This is for professional clients only and should not be distributed to or relied upon by retail clients. A partnership approach.

Transcription

1 This is for professional clients only and should not be distributed to or relied upon by retail clients. A partnership approach to investing

2 Welcome to Architas At Architas, we focus solely on fund research and building investment solutions for our clients. We understand the challenges that you as an adviser face where transparency, due diligence, thorough research and the need to have an in-depth knowledge of your clients needs and appetites for risk drive your business. We support you throughout the journey, allowing you to focus your time and needs on your priority, the client. We believe that our diversified, multimanager proposition can add value to your business and provide an investment solution for a range of your clients investment objectives. Each fund within the Architas range has been designed to offer exposure to a diversified portfolio of leading fund managers. Your clients benefit from the skills of some of the world s best known investors along with value-generating boutiques, selected and monitored by our team of talented investment professionals. At every stage, our focus and aim is on delivering consistent returns whilst managing risks, and most importantly on meeting the needs and goals of our clients. Hans Georgeson Managing Director Architas Past performance is not a guide to future performance.

3 Contents Why Architas? 2 The need to diversify 5 Partnering with Architas 6 Investment process 8 The Architas team and process 13 Architas Risk Profiled Funds 14 Which investment style? 15 Architas Multi-Asset (MA) Active Funds 16 Architas Multi-Asset (MA) Blended Funds 18 Architas Multi-Asset (MA) Passive Funds 20 Architas Income Generating Funds 22 Architas Specialist Funds 24 Platform availability 26 Important information A partnership approach to investing

4 Why Architas? Architas offers a range of active and passive fund of funds as well as a blend of both styles in our risk profiled investment solutions, along with income generating and specialist funds designed to meet the individual needs of a range of investors. As a business we recognise the importance of working in partnership with advisers and have built a range of tools, which are designed to support you and your clients throughout the investment journey. Architas was created to meet the demands of the complex financial and regulatory climate. We are part of the global AXA Group with assets under management and under advisory totalling 21.8 billion.* Architas specialises in fund of funds. Our investment process is geared to the analysis of funds and fund managers. Our investment team has developed strong, professional relationships with a wide range of industry-leading fund managers. Architas connection to the global AXA Group enriches our ability to grow these relationships, while our size and reputation strengthens our buying power and enables us to access a wide range of investments and managers, some of which may not be available to smaller firms, and at preferable rates for our clients. Award winning, specialist multi-manager investment house with 21.8 billion* of assets under management and advice. Multi-manager is our business. All of our considerable resources are focussed first and foremost on researching and analysing funds, to construct our diversified range of investment solutions. One of the only multi-managers to offer unfettered innovative active, passive and blended solutions under one roof to suit a range of investor needs and risk appetites. Risk profiled solutions give you reassurance that your clients investments are being managed to a risk level that they are comfortable with. We provide you with a monthly proof statement to confirm this for your on-going due diligence. Funds are managed by one of the largest multi-manager focused teams in the industry with combined investment experience of over 180 years. Robust investment and fund selection process combines rigorous fund and manager analysis with stringent risk controls and portfolio monitoring. No capital gains liability when we rebalance the underlying holdings, providing your clients with tax efficient, long-term, all-in-one investment opportunities across a range of sectors, asset classes and geographies. The value of your clients investments and any income from them could fall as well as rise and are not guaranteed. They may get back less than they originally invested. Tax benefits are subject to change and are dependent on individual circumstances. 2. A partnership approach to investing * As at 31 December Note: Architas is 100% owned by the AXA Group but it has no legal right of access to the assets of the AXA Group.

5 Architas invests with a diverse selection of global investment managers Please note these are examples of investment managers that we work with and are subject to change. 3. A partnership approach to investing

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7 The need to diversify Asset allocation is based on the principle that different asset classes will perform differently across a variety of market and economic conditions. We all know the saying don t put all your eggs in one basket and this is true when it comes to investing no one single asset class performs consistently well. The chart below highlights that no one sector has consistently performed better than any other over the 10 year period shown. Whilst there are no guarantees, a portfolio made up of a diversified mix of holdings across these sectors could experience a lower level of volatility, and may have potentially produced a more consistent return. Performance over a 10 year time frame across 11 different IA sectors (%) Best Worst IA Sectors l IA OE Asia Pacific Excluding Japan l IA OE Property l IA OE Europe Excluding UK l IA OE High Yield l IA OE Global l IA OE Technology & Telecommunications l IA OE Japan l IA OE UK All Companies l IA OE Money Market l IA OE UK Gilts l IA OE North America Source: Morningstar as at 31/12/2016. Sterling, annualised total return. The most up-to-date information can be obtained by calling the Architas Broker Desk on *. Past performance is not a guide to future performance. The value of an investment can fall as well as rise and is not guaranteed. Investors could get back less than they originally invested. How do you select the holdings to make up your diversified portfolio? Fund selection is difficult. The difference in performance between the best and worst performing funds within each sector can be significant and the fund universe consists of thousands of funds across sectors, asset classes and geographies. For an adviser to research all of these to ensure they are selecting the best funds to suit their clients needs would take a great deal of time and resource. How do you find time to? Rebalance all client portfolios? Maintain up-to-date research of managers? Appoint new managers? Terminate existing managers? Reconcile your clients tax position as a portfolio changes? These are tasks that are integral to your client servicing and investment management process; trying to manage these whilst spinning all of the other plates required to run and build a successful advisory business is extremely difficult but Architas are here to help. * Monday to Friday 9.00am 5.00pm; calls may be recorded. 5. A partnership approach to investing

8 Partnering with Architas With the Architas range of fund of funds, your clients investments are managed by a dedicated, experienced investment team and you can be confident that our due diligence is comprehensive, our investment process robust and our portfolios regularly monitored. Architas Risk Profiled Funds The Architas Risk Profiled Funds span a spectrum of risk appetites across three different management styles. Following thorough investigative discussions with new clients, including the completion of a suitability assessment, the Architas Risk Profiled Funds could provide an investment solution for clients who would like investments that expose them to an agreed level of risk. The Architas Risk Profiled Funds are rated on a scale of 1 to 7. Risk level 1 is similar to keeping cash in a bank or building society deposit account and we therefore do not have a risk level 1 fund. The lowest rating of our ranges is 2 and targeted at the cautious investor; the highest risk rating is 7 and funds in this category could be suitable for adventurous investors with a higher tolerance to risk in search of potentially higher returns. Risk profile Architas Multi-Asset (MA) Active Funds Architas Multi-Asset (MA) Blended Funds Architas Multi-Asset (MA) Passive Funds 2 Architas MA Active Reserve Fund Architas MA Blended Reserve Fund Architas MA Passive Reserve Fund 3 Architas MA Active Moderate Income Fund Architas MA Blended Moderate Fund Architas MA Passive Moderate Fund 4 Architas MA Active Intermediate Income Fund Architas MA Blended Intermediate Fund Architas MA Passive Intermediate Fund 5 Architas MA Active Progressive Fund Architas MA Blended Progressive Fund Architas MA Passive Progressive Fund 6 Architas MA Active Growth Fund Architas MA Blended Growth Fund Architas MA Passive Growth Fund 7 Architas MA Active Dynamic Fund Architas MA Passive Dynamic Fund Risk mapping We understand that advisers use a number of different risk profiling models which is why we have worked with Distribution Technology, Finametrica and Morningstar to provide mapping information of how our 1-7 risk-profile scale fits within alternative models. You can request a copy of the latest mapping documents by contacting the Architas Broker Desk on * or broker.desk@architas.com** 6. A partnership approach to investing To support your business, Architas offers a range of value-added services which help you to help your client. Access to suitability assessment tools. Mapping tools to alternative risk profiling models. Monthly and quarterly fund performance updates and factsheets. Opportunity to meet the Architas fund managers through regular events. Marketing support with the opportunity to add your company logo. Dedicated support teams for both you and your clients. * Monday to Friday 9.00am 5.00pm; calls may be recorded. ** communication is not encrypted or secure and it could be intercepted and read. Please do not include any personal or confidential information in any reply.

