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Preparing Your Business for Sale the Insiders Tips

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The Changing Landscape of Mergers and AcquisitionsShaun Godfrey, Regional DirectorAcquisitions The Features & BenefitsHistory of AcquisitionsTypical MotivatorsWhat, When & Where to AcquireValuation Methods Pre & Post RDRDressing yourself for a salePitfalls & Common Mistakes The 3 key factors to successful sale & purchases

History of Acquisitions1984 Provincial Broker / IFA 275,00080s through to date Largely localised purchases (pub landlord)250,000Early 90s Networks Consolidation & National Firms (GI Dominant)175,000Late 90s Concentration on salesforce / adviser numbers125,000Noughties 00s Rebirth of Provincial Purchasers75,00010s Consolidators, Boutique & Distributors25,00020s Vertical Integration & On Line 17,500

Typical MotivatorsMore ClientsGreater Geographical ReachIncreased TurnoverAdviser NumbersNational Distribution Controlled DistributionEstablish a footprintFaster Growth

What, When & Where to Buy or SellWhat is youre growth strategyWhat are your reasons to buy or sellWhat do you really want & whyYour exit strategyWill it cause indigestionWill it be profitableIs it for Income, Increased Revenue, Profit or Capital Value

Valuation Methods Pre & Post RDRPre RDR Valuation BasisMultiple of Renewal / Recurring Income / OAF - 2 or 3.5 X Various largely based upon distribution accessPost RDR Valuation BasisMultiple of Renewal / Recurring Income / OAF - 2 or 3.5 X Total Revenue- 1 up to 2 XEBITDA- 2 up to 5 XPAT- 4 up to 6 XFUM - 1 up to 2%

Dressing yourself for a SaleDecide who is your preferred buyer, type of deal and what you are doing afterwardsBe realistic not ridiculousCompliance Reports & PII Policy History & Adviser ContractsDemonstration of Management Controls in placeClear & Concise list of Recurring & OAF and Client Categories & Non RDR income Client Demographics & Planning Servicing regimes & actual record of deliveryFull diligence on any buyer including ethos & financial capability Whats the goodwill value ?

Pitfalls & Common Mistakes Being ridiculousIndependent v Restricted is a dead argument Why are we all doing this & what do we wantPast business review short-sightednessNot enough time spent on the Monday morning realityAdviser & Staff feelingsLegal Agreement and Financial suretyRationale & Regulatory Risk of asset movementWhat are the benefits to the clients

3 Key factors to successful Sale & PurchasesTrusting the WhyFinancial CapabilityBenefits to the ClientsAcquisitions The Features & BenefitsHistory of AcquisitionsTypical MotivatorsWhat, When & Where to AcquireValuation Methods Pre & Post RDRDressing yourself for a salePitfalls & Common Mistakes The 3 key factors to successful sale & purchases


PREPARING YOUR BUSINESS FOR SALEPREPARING YOUR BUSINESS FOR SALEBe Prepared!!

Acquirers will require incredible amounts of information and supporting documentation.

PREPARING YOUR BUSINESS FOR SALEBack Office System?

If you dont have one you must at least have information in Excel. Some acquirers will charge you to build a back office system from which they can perform their due diligence.

PREPARING YOUR BUSINESS FOR SALEData Rooms

More Acquirers are now using data rooms during diligence. It is simpler and reduces their costs.PREPARING YOUR BUSINESS FOR SALEElectronic Files

Hold as many files as possible on an electronic database. Acquirers do not want paper files and will charge you for the cost of scanning.PREPARING YOU BUSINESS FOR SALEDo not increase charges!!

Most Acquirers will place a higher value on businesses charging c0.5% due to the potential for uplift.PREPARING YOU BUSINESS FOR SALESegment clients

Make it apparent which clients generate your revenue and at what levels.PREPARING YOUR BUSINESS FOR SALEWho owns the clients?

Make it abundantly clear. Do exiting Advisers have restrictive covenants? PREPARING YOUR BUSINESS FOR SALEPremises

Most Acquirers wont retain premises. Make sure you understand the cost of breaking the lease (if you have one) or your ability to sub-let.PREPARING YOUR BUSINESS FOR SALEPayment Structure

There are several options available. Do your homework and decide on the best structure for you. E.g. a longer payment term increases valuationsPREPARING YOUR BUSINESS FOR SALEAnd Finally.

The highest value will be achieved by businesses that are prepared for a sale by making it easy for potential buyers to see what they are buying and who they are buying it from.


Maximising The Value Of Your BusinessPeter WelchIntermediary DirectorGunner & Co8th October 2015Gunner & Co October 201525AgendaIntroductionAdviser sleep patterns The D wordHomes Under the HammerCash In The AtticHousekeeping TipsROIQuestions?Gunner & Co October 2015

26Equifax has global capability helping organisations make insightful decisions about their customers Gunner & Co October 2015Corporate viewUK27 years400 employees400,000Fraud & ID files450mconsumer credit files3.85mNon-Limited company files156mSearch Data (Annual)7.2mCommercial credit agreements90mCredit scores (monthly)$2.2bnGlobal information solutions company4.4bnTRADE ACCOUNTS158bnMonthly credit score updates600mconsumer data files81mBusinesses

205memployee files7,000employees

We operate successfully in 19 countries across the globe AND FOR 0VER 110 YEARS

27More than 90 financial services companies supply dataAdviser access: www.mytouchstone.co.ukGunner & Co October 2015

Life & Pensions

Platforms & Wraps

Asset ManagementMortgage

2828

www.mytouchstone.co.ukGunner & Co October 201529

www.mytouchstone.co.ukGunner & Co October 201530What Keeps You Awake At Night?Gunner & Co October 2015

31It's about getting things down to one number. Using the stats the way we read them, we'll find value in players that no one else can see.Billy Bean Oakland AthleticsWorking Smarter

Gunner & Co October 2015

33Which Is The More Attractive Purchase?Gunner & Co October 2015

34Gunner & Co October 2015

35Worthless Items?Gunner & Co October 2015

36

Using Data .How Will It Help Me?


37Were here today to talk about what Equifax can do for you, and what working with us can do for your business. 37Client Bank Wash And Brush Up

Gunner & Co October 201538Data CleanseGunner & Co October 2015

39Client Bank Profiling External DataGunner & Co October 2015






45Client Bank Profiling External DataGunner & Co October 2015

46Prioritise Contact StrategyGunner & Co October 2015

47Housekeeping Tips


So how do we do that?48Actions Prior To SaleBenchmark Fees Structure Are You Charging Too Little?Cleanse Client DataAppend Client DataSegment Using External Data SourcesReconnectCollaborateGunner & Co October 201549Return On Investment ROIGunner & Co October 2015

50We dont subscribe to a one size fits all mentality; we will take the time and care to get to know what you need.

All of our insight solutions can be configured to the way your business works, and well help you every step of the way to make sure you have everything you need.

