1. Rathbone Greenbank Investments Ethical and responsible investment services

2. Rathbone Greenbank Investments provides personalised and professional investment management services for those who wish to ensure that their investments take account of their environmental, social and ethical concerns. We work with private individuals, trusts, charities, pension funds and their professional advisers. Importantly, Rathbone Greenbank Investments only manages ethical and responsible investments. Understanding and interpreting environmental, social and ethical issues is integral to our business. We work with over 500 clients and look after in excess of 200 million in assets. Our team has been at the forefront of ethical and responsible investment since 1992, and launched one of the UKs first tailored ethical portfolio services. Rathbone Greenbank Investments is part of Rathbone Investment Management Limited, one of the UKs largest and longest-established providers of discretionary investment management services. With eight offices nationally, Rathbones manages over 9 billion1 of funds for individuals and trustees. Rathbones is part of Rathbone Brothers Plc which remains an independent company with a listing on the London Stock Exchange. 1 as at 30 June 2006 3. Rathbone Greenbank Investments www.rathbonegreenbank.comPage 1 Investments matter Investments matter because you want them to support your goals, objectives and ambitions. You want your investments to generate the best possible return but with an appropriate level of risk. Investments also matter because how we invest today will help shape the world of tomorrow. If we support companies addressing environmental challenges, meeting social needs and creating worthwhile jobs, it will help to build a better future for us all. At Rathbone Greenbank Investments we understand these two aspects of investment. We seek to identify investments that offer the best value those with the best prospects of generating a good financial return. But we also seek to find investments that respect your values and contribute to a better society. Identifying value, respecting values 4. Rathbone Greenbank Investmentswww.rathbonegreenbank.comPage 2 Working with us Our approach to ethical and responsible investment is distinguished by our focus on our clients individual needs - all our portfolios are individually tailored - and by the importance we place on providing information on the ethical and financial thinking behind our investment decisions. We recognise that every investor has different ethical priorities and financial requirements, and to help us understand your particular interests and concerns we ask all clients to complete an ethical questionnaire. We then review these preferences with you in more detail and discuss any significant financial implications. Based on this we structure a portfolio of investments that offers sound financial prospects, while reflecting your values and interests. In doing this, your investment objectives and circumstances, such as your attitude to risk, income requirements and, where relevant, tax position, remain of paramount importance.Direct access to your investment manager means that you can discuss any important issues directly. We are keen to share and discuss our ethical research and analysis with you for example, through company profiles, regular newsletters and research on key issues. We also organise investor days where clients can meet companies and discuss issues of interest. 5. Rathbone Greenbank Investments www.rathbonegreenbank.com Page 3 One of the most important parts of our service is meeting our clients in order to understand their needs, interests and concerns and help them to feel positive about their investments. Elizabeth Haigh Investment Director 6. Rathbone Greenbank Investmentswww.rathbonegreenbank.comPage 4 Our Investment Process The team at Rathbone Greenbank Investments has been managing ethical and responsible investment portfolios for nearly 15 years. We have built up extensive expertise in understanding how financial and ethical issues can be integrated within portfolios to meet your overall objectives. Our approach to investment is built on the investment process of Rathbone Investment Management, and has three key principles:1. The importance of asset allocation and diversification. 2. The use of wide ranging sources of ethical and financial research. 3. The selection of companies offering good long-term potential.Based on your ethical preferences, investment needs, and, if appropriate, in conjunction with your investment adviser, we will recommend an appropriate asset allocation structure. We consider the full range of asset classes available to us, including bonds, equities, property and private equity, working closely with our colleagues in Rathbone Investment Management. We also endeavour to ensure that the portfolio is appropriately diversified across sectors and companies, subject to your ethical requirements. Experience has taught us that this attention to asset allocation and diversification is the best way to ensure investment objectives are met over the long-term.A key strength is our ability to draw on a broad range of sources including a constant flow of market information and ideas from our award-winning unit trust team, our ethical research team, as well as a wide range of external brokers, analysts and fund managers. As a result we constantly monitor developments across the markets and can identify attractive investment ideas and opportunities.We aim to identify companies and other investments which offer good long-term prospects. We look at conventional factors such as management quality, business strategy and financial stability but also the extent to which the company understands and manages the social and environmental threats and opportunities it faces. This additional perspective enables us to identify companies which are ideally suited to meeting the challenges of the future. 