9 Architas Income Generating Funds We understand that income generation is imperative for some clients, and an important objective for many for both day to day expenses and retirement planning. The Architas Income Generating Funds aim to deliver an attractive level of income that is stable but with the potential to grow, while also offering scope for capital growth. Architas Multi-Manager (MM) Monthly High Income Fund Architas MA Active Reserve Fund 1 Architas MA Active Moderate Income Fund Architas MA Active Intermediate Income Fund Architas Diversified Global Income Fund Architas Diversified Real Assets Fund 1 Architas Specialist Funds In addition to the multi-asset, risk profiled and income generating solutions; Architas offer a range of specialist multi-manager funds for advisers who prefer to build their own portfolios or are looking to gain exposure to specific asset classes and/or geographies through satellite holdings. Architas MM UK Equity Fund Architas MM Strategic Bond Fund Benefits of partnering with Architas Fund research undertaken by an experienced investment team equipped with a range of quantitative and qualitative tools, including proprietary analytical software. Access to a range of leading funds combined with the buying power of the global AXA Group. Stochastic asset allocation framework to target a defined range of risk outcomes. 2 A robust and repeatable investment process. A consistent and transparent proposition for your clients. Monitoring and rebalancing of our funds by a dedicated team of investment professionals. Marketing support and regular fund communications. 1 These Funds aim to achieve long term growth from a combination of income and capital growth. 2 For the risk profiled Architas MA Active, Architas MA Blended and Architas MA Passive ranges. 7. A partnership approach to investing

10 Investment process Investment design and asset allocation Investment objectives and policies Asset allocation Pre-selection MosaIQue by Architas screening Selection Desk-based research Questionnaires Face-to-face meetings Portfolio construction Portfolio analysis Qualitative considerations 8. A partnership approach to investing Monitoring and risk management Monitoring of funds and managers

11 Investment design and asset allocation l Investment objectives and policies l Asset allocation Our starting point is investment design. Investment objectives and policies It is essential that clients needs and objectives are met, so careful consideration is given to the structure of our investment proposition, with specific focus on the implications for risk appetite and asset allocation. Architas Risk Profiled Funds The investment objectives of these funds are linked to a range of potential client risk profiles. All of the Funds follow a policy of multi-asset investment, diversified by asset class, geographies, styles and investment managers. Architas Income Generating Funds Architas MM Monthly High Income Fund, Architas MA Active Moderate Income Fund, Architas MA Active Intermediate Income Fund and Architas Diversified Global Income Fund all have explicit objectives to deliver sustainable income. The MA Active Reserve Fund may also be suitable for investors seeking income as it aims to invest in income-yielding assets. Architas Specialist Funds The Funds have explicit objectives to provide high alpha exposure to specific asset classes or geographies such as fixed income or equities. Asset allocation Here we establish the proportions of each fund that are allocated to various asset classes. The resultant blend is aligned with the fund s individual risk/return profile and where appropriate our assessment of current economic and market conditions. Architas Risk Profiled Funds (see fig.1) Strategic asset allocation To provide a framework for asset allocation and volatility management, Architas makes use of the forward-looking, stochastic modelling techniques provided by EValue Investment Solutions across the Architas Risk Profiled Funds (Architas MA Active, Architas MA Passive and Architas MA Blended). For each risk profile, an efficient (in terms of expected risk and return) portfolio asset allocation is specified on a quarterly basis. Tactical asset allocation In the Architas MA Active and Architas MA Blended portfolios, we complement the strategic asset allocation model with tactical asset allocation decisions made by the Architas investment team. The investment team utilise their extensive research and market insight to seek out opportunities for outperformance through deviations from the model asset allocations. Third party quantitative tools are used to analyse stock valuations, market volatility and flows of funds data. We also make our own in house qualitative assessment of economic, industry and market dynamics. Importantly, when making tactical decisions, our Active and Blended portfolio managers ensure that the portfolios are kept within the target volatility bands defined for their respective risk profiles. Figure 1. Strategic and tactical asset allocation Strategic Fixed volatility bands based on using 15 years forward-looking model Quarterly updates resulting in quarterly adjustment of the strategic asset allocation Architas Multi-Asset Active Funds Architas Multi-Asset Blended Funds Architas Multi-Asset Passive Funds Tactical Decisions made by Architas investment team Tactical bets of regions, asset classes or styles Architas Multi-Asset Active Funds Architas Multi-Asset Blended Funds Architas Specialist Funds The Specialist Funds are actively managed in the purest sense. The Funds do not start with a strategic asset allocation as underlying fund selection is determined by the fund manager, combining their own experience with the detailed qualitative and quantitative research output of the Architas investment team to select investment opportunities that will aid the Funds to meet their investment objectives. 9. A partnership approach to investing

