IFSL Sinfonia OEIC Portfolios Performance to 30 th November Portfolio Updates. Investment Commentary

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1 IFSL Sinfonia OEIC s Performance to th November 16 Investment Commentary Market Overview Global market trends during November were influenced by events in the US. Initially, uncertainty ahead of the election, followed by the unexpected victory of Donald Trump, weighed especially on equities. This significant political event has loomed largely over financial markets for months and market-wise ultimately has played out differently than most had expected. The immediate reaction was that Asian markets sold off heavily at the end of the first trading session after the vote and European markets opened sharply lower. However, financial markets reacted much less violently than after the pro-brexit vote, and for a significantly shorter period with the risk sell off lasting just a matter of hours, by the end of the day developed equities had gained and bonds sold off. Investors rapidly drew the reassuring analysis that Trump the candidate making outrageous propositions would become Trump the pragmatic president once in power and this was largely the tone that followed for the remainder of the month. The theme of an accommodating budgetary policy being rapidly implemented, which would accelerate growth and inflation, weighed on long-term government yields. Doubts over the financing of the proposed policy and its impact on the deficit and debt levels exacerbated the trend. Clearly this could not just be constrained to US shores and the impact on global bond yields was significant; European long-term yields rose in the wake of the US markets with the German Bund moving from.16% at the end of October to.28% at the end of November and UK Gilts up 17bps from 1.25% to 1.42% in this period. This bond sell off with the impending referendum in Italy did little to help EU peripheral debt where reference spreads widened further. Oil was volatile ahead of the OPEC summit on November to ratify the output reduction agreement reached at the end of September in Algiers. Member countries decided to reduce production by 1.2 million barrels per day for six months on a renewable basis, driving the WTI price towards USD a barrel compared to below 44 in mid-november and almost 47 at the end of October. However, considering the other factors dominating this month oil price trends had no real impact on the major indices. Higher US bond yields, a stronger US dollar and risks to global trade have proven a challenging mix for emerging market assets. Emerging equities have shed 5% since the US elections, in contrast the S&P closed up 3.4% and Japan +5.1% (boosted by the fall in the Yen). Nervousness in Europe in front of another political event left the index there approximately flat. In the UK, the government presented its Autumn Statement which provided the first official estimate of the impact of Brexit on the UK public finances, and how the Government plans to respond. As anticipated the numbers did not make pleasant reading, with further borrowing expected and a relaxation of the budget surplus target with the removal of the 19/ target. UK Equity markets were broadly down over this period, which coupled with increase in bond yields made for a difficult environment for UK assets. In summary we have seen a rotation from developed government bonds to developed equities, from internationally exposed largecap equities to domestically focused small caps, from interestrate sensitive value stocks to growth stocks and away from emerging market assets. Looking ahead and if we look past the short term volatility that will be apparent as the year draws to a close and trading volumes thin, the pragmatic Trump theory has heartened equity investors, it has only so far been supported by rather vague declarations. The global economic context has improved since the summer, which is an encouraging factor but uncertainty still reigns regarding the future of monetary and budgetary policies and its impact on economic activity. Updates IFSL Sinfonia Adventurous Growth to any protectionist measures coming from the new government. Following the sell-off in emerging assets we took the opportunity to add back the small underweight in emerging equity relative to developed in this portfolio. The portfolio maintains a hedge to currency risk via a sterling hedged US Equity ETF and also an underweight in equity as we think a scenario of modest growth & improvements in company earnings is amply discounted, however we do note more focus on growth acceleration and reflationary themes. IFSL Sinfonia Balanced Managed to any protectionist measures coming from the new government. Following the sell-off in emerging assets we took the opportunity to add back the small underweight in emerging equity relative to developed in Sinfonia Balanced Managed. The portfolio maintains a hedge to currency risk via a Sterling hedged US Equity ETF and also an underweight in equity as we think a scenario of modest growth & improvements in company earnings is amply discounted. However we do note more focus on growth acceleration and reflationary themes and as such also reduced this equity underweight during the month. IFSL Sinfonia Income & Growth to any protectionist measures coming from the new government. The portfolio maintains a hedge to currency risk via a Sterling hedged US Equity ETF and also an underweight in equity as we think a scenario of modest growth & improvements in company earnings is amply discounted. However we do note more focus on growth acceleration and reflationary themes and as such also reduced this equity underweight during the month. IFSL Sinfonia Cautious Managed to any protectionist measures coming from the new government. The portfolio maintains a hedge to currency risk via a Sterling hedged US Equity ETF and also an underweight in equity as we think a scenario of modest growth & improvements in company earnings is amply discounted. However we do note more focus on growth acceleration and reflationary themes and as such also reduced this equity underweight during the month. IFSL Sinfonia Income to any protectionist measures coming from the new government. The portfolio maintains a small hedge to currency risk via a Sterling hedged US Equity ETF and also an underweight in equity as we think a scenario of modest growth & improvements in company earnings is amply discounted. However we do note more focus on growth acceleration and reflationary themes and as such also reduced this equity underweight during the month.