Wed like to start by understanding more about what youre trying to achieve right now..50ROIThe Return On Investment Formula:


51SummarySweat your assets prior to saleImprove value on saleMake it easy for the buyer

Gunner & Co October 201552Thank you and [email protected]: 0777 616 1110@My_TouchstoneCommercial in confidence


Rathbone InvestmentManagementAlleviating The Daily Grind:Another Option To Build Your Business Cost Effectively

October 2015

Ben JohnsonAssociate Director of SalesAgenda Rathbones introductionWhy Discretionary Fund Management (DFM)?Myth busting?Fit with Financial Advisor Time saving features (LED)Where we can help build value?Cost and case study Additional services 56Rathbones57FUM: 28.3bn*Staff: 988**Offices: 14***Clients: Over 41,000****

OwnershipOur shareholdersAuthorised and regulated by the Financial Conduct AuthorityMembers of the board abide by the FRC UK Corporate Governance CodeInvestment Manager turnover (2013)2.13%Dating back since 1742Heritage and stabilityIntegrity, trust and stewardshipRathbones*As at 30 June 2015 includes funds managed by Rathbone Unit Trust Management Ltd.** As at 30 June 2015. This is inclusive of 272 investment professionals*** With an additional presence offshore in Jersey**** Rathbone Investment Management Limited, Rathbone Unit Trust Management Limited and Rathbone Pension & Advisory Services LimitedRathbone Investment Management International (RIMI)c.1bn*Shareholders As At 30 June 2015

14 UK locations241investment professionals12345671091114AberdeenBirminghamBristolCambridgeChichesterEdinburghExeterGlasgowKendalLiverpoolLondonLymingtonNewcastleWinchester13128Our CredentialsOne of the UKs largest and longest-established providersA national firm with 14 offices across the UK28.3 billion in funds under management12bn SIPPs across 5,000A focus on risk targeted returns

As at 30 June 2015 includes funds managed by Rathbone Unit Trust Management Ltd

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Why DFM? A Brief Reminder59PersonalInfluenceTailoredAccessFlexibleAn aspirationalservicePersonal relevanceAdapt to change in circumstancesManaging returns net of taxWhy Flexibility Is Important?60

60Busting Myths61A discretionary investment manager will steal my clientIf I introduce a client to a DFM, Ill struggle to justify my role and ongoing feesOnce a client is introduced to a DFM, its hard to move them back outDiscretionary management is expensiveClients have to be very wealthy to qualify for a DFM serviceA discretionary investment manager will steal my clientWhat does a DFM gain by not having a financial planner involved?You have more chance of being sacked by your client if you fail to monitor performance and suitability of the DFM

Discretionary management is expensiveFocus should be on value not price its a service and if this satisfies the clients objectives best, then it is a cost the client is willing to pay.Understand the full costs DFM buying power on collectives and use of direct securities will reduce the overall cost to client.

Clients have to be very wealthy to qualify for a DFM serviceFully bespoke discretionary services can be accessed from 100,000.Consolidation exercise of previous years ISAs or clients pension pots will easily see them meet these entry thresholds and facilitate active management of these funds.

I struggle to justify my role and ongoing fees if I introduce a client to a DFMNot so. You simply change the dynamic of your client relationship to one of sitting alongside them and monitoring the performance and suitability of the chosen DFM to meeting the clients objectives and planning strategy.

Once a client is introduced to a DFM, its hard to move them back outDFMs follow TCF Principles No barriers to exit.In-specie transfer route permits the movement of a portfolio elsewhere without selling off the portfolio.Any fees to move should be transparent.

61Fit With Financial Adviser Investment Process

Understanding our responsibilitiesUnderstanding what we do and what we charge62

AssetAllocationInvestmentSelectionPortfolioMaintenanceDiscretionary Fund ManagerFinancial AdviserAssessingNeedsClientAttitudeTo RiskReviewReporting62Grouping Asset Classes According To Characteristics63A focus on correlation is key to managing riskCash -/$//yenGovernment bondsConventionalIndex linkedUK and overseasHigh-quality investment grade (AA)Corporate bonds investment grade, high yieldEmerging market debtEquities UK, US/Europe/Japan/Asia/emerging markets, private equityProperty equities UK and overseasCommodities sensitive to the economic cycle i.e. industrial metals/energyCommodities precious metals, agricultureMacro/trading discretionary, systematicTotal return strategiesInfrastructureBricks and mortar property fundsLiquidityEquity RiskDiversifiersAssets with low price volatility, low credit risk, duration riskEquities and all assets highly correlated with equitiesAssets with diversification potential demonstrated by low correlation to equitiesA Framework To Meet A Range Of Needs64Based on a performance period from January 1991 to May 2015. These figures are for illustrative purposes only using historical data based on simulated funds.This page reflects our current views on portfolio construction and objectives but is likely to change over time.

Risk measure / Maximum drawdown* (%)-9.83-15.89-21.29-29.12-36.92-43.97Appropriate risk levelsLowerMediumHigherCPI +3% - 4%4% - 5%5% - 6%6% - 7%Cash +2%3%Highlight anticipated risk and returnsExplain UK equities have produced approximately cash plus 4% over the long term which is why the objective is higher risk. This will surprise many clients who might expect a nominal return of 4% from a lower risk investment given the experience of the last 6 years64Bringing Clarity To DFM Charging65

Total Price1.40%*Terms based on business opportunity Standard, Relationship or Partnership termsVAT on management fee onlyFee groupingGenuinely fee onlyTiered ratesCompetitive and transparent pricing*The annual management fee is 0.90% on the first 750,000 of the portfolio, 0.70% on the next 750,000 of the portfolio with the balance above 1.5m at 0.50%. An indicative total account charge is 1.40% per annum. This is based on a typical discretionary portfolio of 600,000 consisting of 20 holdings of which 36% in collectives, 58% equity and 6% cash. Includes VAT but excludes stamp duty and any interest earned on cash. This is based on our Partnership Rate terms.65Case Study - Bill And Sue

66

Age 573 years to retirementPot = 890,000Buying speedboat costing 40,000 at retirementCash flow of 35,000 post retirementATR HigherCFL Low Key lifestyle choice - cruisingKey Issues:-Mismatch ATR and CFLMatching liabilities to investment strategyWhat if retirement date changes?Three Key Strategy Implications:-Liquidity bucket exposureContinue growth to retirementAvoiding delaying retirement due to market conditions66SAAC Strategy 3 - Lower Medium Risk67WeightingLiquidity19.0%Cash2.0%Government Bonds (Conventional)2.0%Government Bonds (Conventional - Overseas)2.5%Government Bonds (Index Linked)10.5%High Quality Investment Grade Corporate Debt2.0%Equity Risk59.5%Corporate Bonds4.0%Investment Grade4.0%High Yield and EMD3.0%Equities52.5%UK25.0%UK (Mid/Small Cap)2.0%Developed Markets (ex UK)22.5%Developing Markets3.0%Diversifiers21.5%Property3.5%Actively Managed Strategies16.0%Commodities2.0%Total100.0%67Potential Portfolio68LiquidityCashGovernment Bonds (Conventional)1.25% Treasury Stock 2018Government Bonds (Conventional - Overseas)3.625% USA Treasury Notes 2019Government Bonds (Index Linked)Treasury 0.125% Index Linked 22/11/2019Treasury 0.125% Index Linked 22/03/2024CG Dollar FundHigh Quality Investment Grade Corporate DebtStandard Life AAA IncomeEquity RiskCorporate BondsInvestment GradePIMCO Global Investment Grade CreditHigh Yield and EMDCapital High Income OpportunitiesEquitiesUK (Mid/Small Cap)River & Mercantile Smaller CompaniesDeveloped Markets (ex UK)GLG Japan Core AlphaJP Morgan JapanDeveloping MarketsSchroder Asian Total ReturnHeptagon Oppenheimer Dev Markets Equity DiversifiersPropertyL&G Property TrustActively Managed StrategiesJPMorgan Income OpportunitiesM&G Global Macro BondAspect Diversified TrendsBH GlobalKames UK Absolute ReturnHenderson UK Absolute ReturnCommoditiesiShares Physical GoldUnderlying fund charges:0.30%For UK and American, see next slide.68Equity Carve Out UK And American Direct69Company PortfolioConsumer discretionary ITV PLC1.08%NEXT PLC2.31%RELX NV1.13%WALT DISNEY1.52%Consumer staplesANHEUSER-BUSCH INBEV SA/NV1.51%COCA-COLA 1.75%CVS HEALTH CORP1.67%HENKEL AG & CO KGAA VORZUG1.10%RECKITT BENCKISER GROUP PLC1.19%PERSIMMON PLC1.14%EnergyEXXON MOBIL1.52%SCHLUMBERGER LTD1.06%TOTAL SA1.62%FinancialsAIA GROUP 1.90%L&G 3.21%BANKUNITED INC1.67%DISCOVER FINANCIAL SERVICES1.56%SAMPO OYJ-A SHS2.97%WELLS FARGO &CO2.16%Company PortfolioHealthcareJOHNSON & JOHNSON1.66%NOVARTIS AG-REG1.65%ROCHE HOLDING AG-GENUSSCHE3.33%Industrials3M CO1.54%ASSA ABLOY AB-B1.72%WEIR GROUP PLC0.95%WOLSELEY PLC1.23%TechnologyGOOGLE INC2.43%VISA2.42%MaterialsRIO TINTO0.23%TelecomsVERIZON COMMUNICATIONS2.81%BT GROUP1.05%Total Investment53.09%Joint AccountsRIM Where Can We Manage Money70Offshore BondsLoanTrustDiscounted Gift Trusts (DGTs)Offshore Portfolios (Rathbones Jersey)UHNW Family Office Solutions