12 Pre-selection l MosaIQue by Architas screening Once an appropriate asset allocation has been determined, the next step in the process is the search for suitable funds. The investment fund universe is vast and constantly evolving: to research all of these funds is no simple task. Architas has developed a proprietary research tool, MosaIQue by Architas, which analyses and filters over 214,000 funds across 1,496 sub-sectors. It is a flexible yet disciplined tool for fund selection that enables the investment team to evaluate a wide range of available investment options in an efficient manner. The objective of the MosaIQue by Architas output is to provide an understanding of the consistency of performance of a fund or group of funds. The results are illustrated below. The darker the colour, the more consistently positive the returns are in relation to the factors evaluated. This process of seeking consistency aims to reduce the influence of luck, removes judgemental bias, short-term noise and enables us to reject poor performing and inconsistent fund managers. It is important to note that while quantitative tools are essential in screening out weak funds, or highlighting potential candidates for inclusion in our portfolios, their output alone is by no means sufficient to justify the selection of a fund. MosaIQue by Architas screening Least Best Characteristic i ii iii iv v vi vii viii ix x xi xii High Performance High Alpha High Sharpe High Information Ratio Low Volatility Low Maximum Loss Low Tracking Error High R2 Low Semi-Variance Low Correlation This diagram is for illustrative purposes only 10. A partnership approach to investing Characteristics High performance Performance takes into account not only the capital gains of an investment but also the income return from dividends or interest payments. The calculation of total return is based on the assumption that interest payments or dividends are immediately reinvested. Our aim is to identify fund managers who can demonstrate consistent high performance against the market. High alpha Alpha is a measure of a portfolio s performance relative to a benchmark. It measures the manager s contribution to performance due to security selection or market timing. We can evaluate the manager s contribution to performance by active management. We look for fund managers who have achieved good returns compared to benchmark i.e. high alpha. High Sharpe Also known as the reward-to-volatility ratio, the Sharpe ratio measures risk-adjusted performance to determine if the risks that managers are taking are being rewarded. The higher the Sharpe ratio, the better the portfolio s risk adjusted performance. High information ratio The information ratio evaluates the outperformance a fund manager achieves, given the risk relative to the benchmark that they take on. Essentially it is a risk adjusted performance measurement in relation to a determined benchmark. A high information ratio indicates a higher rate of excess return for an assumed tracking error level. Low volatility A measure of the fund s propensity to go up and down in price. Generally, high volatility would be associated with a higher degree of risk because the predictability of returns is much less certain. We aim to identify fund managers who have achieved good returns but have done so with low volatility. Low maximum loss This figure represents the highest negative performance in any single monthly period over the entire period of investment for which the figure is being calculated. We identify fund managers who have managed the downside of investing by achieving a low maximum loss.

13 Low tracking error A fund s returns are analysed and compared to the returns of its benchmark. The lower the tracking error of a fund, the more the fund resembles its benchmark or the market regarding risk and return characteristics. High R2 A measure that represents the percentage of a fund s movements that can be explained by movements in the benchmark index. We look to identify how much of a fund manager s return is due to good investment management as opposed to general market trends. Low semi-variance We analyse this to understand the fund manager s downside volatility a high semi-variance means a high downside risk. Low correlation Correlation is a measure that describes the degree of relationship between two variables and is used to understand how different fund managers achieve their returns. A negative correlation indicates that fund returns and benchmark returns move in opposite directions. Selection l Desk-based research l Questionnaires l Face-to-face meetings The selection stage involves conducting rigorous due diligence on those funds and managers that have passed through the pre-selection stage. The overall aim is to determine if a fund can deliver sustainable, superior performance in the future. This includes analysis of fund style biases and assessment of the impact of previous investment decisions on performance and volatility. Desk-based research this is important in considering soft factors which the screening process cannot capture. For instance, how much of the fund performance track record can be attributed to the current manager? These preliminary quantitative and qualitative searches can unearth circumstances that make the fund or manager unsuitable for investment. Research tools: Style Research holdings-based style analysis for individual funds and portfolios. We use Style Research to ascertain a fund s underlying style bias, and whether this has changed over time and how a fund may work in combination with others. Morningstar fund analysis tool that facilitates returns-based style analysis, attribution analysis, portfolio modelling and performance reporting. Bloomberg market data, international breaking news and quantitative analysis. Questionnaires before meeting a fund manager, we may ask them to complete a detailed due diligence questionnaire. This is a qualitative step to provide more information about the investment team, the fund s strategy and its objectives. This fact-finding method is an efficient way of working through the large number of funds under consideration and enables us to compare current information with previous responses. In this way we can prioritise research on funds that are changing or giving cause for concern, while maintaining regular due diligence on the remaining funds. Face-to-face fund manager meetings are used to gain a deeper insight into their investment strategy. We may also meet analysts, risk managers and other team members who have an influence over the fund manager s investment process to probe into other aspects of the fund, including: How are investment ideas generated? How are these ideas processed for inclusion or exclusion in a fund or strategy? What makes one company or security more attractive than another? How is the portfolio constructed? How does the fund manager interact with other teams, such as risk management, in-house economists or the asset allocation committee? How is risk measured and controlled? What is the rationale behind the current portfolio structure? Is it consistent with the philosophy and process? From this qualitative analysis, a suitable buy list of funds or managers in each sector is identified. All quantitative research relies on historical data; it is only through detailed and insightful qualitative analysis that we can gain a picture of how a fund manager might respond to future events. This is easily the most time-intensive element of our investment process, but is essential to understanding the true nature of a fund. For this reason, Architas has invested significant resources in building a highly experienced and respected research team. 11. A partnership approach to investing

14 12. A partnership approach to investing Portfolio construction l Portfolio analysis l Qualitative considerations To construct the Architas portfolios, the investment team looks for funds which complement each other and strike the best balance between risk and potential return. Portfolio analysis utilising the research from the selection phase, the investment team determine the most appropriate weights in each asset class and sub- sector. Research tool outputs are used to analyse the volatility and correlation of returns of each fund and examine how portfolio risk varies as weightings change. Qualitative considerations the fund managers ensure that any regional, sector, size or style tilts within the portfolio and the aggregate of exposure to individual securities are in line with our asset allocation views. A fund may be bought when it fulfils the following requirements: It is in line with the objectives of the strategy It fits in with the prevailing asset allocation policy It provides the right mix of risk and potential out-performance It brings diversification to the existing holdings in the portfolio A fund may be sold when one of the following occurs: Changes in the Architas asset allocation policy Material change to the investment philosophy or process of the underlying fund Significant changes to the team of investment professionals of the fund Performance inconsistent with the stated aims of the fund Identification of a superior manager in the same asset class Monitoring and risk management l Monitoring of funds and managers Regular monitoring and adjustment of the portfolios is undertaken by the investment managers to keep the Funds in line with their objectives and to take advantage of new investment opportunities. The Architas Investment Risk and Performance Team, reporting directly to the Managing Director, carry out independent monitoring to ensure the portfolios remain within risk and exposure guidelines. Monitoring funds and managers Our investment process stipulates that each sector lead analyst formally reviews their sector twice a year. This review could comprise solely desk based analysis, though analysts will have a meeting or conference call with every fund manager held or recommended by Architas at least once a year. In these meetings, historic performance drivers and positioning for the future are discussed, with the analysts seeking to understand if there are any changes in the philosophy, style, process or team managing the fund which could change our expectations of risk or return for a fund. Analysts will also spend time looking for potential alternative funds which could potentially replace current holdings where appropriate. Sector reviews are presented at the weekly Investment Team meeting, giving fund managers and other analysts the opportunity to challenge and debate their findings. Monthly Architas Investment Committee meetings These meetings are chaired by the Architas Chief Investment Officer and attended by senior distribution, compliance, operations and risk management personnel and the head of investment risk and performance. Here, portfolio managers present on how the funds have performed relative to the objective they have been set, and the risk taken. Independent performance and risk monitoring Architas has a dedicated Investment Risk and Performance Team responsible for the monitoring of the risk and performance of the portfolios. This team reports directly to Architas Managing Director. The risk ratios and the performance are checked by this independent team formally on a monthly basis; they also undertake a weekly review to ensure that the risk-rated funds remain within their specified risk bands. The results of this analysis are validated by the Architas Investment Committee.

