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… 31st to Scenario III outcome 3% revenue growth 1.5% revenue growth 4% revenue decrease 5% revenue decrease Regulatory action stalls Divestment continues Increased costs, restricted investment opportunities All scenario III assumptions Investors keep buying Legal action stalls in developing world Lobbying prevents supply side restrictions 5% increase in costs British American Tobacco £48.19 £35.49 £50.60 £35.34 £21.29 £12.36 -55.8% Imperial Brands £28.98 £26.87 £92.57 £49.15 £20.75 £ - -28.4% … to UN conventions. The firm will also consider the extent to which the relevant activity, product or service is material to the conduct of the company in which the investment is to be made. For a fuller overview of AMP Capital’s framework please visit: www.ampcapital. com/europe/en/capabilities/ responsible-investment/ ethical-framework The Tobacco Free Portfolios suggested framework can be found in the Tobacco Free Portfolios Toolkit, section 3. https://tobaccofreeportfolios.org/ … exclusive/exclusive-with-roman-law-doctrine- india-moves-to-stub-out-tobacco-industry-rights- idINKBN1FJ01M 21. https://en.wikipedia.org/wiki/List_of_smoking_bans 22. www.robeco.com/media/8/f/ e/8feb940c3c95cd35871712e6cae88f44_sin-stocks- revisited-resolving-the-sin-stock-anomaly_tcm21-9602.pdf 23. www.msci.com/www/blog-posts/ quitting-tobacco-stocks-without/01135038467 24. https://tobaccocontrol.bmj.com/content/ early/2017/01/04/tobaccocontrol-2016-053305 25. …

… ..................................................................................................................... 3 New People ................................................................................................................. 4 Visiting Researchers ................................................................................................... 6 PhD Defences ............................................................................................................. 7 … elsewhere. We are delighted to present the MCEL Annual Report for 2014. This Annual Report highlights the main activities of the Centre that were undertaken in the year 2014. These include numerous research seminars, international conferences and workshops. 2014 was a good year, in which the Centre welcomed new scholars who made the membership of our Centre even more multinational and extended the scope of our scholarly expertise to new fields of EU law. The reader will find in this report a … la Cour de justice: vers une efficacité accrue du nouveau règlement de procédure. In Mahieu, S. (Ed.), Contentieux de l’Union européenne. Larcier, 489-513. Brkan, M. (2014). Varstvo osebnih podatkov v spletnem okolju (Protection of personal data in an online environment). In Damjan, M. (Ed.), Pravo v informacijski družbi (Law in information society), GV Založba, Ljubljana, 67-90. Claes, M. & Imamović, Š. (2014). National Courts in the New European Fundamental Rights Architecture. In V. Kosta, N. …

… ..................................................................................................................... 3 New People ................................................................................................................. 4 Visiting Researchers ................................................................................................... 6 PhD Defences ............................................................................................................. 7 … elsewhere. We are delighted to present the MCEL Annual Report for 2014. This Annual Report highlights the main activities of the Centre that were undertaken in the year 2014. These include numerous research seminars, international conferences and workshops. 2014 was a good year, in which the Centre welcomed new scholars who made the membership of our Centre even more multinational and extended the scope of our scholarly expertise to new fields of EU law. The reader will find in this report a … la Cour de justice: vers une efficacité accrue du nouveau règlement de procédure. In Mahieu, S. (Ed.), Contentieux de l’Union européenne. Larcier, 489-513. Brkan, M. (2014). Varstvo osebnih podatkov v spletnem okolju (Protection of personal data in an online environment). In Damjan, M. (Ed.), Pravo v informacijski družbi (Law in information society), GV Založba, Ljubljana, 67-90. Claes, M. & Imamović, Š. (2014). National Courts in the New European Fundamental Rights Architecture. In V. Kosta, N. …