Company Accounts General Investment Accounts (GIA)Charities SSASTrusts JISAsISAsSIPPsAdditional Services71InvestmentEthical Rathbone GreenbankOffshore Rathbone Investment Management InternationalSEC clients Specialist Tax Portfolio Service - EIS and IHT portfolios via AIM and unquotedCharities

BankingLoan facilities secured on investment portfolioSterling and foreign currency bank accountsElectronic paymentsLegal / TrustCreation and management of trustsWills and estate planningExecutor and probate serviceSummary72Fully tailored DFM operating in a disciplined frameworkIndependently validated Performance data complied to GIPS StandardsVery competitive price for aspirational serviceDirect access to the investment managersFirst class administration and on-line accessBanking Licence and Family Office Services offer your clients Added value72Next Steps73RathbonesMore information neededEngagement with real client scenarioA long hard look at ourselvesYesNoThank YouPerhaps

Ben JohnsonAssociate Director Sales07825 122 [email protected] Jeevan SagooInvestment Sales Consultant020 7399 [email protected]

Contact Us74Important Information75Information valid at date of presentation.Tax regimes, bases and reliefs may change in the future.Rathbone Brothers Plc is independently owned, is the sole shareholder in each of its subsidiary businesses and is listed on the London Stock Exchange.Issued and approved by Rathbone Investment Management Limited, which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Registered office: Port of Liverpool Building, Pier Head, Liverpool, L3 1NW, Registered in England No. 01448919.Rathbones and Rathbone Greenbank Investments are a trading names of Rathbone Investment Management Limited.Rathbone Unit Trust Management Limited is authorised and regulated by the Financial Conduct Authority. Registered office: 1 Curzon Street, London W1J 5FB, Registered in England No. 02376568.Rathbone Pension & Advisory Services Limited is authorised and regulated by the Financial Conduct Authority. Registered office: 1 Curzon Street, London W1J 5FB, Registered in England No. 05679426.Rathbone Trust Company Limited is authorised and regulated by the Solicitors Regulation Authority.*Rathbone Investment Management International is the Registered Business Name of Rathbone Investment Management International Limited which is regulated by the Jersey Financial Services Commission. Registered Office: 26 Esplanade, St Helier, Jersey JE1 2RB. Company Registration No. 50503. Rathbone Investment Management International Limited is not authorised or regulated by the Financial Conduct Authority or the Prudential Regulation Authority in the UK. Rathbone Investment Management International Limited is not subject to the provisions of the UK Financial Services and Markets Act 2000 and the Financial Services Act 2012; and, investors entering into investment agreements with Rathbone Investment Management International Limited will not have the protections afforded by that Act or the rules and regulations made under it, including the UK Financial Services Compensation Scheme. This document is not intended as an offer or solicitation for the purpose or sale of any financial instrument by Rathbone Investment International Limited. No part of this document may be reproduced in any manner without prior permission. 2015 Rathbone Brothers Plc. All rights reserved.

The value of investments and the income from them may go down as well as up and you may not get back your original investment. Past performance should not be seen as an indication of future performance. Changes in rates of exchange between currencies may cause the value of investments to decrease or increase.


A Personal Perspective: The Practical Side of Selling Your Own IFA BusinessPaul Wilson, Chairman, Clifton media labA Brief Timeline2005 2013 From Gardening Leave to Gardening Leave via a Successful Exit2005 We set out to Build a Company which was Profitable, Scalable and Sustainable with a Target Value in MindBuilt it to Spec in Three Years Went Non-Exec and then Developed it for Four More Years to Get to the next Pivot Point2013 Sold to the Perfect Buyer for Us, the Business, The Clients, the Management and the StaffWe Achieved Our Target Value, Although not to My Original Time ScaleSounds Easy? Not Really!

We had a Plan from the Day of Incorporation in June 2005What Business We Were InWhy We Were in That Business Where Our Niche WasWhere the Consultants and Clients were Going to Come FromHow we were Going to Fund it and GrowWhat our Guiding Lights Would BeExit Stage Points Go/No-GoRealise You are Heading Towards An Exit From the Day you Start in Business Uncontrolled Exits are Bad Exits No Market, Events, Cashflow, Death, Sickness, CompetitionEvents Driven Requiring Contingency Planning and Tactical Agility

Controlled Exits are Good Exits All Share Buyout, Practice Buyout, MBO, Merger, Dissolution at a Natural EndRequire Strategic Planning and Focus From Day One

Into Action........2005 - 2012Built a BrandBuilt a SystemBuilt a StructureThe Best People Came & We Grew..... We Grew Some More by Aquisition and Organically, We Made a Profit Each Year and re-invested, We Entrenched our Client Relationships...........And Survived The Credit Crunch and The Bank Crash, and the RecessionWe Managed Our Risk..................

A Natural Pivot Point 2012/13We were expanding into Auto-Enrolment and Corporate BusinessWe Could Super-Scale to National StatusFunding in Place to do a series of Reverse AcquisitionsIndependent and Autonomous Operational Board In PlaceWe had the Opportunity, The Capability and the Management, We Needed A Large Pile of Working Capital and a Five to Ten Year Commitment to the Next Phase of The Plan

Alex Sullivan Introduced us to SJPAssessing the Opportunity for The BusinessBrand FitSystem FitStructural FitCultural FitFinancial Fit and Aligned GoalsNet Financial GainOnly One Life, An Opportunity To Make the Most of It

Getting Buy-in From The Management, Staff and ClientsConsider how the Opportunity Works for Each GroupManage the Information Roll Out CarefullyListen to Concerns Early While There is Time and Scope to Shape and Negotiate the DealBe Clear on What the Wider Benefits are, It isnt all About YouIf you are Staying On Then be Prepared for the Loss of your Personal Fiefdom

Agree Who is Staying and Who is GoingDue Diligence and Managing The Deal PathTell the truth from Day One and Establish Trust: Everything will be checked and checked againYou will Need to Document all of your Contracts, Prove Ownership of Revenue Streams, and the Rights to Market the Client BaseDemonstrate Legal Liability and Recovery for the cost of Complaints and Compensation costs if you have had Self Employed Consultants or Acquired Client BanksShake the Due Diligence Tree as Hard as You Can, Better to Deal with a Problem at this Stage Than Through a Warranty Claim LaterBe Prepared for Delays and Pedantry from Lawyers, Accountants and the FCAKeep Trading Throughout as if the Deal Is not Going to HappenAnd The Exit Day Arrives...Its been Nearly Three Years.BEST THING I EVER DIDI did an MA In Something Completely Unrelated to Anything I have Ever DoneWhich Led To Building a Finacial Services Media Business Group With a New PartnerWe bought the Design Company that did the Branding for the FS Business, the Publishing Company that did our FS Magazine,and The Brokerage Business that did the Sale. We Work with my Old Business on their Digital Marketing, We Work with the Aquirer through Events like this, and our Film Business makes Films for them too.And my Old Business Continues to Prosper!!!!!!!!!!!!!!!!!!