15 The Architas investment team is dedicated first and foremost to the research and analysis of funds to construct our diversified multi-manager investment solutions. Our large and diverse fund of funds team is made up of professionals from different nationalities and educations. Each analyst has responsibility for a range of sectors, geographies and asset classes from which they source what they believe to be the best investment opportunities to construct our multi-manager portfolios. The combination of different experiences and specialisms within the team encourages healthy challenge and debate in the analysis and selection of funds. Architas has hand picked a wealth of talent from across the financial industry and beyond to create a strong investment team comprised of investment specialists dedicated to manager research and selection, fund of funds management and monitoring. While most multi-managers are a small part of a larger investment house, Architas is focused solely on creating multi-manager solutions for clients in the UK and Europe. The team has developed strong, professional relationships with a wide range of industryleading fund managers. Architas connection to the global AXA Group enriches our ability to grow these relationships, while our size and reputation strengthens our buying power and enables us to access a wide range of investments and managers, some of which may not be available to smaller firms, and at preferable rates for our clients. Architas investment analysts areas of expertise Equity Fixed income Property Specialist equity Asia ex Japan Emerging markets debt/emerging market corporates Emerging markets Europe (ex UK) investment grade/european sovereigns Absolute return Europe Global (ex UK) investment grade/global sovereigns Equities Global growth/ income High yield/convertibles Fixed income UK corporate bonds Managed/ flexible long only Japan North America UK equities UK strategic bonds Passive 13. A partnership approach to investing The Architas team and process

16 Architas Risk Profiled Funds Risk profiling is very helpful in aiding an adviser to find an appropriate investment solution for a client as it can be used to help understand their clients investment goals and attitudes to risk. Incorporating risk profiling models into investment strategies is also common practice for asset managers as it provides a guide for ensuring that each Fund s expected volatility adheres to its risk/return objective, and the adviser s and their clients expectations. The Architas Risk Profiled Funds are rated on a scale of 1 to 7. Risk level 1 is similar to keeping cash in a bank or building society deposit account. The lowest rating of our ranges is 2 and targeted at the cautious investor; 7 is the highest risk rating on the scale and funds in this category could be suitable for adventurous investors with a higher tolerance to risk in search of potentially higher returns. The EValue Investment Solutions risk model calculates statistical estimates of expected return, volatility and correlation for each relevant asset class and uses this data to compute optimal portfolios for each specified level of risk. In line with Modern Portfolio Theory, these portfolios each have a specific volatility target or range and we use this risk profiling system as a guide to the Funds expected volatility. We assign each Fund a risk band which provides us with a target volatility range for the overall portfolio. Illustrative example of the Architas Risk Profile proof statement The Architas Risk Profile proof statement is published monthly and evidences that the Risk Profiled Funds remained within their expected volatility bands. This is produced to aid you in your ongoing due diligence. Risk profile proof statement The chart below shows the target month-end expected volatility for our passive range. The active and blended funds target volatility figures are shown against their passive counterparts, which are expected to fall within the same respective risk bands. The volatility is based upon a 15-year time horizon using forward projections. Such forecasts are not a reliable indicator of future performance and therefore the figures shown below are for illustrative purposes only. Date as of 31/12/ Year Time Horizon Architas risk profile Risk Level 1 Risk Level 2 Risk Level 3 Risk Level 4 Risk Level 5 Risk Level 6 Risk Level 7 Only cash 0.0% 8.3% 8.3% 10.0% 10.0% 12.1% 12.1% 14.6% 14.6% 17.7% 17.7%... MA Passive Reserve 2 7.5% MA Blended Reserve 2 MA Active Reserve 2 MA Passive Moderate 3 8.9% MA Blended Moderate 3 MA Active Moderate Income 3 MA Passive Intermediate % MA Blended Intermediate 4 MA Active Intermediate Income 4 MA Passive Progressive % MA Blended Progressive 5 Above passive risk level figure Within 0.25% of passive risk level figure Below passive risk level figure MA Active Progressive 5 MA Passive Growth % MA Blended Growth 6 MA Active Growth 6 MA Passive Dynamic % MA Active Dynamic 7 The value of an investment, and any income from it, can fall as well as rise and is not guaranteed. Clients may get back less than they invest. Furthermore, the value can fall as well as rise purely on account of exchange rate fluctuations. All of the Funds apart from the Architas MM UK Equity Fund, are permitted to invest over 35% of their assets in securities issued by a single local, national or supranational government. The Funds can invest entirely in units of collective investment schemes. Volatility in this context should not be confused with the standard deviation of a historical return series. The EValue Investment Solutions model aims to give a forward-looking indication of risk, and measures volatility in terms of the dispersion of potential return outcomes generated through a series of theoretical simulations. It is not a guarantee of what will actually happen, but provides a useful guide. 14. A partnership approach to investing Architas MA Passive Funds Allocations to funds and asset classes in the MA Passive Funds are in line with the risk model outputs (within a tolerance range), resulting in volatility ratings in the middle of the target volatility bands. Architas MA Blended Funds The Funds also have flexibility to employ asset allocation tilts in order to express tactical views. However, while directionally similar, the MA Blended Funds may have greater or smaller tilts than those of the MA Active Funds. Architas MA Active Funds The investment team has the flexibility to use their skills in making tactical asset allocation decisions, whilst ensuring the Funds remain within the volatility bands.

17 Which investment style? Active, Blended or Passive? Architas is style agnostic. We believe that by offering a range of active, passive and blended managed funds, we have a proposition that meets a wide range of investor needs whatever their goals or concerns may be seeking income, managing cost pressures or deciding which style would suit them best. Passive Funds Allocations to funds and asset classes in the MA Passive Funds are in line with the risk model outputs (within a tolerance range), resulting in volatility ratings in the middle of the target volatility bands. Diversified across asset class, sector and geography. Transparent and process driven a concept relatively simple to explain to clients. Removes emotion from investing as the objective is to utilise the asset allocation model rather than take tactical bets to outperform it. Passive investing or index tracking is generally the least expensive investment style. Consistent alpha is difficult to achieve; passive funds provide beta, with no expectation of alpha. Blended Funds The Funds allow flexible asset allocation tilts in order to express tactical views. However, while directionally similar, the MA Blended Funds may have greater or smaller tilts than those of the MA Active Funds. A blend of passive and active management styles diversified across asset class, sector and geography. Best of both worlds combines passive and active funds in one offering. Utilises model asset allocation framework but can take tactical bets within the target volatility bands where the manager sees the opportunity to actively invest for growth. The fund manager can take advantage of the benefits of both passive and active funds active funds can give access to a range of specialist funds and combining passive funds can provide a more attractive total cost of ownership. Uses both active and passive instruments to provide value for money exposure to market beta and potential outperformance through alpha. Active Funds The investment team has the flexibility to use their skills in making tactical asset allocation decisions, whilst ensuring the Funds remain within the volatility bands. Diversified across asset class, sector and geography. The fund manager aims to outperform in a range of market conditions and can access a range of specialist asset classes or funds not available to passive managers. The fund manager and team of investment professionals carry out expert analysis and research to discover the best investment opportunities across asset classes, sectors and geographies. By using tactical asset allocation decisions the manager can alter the asset allocation in an attempt to outperform the chosen benchmark. The fund manager has flexibility to avoid sectors/countries that are unattractive whilst being able to take advantage of opportunities that they identify, or sell holdings when they feel value has been achieved or is unlikely to be achieved. 15. A partnership approach to investing