7. Rathbone Greenbank Investments www.rathbonegreenbank.comPage 5 We have a common sense approach to ethical investment. We combine a real interest in social and environmental issues with a solid understanding of investment fundamentals. This means we are ever mindful of clients need for performance, and their concerns over risk. Nicola Day Investment Director 8. Rathbone Greenbank Investments www.rathbonegreenbank.com Page 6 Investing responsibly: our approach Our in-house research team ensures that our approach to ethical investment is adaptable to client needs. Our research is driven by the desire to be constructive and positive - to identify and encourage good practice. We use a number of different techniques including:Positive selection: identifying investments that offer attractive characteristics. For example, companies with strong environmental, employment or human rights policies. For many investors, smaller companies are an area of interest and we focus on those whose core activities provide social and environmental benefits.Negative screens: excluding companies involved in activities of specific concern, such as arms or tobacco businesses, or companies implicated in human rights abuses.Best of sector: investing in companies with strong track records in their sector on key issues. This approach has the advantage of broadening the range of eligible companies and so increasing diversification. It also sends a signal to companies that they can attract investors by improving their social and environmental performance.Thematic research: exploring in detail the impacts and investment opportunities that arise from a particular issue, such as climate change.Engagement and dialogue: using our position as shareholders to achieve positive change at companies through engagement and dialogue. We regularly raise issues with companies to help them understand and improve the environmental and social impacts of their business.New businesses: providing financial support for start up or developing companies. When appropriate for clients, we can invest directly in small ethical businesses making a real difference. We have invested in companies focused on organic food and fair trade, have backed specialist funds in areas such as sustainable energy projects and also supported bond issues funding charitable activities. 9. Rathbone Greenbank Investments www.rathbonegreenbank.comPage 7 Having our own in-house research team is tremendously important in providing us with additional insights into company management, and helping us identify new opportunities and ideas. John David Investment Director 10. Rathbone Greenbank Investmentswww.rathbonegreenbank.comPage 8 Our services Private client investment management services Our core service for private clients is the management of a portfolio of shares, bonds and funds in accordance with an individuals financial needs and ethical priorities. Most investments are held in our nominee company, greatly simplifying administration, and regular valuations and cash statements are provided. In managing clients portfolios we help address the various tax issues which may arise, such as ISA subscriptions, capital gains tax minimisation, Enterprise Investment Schemes and Venture Capital Trust investments. We also provide consolidated tax information on investments, which simplifies the completion of your annual tax return.Charity investment management services Our service focuses on maximising the return from investments while ensuring that these investments are compatible with the mission of the individual charity. Recent regulations require charities to disclose their investment policy on the integration of social, environmental and ethical issues. Our ability to provide a tailored ethical investment service means that we can ensure every charity has an investment strategy closely aligned with its particular mission.Rathbone Greenbank SIPP For those investors looking to save for retirement within a tax efficient and flexible self-invested personal pension, we can provide our ethical investment management services within a dedicated SIPP. Further details are provided in our Greenbank SIPP brochure.Managed funds service We offer a managed funds service which allows clients to invest in a portfolio of ethically screened funds, such as unit trusts, open-ended investment companies (OEICs) and investment trusts. These enable clients to gain access to a wide range of investment opportunities, spreading risk in an economically viable way. There is now an extensive range of socially responsible funds available in the UK. We hold regular meetings with the fund managers and closely monitor fund performance, investment style, investment strategy and key holdings.Institutional advisory services For larger institutional investors seeking to understand how they can develop socially responsible investment policies, we provide an advisory service. This aims to explain and identify how social and environmental issues can be integrated into a portfolio. We also provide more specific advice on portfolio construction and awarding mandates. 11. Rathbone Greenbank Investmentswww.rathbonegreenbank.comPage 9 Ethical investment is a powerful tool for individuals, charities and trusts. As well as providing the reassurance of knowing that you are not investing contrary to your values, it can help to find investments which actively support your interests and mission. Mark Mansley Institutional SRI Advisory Services 12. Rathbone Greenbank Investments www.rathbonegreenbank.com Page 10 Working as a team Delivering ethical investment successfully takes teamwork both within our own organisation and in our relationship with others. Often clients are introduced to us on the recommendation of their adviser and we pride ourselves on working well with clients existing advisers, including accountants and tax professionals, solicitors and independent financial advisers. Clients also benefit from our ability to draw on a range of internal resources as and when the need arises. Administration is a vital part of our service and we work closely with our operations teams to ensure that your affairs are made as straightforward as possible, ensuring that requests are dealt with efficiently and reports are sent out in a timely way.We are involved extensively in the broader socially responsible investment industry as an active member of the UK Social Investment Forum and through participation in industry events and activities. We also work with a range of organisations aiming to achieve social change in society more broadly. We have sponsored the annual Schumacher Lectures in Bristol for several years. We support The Funding Network organising events to raise money for charities. We support and have worked with the New Economics Foundation in their work on economics as if people and the planet mattered. 