In this edition. BMO Multi-Manager Informed investor. Keeping you up-to-date with your investments

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1 Issue 22 Autumn 2018 BMO Multi-Manager Informed investor Keeping you up-to-date with your investments In this edition Renaming our funds Our investment philosophy revisited Investment strategy Review of world markets Portfolio breakdowns

2 We are simplifying our fund names Important information about your F&C investments renaming of funds. Before the end of 2018, we will be changing the names of our funds. Transitioning to the BMO brand will help us simplify the way we communicate with you as we look to further strengthen our global proposition. Only the fund names are changing. You can be reassured that there are no changes to the investment approach, cost, or way in which any of the funds are managed and that BMO Global Asset Management will bear all costs related to the change of fund names. You do not need to take any action in respect of these changes. If you have any questions, or would like any additional information, please contact your financial adviser in the first instance, or call us on quoting your account number, which appears at the top of each page of your statement. You can also visit Change in fund name Current fund name F&C MM Lifestyle Foundation Fund F&C MM Lifestyle Defensive Fund F&C MM Lifestyle Cautious Fund F&C MM Lifestyle Balanced Fund F&C MM Lifestyle Growth Fund F&C MM Navigator Distribution Fund F&C MM Navigator Moderate Fund F&C MM Navigator Progressive Fund F&C MM Navigator Select Fund F&C MM Navigator Boutiques Fund Change in our legal entity names Current F&C Fund Management Limited F&C Management Limited New fund name BMO MM Lifestyle 3 Fund BMO MM Lifestyle 4 Fund BMO MM Lifestyle 5 Fund BMO MM Lifestyle 6 Fund BMO MM Lifestyle 7 Fund BMO MM Navigator Distribution Fund BMO MM Navigator Cautious Fund BMO MM Navigator Balanced Fund BMO MM Navigator Growth Fund BMO MM Navigator Boutiques Fund New BMO Fund Management Limited BMO Asset Management Limited Investment risks The value of an investment in the F&C MM Lifestyle and Navigator funds can go down as well as up and you may not get back the original amount invested. Each sub fund within the ranges has a differing level of associated risk and you will need to be comfortable with those risks before investing. 2 Issue 22 Autumn 2018

3 Our guiding principles and multi-manager philosophy Most people invest their money with investment managers, hoping they ve made the best choice possible. But it stands to reason that no single investment manager can be the best at everything, or indeed, deliver the best performance all of the time. That s why we are firm believers that multi-manager is more than just another diversified investment approach. Done well, it can bring together the best of everything in a single, tax-efficient investment solution. 1 Unrestricted and efficient We believe that picking managers and constructing portfolios is us at our best a team with a blend of art backed up with science, but also common sense. For us, there s no right or wrong way to run money so it makes sense to consider as wide a range of individual managers, asset management companies and investment styles as possible. And multi-manager fund of funds enjoy another useful freedom too: the ability to sell underlying funds without triggering capital gains tax, meaning the freedom to make decisions based on investment merit rather than tax implications. 12 Keeping it real The real world we all live in, is a place that our industry tends to forget it s part of. Refreshingly, we never have. We get that we are investing people s hard-earned savings, and they re looking for it to perform to help with life s key moments. It s a responsibility that keeps our feet firmly on the ground we know we have to earn the right to invest people s money. That means focusing on what they need in an investment solution, rather than what works for us. BMO Multi-Manager team 13 Conviction, not conformity You see a lot of conventional thinking in the investment industry; Many follow rigid 'rules' rather than think for themselves. Unconventional Wisdom is what guides us, a set of principles that keep us adaptable and open to new opportunities. For example, unlike some, we re not afraid to invest with new managers, or embrace new asset classes. And you won t see