18 Active Funds Architas Multi-Asset (MA) The Architas MA Active Funds are a range of six unfettered, risk-profiled fund of funds targeted at those clients who are comfortable with greater fund charges for an actively managed product that offers potential to outperform its benchmark. The Funds are risk-profiled and aim to fulfil the needs of varying investors from those who are cautious to those who are willing to accept a higher level of risk in an attempt to achieve a higher level of growth from their investment. The Architas MA Active Funds are rigorously monitored and rebalanced to ensure they remain within their risk parameters and perform in line with their investment objectives. This process ensures that your clients investments remain within the level of risk that you are both comfortable with, and simplifies the monitoring process for you by removing the need to monitor each underlying holding. Architas MA Active Reserve Fund Architas MA Active Moderate Income Fund Architas MA Active Intermediate Income Fund Architas MA Active Progressive Fund Architas MA Active Growth Fund Architas MA Active Dynamic Fund The Funds asset allocation begins with a strategic framework provided by the EValue Investment Solutions model. This acts as a guide to the fund manager; however, a benefit of active managed funds is that the fund manager has the opportunity to make tactical asset allocation decisions resulting in overweight and underweight positions relative to the suggested allocations. This allows the fund manager to react to changing market conditions and take advantage of growth opportunities identified through the team s research while avoiding fads or sectors/countries that are unattractive. All asset allocation decisions are implemented in the context of the risk model, ensuring that the funds stay within their relevant risk bands. Key facts Diversified, multi-asset investment solution. Expert analysis and research by experienced team of investment professionals. Upside potential the possibility of achieving returns higher than those of the index/benchmark. Potential downside defence managers can act defensively during market downturns and periods of market uncertainty. The manager can make tactical asset allocation bets in search of potential outperformance. Access to the whole market. Lower risk 16. A partnership approach to investing Higher risk

19 Illustrative asset allocations of the Architas MA Active Funds The illustrative asset allocations below highlight the investment diversification within the Architas MA Active Funds. Please note these holdings are an example composition of what may be used to make up the Funds portfolios. MA Active Reserve l Other 60.28% l Cash money market % l Alternatives % l Property 4.86 % l Bonds 39.72% l High yield % l UK gilts 8.00 % l UK corporate 7.75 % l Global 7.32 % l Global government 3.65 % Global emerging l market debt 2.97 % MA Active Moderate Income l Bonds 64.78% l UK corporate % l UK gilts % l High yield 9.46 % l Global 9.20 % Global emerging l market debt 4.82 % l Global government 3.65 % l Equity 22.06% l UK 8.08 % l North America 7.19 % l Asia Pacific but not Japan 4.79 % l Europe but not UK 2.00 % l Other 13.16% l Alternatives 7.08 % l Cash money market 4.01 % l Property 2.06 % MA Active Intermediate Income l Equity 41.42% l Bonds 40.15% l UK % l High yield % l North America % l UK corporate % l Asia Pacific but not Japan 5.79 % l Global 9.68 % l Europe but not UK 3.84 % l UK gilts 3.86 % Global emerging l market debt 3.81 % l Global government 0.17 % l Other 18.43% l Alternatives 9.00 % l Cash money market 4.74 % l Property 4.69 % MA Active Progressive l Equity 62.93% l Bonds 20.54% l Other 16.52% l North America % l UK corporate 6.14 % l Alternatives 10.04% l UK % l High yield 5.54 % l Property 4.69% l Asia Pacific but not Japan % l Global emerging markets 7.50 % l Europe but not UK 3.68 % l Japan 3.04 % l Global 4.16 % l UK gilts 1.91 % l Global government 1.77 % l UK index-linked gilts 1.02 % l Cash money market 1.80% Architas Risk Profiled Funds MA Active Growth l Equity 88.78% l North America % l UK % l Asia Pacific but not Japan % l Global emerging markets % l Japan 3.51 % l Europe but not UK 2.00 % MA Active Dynamic l Equity 91.56% l North America % l Asia Pacific but not Japan % l UK % l Global emerging markets % l Japan 3.14 % l Europe but not UK 3.03 % l Other 11.22% l Alternatives 5.89 % l Cash money market 2.73 % l Property 2.60 % l Other 8.44% l Alternatives 4.12 % l Property 2.69 % l Cash money market 1.63 % 17. A partnership approach to investing

20 Architas Multi-Asset (MA) Blended Funds The Architas MA Blended Funds are a range of five unfettered, risk profiled fund of funds targeted at those clients who are seeking an investment solution that offers a blend of active and passive management to provide the potential for outperformance at a reasonable cost. Many investors are undecided on whether to invest in active or passive solutions and are increasingly conscious of cost. The Architas MA Blended Fund range provides cost effective access to a risk-profiled, multi-asset solution, with the potential to benefit from active management in areas where we believe it is most likely to add value, combined with the lower costs of passive management in other areas. While the fund manager can incorporate active asset allocation decisions, the Architas MA Blended Funds are rigorously monitored and rebalanced to ensure they remain within their risk parameters and that the Funds are performing in line with their investment objectives. This process ensures that your clients investments remain within the level of risk that you are both comfortable with, and simplifies the monitoring process for you by removing the need to monitor each underlying holding. Architas MA Blended Reserve Fund Architas MA Blended Moderate Fund Architas MA Blended Intermediate Fund Architas MA Blended Progressive Fund Architas MA Blended Growth Fund The EValue Investment Solutions model provides the framework for the strategic asset allocation and volatility management. Upon this framework, the investment team seek to enhance the potential for capital growth through the inclusion of active, tactical allocation bets, while ensuring each Fund remains within its expected risk parameters. Passive instruments are used to provide value-for-money exposure to market beta within each portfolio, while active funds provide the potential for outperformance through alpha. The allocation between the two styles is managed to deliver an attractive total cost of ownership combined with access to the best active managers in asset classes where they have the greatest opportunity to outperform. Key facts Diversified across a range of asset classes, sectors, industries and geographic regions. Strategic asset allocation with tactical, active bets. Cost effective access to a range of active and passive funds in one portfolio. Managed by an experienced investment team. No set asset allocation between active and passive investments Funds aim to deliver an attractive total cost of ownership combined with access to the best active managers in asset classes where they have the greatest opportunity to outperform. Lower risk Higher risk 18. A partnership approach to investing Past performance is not a guide to future performance.