13. Rathbone Greenbank Investments www.rathbonegreenbank.com Page 11Elizabeth HaighJohn DavidElizabeth is head of RathboneJohn is an investment director atGreenbank Investments, and anRathbone Greenbank Investments.investment director. She launchedHe is a Fellow of the Securities Institute.one of the first tailor made servicesA graduate of Exeter University, John for individual ethical investors in 1992 and has began his financial career in 1997 with UBS Warburg specialised in ethical investment management in London before moving to Bristol to join Greig since then, joining Rathbones in 1997. She started Middleton. He joined Rathbones in 2001. her investment career in 1986, and worked at Laing & Cruickshank and Albert E Sharp.Nicola Day Elizabeth has a special interest in fair trade and Nicola joined Rathbone Greenbank organised the teams influential family friendly Investments in August 2006 from employment research. She is a Fellow of theGerrard, where she worked as a Securities Institute.divisional director specialising in ethicalinvestment for six years. Previously she worked as anMark Mansleyinvestment manager at HSBC Investment ManagementMark is responsible for institutional and James Capel, as it was formerly known,SRI advisory services at Rathbone for 12 years. She has a BSc (Hons) in economicsGreenbank Investments. He started inand an MSc in corporate governance and ethics. She isinvestment management in 1983 witha Fellow of the Securities Institute. Capel-Cure Myers and later at Schroders. SincePerry Rudd 1993 he has focused on ethical investment, helpingPerry joined Rathbones in 1999 and investors understand social and environmentalis head of ethical research. He is issues, such as climate change. He is author ofresponsible for thematic research into Socially Responsible Investment - a guide forsocially responsible investment topics pension funds and institutional investors.as well as day-to-day monitoring ofcompanies ethical performance, with a strongKate Murphy interest in renewable energy technologies and organicKate advises on fund management,food production and retail.with a special interest in charityinvestment. She joined Henderson Matt CrossmanGlobal Investors in 1986 and was Matt is an ethical researcher, director of the 12 strong Henderson Sociallyresponsible for monitoring news flow Responsible Investment Team until July 2001.on companies, updating company Her clients included the Nottingham Countyprofiles and analysing ethical issues. Council Environmental Fund.He graduated in law from the University of Bristol,with a particular interest in the administration of Isabel Kwokenvironmental law. Isabel joined Rathbone Greenbank Investments in 2003 as an assistant Sharon Iles investment manager, working withSharon has been with Rathbones Elizabeth and John. She graduated since 2002, and previously worked at in geography from the University of the WestStock Beech. She provides administrative of England in 2001. support to the Greenbank team. 14. Rathbone Greenbank Investments www.rathbonegreenbank.comPage 12 Unless otherwise stated, the information comprised within this document was valid as at the 30 June 2006. Not all the services and investments described are regulated by the Financial Services Authority (FSA). Independent shall be construed to refer to the basis of Rathbones ownership as a corporate entity, and not to our use of non-life packaged products for our advisory or non-discretionary investment management clients (and independence shall have an appropriate meaning accordingly). Tax, trust and company administration services are supplied by trust companies within the Rathbone group. The products and services they provide are not authorised and regulated by the Financial Services Authority. Pension advice and SIPP administration services are provided by other subsidiaries within the Rathbone group. The services described may not be suitable for all recipients and you should seek appropriate advice. Rathbone Investment Management Limited is part of Rathbone Brothers Plc. Head office 159 New Bond Street, London W1S 2UD.Rathbone Greenbank Investments and Rathbones are trading names of Rathbone Investment Management Limited. Rathbone Unit Trust Management Limited is authorised and regulated by the Financial Services Authority and is a member of IMA. Rathbone Investment Management Limited is authorised and regulated by the Financial Services Authority. Registered office: Port of Liverpool Building, Pier Head, Liverpool L3 1NW. Registered in England No. 1448919Printed on recycled paper. 15. Contact us The first step for most individuals, trustees and their advisers is to meet with one of our investment professionals to discuss their needs. Whether you are thinking of changing investment managers or have not used a portfolio management service before, we are happy to spend time explaining what we offer and to provide as much detail on the company, our services and charging structures as required. Meetings can be held at one of our eight national offices or a location to suit you.For further information or to arrange an initial meeting, please call Elizabeth Haigh Rathbone Greenbank Investments Prince House Prince Street Bristol BS1 4PSTel 0117 930 3000 Fax 0117 929 1939greenbank@rathbones.com www.rathbonegreenbank.comOffices in: London Liverpool Bristol Bowness Cambridge Chichester Edinburgh Winchester