us shying away from a fund without a three-year track record. While others wait and see, we re busy maximising potential. One of our most cherished principles is the power of people. We re not buying fads, products or processes, instead we buy into the value of talented people with real potential. Those hard-to-find managers building a reputation, rather than living off one. Ours is a form of conviction investing based on having a larger number of smaller holdings in these higher potential positions we think of it as a relay race with elite sprinters, rather than jogging all day with the merely fit. 14 Consistency counts That commitment to people applies to us too. The fact that for over 20 years we ve been one of the most stable investment teams in the industry, while also being one of the most consistently performing, is probably connected. We know how rare consistency of return is, so it tops our list of key jobs as a multi-manager in delivering the outcomes investors rely on. Issue 22 Autumn

4 Consistency matters the search for reliable income Rob Burdett Co-head, BMO Multi-Manager team Investments that are able to provide a steady and reliable return are relatively rare and so is the fund management talent capable of consistently identifying this scarce commodity. Of course this situation contrasts with a desire for consistency when we invest our money particularly so when looking to receive a regular income. After all, bills and other outgoings tend to come along on a regular basis so significant fluctuations in income aren t particularly helpful! On page 3 we talked about some of the principles we invest by and as multi-managers we see ourselves in an enviable position as we work to create investment solutions for our clients. We have a varied, shifting and wide ranging world of potential opportunity to explore and exploit. And as things change surely it makes sense to be adaptable as challenges present themselves, new investment opportunities arise and talent emerges. For example, with respect to the latter, doesn t it make sense to invest when an impressive track is being built rather than lived off? It s this sort of thinking that we have been applying to our F&C MM Navigator Distribution Fund for over a decade and performance wise we ve been really pleased with its consistency. Look under the bonnet however, and you ll see a story of constant adaption and evolution. The fund contains over 30 funds only two of which are from the original starting line-up! Historically, distribution funds were pretty simple and contained a broadly equal allocation to equities (mainly UK companies) and bonds (typically government, investment grade and high yield). This approach worked well enough in the past but in a post global financial crisis (2008) world where yields from many traditional asset types are low it makes sense to think more broadly. When we launched the fund back in 2007 the portfolio was more diversified than many of its counterparts and diversification by asset type, geography and fund manager alongside seeking sources of natural income is something we continue to emphasise. Over the years we have continued to refine the portfolio, developing the asset mix and adjusting the individual funds we hold. Planning for income There are a wide range of options for those seeking income and making the right decisions, particularly in retirement is key. It might make sense to speak to a financial adviser who will be able to align your circumstances, attitudes and goals with an appropriate plan of action. Sensible steps to income Diversification Reducing risk and volatility (short-term fluctuations) by investing across a variety of assets. Natural income Yield (or income) generated by an investment without drawing down the underlying capital value. 4 Issue 22 Autumn 2018