21 Illustrative asset allocations of the Architas MA Blended Funds The illustrative asset allocations below highlight the investment diversification within the Architas MA Blended Funds. Please note these holdings are an example composition of what may be used to make up the Funds portfolios. MA Blended Reserve l Bonds 64.82% l UK gilts % l UK corporate % l Global % l High yield 5.95 % l Global government 3.34 % l Global convertible 1.55 % l Equity 20.44% l North America 9.57 % l UK 5.00 % l Japan 2.80 % l Global emerging markets 1.52 % l Europe but not UK 1.48 % l Asia Pacific but not Japan 0.07 % l Other 14.74% l Alternatives 8.53 % l Property 5.37 % l Cash money market 0.84 % Active* 51.20% Passive* 47.96% MA Blended Moderate l Bonds 46.17% l UK gilts % l Global % l UK corporate % l High yield 5.02 % l Global government 2.24 % l Global convertible 1.51 % l Equity 36.37% l North America % l UK 9.45 % l Japan 7.08 % l Europe but not UK 1.27 % l Global emerging markets 0.88 % l Asia Pacific but not Japan 0.49 % l Europe including UK 0.13 % l Other 17.45% l Property 7.54 % l Alternatives 7.40 % l Cash money market 2.51 % Active* 53.30% Passive* 44.19% MA Blended Intermediate l Equity 46.89% l North America % l UK % l Japan 7.59 % l Asia Pacific but not Japan 2.11 % l Europe but not UK 1.48 % l Global emerging markets 1.04 % l Europe including UK 0.10 % l Bonds 35.65% l UK corporate % l Global % l UK gilts 6.35 % l High yield 4.92 % l Global convertible 1.35 % l Global government 0.61 % l Other 17.47% l Property 7.55 % l Alternatives 7.41 % l Cash money market 2.51 % Active* 58.81% Passive* 38.68% MA Blended Progressive l Equity 67.17% l North America % l UK % l Japan 9.05 % l Asia Pacific but not Japan 2.33 % l Europe but not UK 1.95 % l Global emerging markets 1.76 % l Europe including UK 0.53 % l Bonds 18.87% l UK gilts 5.12 % l High yield 4.23 % l Global 3.72 % l UK corporate 3.53 % l Global convertible 1.49 % l Global government 0.79 % l Other 13.96% l Property 5.43 % l Alternatives 5.17 % l Cash money market 3.35 % Active* 52.13% Passive* 44.52% MA Blended Growth l Equity 80.76% l Other 9.74% l Bonds 9.49% l North America % l Property 3.83 % l UK % l Alternatives 3.07 % Global emerging l market debt 2.95 % l Japan % l Cash money market 2.85 % l High yield 2.89 % l Europe but not UK 3.27 % l Global 2.46 % l Asia Pacific but not Japan 2.78 % l Global emerging markets 2.62 % l Global convertible 1.19 % l Europe including UK 1.10 % Active* 60.70% Passive* 36.45% * The breakdown of the Active and Passive Funds within the Architas MA Blended Funds will not add up to 100% as cash is not included in these figures. 19. A partnership approach to investing

22 Architas Multi-Asset (MA) Passive Funds The Architas MA Passive Funds are a range of six unfettered, risk profiled fund of funds targeted at those clients for whom cost and the risk of underperformance is a leading concern and are willing to accept that their investments will track the performance of their benchmarks but will not outperform them. The Funds are risk-profiled and aim to fulfil the varying needs of investors from those who are cautious to those who are willing to accept a higher level of risk in an attempt to achieve a higher level of growth from their investment. The Architas MA Passive Funds are rigorously monitored and rebalanced to ensure they remain within their risk parameters and that the Funds are performing in line with their investment objectives. This process ensures that your clients investments remain within the level of risk that you are both comfortable with, and simplifies the monitoring process for you by removing the need to monitor each underlying holding. Investors in passive funds should not expect performance or returns in excess of those of the markets that they track. In addition, replication of index performance is not guaranteed. Architas MA Passive Reserve Fund Architas MA Passive Moderate Fund Architas MA Passive Intermediate Fund Architas MA Passive Progressive Fund Architas MA Passive Growth Fund Architas MA Passive Dynamic Fund The investment process for the Funds begins with the strategic asset allocation framework provided by EValue Investment Solutions model. From this framework, the Architas investment team constructs the portfolios via a range of passive vehicles, such as trackers and exchange traded funds (ETFs). The Funds utilise a fund of funds approach, investing in a diverse range of index tracker funds, which in turn hold assets to replicate their chosen indices. This enables the Funds to be diversified across a variety of sectors, industries, countries and asset classes as well as emphasising the importance of asset allocation to achieve the optimal blend of underlying holdings. The Funds are managed within risk tolerances to ensure they are correctly aligned to the asset allocation model on an ongoing basis. Daily monitoring ensures that when necessary the Funds are rebalanced to ensure they remain within their risk tolerances: Lower risk Higher risk Asset weighting (%) Tolerance +/- (%) => < A partnership approach to investing Key facts Lower fund charges, relatively inexpensive way to access the markets. Disciplined approach of the risk model ensures an outcome in line with clients risk expectations. The outsourced strategic asset allocation removes emotion exposures are determined by the model, not based on the views of the fund manager Multi-asset, fund of funds approach gives greater potential for diversification. Clear, transparent process. Past performance is not a guide to future performance.

23 Illustrative asset allocations of the Architas MA Passive Funds The illustrative asset allocations below highlight the investment diversification within the Architas MA Passive Funds. Please note these holdings are an example composition of what may be used to make up the Funds portfolios. MA Passive Reserve l Bonds 55.14% l UK gilts % l UK corporate 7.50 % l Global government 4.90 % l Equity 34.26% l UK % l North America % l Japan 3.90 % l Other 10.61% l Property % l Cash money market 0.43 % MA Passive Moderate l Bonds 45.72% l UK gilts % l UK Corporate % l Global government 2.98 % l Equity 43.52% l UK % l North America % l Japan 4.95 % l Other 10.76% l Property % l Cash money market 0.36 % MA Passive Intermediate l Equity 56.38% l North America % l UK % l Japan 6.85 % l Europe but not UK 1.01 % l Bonds 32.77% l UK Corporate % l UK gilts % l Global government 1.46 % l Other 10.85% l Property % l Cash money market 0.37 % MA Passive Progressive l Equity 74.66% l North America % l UK % l Japan 8.69 % l Europe but not UK 2.03 % l Bonds 14.54% l UK Corporate 8.93 % l UK gilts 5.60 % l Other 10.81% l Property 9.89 % l Cash money market 0.92 % MA Passive Growth l Equity 88.65% l North America % l UK % l Japan % l Europe but not UK 4.21 % l Global emerging markets 1.89 % l Asia Pacific but not Japan 0.88 % l Other 11.35% l Property % l Cash money market 0.90 % MA Passive Dynamic l Equity 89.87% l Global emerging markets % l North America % l UK % l Asia Pacific but not Japan % l Japan 6.53 % l Other 10.13% l Property 9.85 % l Cash money market 0.27 % 21. A partnership approach to investing