We all Won. Now that was a Deal Worth Doing


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EIP variables filterEquifax Investor Profiles micro segmentTotal Investment ValueTotal Investment FrequencyInvestment Trend 1 YearProduct BreadthInvestment Growth Investment High RiskInvestment Trend 5 YearsBasicFledging InvestorsExpanding Investment HorizonsComplexUnit TrustISA ProtectionOnshore and Guaranteed Bonds Life AnnuityEndowmentOffshore BondPensionPension Annuity House valueIncomeWealthAgeYoung SinglesYoung FamiliesFamiliesMature FamiliesEmpty NestersRetired01A.Sophisticated Stability18118615123721422211213838325942343236015026537916742627225515815916715102311419912413601B.Diminishing Spread178153222161761848213028625544033827413427049115757926024215915716715201810018715114601C.Cultured Expansion134117167112132130115118761299989113125141194144881391931491511601510318720012415601D.Reduced Holdings117741361859285654768483063708512910270771601501471621540167418215618201E.Abstained Interests121202145344103101320180111531501651540117717220913902A.Cooling Intricacy181168152692042158015337029463251432515727765719811123122391541461405328212561191058002B.Flamboyant Foundations17418213925722423411315239628846439533315919725713952128016715615012658406145289595802C.Budding Development131124222118158166114117861481021041151229719210210315414614514411356401293996565002D.Dwindling Cultivation124154861221911989811414613681106148122901061031001348914314411455402313994555102E.Unripened Assurance9855147971768595218590404084737775134908114214211356414173189685902F.Occasional Escalation5555152446166126841112617859252628151321429057509252260453302G.Green Frivolity5510873400000050060101381371125645492378665803A.Silver Flash1821781302412062081111324072843874973781263152941614282362121491361511991232813113434003B.Rounded Roll Back15412941144164160929421219813320421686246174149149130149138126138199952110714837003C.Careful Experience124110183941381361198611910848116140851491091416187145131117129199115189515937503D.Receding Grey1064884772728549217127375345124981115450116131118130199155198815638503E.Veteran Moderation44003428000000500100001351231371992572610414435404A.Ample Embarking175185159246218225112151376273434360327166222236159352275194144147146941190206186601804B.Early Drawdown1631764721621121790148320244303277273159211256157336233171140144143911294182191722004C.Developing Safeguards1191311871101371421131318011058679714096100125451231361271341268123113144192722804D.Tentative Foundations108963188899087115338658425811492861086094112125132128812087134208853704E.Square-One Standstill5600233000000070070001231331398427421212171114405A.Mixed Mark Down173176832292082021031433442703553473031452552861802952462021291201371240767631079005B.Middle Age Spread128136177125144141110131118126981051261341311251497613915811511812012301108330835005C.Midlife Cautious111100219292958411450935338621101027312243961231151171221230987431549005D.Zero Multipliers57003429000000800711012811814111805838331112006A.Augmenting Rapidly174178168232213201116142374269343375326138265232166238233214130124131136000038130206B.Generous Measured1751763922420620690129361270342369315128291339170347232202132125134136000034334506C.Winding Down14113335126152148871151221629810314511117211516057139160121117125137000038329906D.Seasoned Strengthening12311917310113512911311290105528411211113210015540109157118116121137000040527506E.Pension Provisions966119565353878310492319307784871074051119118115123138000036731806F.Under the Mattress450023270000005006000123116134137000029240307A.Anchored Spread1461458319615614899152211256237171170149193167119171192126971051159601671051870007B.Developing Bloomers112160178113163165112141911004058941568255105371079992102112850192961670007C.Primary Curtailment8586286359598911482311152710846429217538387991039001821101890007D.Evolving Fledglings7177173583735118112212591311230307110426085971008302001181690007E.Inexperienced Sparsity690033430000001000600085951179301631071720008A.Mellow Mark up1511561211871741671071372482381972262111292071851451541711369299100125117238528308B.Shortening Olds109821589777485983611757455484135581125279897688871372423334230708C.Ageing Expansion107124188811251261161145655214572111845012928791097889891271320437427708D.Retirement Reduction882170373390000011171655431121934966080721635841324339008E.Last Minute Security6353144383432125702124111572352487826436279751424738429533408F.Frozen Vitals991133354260100019001201163817515171342326136109A.Maturing Magnitude1271591041502002051011231991681491621651201059394211139781201027062622391911121509B.Suffering Starters754312564546898574625211965423963354951100875758607412511151609C.Penniless Progress586715748636212380825913208020165016332910086545559753249131609D.Budget Frozen5700455300000080050008876575664230136141810A.Stretched Spread13816810818118317510414825120814415518213914276133100156106746178731292272141110B.Enhancing Basics791031568165641131391337161626118422885145460625862563298259162210C.Early Cut-Backs805817592825889454321111376513785145368595660554292263155310D.Humble Beginnings494116001916124000036421476342336535554451232023088310E.Stalled Take-off7132034610000001300100005555584814340203711511A.Struggling Suspension1221254713210498941411021471008292123131941427711910456494895201201866611610611B.Hard-Up Essentials9036152624229235231128114060299912538348454592241251912912813111C.Empty-Handed Expansion95114167898380112132386325314411969341102169805449469224134190581119511D.Increasing Crumbs45471552615141275301035621211541162649464387351531742112911211E.Needy Nil3360478998115903111103143122351464589281591822611611011F.Try before you buy610102357000000100010000474444863115513711157140

Variable KeyIndex VariableVariableDescriptionVariables used to define ClusterTotal Investment ValueTTV100Total value per household index of investment activityTotal Investment FrequencyTTC100Total frequency per household index of investment activityInvestment Trend 1 YearTTVY01Total sales per household value change index Year Current (last 4 quarters) compared to Y-1: 9 = max increase, 0 = max decreaseProduct BreadthDefined*See belowInvestment Description variables - VALUEInvestment Growth TGV131Value of investments in 'Growth' fund sectors vs 'Income' fund sectors: 6 = high growth, 0 = high incomeInvestment High RiskTGV132Value of investments in 'High risk' fund sectors out of all investments in fund sectors: 6 = high proportion of high riskInvestment Trend 5 YearsTTVS01Total sales value per household trend index over the last 20 quarters (5 years): 9 = max increase, 0 = max decreaseBasicDefined*See belowFledging InvestorsDefined*See belowExpanding Investment HorizonsDefined*See belowComplexDefined*See belowUnit TrustTGV111Total value per household index of investment activity in product group 'Unit Trust'ISATGV112Total value per household index of investment activity in product group 'ISA' ProtectionTGV113Total value per household index of investment activity in product group 'Protection'Onshore and Guaranteed BondsTGV114Total value per household index of investment activity in product group 'Onshore and Guaranteed Bonds' Life AnnuityTGV115Total value per household index of investment activity in product group 'Life Annuity'EndowmentTGV116Total value per household index of investment activity in product group 'Endowment'Offshore BondTGV117Total value per household index of investment activity in product group 'Offshore Bond'PensionTGV118Total value per household index of investment activity in product group 'Pension'Pension Annuity TGV119Total value per household index of investment activity in product group 'Pension Annuity 'Demographic level variablesHouse valueMGC112Landscape Property Decile Property Value banded 10% UKIncomeMGC132Landscape Income Decile Income Value banded 10% UKWealthAGC300Wealth Indicator - semi-decile ranking of Wealth of Postcode (1 = High Wealth, 20 = Low Wealth)AgeMGC210Age BandYoung SinglesBGC422SONAR UK Lifestyle (6 groups)Young FamiliesBGC422SONAR UK Lifestyle (6 groups)FamiliesBGC422SONAR UK Lifestyle (6 groups)Mature FamiliesBGC422SONAR UK Lifestyle (6 groups)Empty NestersBGC422SONAR UK Lifestyle (6 groups)RetiredBGC422SONAR UK Lifestyle (6 groups)Investment Description variables - FREQUENCYInvestment High RiskTGC132Frequency of investments in 'High risk' fund sectors out of all investments in fund sectors: 6 = high proportion of high riskInvestment Trend 5 YearsTTCS01Total frequency per household trend index over the last 20 quarters (5 years): 9 = max increase, 0 = max decreaseUnit TrustTGC111Total frequency per household index of investment activity in product group 'Unit Trust'ISATGC112Total frequency per household index of investment activity in product group 'ISA' ProtectionTGC113Total frequency per household index of investment activity in product group 'Protection'Onshore and Guaranteed BondsTGC114Total frequency per household index of investment activity in product group 'Onshore and Guaranteed Bonds' Life AnnuityTGC115Total frequency per household index of investment activity in product group 'Life Annuity'EndowmentTGC116Total frequency per household index of investment activity in product group 'Endowment'Offshore BondTGC117Total frequency per household index of investment activity in product group 'Offshore Bond'PensionTGC118Total frequency per household index of investment activity in product group 'Pension'Pension Annuity TGC119Total frequency per household index of investment activity in product group 'Pension Annuity '*Product Breadth Defintion