5 Evolving asset exposure to drive income F&C MM Navigator Distrubution Fund 2007 Fixed Income 45.1% UK Equities 27.0% Europe 4.1% Specialist (Equity) 2.6% Specialist (Non-Equity) 14.1% Cash 7.1% Consistency delivered The chart shows the amount of income a 100,000 investment made on the date of our first income payment for the fund would have generated to date. It s an attractive number in absolute terms but what s pleasing from our perspective is the consistent manner in which income has been paid in our view this serves to endorse the merits of diversification, natural income and constant adaption Fixed Income 30.4% UK Equities 18.3% Europe 10.6% Specialist (Equity) 13.7% Specialist (Non-Equity) 9.4% Cash 11.7% Asia 6.0% Japan 2.4% North America 5.3% Emerging Markets 2.5% F&C MM Navigator Distribution Fund: 100,000 initial investment, income return Income 60,000 50,000 40,000 30,000 20,000 10,000 0 May 08 May 09 May 10 May 11 May 12 May 13 May 14 May 15 May 16 May 17 May 18 F&C MM Navigator Distribution C Acc Source: Lipper as at , GBP net of fees Discrete performance (%) Did you know? 2018 / / / /2014 The F&C MM Navigator Distribution Fund s M shares allow investors to receive income monthly, rather than standard quarterly payments /2013 F&C MM Navigator Distribution C Acc Source: Lipper as at , GBP net of fees Past performance is not a guide to future performance. 52, Source: BMO Global Asset Management as at Flexible in fixed income Today we have greater emphasis on flexible strategic bond funds as well as tactical exposure to areas like emerging market debt and other fixed income assets. Cast the net wider for dividends The UK was once home to the dividend but that s changed. Over the years we ve taken advantage as dividend culture spreads around the world and now you ll find positions in global, European, Japanese, US, Asian and emerging market income funds in the portfolio. Alternative thinking The portfolio contains a host of alternative income sources. UK holiday parks, infrastructure debt, mortgage-backed securities, student accommodation and aircraft leasing are among those we still hold. Issue 22 Autumn

6 proposes a two-year win for Prime transition after the UK leaves the EU Angela Merkel Minister Abe faces difficult in 2019 coalition negotiations following the inconclusive German elections Economies and markets 1 Mar 31 Aug 2018 March Angela Merkel secures coalition backing to serve a fourth term as German Chancellor Here we look at some of the key events and themes making themselves felt on markets around the world as well as offering a summary of our views. Anthony Willis Investment Manager, BMO Multi-Manager team A growing world economy and positive corporate performance helped many equity markets gain ground over the last six months. There have been bouts of nervousness however, with rising US inflation and tensions around global trade worrying investors. The performance of bond 1980markets 1981 was 1982relatively lacklustre in comparison. President Trump unveils plans to impose tariffs of 25% on $60bn of Chinese imports China announces a 25% tariff on certain US imports in retaliation to US measure The Federal Reserve raises interest rates by 0.25% to 1.75% Fixed income Black Monday Fixed income and property Return % /18 04/18 IA Corporate Bond NR 05/18 IA High Yield NR 06/18 IA Global Bonds NR 07/18 IA Property NR Source: Lipper from to Percentage growth, total return, in sterling. Equities Return % /18 04/18 FTSE All-Share TR S&P 500 TR IA Asia Pacific Excluding Japan NR 05/18 06/18 FTSE AW Developed Europe ex UK TR GBP IA Global Emerging Markets NR IA Japan NR Source: Lipper from to Percentage growth, total return, in sterling. Past performance should not be seen as an indication of future performance. 6 Issue 22 Autumn /18 It has been a relatively Financial Services subdued period for bond Act 1986 came markets. The yield on into effect government bonds rose slightly (as prices fell) a move triggered by the upward direction of interest rates in the US (and UK). A broadly supportive economic backdrop meanwhile, supported corporate bonds (both high yield and investment grade) but returns were typically driven by coupon (income) payments rather bond prices rising. Our view we still think that valuations (in many cases high), the prospect of higher inflation, rising interest rates and issues around liquidity (the ability to buy and sell) are reasons to be cautious on fixed income. As a result, we continue to prefer funds with the flexibility to target those opportunities that do exist whilst avoiding areas particularly exposed to some of the risks mentioned earlier. 1990