24 Architas Income Generating Funds The Architas Income Generating Funds are a range of fund of funds designed to deliver an attractive level of income that is stable but with scope to grow, alongside the potential for capital growth. This is in contrast to some alternative approaches that chase an eye catching headline yield but may erode capital in the pursuit of extra yield. The Funds use a multi-asset* approach, investing in a wide range of asset classes to take advantage of the many potential benefits of diversification including reduced volatility and downside defence. Flexible asset allocation allows the Funds to be positioned to take advantage of income opportunities arising from a range of assorted assets at different times, assisting the delivery of a more stable income. This flexibility includes the potential for exposure to alternative investment vehicles, which not only provide diversification benefits, but can also help to deliver higher levels of yield and strong capital appreciation. Architas MM Monthly High Income Fund Architas MA Active Reserve Fund Architas MA Active Moderate Income Fund Architas MA Active Intermediate Income Fund Architas Diversified Global Income Fund Architas Diversified Real Assets Fund Fund name Yield Architas risk profile Ongoing charges figure (OCF) Synthetic Risk & Reward Indicator score (SRRI) Architas MM Monthly High Income Fund Architas MA Active Reserve Fund Architas MA Active Moderate Income Fund Architas MA Active Intermediate Income Fund Architas Diversified Global Income Fund Architas Diversified Real Assets Fund Net 3.68% N/A 0.94% 3 Net 2.54% % 3 Net 2.65% % 3 Net 2.86% % 4 Net 5.55% N/A 1.40% 4 Net 3.14% N/A 1.19% A partnership approach to investing The yields shown are for the A Income share classes apart from the Architas Diversified Real Assets Fund which is for the D share class as at 31 December For information about yields or other share classes available, please contact the Architas Broker Desk on **. The Synthetic Risk and Reward Indicator (SRRI) score is effective as at 6 January The SRRI was defined in 2009 by the Committee of European Securities Regulators (CESR) with the aim of providing investors with a method of assessing a fund s risk. The SRRI measures the volatility of the fund over a year and returns a score of between 1 and 7. The greater the volatility the higher the SRRI score will be. The Architas Multi-Asset Active Reserve and Architas Diversified Real Assets Funds do not have a specific objective to generate an income but the nature of the underlying investments means there is potential for the funds to pay a regular income. Past performance is not a guide to future performance. The value of investments and any income from them can go down as well as up and is not guaranteed, and your client could get back less than they invest. * The Architas Diversified Real Assets Fund is not a multi-asset fund as it invests solely in the alternatives asset class. It is a multi-manager fund as it invests in a variety of different underlying managers. ** Monday to Friday 9.00am-5.30pm; calls may be recorded.

25 Illustrative asset allocations of the Architas Income Generating Funds The illustrative asset allocations below highlight the investment diversification within the Architas Income Generating Funds. Please note these holdings are an example composition of what may be used to make up the Funds portfolios. MM Monthly High Income l Bonds 73.78% l UK corporate % l Global % l High yield % l UK gilts 7.50 % Global emerging l market debt 3.08 % l Global government 0.48 % l Equity 18.49% l UK % l Other 7.73% l Property 5.59 % l Alternatives 1.78 % l Cash money market 0.36 % MA Active Reserve l Other 60.28% l Cash money market % l Alternatives % l Property 4.86 % MA Active Moderate Income l Bonds 64.78% l UK corporate % l UK gilts % l High yield 9.46 % l Global 9.20 % Global emerging l market debt 4.82 % l Global government 3.65 % l Bonds 39.72% l High yield % l UK gilts 8.00 % l UK corporate 7.75 % l Global 7.32 % l Global government 3.65 % Global emerging l market debt 2.97 % l Equity 22.06% l UK 8.08 % l North America 7.19 % l Asia Pacific but not Japan 4.79 % l Europe but not UK 2.00 % l Other 13.16% l Alternatives 7.08 % l Cash money market 4.01 % l Property 2.06 % MA Active Intermediate Income l Equity 41.42% l Bonds 40.15% l UK % l High yield % l North America % l UK corporate % l Asia Pacific but not Japan 5.79 % l Global 9.68 % l Europe but not UK 3.84 % l UK gilts 3.86 % Global emerging l market debt 3.81 % l Global government 0.17 % l Other 18.43% l Alternatives 9.00 % l Cash money market 4.74 % l Property 4.69 % Diversified Global Income l Bonds 39.02% l Equities 35.48% l Other 25.30% l High Yield % l Global % l Infrastructure 6.92 % l Emerging market debt % l UK 9.24 % l Asset leasing 3.98 % l UK government 6.03 % l Europe 7.32 % l Property 3.97 % l Corporate 5.08 % l Global government 3.63 % Diversified Real Assets l Alternatives 95.55% l Infrastructure % l Asset backed securities % l Specialist property % l Volatility 9.94 % l Leveraged loans 9.70 % l Commodities 6.50 % l Specialist credit 5.10 % Renewable energy l infrastructure 4.88 % l Specialist insurance 4.02 % l Infrastructure equity 3.59 % l Timber equity 3.55 % l Property debt 3.40 % l Property 3.11 % l Asset leasing 2.99 % l Ground rents 2.19 % l Inflation 2.01 % l Renewable energy 3.71 % l Asset backed securities 3.62 % l Real estate debt 2.11 % l Cash 0.99 % l Other 4.45% l Cash or money markets 4.45 % 23. A partnership approach to investing Architas Income Generating Funds

26 Architas Specialist Funds The Architas Specialist Funds are a range of multi-manager, funds of funds for advisers who use model portfolios or are aiming to gain exposure to a specific asset class through an individual fund. The Funds are actively managed in the truest sense; their asset allocation framework is not defined by modelling tools, instead they rely solely on the expert research of the Architas investment team and the fund selection skills and market insights of the fund manager. Though less diversified across different asset classes than the Architas Multi-Asset portfolios, diversification remains a crucial element in the fund selection and portfolio construction process to ensure a complementary blend of managers to achieve the Funds investment objectives. Architas MM Strategic Bond Fund Architas MM UK Equity Fund 24. A partnership approach to investing

27 Illustrative manager allocations of the Architas Specialist Funds The illustrative asset allocation below highlight the investment diversification within the Architas Specialist Funds. Please note these holdings are an example composition of what may be used to make up the Funds portfolios. MM Strategic Bond l AXA Global High Income % Vanguard UK Short-Term Investment l Grade Bond Index % l BlackRock UK Gilts All Stocks Tracker 7.89 % l Kames Absolute Return Bond 6.82 % l PIMCO GIS Capital Securities 6.58 % l Royal London Sterling Extra Yield Bond 6.30 % l TwentyFour Dynamic Bond 5.11 % l Vanguard US Investment Grade Credit Index 5.08 % l BlackRock Corporate Bond Tracker 4.74 % l AXA Sterling Corporate Bond 4.25 % Legal and General Emerging Markets 4.00 % l Government Bond (USD) Index l TwentyFour Income 3.36 % l CVC Credit Partners Euro Opportunities 3.19 % l GCP Infrastructure Investment 2.98 % l Fair Oaks Income 2.92 % Neuberger Berman Global Floating l Rate Income 2.78 % l AXA IM FIIS EU Short Duration High Yield 2.74 % l Starwood European Real Estate Finance 2.45 % Royal London Absolute Return l Government Bond 2.16 % l Cash 1.42 % l Vanguard UK Long Duration Gilt Index 0.71 % l ishares $ Treasury Bond 20+yr 0.50 % l SPDR Barclays 1-5 Year Gilt ETF 0.20 % MM UK Equity l Majedie UK Equity % l CF Lindsell Train UK Equity % l BlackRock 100 UK Equity Tracker % l BlackRock UK Equity Tracker % l Fidelity MoneyBuilder Dividend 9.86 % l CF Woodford Equity Income 7.97 % l BlackRock ISF UK Index 7.84 % l Ardevora UK Equity 5.82 % l Artemis Capital 5.09 % l Standard Life UK Equity Unconstrained 4.01 % l Franklin UK Smaller Companies 3.47 % l River and Mercantile UK Micro Cap 2.60 % l BlackRock Mid Cap UK Equity Tracker 2.02 % l Cash 0.78 % 25. A partnership approach to investing Architas Specialist Funds