Basic - Protection IF TPV009 > 4 THEN level1a = 1; /*Total value per household index of investment activity in product 'Individual Protect: Whole of Life'*/ IF TPV010 > 4 THEN level1b = 1; /*Total value per household index of investment activity in product 'Individual Protect: Term'*/ IF TPV011> 4 THEN level1c = 1; /*Total value per household index of investment activity in product 'Individual Protect: Critical Illness'*/ IF TPV012> 4 THEN level1d = 1; /*Total value per household index of investment activity in product 'Individual Protect: Income Protection'*/ IF TPV013> 4 THEN level1e = 1; /*Total value per household index of investment activity in product 'Individual Protect: Private Medical Insurance'*/ IF TPV014> 4 THEN level1f = 1; /*Total value per household index of investment activity in product 'Individual Protect: Mortgage Term'*/Fledgling investors - ISA IF TPV005> 4 THEN level2a = 1; /*Total value per household index of investment activity in product 'Investment: ISA Transfer'*/ IF TPV006> 4 THEN level2b = 1; /*Total value per household index of investment activity in product 'Investment: ISA Switches'*/ IF TPV007> 4 THEN level2c = 1; /*Total value per household index of investment activity in product 'Investment: ISA (RP)'*/ IF TPV008> 4 THEN level2d = 1; /*Total value per household index of investment activity in product 'Investment: ISA (SP)'*/Expanding investment horizons IF TPV002 > 4 THEN level3a = 1; /*Total value per household index of investment activity in product 'Investment: Unit Trust (SP)'*/ IF TPV003 > 4 THEN level3b = 1; /*Total value per household index of investment activity in product 'Investment: Unit Trust Switches'*/ IF TPV015 > 4 THEN level3c = 1; /*Total value per household index of investment activity in product 'Investment: With Profit Bond'*/ IF TPV016 > 4 THEN level3d = 1; /*Total value per household index of investment activity in product 'Investment: UL Bond'*/ IF TPV017 > 4 THEN level3e = 1; /*Total value per household index of investment activity in product 'Investment: Distribution Bond'*/ IF TPV018 > 4 THEN level3f = 1; /*Total value per household index of investment activity in product 'Investment: Guaranteed Bonds'*/ IF TPV023 > 4 THEN level3g = 1; /*Total value per household index of investment activity in product 'Individual Pension: Personal (RP)'*/ IF TPV024 > 4 THEN level3h = 1; /*Total value per household index of investment activity in product 'Individual Pension: Personal (SP)'*/ IF TPV027 > 4 THEN level3i = 1; /*Total value per household index of investment activity in product 'Individual Pension: Pension Transfer'*/Complex IF TPV022 > 4 THEN level4e = 1; /*Total value per household index of investment activity in product 'Investment: Offshore Bond'*/ IF TPV033 > 4 THEN level4a = 1; /*Total value per household index of investment activity in product 'Individual Pension: USP'*/ IF TPV037 > 4 THEN level4b = 1; /*Total value per household index of investment activity in product 'Individual Pension: SIPP (RP)'*/ IF TPV038 > 4 THEN level4c = 1; /*Total value per household index of investment activity in product 'Individual Pension: SIPP (SP)'*/ IF TPV039 > 4 THEN level4d = 1; /*Total value per household index of investment activity in product 'Individual Pension: SIPP (T)'*/Total number of product types within each product breadth category

Basic - Protection AM_level1 = SUM(level1a,level1b,level1c,level1d,level1e,level1f);Fledgling investors - ISA AM_level2 = SUM(level2a, level2b, level2c, level2d);Expanding investment horizons AM_level3 = SUM(level3a,level3b,level3c,level3d,level3e,level3f,level3g,level3h,level3i);Complex AM_level4 = SUM(level4a, level4b, level4c, level4d, level4e);IF AM_level4 > 0 THEN AM_flag4 = 1; ELSE AM_flag4 = 0;IF AM_level3 > 0 THEN AM_flag3 = 1; ELSE AM_flag3 = 0;IF AM_level2 > 0 THEN AM_flag2 = 1; ELSE AM_flag2 = 0;IF AM_level1 > 0 THEN AM_flag1 = 1; ELSE AM_flag1 = 0;Product BreadthAM_breadth = SUM(AM_flag1,AM_flag2,AM_flag3,AM_flag4);

