1. Aim The primary objective of the Fund is to generate income and thereafter long- term capital growth in real terms. Income To achieve an annual income return in excess of the benchmark yield. Benchmark NI CENTRAL INVESTMENT FUND FOR CHARITIES Investment Factsheet as at 31 December 2014 Fund Information Launch Date1965 Fund Size£34.27m Share Price1133.10p Dividend Payment DatesJun & Dec Year End30 Sept CurrencySterling Annual Management Fee0.35% CurrencySterling Key Details Long-term Total Return (Gross) Northern Ireland Central Investment Fund for Charities is a registered charity with HMRC This is a financial promotion and is not intended as investment advice. Background The Northern Ireland Central Investment Fund for Charities (NICIFC) was set up in 1965 through the Charities Act (Northern Ireland) 1964, with the aim of providing Charities with the opportunity to invest all or part of their assets in a centrally pooled fund, administered by the Department for Social Development. The Fund is managed by recognised fund managers, with its investment policy and performance reviewed on a quarterly basis by a locally based Advisory Committee, appointed by the Department. The NICIFC operates as a Discretionary Managed Fund, with participating Charities allocated a proportionate number of shares based on the size of their investment and the most recent valuation (share price). The Fund invests in Fixed-interest securities, UK & Foreign Equities and selected Unitised Funds. The allocation between these asset classes is reviewed and adjusted periodically, in line with the Fund’s investment policy. Risk Factors Fund Performance to 31 st December 2014 3 months 3 Years Annualised FTA Govt All Stocks25% FTSE All Share50% FTSE World ex UK20% LIBID 7 Day5% NICIFC2.2% 11.0% Composite Benchmark2.9% 9.7% Dividend Yield (Fund)4.0% Dividend Yield (Target)2.9% Portfolio and benchmark returns for the quarter to 31/12/14 are preliminary estimates provided by Standard Life Wealth and have not been verified externally. They could, therefore, be liable to subsequent adjustment. Based on the definitions of risk determined by Standard Life Wealth, the portfolio is categorised as being managed with a higher Medium risk approach. The value of any investment may go down as well as up, as can the income generated from it. Prospective Shareholders may wish to seek independent advice before investing in this Fund. Year 20062007200820092010201120122013 2014 NICIF 11.14.7-17.820.112.6-0.710.715.67.0 Benchmark 10.75.7-16.519.312.91.29.313.66.4

2. NI CENTRAL INVESTMENT FUND FOR CHARITIES Investment Factsheet as at 31 December 2014 Fund Manager The current Fund Manager is Standard Life Wealth. 1 George Street, Edinburgh EH2 2LL. Standard Life Wealth are regulated by the Financial Conduct Authority. Standard Life Wealth applies a global thematic stock picking strategy. This focus on themes helps to identify the catalysts for change and capture opportunities wherever they occur. Issued by Northern Ireland Central Investment Fund for Charities (NICIFC). NI CIFC is managed by the Department for Social Development through recognised fund managers, and its investment policy is guided by a locally based Advisory Committee appointed by the Department. All information (excluding Historic Fund Performance) is sourced from Standard Life Wealth Ltd. All data as at 31 December 2014. Source: Standard Life Wealth 31 st December 2014 Market Commentary Historic Fund Information As at 30 Sept Share Price (p) Annual Dividend (p) Yield (%) 2008 856.11 44.005.14 2009 881.43 39.004.42 2010 942.75 39.004.14 2011 893.25 40.004.48 2012 973.84 40.004.11 2013 1057.62 40.003.78 2014 1116.58 40.003.48 Shares in issue as at 30/09/2014 3,052,370 Shares in issue as at 31/12/2014 3,024,381 Ethical Restriction: No direct investment permitted In tobacco stocks Sector Allocation as a % of Total Market Value NICIFC Fund Composition Contact The final quarter of the year has been dominated by the dramatic fall in the price of oil with the WTI (West Texas Intermediate) Index price ending some 42% lower over the year, representing the second worst annual performance since 1900. Combining this important market dynamic with a strengthening dollar, which has put pressure on emerging markets, and the continuing travails in the Eurozone, it is not surprising to see that Q4 was a challenging time for many major equity indices. In contrast, there has been a continued rally in western bond markets as the above factors together with concerns over (the potential for) slower global growth have encouraged a demand for safe(r) haven assets such as government bonds. Looking forward, in the short term there are conflicting signs from the equity and bond markets. Both suggest that interest rates and inflation will remain low but equity analysts believe this provides a positive “blue-sky” scenario, providing the kicker for economic growth and for corporates to boost profits. Meanwhile, the bond market suggests economic growth will remain patchy and that the safety of fixed interest is preferable to equity risk. The dichotomy between expectations for equity returns and the nervousness shown by recent moves in commodity and bond markets, leads one to believe that uncertainty continues to be a significant driver of investor sentiment. Just as the final quarter of 2014 was dominated by oil, the coming months may be just as chaotic. There is always the potential for unforeseen events to unsettle markets, but prudent management teams are aware of the risks facing their businesses. Standard Life Wealth continue to consider the investment implications of a variety of macroeconomic scenarios across asset classes and individual securities. Key to their investment approach remains a thematic framework, which they believe, will lead to investments in quality companies that have the ability top weather short term macroeconomic turbulence. NI Central Investment Fund for Charities. c/o Department for Social Development, The Lighthouse Building, 4 th Floor, 1 Cromac Place, Gasworks Business Park, Ormeau Road, Belfast BT7 2JB. Tel: (028) 90829240 or email colin.alderdice@dsdni.gov.uk or susan.calwell@dsdni.gov.uk.colin.alderdice@dsdni.gov.uk susan.calwell@dsdni.gov.uk