7 The European Central Bank announces plans to reduce economic stimulus from the beginning of 2018 successor to Federal Reserve Chair Janet Yellen o es Russia is hit by a new round of US sanctions 1992 rates to 1.5% June Eurosceptic parties agree to form a coalition government in Italy Oil rises to around $80 per barrel 1995 US UK exits exchange rate mechanism A strong economy and the encouraging performance of many companies has meant it s been a positive period for US equities and for UK based investors, returns have been boosted further by the strength of the US dollar relative to the pound. Inflation has ticked upwards which in turn has prompted the Federal Reserve to raise interest rates at its March and June meetings. Our view the US economy is doing well. Unemployment is low and many companies have been increasing the profits they are making. The performance of the US equity market has reflected this backdrop with many share prices at or near all time highs. As a result, we feel that much good news is already reflected in many valuations and are wary about the potential impact of protectionist policies being implemented by President Trump. rises trigger a correction in Data shows shares strongest Informedgrowth investor in UK as Republicans and Democrats clash over funding Fears of a trade war grow as Trump administration imposes tariffs on imports of washing machines and solar panels May The Trump administration unveils tariffs on imports of steel from the EU, Canada and Mexico 1991 worth of tax cuts into law after finally securing legislative approval OPEC and other producers such as Russia agree to extend oil production cuts to the end of 2018 April a n for the first time in a decade, taking the base rate to 0.5% July The European Central Bank (ECB) pledges to continue asset purchases until year-end, but at a reduced level from September The EU imposes tariffs of up to 25% on certain US imports as retaliatory measures The Federal Reserve raises interest rates by 0.25%, taking its fund rate to 2% Figures show US growth jumped to an annual 4.1% in the second quarter versus 2.2% in the prior quarter UK Europe ex-uk ground over the period with merger and acquisition activity providing some of the impetus. A proposed merger between Sainsbury s and Asda as well as a takeover of Shire by Takeda Pharmaceutical were two of the larger deals. in 2018 its performance has been more subdued. President Trump s posturing over tariffs on aluminium and steel raised worries for Europe s exporters but these were eased later after constructive talks. Asian financial crisis Brexit associated uncertainty Russian has dominated but despite crisis this many UKfinancial shares gained Our view much uncertainty remains about what situation a post-brexit UK will find itself in. That said, the UK economy has held up relatively well and economic data is still quite positive. Wages are rising quicker than inflation which is good for consumer spending and even a weaker pound brings benefits as it can make UK companies more competitive on the international stage. On balance we still see plenty of scope for stock pickers to find attractive opportunities for long-term investment. August 2002 Dot-com bubble bursts 2017 was a year in which becomes Europe s economyfsa bettered UK far regulator expectations but so Our view Europe's economy is doing reasonably well and the European Central Bank has reassured markets that interest rates are unlikely to rise until the summer of The political backdrop is more uncertain however, with indecisive election results in Germany and Italy for example, resulting in relatively fragile governments. Nevertheless, for the time being the EU seems to be holding together well and many of the region's companies continue to encourage with their performance. Bank of England raises UK interest rates to 0.75% Key pro-brexit ministers resign from the UK cabinet after the prime minister unveils plans for a softer Brexit Talks between the US and EU lead to a truce in their ongoing trade dispute 1999 productivity since Asia and Emerging Depolarisation, Credit crunch SIPPs launchedrocky It s been a relatively Pensions A-day ride for Asian and emerging market equities in the last six months. China s economy continues to grow but there have been signs that the rate of expansion is moderating. More broadly, rising US interest rates have been a headwind as they make debt repayments more expensive. Our view Japanese equities look attractively valued whilst both economic and corporate reforms bode well for the future. Asia and the emerging markets meanwhile, remain home to some of the world's fastest growing economies with large and young working populations as well as increasing personal wealth. Whilst these longerterm factors remain intact however, we are mindful that a comparatively strong US dollar could restrict opportunities and dampen sentiment. Issue 22 Autumn