2 IFSL Sinfonia Income November 16 To provide regular income with some potential for capital growth over the long-term. The investment objective will be achieved by investing in a diversified portfolio of equities, fixed interest securities, warrants and money market instruments primarily through investment in a portfolio of collective investment schemes. The Sub-Fund will typically be invested in a global portfolio of assets with a focus on UK assets. This fund will be invested in a portfolio that is considered to be mainly low and medium risk investments over the long-term. Minimum investment Deal closing time Daily valuation point Investment Manager OCF (share class A) Payment date 12.2m lump sum, 25 per month 16 June 8 Accumulation & Income BNP Paribas Investment Partners UK Ltd.5% (last 12 months up to th November 16) 1.9% (includes AMC of.65%) 1 Oct / 1 Jan / 1 Apr / 1 Jul Nov / 28 Feb / 31 May / 31 Aug UK Government Bonds 33.% Global Bonds 18.7% UK Corporate Bonds 18.6% UK Equities 9.4% Money Market 6.5% US Equities 4.4% Absolute Return 3.9% European Bonds 2.4% European Equities 1.2% Cash 1.1% BlackRock UK Credit Screened Fund 18.55% Legal & General All Stocks Gilt Index Trust 18.5% Vanguard UK Government Bond UCITS ETF 14.9% Parvest Bond World X Cap 8.72% Amundi Funds - Bond Global Aggregate 7.99% TOTAL 68.21% Income vs. Risk Managed 3 Benchmark* Performance Pack From 16/6/8 to /11/16 IFSL Sinfonia Income 3 MTHS SINCE (%) TO 31 DECEMBER (%) Key: IFSL Sinfonia Income A Acc Risk Managed 3 Benchmark.96 * 33% FTSE Actuaries UK Conventional Gilts All Stocks, 21% IBOXX Corporate, 19% JPM GBI Global, 11% FTSE All Shares, % Cash Index LIBOR UK 3 months, 3% MSCI Daily net USA, 3% MSCI Daily Net TR Europe Ex UK Performance from 16/6/8 to /11/16, Net of fees, expressed in value requested as a paper copy by calling or writing to IFSL Sinfonia, Marlborough House, 59 Chorley New Road, Bolton BL1 4QP.