EIP variables with postcode volEquifax Investor Profiles micro segmentIndividual volumePostcode volumeTotal Investment ValueTotal Investment FrequencyInvestment Trend 1 YearProduct BreadthInvestment Growth Investment High RiskInvestment Trend 5 YearsBasicFledging InvestorsExpanding Investment HorizonsComplexUnit TrustISA ProtectionOnshore and Guaranteed Bonds Life AnnuityEndowmentOffshore BondPensionPension Annuity House valueIncomeWealthAgeYoung SinglesYoung FamiliesFamiliesMature FamiliesEmpty NestersRetired01A.Sophisticated Stability3.6%3.0%18118615123721422211213838325942343236015026537916742627225515815916715102311419912413601B.Diminishing Spread1.6%2.6%178153222161761848213028625544033827413427049115757926024215915716715201810018715114601C.Cultured Expansion1.3%1.2%134117167112132130115118761299989113125141194144881391931491511601510318720012415601D.Reduced Holdings0.6%1.0%117741361859285654768483063708512910270771601501471621540167418215618201E.Abstained Interests0.4%1.9%121202145344103101320180111531501651540117717220913902A.Cooling Intricacy0.2%0.5%181168152692042158015337029463251432515727765719811123122391541461405328212561191058002B.Flamboyant Foundations0.9%0.7%17418213925722423411315239628846439533315919725713952128016715615012658406145289595802C.Budding Development0.7%0.5%131124222118158166114117861481021041151229719210210315414614514411356401293996565002D.Dwindling Cultivation1.2%1.0%124154861221911989811414613681106148122901061031001348914314411455402313994555102E.Unripened Assurance0.8%1.0%9855147971768595218590404084737775134908114214211356414173189685902F.Occasional Escalation0.5%0.3%5555152446166126841112617859252628151321429057509252260453302G.Green Frivolity0.4%1.5%5510873400000050060101381371125645492378665803A.Silver Flash1.7%1.6%1821781302412062081111324072843874973781263152941614282362121491361511991232813113434003B.Rounded Roll Back1.3%1.4%15412941144164160929421219813320421686246174149149130149138126138199952110714837003C.Careful Experience1.6%1.3%124110183941381361198611910848116140851491091416187145131117129199115189515937503D.Receding Grey1.0%1.2%1064884772728549217127375345124981115450116131118130199155198815638503E.Veteran Moderation0.4%1.1%44003428000000500100001351231371992572610414435404A.Ample Embarking2.6%2.1%175185159246218225112151376273434360327166222236159352275194144147146941190206186601804B.Early Drawdown1.8%2.1%1631764721621121790148320244303277273159211256157336233171140144143911294182191722004C.Developing Safeguards3.2%2.3%1191311871101371421131318011058679714096100125451231361271341268123113144192722804D.Tentative Foundations2.8%3.1%108963188899087115338658425811492861086094112125132128812087134208853704E.Square-One Standstill0.4%1.7%5600233000000070070001231331398427421212171114405A.Mixed Mark Down1.6%1.7%173176832292082021031433442703553473031452552861802952462021291201371240767631079005B.Middle Age Spread3.8%2.5%128136177125144141110131118126981051261341311251497613915811511812012301108330835005C.Midlife Cautious1.9%2.0%111100219292958411450935338621101027312243961231151171221230987431549005D.Zero Multipliers0.3%1.0%57003429000000800711012811814111805838331112006A.Augmenting Rapidly1.0%0.8%174178168232213201116142374269343375326138265232166238233214130124131136000038130206B.Generous Measured0.5%0.7%1751763922420620690129361270342369315128291339170347232202132125134136000034334506C.Winding Down0.7%0.7%14113335126152148871151221629810314511117211516057139160121117125137000038329906D.Seasoned Strengthening1.4%1.1%12311917310113512911311290105528411211113210015540109157118116121137000040527506E.Pension Provisions0.7%0.9%966119565353878310492319307784871074051119118115123138000036731806F.Under the Mattress0.2%0.7%450023270000005006000123116134137000029240307A.Anchored Spread2.6%2.6%1461458319615614899152211256237171170149193167119171192126971051159601671051870007B.Developing Bloomers2.7%1.7%112160178113163165112141911004058941568255105371079992102112850192961670007C.Primary Curtailment3.4%3.1%8586286359598911482311152710846429217538387991039001821101890007D.Evolving Fledglings3.6%2.3%7177173583735118112212591311230307110426085971008302001181690007E.Inexperienced Sparsity1.0%3.0%690033430000001000600085951179301631071720008A.Mellow Mark up1.8%1.8%1511561211871741671071372482381972262111292071851451541711369299100125117238528308B.Shortening Olds1.8%2.0%109821589777485983611757455484135581125279897688871372423334230708C.Ageing Expansion1.6%1.1%107124188811251261161145655214572111845012928791097889891271320437427708D.Retirement Reduction1.1%0.9%882170373390000011171655431121934966080721635841324339008E.Last Minute Security2.6%1.8%6353144383432125702124111572352487826436279751424738429533408F.Frozen Vitals1.9%4.0%991133354260100019001201163817515171342326136109A.Maturing Magnitude1.9%1.5%1271591041502002051011231991681491621651201059394211139781201027062622391911121509B.Suffering Starters2.4%2.1%754312564546898574625211965423963354951100875758607412511151609C.Penniless Progress5.7%3.0%586715748636212380825913208020165016332910086545559753249131609D.Budget Frozen2.1%4.4%5700455300000080050008876575664230136141810A.Stretched Spread0.8%0.6%13816810818118317510414825120814415518213914276133100156106746178731292272141110B.Enhancing Basics4.2%2.6%791031568165641131391337161626118422885145460625862563298259162210C.Early Cut-Backs2.8%2.4%805817592825889454321111376513785145368595660554292263155310D.Humble Beginnings2.1%1.1%494116001916124000036421476342336535554451232023088310E.Stalled Take-off1.4%2.2%7132034610000001300100005555584814340203711511A.Struggling Suspension1.2%1.1%1221254713210498941411021471008292123131941427711910456494895201201866611610611B.Hard-Up Essentials1.4%1.1%9036152624229235231128114060299912538348454592241251912912813111C.Empty-Handed Expansion2.7%1.7%95114167898380112132386325314411969341102169805449469224134190581119511D.Increasing Crumbs2.5%1.6%45471552615141275301035621211541162649464387351531742112911211E.Needy Nil0.6%0.8%3360478998115903111103143122351464589281591822611611011F.Try before you buy1.5%2.5%610102357000000100010000474444863115513711157140

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EIP variables filterEquifax Investor Profiles micro segmentTotal Investment ValueTotal Investment FrequencyInvestment Trend 1 YearProduct BreadthInvestment Growth Investment High RiskInvestment Trend 5 YearsBasicFledging InvestorsExpanding Investment HorizonsComplexUnit TrustISA ProtectionOnshore and Guaranteed Bonds Life AnnuityEndowmentOffshore BondPensionPension Annuity House valueIncomeWealthAgeYoung SinglesYoung FamiliesFamiliesMature FamiliesEmpty NestersRetired01A.Sophisticated Stability18118615123721422211213838325942343236015026537916742627225515815916715102311419912413601B.Diminishing Spread178153222161761848213028625544033827413427049115757926024215915716715201810018715114601C.Cultured Expansion134117167112132130115118761299989113125141194144881391931491511601510318720012415601D.Reduced Holdings117741361859285654768483063708512910270771601501471621540167418215618201E.Abstained Interests121202145344103101320180111531501651540117717220913902A.Cooling Intricacy181168152692042158015337029463251432515727765719811123122391541461405328212561191058002B.Flamboyant Foundations17418213925722423411315239628846439533315919725713952128016715615012658406145289595802C.Budding Development131124222118158166114117861481021041151229719210210315414614514411356401293996565002D.Dwindling Cultivation124154861221911989811414613681106148122901061031001348914314411455402313994555102E.Unripened Assurance9855147971768595218590404084737775134908114214211356414173189685902F.Occasional Escalation5555152446166126841112617859252628151321429057509252260453302G.Green Frivolity5510873400000050060101381371125645492378665803A.Silver Flash1821781302412062081111324072843874973781263152941614282362121491361511991232813113434003B.Rounded Roll Back15412941144164160929421219813320421686246174149149130149138126138199952110714837003C.Careful Experience124110183941381361198611910848116140851491091416187145131117129199115189515937503D.Receding Grey1064884772728549217127375345124981115450116131118130199155198815638503E.Veteran Moderation44003428000000500100001351231371992572610414435404A.Ample Embarking175185159246218225112151376273434360327166222236159352275194144147146941190206186601804B.Early Drawdown1631764721621121790148320244303277273159211256157336233171140144143911294182191722004C.Developing Safeguards1191311871101371421131318011058679714096100125451231361271341268123113144192722804D.Tentative Foundations108963188899087115338658425811492861086094112125132128812087134208853704E.Square-One Standstill5600233000000070070001231331398427421212171114405A.Mixed Mark Down173176832292082021031433442703553473031452552861802952462021291201371240767631079005B.Middle Age Spread128136177125144141110131118126981051261341311251497613915811511812012301108330835005C.Midlife Cautious111100219292958411450935338621101027312243961231151171221230987431549005D.Zero Multipliers57003429000000800711012811814111805838331112006A.Augmenting Rapidly174178168232213201116142374269343375326138265232166238233214130124131136000038130206B.Generous Measured1751763922420620690129361270342369315128291339170347232202132125134136000034334506C.Winding Down14113335126152148871151221629810314511117211516057139160121117125137000038329906D.Seasoned Strengthening12311917310113512911311290105528411211113210015540109157118116121137000040527506E.Pension Provisions966119565353878310492319307784871074051119118115123138000036731806F.Under the Mattress450023270000005006000123116134137000029240307A.Anchored Spread1461458319615614899152211256237171170149193167119171192126971051159601671051870007B.Developing Bloomers112160178113163165112141911004058941568255105371079992102112850192961670007C.Primary Curtailment8586286359598911482311152710846429217538387991039001821101890007D.Evolving Fledglings7177173583735118112212591311230307110426085971008302001181690007E.Inexperienced Sparsity690033430000001000600085951179301631071720008A.Mellow Mark up1511561211871741671071372482381972262111292071851451541711369299100125117238528308B.Shortening Olds109821589777485983611757455484135581125279897688871372423334230708C.Ageing Expansion107124188811251261161145655214572111845012928791097889891271320437427708D.Retirement Reduction882170373390000011171655431121934966080721635841324339008E.Last Minute Security6353144383432125702124111572352487826436279751424738429533408F.Frozen Vitals991133354260100019001201163817515171342326136109A.Maturing Magnitude1271591041502002051011231991681491621651201059394211139781201027062622391911121509B.Suffering Starters754312564546898574625211965423963354951100875758607412511151609C.Penniless Progress586715748636212380825913208020165016332910086545559753249131609D.Budget Frozen5700455300000080050008876575664230136141810A.Stretched Spread13816810818118317510414825120814415518213914276133100156106746178731292272141110B.Enhancing Basics791031568165641131391337161626118422885145460625862563298259162210C.Early Cut-Backs805817592825889454321111376513785145368595660554292263155310D.Humble Beginnings494116001916124000036421476342336535554451232023088310E.Stalled Take-off7132034610000001300100005555584814340203711511A.Struggling Suspension1221254713210498941411021471008292123131941427711910456494895201201866611610611B.Hard-Up Essentials9036152624229235231128114060299912538348454592241251912912813111C.Empty-Handed Expansion95114167898380112132386325314411969341102169805449469224134190581119511D.Increasing Crumbs45471552615141275301035621211541162649464387351531742112911211E.Needy Nil3360478998115903111103143122351464589281591822611611011F.Try before you buy610102357000000100010000474444863115513711157140

