1. Global & EAFE equities at Newton Paul Markham, Director of Investment Management - Global Equities 26 February 2008

2. Newton_Feb 08_Press_P Markham screen Themes are our interpretation of key forces that drive change Themes provide a stimulus for debate at the widest level Themes continually evolve prompting a stream of new ideas Idea generation - Themes efficiently focus our research Themes make us better stock pickers DVD: Also update; - XYZ inst slide library - PIM slide library DVD: Also update; - XYZ inst slide library - PIM slide library

3. Newton_Feb 08_Press_P Markham screen Credit crisis: so what happens next? Regulators will insist that banks hold more CAPITAL Implications – dividend cuts, capital raisings in 2008 The cost of borrowing is going up – for EVERYONE! More foreclosures, more bankruptcies, more bad debts Attention will shift to the investors in structured credit products. Were these mis-sold? Expect LITIGATION NEWTON VIEW: Continue to avoid U.S. and Investment Banks Source: Citi Investment Research analysis Tangible Equity to Assets ratio: European Banks

4. Newton_Feb 08_Press_P Markham screen Portfolio construction EAFE Plus representative account vs MSCI EAFE (as of 31 Jan 2008) DVD: Updated by: Eleanor Perks Date: Monthly DVD: Updated by: Eleanor Perks Date: Monthly Source: Newton as at 31 Jan 2008 Portfolio holdings are subject to change at any time without notice and should not be construed as investment recommendations Key sector positions compared to MSCI EAFE (%) Relative position to benchmark (%) underweightoverweight

5. Newton_Feb 08_Press_P Markham screen Newton’s appeal - Our process delivers  Stock picking with conviction  Strong performance regardless of investment environment  High information ratios – strong risk adjusted returns  The process has worked for nearly 30 years Please see appendix for full disclosure information Source: *Internal Composite, U.S. Dollars, periods to 12/31/07 Newton EAFE Plus Equity Composite Versus MSCI EAFE NDR Index Performance relative to the Index (%) UnderperformanceOutperformance Newton Global Equity Institutional Composite Versus MSCI World NDR Index Performance relative to the Index (%) UnderperformanceOutperformance

6. Newton_Feb 08_Press_P Markham screen Newton EAFE (Global Equity ex U.S.) Plus Composite – Annual Disclosure Presentation 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 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 firm’s policies and procedures for calculating and reporting performance results is available upon request. 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 1 st November 1997. DVD: NIM Version Signed of by Steph Cregg DVD: NIM Version Signed of by Steph Cregg

7. Newton_Feb 08_Press_P Markham screen Newton Global Equity Institutional Composite - Annual Disclosure Presentation 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 Pound Sterling is the currency used to express performance. Further information regarding the exchange rates used is available upon request. Returns are presented 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 firm’s policies and procedures for calculating and reporting performance results is available upon request. N.A. - Information is not statistically meaningful due to an insufficient number of portfolios in the composite for the entire year. DVD: Signed off by Steph Cregg DVD: Signed off by Steph Cregg

8. Newton_Feb 08_Press_P Markham screen Important information Newton Investment Management Limited 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. 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 Mellon Fund Managers LimitedThe Bank of New York Mellon Centre160 Queen Victoria StreetLondon EC4V 4LA Registered in England No. 1371973 Registered in England No. 1998251 Tel: 020 7163 9000 www.newton.co.uk Registered office: As above Authorised and regulated by the Financial Services Authority The Bank of New York Mellon Corporation SM