6.1	Glaxosmithkline Ord Gbp0.25	3.7
Derivatives	3.3	Bae Systems Ord Gbp0.025	3.6
Consumer Discretionary	2.4	Rio Tinto Ord Gbp0.10(regd)	3.5
Other	1.5
Cash	4.5

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SE AEGON UK Smaller Companies
Asset Allocation	%	Top Holdings	%
Industrials	30.4	Connaught Gbp2	3.5
Information Technology	13.5	Chemring Group Ord Gbp0.05	3.4
Financials	13.0	Synergy Health Plc Ord Usd0.00625	3.2
Health Care	11.2	Ultra Electronic Ord Gbp0.05	3.0
Consumer Staples	5.6	Amlin Ord Gbp0.28125	2.6
Energy	5.0	Dechra Pharma Ord Gbp0.01	2.6
Consumer Discretionary	4.7	Dignity Gbp9	2.5
Materials	4.0	Rathbone Brothers Ord Gbp0.05	2.4
Utilities	2.1	Victrex Ord Gbp0.01	2.3
	0.9	Brewin Dolphin Ord Gbp0.01	2.2
Cash	9.7

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SE Artemis Capital
Asset Allocation	%	Top Holdings	%
Oil & Gas	21.7	Royal Dutch Shell B Shares (Gbp)	7.2
Financials	21.4	British Petroleum Plc Ord Usd0.25	6.2
Consumer Services	10.1	Astrazeneca Plc Ord Cmn	4.9
Healthcare	9.3	Scottish And Southern Energy Plc Ord Gbp0.50	3.7
Utilities	8.4	Bae Systems Plc Cmn	3.0
Industrials	7.9	Hsbc Holdings Plc Ord Usd0.50 (UK Regd)	3.0
Basic Materials	7.2	Anglo American Plc Cmn	2.7
Consumer Goods	6.3	Pfizer Inc	2.6
Telecommunications	2.9	Standard Chartered Plc Cmn	2.5
Technology	0.8	Wm Morrison Supermarkets	2.4
Portfolio Cash	4.0

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SE Artemis Income
Asset Allocation	%	Top Holdings	%
Financials	15.4	Royal Dutch Shell B Shares (Gbp)	5.0
Utilities	15.3	Glaxosmithkline Plc Cmn	4.6
Oil & Gas	15.2	British Petroleum Plc Ord Usd0.25	4.4
Consumer Services	12.2	Vodafone Group Plc Cmn	4.3
Industrials	10.7	Astrazeneca Plc Ord Cmn	4.0
Healthcare	9.0	Centrica Plc	3.7
Telecommunications	8.8	Rwe (Xet)	3.2
Consumer Goods	4.9	Hsbc Holdings Plc Ord Usd0.50 (UK Regd)	3.2
Telecommunications FI	1.0	National Grid Ord Gbp0.11395	3.2
Basic Materials	0.5	Scottish And Southern Energy Plc Ord Gbp0.50	2.8
Portfolio Cash	6.9

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SE Artemis UK Special Situations
Asset Allocation	%	Top Holdings	%
Consumer Services	14.2	Royal Dutch Shell B Shares (Gbp)	4.9
Oil & Gas	14.1	British Petroleum Plc Ord Usd0.25	4.8
Industrials	14.0	Glaxosmithkline Plc Cmn	4.8
Financials	13.0	Vodafone Group Plc Cmn	4.3
Utilities	10.4	Hsbc Holdings Plc Ord Usd0.50 (UK Regd)	4.3
Healthcare	9.2	Astrazeneca Plc Ord Cmn	3.7
Telecommunications	6.7	National Grid Ord Gbp0.11395	3.7
Technology	6.0	Firstgroup Ord Gbp0.05	3.5
Consumer Goods	5.0	Unilever Plc	3.1
Basic Materials	0.8	Cable & Wireless 25P	2.4
Portfolio Cash	6.6