8 F&C MM Navigator Funds Our range of traditional multi-manager returnfocused funds are actively managed portfolios of what we believe to be the best available funds blended to achieve defined investment objectives, with a flexible approach to asset allocation. We think that with the right research tools, contacts and experience it is possible to find talented people working in the right conditions for their skills to flourish. Our portfolios remain highly diversified, an often forgotten attribute in mitigating the risk of investment. F&C MM Navigator Distribution Fund UK Schroder Income Maximiser 6.07 J O Hambro Capital Management UK Equity Income Fund 5.46 Majedie UK Income Fund 3.29 MI Chelverton UK Equity Income Fund 2.45 FTSE 100 Index Futures Fixed Income MI TwentyFour Dynamic Bond Fund 4.48 Henderson Strategic Bond Fund 4.46 Ashmore SICAV Emerging Markets Total Return Fund 4.36 Schroder Strategic Credit Fund 4.25 Legg Mason Western Asset Structured Opportunities Fund 2.95 Active Funds ICAV Global High Income Bond Fund 2.28 GCP Infrastructure Investments Limited 2.02 TwentyFour Income Fund Limited 1.55 P2P Global Investments plc 1.26 Starwood European Real Estate Finance Limited 1.22 UK Mortgages Limited 0.71 Carador Income Fund plc 0.41 North America 3.04 Hamlin High Dividend Equity UCITS Fund 3.36 BNY Mellon U.S. Equity Income Fund 2.19 S&P 500 Index Futures Europe 7.74 Schroder European Alpha Income Fund 4.50 Blackrock Continental European Income Fund 3.01 Polar Capital Funds plc European Ex UK Income Fund 2.83 Euro Stoxx 50 Index Futures Japan 2.27 CC Japan Income & Growth Fund 2.27 Asia 6.16 Schroder Asian Income Maximiser 4.18 Prusik Asian Equity Income Fund 1.47 CIM Dividend Income Fund 0.51 Emerging Markets 2.06 JPM Emerging Markets Income Fund 2.06 Specialist (Non Equity) 8.92 Darwin Leisure Property Fund 3.56 GCP Student Living plc 2.26 Amedeo Air Four Plus Limited 1.98 SQN Asset Finance Income Fund Limited 0.72 SQN Asset Finance Income Fund Limited C Share 0.40 Specialist (Equity) RWC Global Enhanced Dividend Fund 3.70 Veritas Global Equity Income Fund 3.22 Fidelity Global Enhanced Income Fund 3.11 Artemis Global Income Fund 3.06 Aptus Global Financials Fund 2.98 Liquidity and other F&C MM Navigator Moderate Fund UK Majedie UK Focus Fund 6.35 Old Mutual UK Dynamic Equity Fund 3.41 Man GLG Undervalued Assets Fund 2.99 J O Hambro Capital Management UK Growth Fund 2.95 GVQ UK Focus Fund 2.85 FTSE 100 Index Futures Fixed Income Invesco Perpetual Tactical Bond Fund 4.20 Henderson Strategic Bond Fund 4.18 Legg Mason Western Asset Macro Opportunities Bond Fund 3.97 Active Funds ICAV Global High Income Bond Fund 3.26 MI TwentyFour Dynamic Bond Fund 2.42 GCP Asset Backed Income Fund Ltd 2.40 Hermes Multi Strategy Credit Fund 1.98 Liontrust Strategic Bond Fund 1.96 GCP Infrastructure Investments Limited 1.74 Barings Emerging Markets Debt Blended Total Return Fund 1.74 North America 3.62 Artemis US Extended Alpha Fund 4.13 Conventum Lyrical Fund 2.00 S&P 500 Index Futures Europe 8.66 Memnon European Fund 4.07 Schroder European Alpha Plus Fund 3.69 Hermes Europe ex-uk Equity Fund 2.96 Euro Stoxx 50 Index Futures Japan 3.58 CC Japan Alpha Fund 1.88 Schroder International Selection Fund Japanese Opportunities 1.70 Asia 5.20 TT Asia Ex Japan Equity Fund 3.07 Prusik Asian Equity Income Fund 2.13 Emerging Markets 2.55 TT Emerging Markets Unconstrained Fund 1.53 Hermes Global Emerging Markets Fund 1.01 Specialist (Equity) 5.07 Ardevora Global Equity Fund 3.05 Aptus Global Financials Fund 2.03 Specialist (Non Equity) Majedie Asset Management Tortoise Fund 4.04 Old Mutual UK Specialist Equity Fund 3.76 Man GLG UK Absolute Value Fund 3.37 Darwin Leisure Property Fund 2.85 ishares Physical Gold ETC 1.79 Amedeo Air Four Plus Limited 1.37 Liquidity and other Source: BMO Global Asset Management. Data as at Issue 22 Autumn 2018

