February 2015

F&C European High YieldBondShare Class A EUR

www.fandc.com

Past performance is not a guide to future performance. Values may fall as well as rise and investors may not get back the full amountinvested. Income from investments may fluctuate. Income payments may constitute a return of capital in whole or in part. Income may beachieved by foregoing future capital growth. Changes in rates of exchange may have an adverse effect on the value, price or income ofinvestments. The Fund may invest in warrants; small movements in the price of the asset to which the warrant relates may result in adisproportionately large movement in the price of the warrant which may cause volatility. All fund performance data is net of managementfees. A UCITS fund, issued and approved by F&C Management Limited which is authorised and regulated by the Financial ConductAuthority FRN: 119230 and is a member of the F&C Group. The ultimate parent company of the F&C Group is the Bank of Montreal.

Fund launch date: 14 Aug 2000Fund manager(s): Chris BrilsFund type: SICAVSector: Bond Europe High YieldBenchmark: ML European currency

HY, BB-B ConstrainedIndex ex Subordinated

FinancialsFund size: 12.4m

Share price : 13.02cDistribution policy: AnnuallyPrice frequency: DailyPayment date(s): Last working day of

JanuaryInitial charge: Up to 5.00%Ongoing charge: 1.34%Ann. Mgmt fee: 1.00%Minimum investment: EUR 2,500

Currency: EURYear end: 30 SeptISIN: LU0153358402Sedol: 7418703Administrator: State Street Bank

Luxembourg S.ATel: + 44 (0)20 7011 4444Email: sales.support@fandc.com

Fund Characteristics (%)Annualised Volatility (3 Years) 4.31Tracking Error (3 Years) 1.01Sharpe Ratio (3 Years) 2.15Annualised Return (5 Years) 7.62Beta (3 years) 0.90

Fund objective: The objective is toachieve a long term increase in thevalue of your investment. The Fundseeks to achieve this by investing innon-investment grade, BB or lower,debt securities which are denominatedin a European Currency or which areissued or guaranteed by companieswhich are registered in a Europeancountry.

Key Facts

Key Investor Information Document and Prospectus for these shares is available from F&C.

Fund performance

%

Fund Benchmark Sector1 month 3 months 6 months YTD 1 Year 3 years 5 years

0

10

20

30

40

50

60

70%

Cumulative performance as at 30.01.2015 (%)

1 month 3 months 6 months YTD 1 year 3 years 5 yearsFund 1.48 2.31 1.75 1.48 6.06 32.12 50.28Benchmark 1.83 2.82 3.15 1.83 7.87 38.18 60.68Sector 1.47 1.86 1.28 1.47 4.97 31.41 48.25Quartile Ranking 2 2 2 2 2 2 2

Discrete performance as at 30.01.2015 (%)

2011 2012 2013 2014 2015Fund 12.40 1.19 14.91 8.41 6.06Benchmark 12.50 3.37 16.60 9.86 7.87Sector 13.13 -0.18 15.99 8.37 4.97Quartile Ranking 3 2 3 2 2

The discrete performance periods are to the end of the respective month each year.Source: F&C Management Limited, Lipper

Top holdings (%)Corsair Jersey Ltd 314 5.697% 24 Mar2017

2.7

Telecom Italia 4.875% 25 Sep 2020 2.3Fiat Fin & Trade 4.750% 15 Jul 2022 2.3Unitymedia Hessen 5.5% 15 Sep 2022 2.2Portugal Telecom Int Fin 5.875% 17 Apr2018

2.2

Rexel SA 5.125% 15 Jun 2020 2.2TVN Finance Corp III AB 7.375% 15 Dec2020

2.2

Royal Dutch Shell 2.0Schaeffler Holdi 6.875% 15 Aug 2018 2.0Agrokor D.D 9.125% 01 Feb 2020 2.0

Sector allocation (%)Services Cyclical 18.5Consumer Cyclical 15.9Media 10.9Capital Goods 9.2Consumer Non-Cyclical 8.3Basic Industry 7.1Telecommunications 6.0Real Estate 4.0Insurance 3.7Utility 2.6

Credit rating ( %)BBB 1.7BB 43.5B 60.6CCC 4.8NR 2.7Cash -13.2

www.fandc.com

Past performance is not a guide to futureperformance. Values may fall as well asrise and investors may not get back the fullamount invested. Income from investmentsmay fluctuate. Income payments mayconstitute a return of capital in whole or inpart. Income may be achieved by foregoingfuture capital growth. Changes in rates ofexchange may have an adverse effect onthe value, price or income of investments.The Fund may invest in warrants; smallmovements in the price of the asset towhich the warrant relates may result in adisproportionately large movement in theprice of the warrant which may causevolatility. All fund performance data is netof management fees. A UCITS fund,issued and approved by F&C ManagementLimited which is authorised and regulatedby the Financial Conduct Authority FRN:119230 and is a member of the F&CGroup. The ultimate parent company of theF&C Group is the Bank of Montreal.

Net dividend distributions pence per share class

Share class 2010 2011 2012 2013 2014SCA EUR 1.07 1.00 1.80 0.56 -

Q4 2014 Active Engagement Report F&C engaged 7 companies held in the fund in the last quarter F&C recorded 1 milestones* of companies held in the fund in the last quarter

Environmental Standards

Business Ethics

Human Rights

Labour Standards

Public Health

Corporate Governance

Social and Environmental Governance

Total

0 1

*The milestone figure demonstrates the tangible impact that our engagement services have in changing the way that companies manage corporate environment, social and governancerisks and how they take advantage of emerging opportunities.For more information F&C's engagement activities on environmental, social and corporate governance issues, see the latest report at www.fandc.com