Variable KeyIndex VariableVariableDescriptionVariables used to define ClusterTotal Investment ValueTTV100Total value per household index of investment activityTotal Investment FrequencyTTC100Total frequency per household index of investment activityInvestment Trend 1 YearTTVY01Total sales per household value change index Year Current (last 4 quarters) compared to Y-1: 9 = max increase, 0 = max decreaseProduct BreadthDefined*See belowInvestment Description variables - VALUEInvestment Growth TGV131Value of investments in 'Growth' fund sectors vs 'Income' fund sectors: 6 = high growth, 0 = high incomeInvestment High RiskTGV132Value of investments in 'High risk' fund sectors out of all investments in fund sectors: 6 = high proportion of high riskInvestment Trend 5 YearsTTVS01Total sales value per household trend index over the last 20 quarters (5 years): 9 = max increase, 0 = max decreaseBasicDefined*See belowFledging InvestorsDefined*See belowExpanding Investment HorizonsDefined*See belowComplexDefined*See belowUnit TrustTGV111Total value per household index of investment activity in product group 'Unit Trust'ISATGV112Total value per household index of investment activity in product group 'ISA' ProtectionTGV113Total value per household index of investment activity in product group 'Protection'Onshore and Guaranteed BondsTGV114Total value per household index of investment activity in product group 'Onshore and Guaranteed Bonds' Life AnnuityTGV115Total value per household index of investment activity in product group 'Life Annuity'EndowmentTGV116Total value per household index of investment activity in product group 'Endowment'Offshore BondTGV117Total value per household index of investment activity in product group 'Offshore Bond'PensionTGV118Total value per household index of investment activity in product group 'Pension'Pension Annuity TGV119Total value per household index of investment activity in product group 'Pension Annuity 'Demographic level variablesHouse valueMGC112Landscape Property Decile Property Value banded 10% UKIncomeMGC132Landscape Income Decile Income Value banded 10% UKWealthAGC300Wealth Indicator - semi-decile ranking of Wealth of Postcode (1 = High Wealth, 20 = Low Wealth)AgeMGC210Age BandYoung SinglesBGC422SONAR UK Lifestyle (6 groups)Young FamiliesBGC422SONAR UK Lifestyle (6 groups)FamiliesBGC422SONAR UK Lifestyle (6 groups)Mature FamiliesBGC422SONAR UK Lifestyle (6 groups)Empty NestersBGC422SONAR UK Lifestyle (6 groups)RetiredBGC422SONAR UK Lifestyle (6 groups)Investment Description variables - FREQUENCYInvestment High RiskTGC132Frequency of investments in 'High risk' fund sectors out of all investments in fund sectors: 6 = high proportion of high riskInvestment Trend 5 YearsTTCS01Total frequency per household trend index over the last 20 quarters (5 years): 9 = max increase, 0 = max decreaseUnit TrustTGC111Total frequency per household index of investment activity in product group 'Unit Trust'ISATGC112Total frequency per household index of investment activity in product group 'ISA' ProtectionTGC113Total frequency per household index of investment activity in product group 'Protection'Onshore and Guaranteed BondsTGC114Total frequency per household index of investment activity in product group 'Onshore and Guaranteed Bonds' Life AnnuityTGC115Total frequency per household index of investment activity in product group 'Life Annuity'EndowmentTGC116Total frequency per household index of investment activity in product group 'Endowment'Offshore BondTGC117Total frequency per household index of investment activity in product group 'Offshore Bond'PensionTGC118Total frequency per household index of investment activity in product group 'Pension'Pension Annuity TGC119Total frequency per household index of investment activity in product group 'Pension Annuity '*Product Breadth Defintion

Basic - Protection IF TPV009 > 4 THEN level1a = 1; /*Total value per household index of investment activity in product 'Individual Protect: Whole of Life'*/ IF TPV010 > 4 THEN level1b = 1; /*Total value per household index of investment activity in product 'Individual Protect: Term'*/ IF TPV011> 4 THEN level1c = 1; /*Total value per household index of investment activity in product 'Individual Protect: Critical Illness'*/ IF TPV012> 4 THEN level1d = 1; /*Total value per household index of investment activity in product 'Individual Protect: Income Protection'*/ IF TPV013> 4 THEN level1e = 1; /*Total value per household index of investment activity in product 'Individual Protect: Private Medical Insurance'*/ IF TPV014> 4 THEN level1f = 1; /*Total value per household index of investment activity in product 'Individual Protect: Mortgage Term'*/Fledgling investors - ISA IF TPV005> 4 THEN level2a = 1; /*Total value per household index of investment activity in product 'Investment: ISA Transfer'*/ IF TPV006> 4 THEN level2b = 1; /*Total value per household index of investment activity in product 'Investment: ISA Switches'*/ IF TPV007> 4 THEN level2c = 1; /*Total value per household index of investment activity in product 'Investment: ISA (RP)'*/ IF TPV008> 4 THEN level2d = 1; /*Total value per household index of investment activity in product 'Investment: ISA (SP)'*/Expanding investment horizons IF TPV002 > 4 THEN level3a = 1; /*Total value per household index of investment activity in product 'Investment: Unit Trust (SP)'*/ IF TPV003 > 4 THEN level3b = 1; /*Total value per household index of investment activity in product 'Investment: Unit Trust Switches'*/ IF TPV015 > 4 THEN level3c = 1; /*Total value per household index of investment activity in product 'Investment: With Profit Bond'*/ IF TPV016 > 4 THEN level3d = 1; /*Total value per household index of investment activity in product 'Investment: UL Bond'*/ IF TPV017 > 4 THEN level3e = 1; /*Total value per household index of investment activity in product 'Investment: Distribution Bond'*/ IF TPV018 > 4 THEN level3f = 1; /*Total value per household index of investment activity in product 'Investment: Guaranteed Bonds'*/ IF TPV023 > 4 THEN level3g = 1; /*Total value per household index of investment activity in product 'Individual Pension: Personal (RP)'*/ IF TPV024 > 4 THEN level3h = 1; /*Total value per household index of investment activity in product 'Individual Pension: Personal (SP)'*/ IF TPV027 > 4 THEN level3i = 1; /*Total value per household index of investment activity in product 'Individual Pension: Pension Transfer'*/Complex IF TPV022 > 4 THEN level4e = 1; /*Total value per household index of investment activity in product 'Investment: Offshore Bond'*/ IF TPV033 > 4 THEN level4a = 1; /*Total value per household index of investment activity in product 'Individual Pension: USP'*/ IF TPV037 > 4 THEN level4b = 1; /*Total value per household index of investment activity in product 'Individual Pension: SIPP (RP)'*/ IF TPV038 > 4 THEN level4c = 1; /*Total value per household index of investment activity in product 'Individual Pension: SIPP (SP)'*/ IF TPV039 > 4 THEN level4d = 1; /*Total value per household index of investment activity in product 'Individual Pension: SIPP (T)'*/Total number of product types within each product breadth category