9 F&C MM Navigator Progressive Fund F&C MM Navigator Select Fund F&C MM Navigator Boutiques Fund UK Majedie UK Focus Fund 6.44 Man GLG Undervalued Assets Fund 4.94 Old Mutual UK Dynamic Equity Fund 4.60 J O Hambro Capital Management UK Growth Fund 4.41 GVQ UK Focus Fund 3.98 River and Mercantile UK Micro Cap Investment Company Limited 1.44 FTSE 100 Index Futures Fixed Income Legg Mason Western Asset Macro Opportunities Bond Fund 3.94 Henderson Strategic Bond Fund 2.58 GCP Infrastructure Investments Limited 1.76 MI TwentyFour Dynamic Bond Fund 1.73 Barings Emerging Markets Debt Blended Total Return Fund 1.67 North America Artemis US Extended Alpha Fund 5.97 Conventum Lyrical Fund 5.18 Findlay Park American Fund 2.35 S&P 500 Index Futures Europe Memnon European Fund 4.70 FP Crux European Special Situations Fund 3.87 Schroder European Alpha Plus Fund 3.73 Magallanes Value Investors UCITS European Equity 2.24 Euro Stoxx 50 Index Futures Japan 5.42 Schroder International Selection Fund Japanese Opportunities 2.97 CC Japan Alpha Fund 2.45 Asia 6.61 TT Asia Ex Japan Equity Fund 4.04 Prusik Asian Equity Income Fund 2.58 Emerging Markets 3.08 TT Emerging Markets Unconstrained Fund 1.61 Hermes Global Emerging Markets Fund 1.47 Specialist (Equity) 4.84 Ardevora Global Equity Fund 2.88 Aptus Global Financials Fund 1.96 Specialist (Non Equity) Majedie Asset Management Tortoise Fund 4.51 Old Mutual UK Specialist Equity Fund 3.33 Darwin Leisure Development Fund 2.01 Man GLG UK Absolute Value Fund 1.91 ishares Physical Gold ETC 1.59 Liquidity and other 8.25 UK Majedie UK Focus Fund 5.43 Old Mutual UK Dynamic Equity Fund 2.92 The Heronbridge United Kingdom Equity Fund 2.91 GVQ UK Focus Fund 2.84 J O Hambro Capital Management UK Growth Fund 1.94 River and Mercantile UK Micro Cap Investment Company Limited 1.76 FTSE 100 Index Futures Fixed Income 3.70 Legg Mason Western Asset Macro Opportunities Bond Fund 2.47 Barings Emerging Markets Debt Blended Total Return Fund 1.23 North America Artemis US Extended Alpha Fund 6.18 Conventum Lyrical Fund 5.78 Findlay Park American Fund 4.10 Edgewood L Select US Select Growth Fund 2.50 S&P 500 Index Futures Europe Memnon European Fund 4.89 FP Crux European Special Situations Fund 4.10 Schroder European Alpha Plus Fund 4.07 Magallanes Value Investors UCITS European Equity 3.03 Euro Stoxx 50 Index Futures Japan 7.86 CC Japan Alpha Fund 2.86 Schroder International Selection Fund Japanese Opportunities 2.59 LF Morant Wright Nippon Yield Fund 2.41 Asia TT Asia Ex Japan Equity Fund 3.64 Hermes Asia ex-japan Equity Fund 3.13 Prusik Asian Equity Income Fund 2.33 BGF Asian Growth Leaders Fund 1.98 Emerging Markets 3.87 TT Emerging Markets Unconstrained Fund 2.16 Hermes Global Emerging Markets Fund 1.71 Specialist (Equity) 4.93 Ardevora Global Equity Fund 2.82 Aptus Global Financials Fund 2.11 Specialist (Non Equity) Majedie Asset Management Tortoise Fund 4.44 Old Mutual UK Specialist Equity Fund 3.89 Man GLG UK Absolute Value Fund 1.89 Darwin Leisure Development Fund 1.82 ishares Physical Gold ETC 1.67 Liquidity and other 8.96 UK Majedie UK Focus Fund 4.67 Old Mutual UK Dynamic Equity Fund 2.72 The Heronbridge United Kingdom Equity Fund 2.68 North America Artemis US Extended Alpha Fund 8.26 Conventum Lyrical Fund 8.10 Findlay Park American Fund 6.16 William Blair U.S. Small-Mid Cap Growth Fund 5.36 Hamlin High Dividend Equity UCITS Fund 4.93 Majedie Asset Management US Equity Fund 4.85 Edgewood L Select US Select Growth Fund 4.16 Europe Memnon European Fund 6.80 FP Crux European Special Situations Fund 5.77 Magallanes Value Investors UCITS European Equity 3.95 DNCA European Select Equity Fund 3.83 Japan 8.34 Alma Capital Investment Funds Alma Eikoh Japan Large Cap Equity Fund 3.14 LF Morant Wright Nippon Yield Fund 2.75 CC Japan Alpha Fund 2.44 Asia TT Asia Ex Japan Equity Fund 4.08 Prusik Asian Equity Income Fund 3.22 Hermes Asia ex-japan Equity Fund 2.94 Emerging Markets 4.10 TT Emerging Markets Unconstrained Fund 4.10 Specialist (Equity) 1.98 Aptus Global Financials Fund 1.98 Specialist (Non Equity) 2.92 Majedie Asset Management Tortoise Fund 1.51 Man GLG UK Absolute Value Fund 1.40 Liquidity and other 0.19 Source: BMO Global Asset Management. Data as at Issue 22 Autumn