3 IFSL Sinfonia Cautious Managed November 16 To provide long-term returns, by a combination of both capital growth and income generation. The investment objective will be achieved by investing in a diversified portfolio of equities, fixed interest securities, warrants and money market instruments primarily through investment in a portfolio of collective investment schemes. The Sub-Fund will typically be invested in a global portfolio of assets with a focus on UK assets. This fund will be invested in a portfolio that is considered mainly medium risk investments with the intention of generating long-term returns. Minimum investment Deal closing time Daily valuation point Investment Manager OCF (share class A) Payment date 32.9m lump sum, 25 per month 16 June 8 Accumulation BNP Paribas Investment Partners UK Ltd.4% (last 12 months up to th November 16).96% (includes AMC of.65%) 1 Apr / 1 Oct Nov / 31 May UK Equities 21.7% UK Corporate Bonds 18.% UK Government Bonds 17.9% Global Bonds 13.3% US Equities 9.5% European Equities 5.4% Absolute Return 4.5% European Bonds 3.7% Money Market 2.8% Japan Equities 1.1% Cash 1.% BlackRock UK Credit Screened Fund 17.99% Legal & General All Stocks Gilt Index Trust 13.95% JPMorgan Fund ICVC - UK Active Index Plus 12.87% Legal & General UK Index Trust 8.86% Parvest Equity Best Selection Europe Ex-UK 5.42% TOTAL 59.9% Cautious Managed vs. Risk Managed 4* Benchmark* Performance Pack From 16/6/8 to /11/ IFSL Sinfonia Cautious Managed 3 MTHS SINCE (%) TO 31 DECEMBER (%) * 23% FTSE All Shares, 21% IBOXX Corporate, 18% FTSE Actuaries UK Conventional Gilts, 14% JPM GBI Global, 8% MSCI Daily TR Net USA, 8% MSCI Daily Net TR Europe Ex UK, 7% Cash Index LIBOR UK 3 months, 1% MSCI Daily TR Net Japan Key: IFSL Sinfonia Cautious Managed A Acc.22 Risk Managed 4 Benchmark 7.35 Performance from 16/6/8 to /11/16, Net of fees, expressed in value requested as a paper copy by calling or writing to IFSL Sinfonia, Marlborough House, 59 Chorley New Road, Bolton BL1 4QP.

4 IFSL Sinfonia Income & Growth November 16 To provide income and capital growth for investors over the long-term. The investment objective will be achieved by investing in a diversified portfolio of equities, fixed interest securities, warrants and money market instruments primarily through investment in a portfolio of collective investment schemes. The Sub-Fund will typically be invested in a global portfolio of assets with a focus on UK assets. This fund will be invested in a portfolio that is considered to be mainly medium and high risk investments with the intention of generating long term returns. Minimum investment Deal closing time Daily valuation point Investment Manager OCF (share class A) Payment date 22.3m lump sum, 25 per month 16 June 8 Accumulation & Income BNP Paribas Investment Partners UK Ltd 1.% (last 12 months up to th November 16) 1.% (includes AMC of.65%) 1 Oct / 1 Apr Nov / 31 May UK Equities 29.6% UK Corporate Bonds 18.3% US Equities 13.5% Global Bonds 9.% Eurpoean Equities 7.4% Japan Equities 6.% Money Market 5.3% UK Government Bonds 4.9% European Bonds 4.3% Cash.8% BlackRock UK Credit Screened Fund 18.31% JPMorgan Fund ICVC - UK Active Index Plus 16.94% Legal & General UK Index Trust 12.64% Parvest Equity Best Selection Europe Ex-UK 7.% BNP InstiCash Fund % TOTAL.54% Income & Growth vs. Risk Managed 5* Performance Pack From 16/6/8 to /11/ Key: IFSL Sinfonia Income and Growth A Acc Risk Managed 5 Benchmark IFSL Sinfonia Income & Growth TO MTHS SINCE (%) TO 31 DECEMBER (%) *31% FTSE All Shares, 27% IBOXX Corporate, 12% MSCI Daily TR Net USA, 9% MSCI Daily Net TR Europe Ex UK, 6% MSCI Daily TR Net EM 6%, 5% Cash Index LIBOR UK 3 Months, 5% JPM GBI Global, 5% FTSE Actuaries UK Conventional Gilts All Stocks Performance from 16/6/8 to /11/16, Net of fees, expressed in value requested as a paper copy by calling or writing to IFSL Sinfonia, Marlborough House, 59 Chorley New Road, Bolton BL1 4QP.