Basic - Protection AM_level1 = SUM(level1a,level1b,level1c,level1d,level1e,level1f);Fledgling investors - ISA AM_level2 = SUM(level2a, level2b, level2c, level2d);Expanding investment horizons AM_level3 = SUM(level3a,level3b,level3c,level3d,level3e,level3f,level3g,level3h,level3i);Complex AM_level4 = SUM(level4a, level4b, level4c, level4d, level4e);IF AM_level4 > 0 THEN AM_flag4 = 1; ELSE AM_flag4 = 0;IF AM_level3 > 0 THEN AM_flag3 = 1; ELSE AM_flag3 = 0;IF AM_level2 > 0 THEN AM_flag2 = 1; ELSE AM_flag2 = 0;IF AM_level1 > 0 THEN AM_flag1 = 1; ELSE AM_flag1 = 0;Product BreadthAM_breadth = SUM(AM_flag1,AM_flag2,AM_flag3,AM_flag4);

EIP variables with postcode volEquifax Investor Profiles micro segmentIndividual volumePostcode volumeTotal Investment ValueTotal Investment FrequencyInvestment Trend 1 YearProduct BreadthInvestment Growth Investment High RiskInvestment Trend 5 YearsBasicFledging InvestorsExpanding Investment HorizonsComplexUnit TrustISA ProtectionOnshore and Guaranteed Bonds Life AnnuityEndowmentOffshore BondPensionPension Annuity House valueIncomeWealthAgeYoung SinglesYoung FamiliesFamiliesMature FamiliesEmpty NestersRetired01A.Sophisticated Stability3.6%3.0%18118615123721422211213838325942343236015026537916742627225515815916715102311419912413601B.Diminishing Spread1.6%2.6%178153222161761848213028625544033827413427049115757926024215915716715201810018715114601C.Cultured Expansion1.3%1.2%134117167112132130115118761299989113125141194144881391931491511601510318720012415601D.Reduced Holdings0.6%1.0%117741361859285654768483063708512910270771601501471621540167418215618201E.Abstained Interests0.4%1.9%121202145344103101320180111531501651540117717220913902A.Cooling Intricacy0.2%0.5%181168152692042158015337029463251432515727765719811123122391541461405328212561191058002B.Flamboyant Foundations0.9%0.7%17418213925722423411315239628846439533315919725713952128016715615012658406145289595802C.Budding Development0.7%0.5%131124222118158166114117861481021041151229719210210315414614514411356401293996565002D.Dwindling Cultivation1.2%1.0%124154861221911989811414613681106148122901061031001348914314411455402313994555102E.Unripened Assurance0.8%1.0%9855147971768595218590404084737775134908114214211356414173189685902F.Occasional Escalation0.5%0.3%5555152446166126841112617859252628151321429057509252260453302G.Green Frivolity0.4%1.5%5510873400000050060101381371125645492378665803A.Silver Flash1.7%1.6%1821781302412062081111324072843874973781263152941614282362121491361511991232813113434003B.Rounded Roll Back1.3%1.4%15412941144164160929421219813320421686246174149149130149138126138199952110714837003C.Careful Experience1.6%1.3%124110183941381361198611910848116140851491091416187145131117129199115189515937503D.Receding Grey1.0%1.2%1064884772728549217127375345124981115450116131118130199155198815638503E.Veteran Moderation0.4%1.1%44003428000000500100001351231371992572610414435404A.Ample Embarking2.6%2.1%175185159246218225112151376273434360327166222236159352275194144147146941190206186601804B.Early Drawdown1.8%2.1%1631764721621121790148320244303277273159211256157336233171140144143911294182191722004C.Developing Safeguards3.2%2.3%1191311871101371421131318011058679714096100125451231361271341268123113144192722804D.Tentative Foundations2.8%3.1%108963188899087115338658425811492861086094112125132128812087134208853704E.Square-One Standstill0.4%1.7%5600233000000070070001231331398427421212171114405A.Mixed Mark Down1.6%1.7%173176832292082021031433442703553473031452552861802952462021291201371240767631079005B.Middle Age Spread3.8%2.5%128136177125144141110131118126981051261341311251497613915811511812012301108330835005C.Midlife Cautious1.9%2.0%111100219292958411450935338621101027312243961231151171221230987431549005D.Zero Multipliers0.3%1.0%57003429000000800711012811814111805838331112006A.Augmenting Rapidly1.0%0.8%174178168232213201116142374269343375326138265232166238233214130124131136000038130206B.Generous Measured0.5%0.7%1751763922420620690129361270342369315128291339170347232202132125134136000034334506C.Winding Down0.7%0.7%14113335126152148871151221629810314511117211516057139160121117125137000038329906D.Seasoned Strengthening1.4%1.1%12311917310113512911311290105528411211113210015540109157118116121137000040527506E.Pension Provisions0.7%0.9%966119565353878310492319307784871074051119118115123138000036731806F.Under the Mattress0.2%0.7%450023270000005006000123116134137000029240307A.Anchored Spread2.6%2.6%1461458319615614899152211256237171170149193167119171192126971051159601671051870007B.Developing Bloomers2.7%1.7%112160178113163165112141911004058941568255105371079992102112850192961670007C.Primary Curtailment3.4%3.1%8586286359598911482311152710846429217538387991039001821101890007D.Evolving Fledglings3.6%2.3%7177173583735118112212591311230307110426085971008302001181690007E.Inexperienced Sparsity1.0%3.0%690033430000001000600085951179301631071720008A.Mellow Mark up1.8%1.8%1511561211871741671071372482381972262111292071851451541711369299100125117238528308B.Shortening Olds1.8%2.0%109821589777485983611757455484135581125279897688871372423334230708C.Ageing Expansion1.6%1.1%107124188811251261161145655214572111845012928791097889891271320437427708D.Retirement Reduction1.1%0.9%882170373390000011171655431121934966080721635841324339008E.Last Minute Security2.6%1.8%6353144383432125702124111572352487826436279751424738429533408F.Frozen Vitals1.9%4.0%991133354260100019001201163817515171342326136109A.Maturing Magnitude1.9%1.5%1271591041502002051011231991681491621651201059394211139781201027062622391911121509B.Suffering Starters2.4%2.1%754312564546898574625211965423963354951100875758607412511151609C.Penniless Progress5.7%3.0%586715748636212380825913208020165016332910086545559753249131609D.Budget Frozen2.1%4.4%5700455300000080050008876575664230136141810A.Stretched Spread0.8%0.6%13816810818118317510414825120814415518213914276133100156106746178731292272141110B.Enhancing Basics4.2%2.6%791031568165641131391337161626118422885145460625862563298259162210C.Early Cut-Backs2.8%2.4%805817592825889454321111376513785145368595660554292263155310D.Humble Beginnings2.1%1.1%494116001916124000036421476342336535554451232023088310E.Stalled Take-off1.4%2.2%7132034610000001300100005555584814340203711511A.Struggling Suspension1.2%1.1%1221254713210498941411021471008292123131941427711910456494895201201866611610611B.Hard-Up Essentials1.4%1.1%9036152624229235231128114060299912538348454592241251912912813111C.Empty-Handed Expansion2.7%1.7%95114167898380112132386325314411969341102169805449469224134190581119511D.Increasing Crumbs2.5%1.6%45471552615141275301035621211541162649464387351531742112911211E.Needy Nil0.6%0.8%3360478998115903111103143122351464589281591822611611011F.Try before you buy1.5%2.5%610102357000000100010000474444863115513711157140

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