Aim

1. NI CENTRAL INVESTMENT FUND FOR CHARITIES Investment Factsheet as at 30 June 2013 Background Fund Information 3 months to 30 -06-13 3 Years Annualised Fund Performance Aim The primary objective of the Fund is to achieve an annual income return of 20% more than the benchmark yield and thereafter long-term capital growth in real terms. Benchmark Income To achieve an annual income return of 20% more than the benchmark yield. Long-term Total Return (Gross) Key Details Risk Factors The portfolio is being managed with a medium risk approach. The value of any investment may go down as well as up, as can the income generated from it. Perspective Shareholders may wish to seek independent advice before investing in this Fund.

2. NI CENTRAL INVESTMENT FUND FOR CHARITIES Investment Factsheet as at 30 June 2013 Fund Manager Ethical Restriction: No direct investment permitted In tobacco stocks Sector Allocation as a % of Total Market Value NICIFC Fund Composition Newton Investment Management Limited, Queen Victoria Street, London. Newton is a global thematic stock picking company. This focus on themes helps to identify the catalysts for change and capture opportunities wherever they occur. Newton were first appointed by the Department as managers of the Fund in August 2004 and then reappointed in February 2009, following a successful retendering exercise. Historic Fund Information Source: Newton Investment Management, as at 30 June 2013 Market Commentary Despite the barrage of policy initiatives, including near-zero interest rates and sweeping asset-purchasing programmes, which have been implemented by authorities in the major regions, the leading economies remain generally fragile. Even in the US, held up by some as a totem of strength, growth appears modest . This, we suggest, underscores the structural (rather than cyclical) nature of the challenges faced in the post credit –crisis era. While unprecedented debt burdens continue to encumber economic activity , monetary policymakers are motivated to keep the cost of debt servicing down. Whether they remain able to do so is open to question, but, with economic indicators mixed, inflation benign, and authorities apparently convinced about the usefulness of their stimulus to date, investors may have been too hasty in supposing that central bankers are on the retreat from ultra-loose measures. In an environment of artificially low interest rates, capital can be misallocated and notions of investment risk can become skewed. With interest rates wafer thin, financial-market participants may load up on borrowed funds to try to prize a return from low-yielding assets - embedding within markets the very risks which gave the financial system its dependency on central bank largesse in the first place. In this setting, financial markets are likely to remain unstable. However, when stock-market weakness derives from indiscriminate selling ( recent the case) , there should be opportunities for active and flexible investors. The breadth of possible financial –market outcomes supports the case for in vestment in businesses with the attributes to do well in a wide range of circumstances, an idea we explore in our havens theme. Above all, however, we continue to believe that the prevailing investment environment calls for a selective approach within portfolios. Contact NI Central Investment Fund for Charities, c/o Department for Social Development, The Lighthouse Building, 4th Floor, 1 Cromac Place, Gasworks Business Park, Ormeau Road, Belfast BT7 2JB. Tel.: 02890 829 508 E-mail: deborah.walker@dsdni.gov.uk