10 F&C MM Lifestyle Funds Our range of risk-targeted multi-manager funds with strategic asset allocations are designed to deliver returns appropriate for five specific attitudes to risk. The funds are rebalanced on a regular basis to ensure they match your attitude to risk at the time you invest and on an ongoing basis. Picking good managers has always been the key driver of your portfolio s consistent investment performance. F&C MM Lifestyle Foundation Fund UK Majedie UK Income Fund 3.47 Man GLG Undervalued Assets Fund 2.79 F&C FTSE All-Share Tracker Fund 2.48 River and Mercantile UK Equity Income Fund 1.94 River and Mercantile UK Equity Long Term Recovery Fund 1.72 Jupiter UK Smaller Companies Fund 1.51 Gilts Lyxor Core FTSE Actuaries UK Gilts (DR) UCITS ETF 6.80 Lyxor FTSE Actuaries UK Gilts 0-5Y (DR) UCITS ETF 4.41 UK Index Linked Bonds 8.06 Allianz Index-Linked Gilt Fund 8.06 International Bonds Legg Mason Western Asset Macro Opportunities Bond Fund 3.83 M&G Global Macro Bond Fund 3.79 Barings Emerging Markets Debt Blended Total Return Fund 2.93 Europe ex UK 1.87 Oyster Continental European Selection 1.87 Japan 3.45 Eastspring Investments Japan Dynamic Fund 1.48 Baillie Gifford Japanese Fund 0.99 Tokio Marine Japanese Equity Focus Fund 0.98 Pacific Ex Japan 1.54 TT Asia Ex Japan Equity Fund 1.54 North America 4.74 HSBC S&P 500 UCITS ETF 1.73 Majedie Asset Management US Equity Fund 1.55 Old Mutual North American Equity Fund 1.46 Property 8.31 Darwin Leisure Property Fund 2.32 GCP Student Living plc 2.14 Target Healthcare REIT Limited 1.41 F&C Real Estate Securities Fund 1.41 The PRS REIT plc 1.03 UK Corporate Bonds Royal London Sterling Credit Fund 6.03 Henderson Strategic Bond Fund 3.57 Invesco Perpetual Tactical Bond Fund 3.03 MI TwentyFour Monument Bond Fund 3.02 Liontrust Strategic Bond Fund 2.04 Absolute Return 4.94 Majedie Asset Management Tortoise Fund 2.71 Man GLG UK Absolute Value Fund 2.23 Commodities 1.42 ishares Physical Gold ETC 1.42 Liquidity and other F&C MM Lifestyle Defensive Fund UK Majedie UK Income Fund 4.25 F&C FTSE All-Share Tracker Fund 3.38 Man GLG Undervalued Assets Fund 3.62 River and Mercantile UK Equity Income Fund 2.59 Jupiter UK Smaller Companies Fund 2.26 River and Mercantile UK Equity Long Term Recovery Fund 2.19 Gilts 6.24 Lyxor Core FTSE Actuaries UK Gilts (DR) UCITS ETF 5.27 Lyxor FTSE Actuaries UK Gilts 0-5Y (DR) UCITS ETF 0.97 UK Index Linked Bonds 4.43 Allianz Index-Linked Gilt Fund 4.43 International Bonds 4.80 Legg Mason Western Asset Macro Opportunities Bond Fund 2.09 Barings Emerging Markets Debt Blended Total Return Fund 1.38 M&G Global Macro Bond Fund 1.33 Europe ex UK 3.65 Schroder European Alpha Plus Fund 1.89 Oyster Continental European Selection 1.77 Japan 5.26 Eastspring Investments Japan Dynamic Fund 2.34 Tokio Marine Japanese Equity Focus Fund 1.73 Baillie Gifford Japanese Fund 1.19 Pacific Ex Japan 5.24 Hermes Asia ex-japan Equity Fund 2.17 TT Asia Ex Japan Equity Fund 3.07 North America 8.92 Majedie Asset Management US Equity Fund 3.44 HSBC S&P 500 UCITS ETF 2.77 Old Mutual North American Equity Fund 2.70 Property 7.70 Darwin Leisure Property Fund 2.15 GCP Student Living plc 1.90 Target Healthcare REIT Limited 1.38 F&C Real Estate Securities Fund 1.27 The PRS REIT plc 1.00 UK Corporate Bonds Royal London Sterling Credit Fund 5.42 MI TwentyFour Monument Bond Fund 3.90 Henderson Strategic Bond Fund 3.40 Invesco Perpetual Tactical Bond Fund 2.92 Liontrust Strategic Bond Fund 1.96 Absolute Return 4.90 Majedie Asset Management Tortoise Fund 2.68 Man GLG UK Absolute Value Fund 2.23 Global High Yield Bonds 0.98 Hermes Multi Strategy Credit Fund 0.98 Commodities 1.40 ishares Physical Gold ETC 1.40 Liquidity and other Source: BMO Global Asset Management. Data as at Issue 22 Autumn 2018

11 F&C MM Lifestyle Cautious Fund F&C MM Lifestyle Balanced Fund F&C MM Lifestyle Growth Fund UK Majedie UK Income Fund 5.63 F&C FTSE All-Share Tracker Fund 5.13 Man GLG Undervalued Assets Fund 4.55 River and Mercantile UK Equity Income Fund 3.65 Jupiter UK Smaller Companies Fund 3.03 River and Mercantile UK Equity Long Term Recovery Fund 2.92 Gilts 3.34 ishares UK Gilts UCITS ETF 3.34 Europe ex UK 3.68 Schroder European Alpha Plus Fund 1.97 Oyster Continental European Selection 1.71 Japan 7.12 Eastspring Investments Japan Dynamic Fund 3.49 Tokio Marine Japanese Equity Focus Fund 1.96 Baillie Gifford Japanese Fund 1.66 Pacific Ex Japan 5.58 TT Asia Ex Japan Equity Fund 2.24 Hermes Asia ex-japan Equity Fund 1.93 BGF Asian Growth Leaders Fund 1.41 North America HSBC S&P 500 UCITS ETF 4.06 Majedie Asset Management US Equity Fund 3.96 Old Mutual North American Equity Fund 2.93 Property 6.70 Darwin Leisure Property Fund 1.65 GCP Student Living plc 1.62 Target Healthcare REIT Limited 1.38 F&C Real Estate Securities Fund 1.04 The PRS REIT plc 1.01 UK Corporate Bonds Royal London Sterling Credit Fund 5.95 MI TwentyFour Monument Bond Fund 3.92 Henderson