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SE Baillie Gifford UK Equity
Asset Allocation	%	Top Holdings	%
UK	98.1	BG Group	7.8
Cash	1.9	HSBC	7.7
		Royal Dutch Shell 'A' & 'B' Shares	7.6
		Vodafone	5.6
		BHP Billiton	5.6
		BG British Smaller Companies Fund	5.5
		GlaxoSmithKline	4.6
		Reed Elsevier	4.4
		British American Tobacco	4.3
		Tesco	3.9

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SE BGI UK Equity Index
Asset Allocation	%	Top Holdings	%
UK	100.0	Bgi Aq Life Uk 350 Exit Sc1	14.4
		Hsbc Hldgs Ord Usd0.50	6.3
		Bp Ord Usd0.25	5.4
		Vodafone Group Ord	4.0
		Glaxosmithkline Ord	3.9
		Royal Dutch Shell 'A'Ord	3.5
		Royal Dutch Shell 'B'Ord	2.7
		Astrazeneca Ord	2.2
		Rio Tinto Ord Gbp0.10	2.1
		Bg Group Ord Gbp0.10	2.1

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SE BlackRock UK
Asset Allocation	%	Top Holdings	%
Oil & Gas	23.8	Vodafone	5.6
Financials	20.5	BAE Systems	5.2
Consumer Services	11.1	BG Group	4.5
Telecoms	8.5	Tullow Oil	4.5
Basic Materials	8.4	BP PLC	4.2
Industrials	7.0	HSBC Holdings PLC	4.2
Consumer Goods	6.8	Compass Group	3.7
Healthcare	6.6	AstraZeneca Plc	3.3
Utilities	4.3	Imperial Tobacco	3.3
Technology	0.6	Inmarsat	2.9
Cash	2.4

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SE BlackRock UK Smaller Companies
Asset Allocation	%	Top Holdings	%
Industrials	44.2	Aveva Group	4.9
Technology	18.3	Axon Group	3.2
Basic Materials	7.9	Rotork	3.0
Financials	7.7	Connaught	2.8
Healthcare	7.5	Abcam	2.7
Consumer Services	7.1	Ultra Electronics Holdings	2.7
Oil & Gas	2.8	Victrex	2.7
Telecoms	1.4	Chloride Group Plc	2.6
Consumer Goods	0.5	Spirax-Sarco Engineering	2.6
Utilities	0.5	Synergy Health Plc	2.6
Cash	2.1

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SE BlackRock UK Special Situations
Asset Allocation	%	Top Holdings	%
Industrials	29.6	HSBC Holdings PLC	5.5
Oil & Gas	17.3	Aveva Group	4.8
Financials	15.4	BG Group	4.6
Technology	11.6	BP PLC	4.3
Basic Materials	10.5	BHP Billiton	4.2
Healthcare	4.2	Royal Dutch Shell (CL B)	4.0
Consumer Services	4.1	BAE Systems	3.8
Telecoms	2.6	Aggreko Plc	2.6
Cash	4.7	Connaught	2.6
		Vodafone Group PLC	2.6

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SE Invesco Perpetual Income
Asset Allocation	%	Top Holdings	%
Utilities	24.4	British Energy	7.2
Consumer Goods	18.6	GlaxoSmithKline	6.5
Health Care	12.5	BP	6.4
Oil & Gas	12.2	AstraZeneca 5.2	5.2
Industrials	8.7	Reynolds American	5.1
Telecommunications 8.4	8.4	National Grid	4.8
Consumer Services	7.6	BG	4.7
Financials	6.4	British American Tobacco	4.6
Technology	1.7	Tesco	4.4
Unit/Investment Trusts/Other	0.4	Imperial Tobacco	4.0
Basic Materials	0.1
Cash	- 1.0

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SE JPMorgan Premier Equity Growth
Asset Allocation	%	Top Holdings	%
Oil & Gas	21.8	BP PLC	6.9
Financials	21.5	HSBC Holdings PLC	5.9
Basic Materials	14.9	Royal Dutch Shell PLC (CL A)	4.5
Industrials	11.5	Royal Dutch Shell PLC (CL B)	4.0
Consumer Services	6.1	Rio Tinto PLC	4.0
Health Care	6.0	Vodafone Group PLC	3.6
Consumer Goods	5.3	Anglo American PLC	3.3
Technology	3.6	BHP Billiton PLC	3.2
Telecommunications	3.6	GlaxoSmithKline PLC	3.2
Utilities	1.1	BG Group PLC	3.0
Other	0.4
Cash	4.3

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SE Lazard UK Alpha
Asset Allocation	%	Top Holdings	%
Financials	21.8	HSBC	9.0
Oil & Gas	19.3	Vodafone	7.5
Industrials	10.2	Royal Dutch Shell B	6.8
Consumer Goods	9.4	GlaxoSmithKline	6.0
Health Care	7.8	BG	4.5
Telecommunications	7.5	National Grid	3.9
Basic Materials	7.0	BP	3.4
Utilities	5.8	Prudential	3.1
Consumer Services	5.4	Imperial Tobacco	3.0
Technology	1.3	Cairn Energy	2.7
Cash	4.5

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SE Newton Higher Income
Asset Allocation	%	Top Holdings	%
UK Equities	93.2	BP PLC	9.1
Cash	6.8	Vodafone Group PLC	7.7
		British American Tobacco PLC	6.6
		Royal Dutch Shell PLC	5.6
		GlaxoSmithKline PLC	5.2
		Scottish & Southern Energy PLC	4.8
		Centrica PLC	4.6
		National Grid PLC	4.3
		BT Group PLC	3.4
		Cable & Wireless PLC	3.3

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SE Schroder Income
Asset Allocation	%	Top Holdings	%
Financials	21.1	GlaxoSmithKline	6.2
Consumer Services	17.3	BP	6.2
Health Care	14.7	HSBC Holdings	5.9
Telecommunications	12.6	Vodafone	4.9
Oil & Gas	10.4	AstraZeneca	4.4
Industrials	9.8	Royal Dutch Shell	4.2
Consumer Goods	4.0	Royal & Sun Alliance Insurance	3.3
Technology	2.3	Tomkins	3.1
Utilities	1.9	Deutsche Telekom AG	3.0
Cash	5.9	Legal & General	3.0

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SE Schroder UK Alpha Plus
Asset Allocation	%	Top Holdings	%
Financials	22.5	BG Group	5.2
Consumer Services	14.1	Barclays PLC	4.7
Oil & Gas	12.4	BP	4.6
Industrials	11.5	Shire	3.7
Basic Materials	9.0	Xstrata	3.3
Consumer Goods	8.6	BHP Billiton	3.3
Technology	4.4	Unilever	3.1
Health Care	3.7	Charter	3.1
Utilities	2.3	Legal & General	3.1
Telecommunications	2.2	Invensys	3.1
Cash	9.3

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SE Schroder UK Mid-250
Asset Allocation	%	Top Holdings	%
Industrials	41.1	Carillion	5.6
Consumer Services	22.2	Babcock Gp	4.0
Financials	12.4	Atkins Ws	4.0
Oil & Gas	10.3	Victrex	3.2
Consumer Goods	5.0	Venture Production	2.8
Basic Materials	4.3	Imperial Energy	2.6
Technology	3.5	Ultra Electronic	2.6
Cash	1.1	Balfour Beatty	2.4
		Meggitt	2.3
		Shanks Group	2.2

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SE Schroder UK Smaller Companies
Asset Allocation	%	Top Holdings	%
Industrials	38.2	Dechra Pharma	3.4
Consumer Services	14.6	Bpp Hldgs	2.7
Financials	13.7	Air Partner	2.5
Health Care	13.2	Rm	2.5
Technology	7.6	Fisher (j) & Sons	2.4
Basic Materials	4.7	Research Now	2.4
Oil & Gas	3.0	Neuropharm Group PLC	2.2
Consumer Goods	1.3	Albemarle & Bond Holdings	2.0
Cash	3.7	Consort Medical	2.0
		Elementis	2.0

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UK Equity
Asset Allocation	%	Top Holdings	%
Financials	20.8	Hsbc Hldgs Ord Usd0.50(UK Reg)	9.3
Energy	17.6	Vodafone Group USD 0.114	6.0
Consumer Staples	12.4	Bp Ord Usd0.25	5.4
Industrials	9.5	Astrazeneca Ord Usd0.25	4.2
Materials	9.2	Royal Dutch Shell 'b'shs Eur0.07	4.1
Health Care	9.2	Glaxosmithkline Ord Gbp0.25	4.1
Telecommunication Services	6.1	Brit Amer Tobacco Ord Gbp0.25	4.0
Utilities	5.1	Tesco Ord Gbp0.05	3.5
Consumer Discretionary	2.9	Bg Group Ord Gbp0.10	3.2
Derivatives	1.8	Bae Systems Ord Gbp0.025	3.0
Other	1.3
Cash	4.1

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UK Equity Tactical
Asset Allocation	%	Top Holdings	%
Financials	19.4	Hsbc Hldgs Ord Usd0.50(UK Reg)	8.9
Energy	15.0	Vodafone Group USD 0.114	6.0
Consumer Staples	12.7	Bp Ord Usd0.25	5.3
Materials	10.1	Astrazeneca Ord Usd0.25	4.6
Health Care	10.0	Glaxosmithkline Ord Gbp0.25	4.3
Industrials	9.6	Brit Amer Tobacco Ord Gbp0.25	3.8
Utilities	5.7	Royal Dutch Shell 'b'shs Eur0.07	3.7
Telecommunication Services	5.5	Bg Group Ord Gbp0.10	3.6
Derivatives	3.6	Tesco Ord Gbp0.05	3.6
Consumer Discretionary	3.5	Bae Systems Ord Gbp0.025	3.4
Other	1.6
Cash	3.3

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UK Index Tracker
Asset Allocation	%	Top Holdings	%
Financials	24.8	HSBC Holdings PLC	6.6
Resources	18.2	BP PLC	6.3
Basic Industries	11.5	Vodafone Group PLC	4.7
Cyclical Cons Goods	9.7	GlaxoSmithKline PLC	4.3
Cyclical Services	9.3	Royal Dutch Shell PLC (CL A)	4.3
Non-Cyc-Cons Goods	7.8	Rio Tinto PLC	3.3
General Industrials	7.1	Royal Dutch Shell PLC (CL B)	3.3
Non-Cyclical Services	6.0	BG Group PLC	2.6
Utilities	4.4	AstraZeneca PLC	2.5
Information Technology	1.2	Anglo American PLC	2.5

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UK Smaller Companies
Asset Allocation	%	Top Holdings	%
Industrials	29.3	Connaught Gbp2	3.4
Financials	16.7	Chemring Group Ord Gbp0.05	3.2
Information Technology	12.2	Ultra Electronic Ord Gbp0.05	3.0
Health Care	9.1	Rathbone Brothers Ord Gbp0.05	2.4
Consumer Discretionary	6.8	Dignity Gbp9	2.4
Consumer Staples	6.1	Synergy Health Plc Ord Usd0.00625	2.3
Energy	5.4	Detica Group Ord Gbp0.02	2.3
Utilities	3.5	Amlin Ord Gbp0.28125	2.3
Materials	3.2	Dechra Pharma Ord Gbp0.01	2.2
	0.5	Brewin Dolphin Ord Gbp0.01	2.2
Cash	7.3

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Pension funds

UK Assets & Holdings as at 30 September 2008

Bonus declaration

Investment Managers