28 Platform availability We want to be as flexible as possible when it comes to fitting our proposition with your business; we have worked together with leading platforms to ensure the Architas Funds are available through the platforms you want to use. 7IM Aegon AJ Bell Alliance Trust Savings Ascentric Aviva Architas Risk Profiled Funds Architas MA Active Reserve A A A A A A Architas MA Active Moderate Income A A A A A A Architas MA Active Intermediate Income A A A A A A Architas MA Active Progressive A A A A A A Architas MA Active Growth A A A A A A Architas MA Active Dynamic A A A A A A Architas MA Blended Reserve A A A A A A Architas MA Blended Moderate A A A A A A Architas MA Blended Intermediate A A A A A A Architas MA Blended Progressive A A A A A A Architas MA Blended Growth A A A A A A Architas MA Passive Reserve D A D A D Z A D Z A D Z D Z Architas MA Passive Moderate D A D A D Z A D Z A D Z D Z Architas MA Passive Intermediate D A D A D Z A D Z A D Z D Z Architas MA Passive Progressive D A D A D Z A D Z A D Z D Z Architas MA Passive Growth D A D A D Z A D Z A D Z D Z Architas MA Passive Dynamic D A D A D Z A D Z A D Z D Z Architas Income Generating Funds Architas MA Active Reserve A A A A A A Architas MA Active Moderate Income A A A A A A Architas MA Active Intermediate Income A A A A A A 26. A partnership approach to investing Architas Specialist Funds Architas MM Monthly High Income A A A A A A Architas Diversified Global Income A A A A A Architas Diversified Real Assets D D D D D D Architas MM Strategic Bond A A A A A A Architas MM UK Equity A A A A A A Share classes: A A Class S S Class D D Class Z Z Class

29 The Funds are available via a range of share classes which offer cost effective ways to invest. For more information on the Architas Funds and where they are available, please contact our Broker Desk on * or by ing broker.desk@architas.com** Cofunds Elevate Fidelity Funds Network James Hay Novia Nucleus Old Mutual Wealth Standard Life Wrap Transact Vantage Zurich A A S A A A A A A S A A A A A S A A A A A A S A A A A A S A A A A A A S A A A A A S A A A A A A S A A A A A S A A A A A A S A A A A A S A A A A A A S A A A A A S A A A A A A S A A A A A S A A A A A A S A A A A A S A A A A A A S A A A A A S A A A A A A S A A A A A S A A A A A A S A A A A D Z A S Z A D D A D D Z A D A D S A D Z A D A D A D Z A S Z A D D A D D Z A D A D S A D Z A D A D A D Z A S Z A D D A D D Z A D A D S A D Z A D A D A D Z A S Z A D D A D D Z A D A D S A D Z A D A D A D Z A S Z A D D A D D Z A D A D S A D Z A D A D A D Z A S Z A D D A D D Z A D A D S A D Z A D A D A A S A A A A A A S A A A A A S A A A A A A S A A A A A S A A A A A A S A A A A A S A A A A A A S A A A A A S A A A A A S A A A D A D D D D D A D D D D A A S A A A A A A S A A A A S A A A A A A S A A A * Monday to Friday 9.00am 5.00pm; calls may be recorded. ** communication is not encrypted or secure and it could be intercepted and read. Please do not include any personal or confidential information in any reply. 27. A partnership approach to investing

30 Important information This document does not constitute an offer to sell or buy any share in the Fund. Information relating to investments is based on research and analysis undertaken or procured by Architas Multi-Manager Limited for its own purposes and may have been made available to other members of the AXA Group of Companies which, in turn, may have acted on it. Whilst every care is taken over these comments, no responsibility is accepted for errors and omissions that may be contained therein. It is therefore not to be taken as a recommendation to enter into any investment transactions. The Funds referred to in this document (except for the MM UK Equity fund) are permitted to invest over 35% of their assets in securities issued by a single local, national or supranational government. Each Fund can invest entirely in units of collective investment schemes. The value of investments and any income from them can fall as well as rise and is not guaranteed which means your clients could get back less than they invest. These funds may not be appropriate for investors who plan to withdraw their money within five years. Past performance is not a guide to future performance. Changes in exchange rates will affect the value of investments made overseas. Investments in newer markets, smaller companies or single sectors offer the possibility of higher returns but may also involve a higher degree of risk. There is also the potential for delays in switching/disinvesting with some funds. The AXA Group includes other fund management companies which we refer to as in-house managers, such as AXA Investment Managers and AllianceBernstein. We, Architas, may choose to include funds managed by in-house managers, which we refer to as in-house funds, in our multi manager funds. AXA also works closely with a select number of external fund managers which are referred to as strategic partners. These partners are selected on the basis of their strengths under certain criteria and we may choose funds from the strategic partners to make up our multi-manager funds. In the UK, we follow an in-depth research process that ensures that the funds selected for our multi-manager funds are included on the potential benefits they could bring to our Architas funds. We are not influenced by the AXA Group to include in-house or strategic partner funds over funds from other fund managers; funds are selected on their consistency to meet their objectives. We regularly review our selection of funds, including those from strategic partners and in-house managers, to ensure they continue to be appropriate and in your clients best interests. More information about our use of funds from strategic partners and in-house managers is available at architas.com/inhousestratpartners/ If you require further information on any of our funds, the Key Investor Information Document (KIID) and the prospectus are both available free of charge on request from Architas Multi Manager Limited. The KIID is designed to help investors make an informed decision before investing. You can view or download all our funds KIIDs via our website at architas.com 28. A partnership approach to investing AXA is a worldwide leader in financial protection and wealth management. In the UK, one of the AXA companies is Architas Multi-Manager Limited, an investment company that provides access to other investment managers services through a range of multi-manager solutions, including regulated collective investment schemes. Architas Multi-Manager Limited is a company limited by shares and authorised and regulated by the Financial Conduct Authority. It is registered in England: No Registered Office: 5 Old Broad Street, London, EC2N 1AD.

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