Strategic Bond Fund 3.42 Invesco Perpetual Tactical Bond Fund 2.95 Liontrust Strategic Bond Fund 1.98 Absolute Return 4.76 Majedie Asset Management Tortoise Fund 2.59 Man GLG UK Absolute Value Fund 2.17 Global High Yield Bonds 1.87 Hermes Multi Strategy Credit Fund 1.87 Emerging Markets 5.37 TT Emerging Markets Unconstrained Fund 2.80 Hermes Global Emerging Markets Fund 2.57 Commodities 1.27 ishares Physical Gold ETC 1.27 Liquidity and other 6.22 UK Majedie UK Income Fund 6.85 F&C FTSE All-Share Tracker Fund 6.12 Man GLG Undervalued Assets Fund 5.11 River and Mercantile UK Equity Income Fund 4.41 Jupiter UK Smaller Companies Fund 3.80 River and Mercantile UK Equity Long Term Recovery Fund 3.66 Europe ex UK 4.63 Schroder European Alpha Plus Fund 2.46 Oyster Continental European Selection 2.17 Japan 8.26 Eastspring Investments Japan Dynamic Fund 3.87 Tokio Marine Japanese Equity Focus Fund 2.44 Baillie Gifford Japanese Fund 1.95 Pacific Ex Japan 8.54 TT Asia Ex Japan Equity Fund 3.53 Hermes Asia ex-japan Equity Fund 2.97 BGF Asian Growth Leaders Fund 2.03 North America Majedie Asset Management US Equity Fund 3.94 HSBC S&P 500 UCITS ETF 3.55 Old Mutual North American Equity Fund 3.53 Property 4.27 Darwin Leisure Property Fund 1.21 Target Healthcare REIT Limited 1.15 F&C Real Estate Securities Fund 1.07 The PRS REIT plc 0.85 UK Corporate Bonds Royal London Sterling Credit Fund 5.45 Henderson Strategic Bond Fund 2.45 Invesco Perpetual Tactical Bond Fund 2.45 Liontrust Strategic Bond Fund 1.97 Absolute Return 4.79 Majedie Asset Management Tortoise Fund 2.55 Man GLG UK Absolute Value Fund 2.24 Global High Yield Bonds 1.91 Hermes Multi Strategy Credit Fund 1.91 Emerging Markets 8.09 TT Emerging Markets Unconstrained Fund 2.89 Hermes Global Emerging Markets Fund 2.77 ishares Emerging Markets Equity Index Fund 2.43 Commodities 1.20 ishares Physical Gold ETC 1.20 Liquidity and other 5.03 UK Majedie UK Income Fund 7.66 F&C FTSE All-Share Tracker Fund 7.27 Man GLG Undervalued Assets Fund 5.97 River and Mercantile UK Equity Income Fund 5.23 Jupiter UK Smaller Companies Fund 4.35 River and Mercantile UK Equity Long Term Recovery Fund 4.20 Europe ex UK 4.63 Schroder European Alpha Plus Fund 2.45 Oyster Continental European Selection 2.18 Japan 9.45 Eastspring Investments Japan Dynamic Fund 4.05 Tokio Marine Japanese Equity Focus Fund 2.92 Baillie Gifford Japanese Fund 2.48 Pacific Ex Japan TT Asia Ex Japan Equity Fund 5.79 Hermes Asia ex-japan Equity Fund 4.67 BGF Asian Growth Leaders Fund 3.14 North America 9.12 HSBC S&P 500 UCITS ETF 3.93 Majedie Asset Management US Equity Fund 3.16 Old Mutual North American Equity Fund 2.02 Property 4.33 Darwin Leisure Property Fund 1.29 Target Healthcare REIT Limited 1.16 F&C Real Estate Securities Fund 1.01 The PRS REIT plc 0.86 UK Corporate Bonds 1.40 Henderson Strategic Bond Fund 1.40 Absolute Return 4.83 Majedie Asset Management Tortoise Fund 2.59 Man GLG UK Absolute Value Fund 2.23 Global High Yield Bonds 2.59 Hermes Multi Strategy Credit Fund 2.59 Emerging Markets TT Emerging Markets Unconstrained Fund 4.84 Hermes Global Emerging Markets Fund 4.59 ishares Emerging Markets Equity Index Fund 4.54 Commodities 1.19 ishares Physical Gold ETC 1.19 Liquidity and other 0.22 Source: BMO Global Asset Management. Data as at Issue 22 Autumn

12 Contact us If you have any queries about your investment please contact us. Please remember to quote your account number on all communications with us (weekdays 9am-5pm, calls may be recorded for training and monitoring purposes) F&C Fund Management Limited PO Box 9040 Chelmsford Essex CM99 2XH For existing investors only. Articles in this newsletter are only intended to provide a general outline of the subject and should not be considered comprehensive nor a sufficient basis for making decisions. It is not investment research and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of its dissemination. Investors requiring advice on their individual circumstances should consult their financial adviser. Prospective investors should consult the Prospectus and Key Investor Information Document for the relevant share class available from their financial adviser or BMO Global Asset Management BMO Global Asset Management. All rights reserved. BMO Global Asset Management is a trading name of F&C Management Limited, which is authorised and regulated by the Financial Conduct Authority. CM17509 (09/18). UK