5 IFSL Sinfonia Balanced Managed November 16 To provide medium to long-term capital growth. The Sub-Fund s investment objective will be achieved by investing in a diversified portfolio of fixed interest securities and equities, as well as warrants, and money market instruments, primarily through investment in a portfolio of collective investment schemes. The Sub-Fund will typically be invested in a global portfolio of assets but may focus on UK and European assets. This fund will be invested in a portfolio that is considered to be mainly medium to high risk investments over the long-term. UK Equities 31.4% UK Corporate Bonds 18.% US Equities 15.1% European Equities 6.4% Japan Equities 6.2% Money Market 6.2% Asian Equities ex Japan 5.2% Emerging Markets Equities 4.2% European Bonds 3.9% UK Government Bonds 1.1% Global Bonds 1.1% Cash.2% Absolute Return.1% 28.1m Minimum investment lump sum, 25 per month Deal closing time Daily valuation point 16 June 8 Accumulation Investment Manager BNP Paribas Investment Partners UK Ltd.8% (last 12 months up to th November 16) OCF (share class A) 1.4% (includes AMC of.65%) 1 Apr / 1 Oct Payment date Nov / 31 May BlackRock UK Credit Screened Fund 17.95% JPMorgan Fund ICVC - UK Active Index Plus 16.98% Legal & General UK Index Trust 14.% Parvest Equity Best Selection Europe Ex-UK 6.41% BNP InstiCash Fund % TOTAL 61.92% Balanced Managed vs. Risk Managed 6* Performance Pack From 16/6/8 to /11/16 IFSL Sinfonia Balanced Managed TO MTHS SINCE (%) TO 31 DECEMBER (%) Key: IFSL Sinfonia Balanced Managed A Acc 61.2 Risk Managed 6 Benchmark * 33% FTSE All Shares, 22% IBOXX Corporate, 13% MSCI Daily TR Net USA, 9% MSCI Daily Net TR Europe Ex UK, 6% MSCI Daily Net Japan, 5% MSCI Daily TR Net EM, 5% MSCI Daily TR Net Pacific Ex Japan, 5% Cash Index LIBOR UK 3months, 1% JPM GBI Global, 1% FTSE Actuaries UK Conventional Gilts All Stocks Performance from 16/6/8 to /11/16, Net of fees, expressed in value requested as a paper copy by calling or writing to IFSL Sinfonia, Marlborough House, 59 Chorley New Road, Bolton BL1 4QP.

6 IFSL Sinfonia Adventurous Growth November 16 To provide long-term capital growth. The Sub-Fund s investment objective will be achieved by investing in a diversified portfolio of fixed interest securities and equities, as well as warrants, and money market instruments, through investment in a portfolio of collective investment schemes. The Sub-Fund will typically be invested in a global portfolio of assets but may also focus on UK assets. This fund will be invested in a portfolio that is considered to be mainly medium to high risk investments over the long-term. UK Equities 37.6% UK Corporate Bonds 17.% US Equities 12.2% Emerging Markets Equities 9.8% Asian Equities ex Japan 8.9% Japan Equities 5.7% European Equities 5.6% Money Market 2.% Cash.3% 16.m Minimum investment lump sum, 25 per month Deal closing time Daily valuation point 16 June 8 Accumulation Investment Manager BNP Paribas Investment Partners UK Ltd 1% (last 12 months up to th November 16) OCF (share class A) 1.5% (includes AMC of.65%) 1 Apr / 1 Oct Payment date Nov / 31 May Legal & General UK Index Trust 18.84% JPMorgan Fund ICVC- UK Active Index Plus 18.77% BlackRock UK Credit Screened Fund 16.95% Parvest Equity Pacific ex-japan 6.48% Parvest Equity Best Selection Europe Ex-UK 5.% TOTAL 66.64% Key: Adventurous Growth vs. Risk Managed 7* Performance Pack From 16/6/8 to /11/ IFSL Sinfonia Adventurous A Acc.52 Risk Managed 7 Benchmark IFSL Sinfonia Adventurous Growth TO MTHS SINCE (%) TO 31 DECEMBER (%) * % MSCI Daily TR Net EM (NR) + 9% MSCI Daily TR Net Pacific Ex Japan (NR) + 11% MSCI Daily TR Net USA (NR) + 1% Cash Index LIBOR UK 3 Months (RI) + 8% MSCI Daily Net TR Europe Ex UK (NR) + 5% MSCI Daily TR Net Japan (NR) + 39% FTSE All Shares (NR) - (Calculated) + 17% IBOXX Corporate (NR) -- (Calculated) Performance from 16/6/8 to /11/16, Net of fees, expressed in value requested as a paper copy by calling or writing to IFSL Sinfonia, Marlborough House, 59 Chorley New Road, Bolton BL1 4QP.

