April 2017 Equity Suggestions

Price 52 Week FTSE 100 COMPANIES 5/4/17 Yield High Low BANKS HSBC Holdings PLC Ordinary Shares 655p 6.2% 715p 414p PLC Ordinary Shares 65p 4.7% 74p 47p BEVERAGES PLC Ordinary Shares 2287p 2.6% 2339p 1737p FINANCIAL SERVICES PLC Ordinary Shares 3083p 3.0% 3183p 1960p FOOD PRODUCERS PLC Ordinary Shares 3940p 2.8% 4088p 3019p HOUSEBUILDERS Persimmon PLC Ordinary Shares 2100p 6.4% 2166p 1170p LIFE INSURANCE Ordinary Shares 1678p 2.6% 1802p 1096p MEDIA ITV PLC Ordinary Shares 217p 3.3% 234p 141p RELX PLC Ordinary Shares 1574p 2.3% 1581p 1185p MINING BHP Billiton PLC Ordinary Shares 1278p 3.4% 1519p 715p PLC Ordinary Shares 3268p 4.1% 3719p 1853p OIL & GAS BP PLC Ordinary Shares 465p 6.9% 521p 335p B PLC Ordinary Shares 2202p 6.8% 2391p 1646p PHARMACEUTICAL AstraZeneca PLC Ordinary Shares 4858p 4.5% 5505p 3680p Shire PLC Ordinary Shares 4693p 0.5% 5377p 3760p RETAIL PLC Ordinary shrs 2533p 1.5% 3448p 1910p Ordinary Shares 4109p 4.9% 5705p 3550p SUPPORT SERVICES Babcock Intl Group PLC Ordinary Shares 882p 3.0% 1112p 780p TECHNOLOGY Micro Focus International PLC Ordinary Shrs 2384p 2.6% 2400p 1408p Sage PLC Ordinary Shares 634p 2.2% 761p 573p TELECOMMUNICATIONS BT Group PLC Ordinary Shares 314p 4.6% 457p 298p Group PLC Ordinary Shares 207p 6.0% 240p 187p TOBACCO Group PLC Ordinary Shares 3878p 4.0% 4154p 3324p UTILITIES Ordinary Shares 1013p 4.3% 1148p 889p PLC Ordinary Shares 993p 3.9% 1064p 854p

FTSE 250 COMPANIES HOUSEBUILDERS PLC Ordinary Shares 1477p 6.0% 1592p 741p McCarthy & Stone PLC Ordinary Shares 182p 2.9% 283p 135p INDUSTRIALS DS Smith PLC Ordinary Shares 429p 3.0% 458p 356p Hill & Smith Holdings PLC Ordinary Shares 1311p 2.0% 1355p 755p Rotork PLC Ordinary Shares 255p 2.0% 269p 160p Spirax-Sarco Engineering PLC Ord Shares 4938p 1.5% 5045p 3250p INSURANCE Beazley PLC Ordinary Shares 425p 2.5% 448p 307p Saga PLC Ordinary Shares 202p 4.2% 227p 175p REAL ESTATE NewRiver REIT PLC Ordinary Shares 340p 5.8% 350p 269p Ordinary Shares 911p 1.6% 1008p 650p SUPPORT SERVICES IWG PLC Ordinary Shares 317p 1.6% 323p 224p UTILITIES Pennon Group PLC Ordinary Shares 879p 3.9% 958p 761p P

OVERSEAS COMPANIES# BEVERAGES Heineken NV Registered Shares 6838p 1.7% 7168p 5726p FOOD PRODUCERS Nestlé SA Registered Shares 6115p 3.0% 6374p 4992p HEALTHCARE PRODUCTS Becton Dickinson Common Stock 14634p 1.6% 15228p 10806p CR Bard Common Stock 19896p 0.4% 20556p 14094p Johnson & Johnson Common Stock 10006p 2.6% 10573p 7651p PERSONAL GOODS Colgate-Palmolive Common Stock 5879p 2.2% 6102p 4729p Estée Lauder Companies Common Stock 6841p 1.6% 7239p 5978p Kimberly-Clark Common Stock 10515p 3.0% 11068p 8490p INDUSTRIALS Schindler Holding CHF Registered Shares 15516p 1.5% 15988p 12238p OIL & GAS ConocoPhillips Common Stock 3976p 2.2% 4213p 2865p PHARMACEUTICALS Novartis CHF Registered Shares 5915p 3.7% 6410p 5048p TECHNOLOGY Amadeus IT Group SA Common Stock 4092p 1.8% 4092p 3003p TOBACCO Philip Morris Intl. Common Stock 9011p 3.7% 9235p 6668p

NON EQUITY COMMODITIES Gold Bullion Securities 9496p - 10138p 7892p

# Dividends on overseas holdings will be subject to withholding tax at the local rate. Investment Trust & Unit Trust/OEIC Suggestions Price 52 Week Discount 5/4/17 Yield High Low to NAV* UK Diverse Income Trust 92p 3.2% 97p 73p 3.5% Fidelity Special Values I/T 222p 1.7% 236p 170p 9.0% Finsbury Growth & Income Trust 703p 2.0% 705p 521p (0.8%) Perpetual Inc & Growth I/T 379p 3.5% 398p 330p 9.3% Investment Trust Schroder& Unit Trust/OEIC UK Mid Cap I/T Suggestions 455p 2.5% 477p 357p 19.2% GLOBAL Baillie Japanese Inc Fund P118price 1.9% 123p52 Week98p DiscountN/A Bankers I/T 5/4/17744p 2.3%Yield 800pHigh 546pLow to6.9% NAV* UK CaledoniaDiverse Income Investment Trust Trust 292p756p 1.9%3.2% 2897p81p 273p055p 14.3%3.5% FundsmithFidelity Special Equity Values Fund I/T 300p222p 0.7%1.7% 305p236p 229p170p 9.0%N/A HendersonFinsbury Growth Intl. Income & Income Trust Trust 150p703p 3.2%2.0% 157p705p 119p521p (0.8%)2.8% JPerpetualP Morgan Inc American & Growth I/T I/T 379p 1.3%3.5% 394p398p 280p330p 5.1%9.3% JupiterSchroder European UK Mid CapOpportunities I/T Tst 620p455p 0.9%2.5% 630p477p 463p357p 19.2%3.6% GLOBAL MonksBaillie GiffordInvestment Japanese Trust Inc Fund 642p118p 0.2%1.9% 658p123p 400p98p 1.7%N/A MurrayBankers International I/T I/T 1744p203p 4.0%2.3% 1800p225p 878p546p 0.2%6.9% OdeyCaledonia Allegra Investment Developed Trust Mkts Fund 125686p756p 1.9%- 126250p881p 123049p055p 14.3%N/A RITFundsmith Capital EquityPartners Fund Trust 1300p883p 1.7%0.7% 1305p934p 1229p529p (5.7%)N/A EMERGING MARKETS JHendersonP Morgan EmergingIntl. Income Markets Trust I/T 768p150p 1.2%3.2% 771p157p 553p119p 12.6%2.8% PJPacificMorgan Assets American Trust I/T 244p379p 1.1%1.3% 259p394p 179p280p 4.1%5.1% SchroderJupiter European Oriental Opportunities Income Trust Tst 245p620p 3.6%0.9% 251p630p 179p463p (1.5%)3.6% INFRASTRUCTURE HICLMonks Infrastructure Investment Trust Fund 170p642p 4.5%0.2% 185p658p 158p400p (16.5%)1.7% JohnMurray Laing International Infrastructure I/T Fund 1134p203p 5.1%4.0% 1141p225p 121p878p (12.5%)0.2% FRONTIER MARKETS BlackRockOdey Allegra Frontiers Developed I/T Mkts Fund 1148p5686p 3.4%- 16250p152p 1103p3049p (2.6%)N/A HEALTHCARE WorldwideRIT Capital HealthcarePartners Trust Trust 213835p83p 0.7%1.7% 21460p934p 1708p529p (5.7%)0.9% PEMERGINRIVATE EQUITYG MARKETS PantheonJP Morgan International Emerging Markets I/T I/T 1768p735p 1.2%- 1771p798p 1191p553p 18.4%12.6% TECHNOLOGY PolarPacific Capital Assets Technology Trust Trust 935p244p 1.1%- 960p259p 561p179p 1.1%4.1% ENVIRONMENTAL ImpaxSchroder Environm Orientalental Income Markets Trust I/T 225p245p 0.6%3.6% 230p251p 164p179p (1.5%)11.6% INFRASTRUCTURE HICL Infrastructure Fund 170p 4.5% 185p 158p (16.5%) * () = premium John Laing Infrastructure Fund 134p 5.1% 141p 121p (12.5%) Fixed Interest Suggestions FRONTIER MARKETS BlackRock Frontiers I/T 148p 3.4% 152p 103p (2.6%) HEALTHCARE Worldwide Healthcare TrustPrice Gross2335p 0.7%Gross 2 460p Payment1708p Redemption0.9% PRIVATE EQUITY Pantheon International5/4/17 I/T Interest1735p Redemption- 1798p 1191pDates 18.4%Date TECHNOLOGY Polar Capital Technology Trust Yield935p - Yield 960p 561p 1.1% ENVIRONMENTAL Impax Environmental Markets I/T 225p 0.6% 230p 164p 11.6% INDEX-LINKED GILTS Treasury* () = premium 0.125% Index Linked 2024 131.1# 0.1% 0.6%* Mar/Sep 22 Mar 2024 Treasury 0.125% Index Linked 2026 Fixed126.4 Interest# Suggestions0.1% 0.9%* Mar/Sep 22 Mar 2026 INDEX-LINKED CORPORATE BONDS Price Gross Gross Payment Redemption National Grid 1.25% Index Linked 2021 5/4/17123.5 Interest1.2% Redemption2.5%* Apr/OctDates 06 OctDate 2021 1.3% Index Linked 2022 123.3 1.2%Yield 2.2%*Yield Jan/Jul 11 Jul 2022 BOND FUND FidelityINDEX-LINKED Moneybuilder GILTS Income Fund 125 3.4% - Treasury 0.125% Index Linked 2024 131.1# 0.1% 0.6%* Mar/Sep 22 Mar 2024 * Equivalent Gross Redemption Yield for Index Linked Gilts/Bonds assuming# that future RPI inflation averages 3.0% to redemption. Treasury# Price adjusted 0.125% for inflation Index (where Linked the published 2026 price may126.4 be significantly different0.1% as it does0.9%* not include accruedMar/S inflation).ep 22 Mar 2026 INDEX-LINKEDAll yields are estimated CORPORATE and not guaranteed. BONDS

NationalREGULATORY Grid DISCLAIMER: 1.25% Index This newsletter Linked is 2021provided solely123.5 to enable clients to1.2% make their own investment2.5%* decisions. Apr/OctThe information 06 within Oct this 2021 Severnnewsletter Trentdoes not 1.3% constitute Index advice Linked or a personal 2022 recommendation, 123.3 or take into account1.2% the particular2.2%* investment objectives,Jan/Jul financial situations,11 Jul or2022 needs of individual clients. It may therefore not be suitable for all recipients. If you have any doubts as to the suitability of this service, you should seek BONDadvice from FUND your investment adviser. The past is not necessarily a guide to future performance. The value of investments and the income from them can Fidelityfall as well Moneybuilderas rise and investors Income may get backFund less than they originally125 invested. Certain3.4% Investment Trusts- will permit using gearing as an investment strategy. Gearing is a strategy which involves borrowing money to increase holdings of investments or investing in warrants or derivatives. Such a *strategyEquivalent is likely Gross to resultRedemption in movements Yield for in Indexthe price Linked of the Gilts/Bonds relevant security assuming being that amplified future significantly RPI inflation and averages may be subject3.0% to to redemption. sudden and large falls in #valuePrice and adjusted investors for may inflation get back (where nothing the atpublished all. Any taxprice rates may and be reliefs significantly are those different currently as applying, it does not are include dependent accrued on individual inflation). circumstances, and could be subject to change. All estimates and prospective figures quoted in this newsletter are forecasts and are not guaranteed. 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