7 IFSL Sinfonia OEIC s November 16 Investment Management Team Investment Opportunities BNP Paribas Investment Partners UK Ltd OEIC ISA The Global Balanced Solutions, part of BNP Paribas Investment Partners manage the selected funds in the IFSL Sinfonia portfolios on a day-to-day basis, taking into account the prevailing market conditions and have an extremely robust and comprehensive process for selecting the funds in the portfolios giving investors in the IFSL Sinfonia OEIC access to specialist investment managers that may not be available to the retail investor. Global Balanced Solutions is the dedicated asset allocation capability within BNP Paribas Investment Partners, offering an extensive range of tailored multi-asset solutions for institutional and retail clients. The team has been in place since 2 and has developed a strong expertise in both strategic and tactical asset allocation. The team comprises 45 investment professionals located across Europe, the US and Asia and runs over bn of assets (31/12/14). Global Balanced Solutions works with FundQuest, the fund selection specialist of BNP Paribas Investment Partners. FundQuest has a team of 28 professionals located in Paris, London and Singapore, proposing funds selection around the world and Model activity. ISA TRANSFERS PENSION SIPP BONDS Providers and Platforms The IFSL Sinfonia OEIC portfolios are available via a wide range of platforms and providers for ISAs, OEICs, SIPPs, pensions and onshore and offshore bonds. For full details of where the funds are available please visit our website: As a totally independent and unbiased organisation Global Balanced Solutions have access to the widest range of research and resources available enabling investments to be chosen that are appropriate to meet the objectives of the s. Natural Income The income generated for the IFSL Sinfonia Income and IFSL Sinfonia Income & Growth s is based on natural income whereby distributions are generated by the underlying assets of the fund. This can include dividends from equities or interest from fixed interest holdings. Quarterly or bi-annual income distributions can vary due to the synchronisation of the underlying fund distributions. E.g. if the underlying fund pays half year dividends on 31st March then that income will be paid in the following quarter s distributions for the IFSL s. Important Information Past performance is not a guide to the future performance. Investments can go down as well as up and investors may not get back the amount originally invested. This can be as a result of market movements and exchange rates between currencies. The Fund may invest in fixed interest funds, which are subject to market and credit risk and will be impacted by interest rates. The Fund s underlying investments may include emerging markets which may be less liquid and more volatile than more developed markets. This document has been approved by BNP Paribas Investment Partners UK Ltd and Investment Fund Services Limited. Investment Fund Services Limited is authorised and regulated by the FCA. BNP Paribas Investment Partners UK Ltd, the Investment Manager, is authorised and regulated by the Financial Conduct Authority.. is not authorised or regulated by the Financial Conduct Authority. If you do not understand any part of this document or you require guidance please obtain independent advice. Any opinions or statements included in this document constitute the judgment of BNP Paribas Investment Partners at the time specified and may be subject to change without notice. No representation or warranty, express or implied, is made to the accuracy or completeness of the information contained herein, and BNP Paribas Investment Partners UK Ltd accepts no liability for any loss arising, whether direct or indirect, caused by the use of any part of such information. To contact Sinfonia For more information visit our website at To invest in IFSL Sinfonia OEIC s please contact your financial adviser. For adviser use only Adviser Service Line: Leeds Head Office: sinfonia@ifslfunds.com Website: SINFONIA ASSET MANAGEMENT LTD., 5 LISTER HILL, HORSFORTH, LEEDS, WEST YORKSHIRE, LS18 5AZ. COMPANY NO: REGISTERED IN ENGLAND AND WALES

8 To contact Sinfonia For more information visit our website at To invest in IFSL Sinfonia OEIC s please contact your financial adviser. For adviser use only Adviser Service Line: Leeds Head Office: sinfonia@ifslfunds.com Website: