SOURCE YOUR SINGLE SOURCE OF CIRILIUM INFORMATION 31 DECEMBER 2017 THIS DOCUMENT IS FOR USE WITH A FINANCIAL ADVISER ONLY

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1 SOURCE YOUR SINGLE SOURCE OF CIRILIUM INFORMATION 31 DECEMBER 2017 THIS DOCUMENT IS FOR USE WITH A FINANCIAL ADVISER ONLY

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3 Old Mutual Global Investors CIRILIUM REVIEW DECEMBER 2017 PAUL CRAIG PORTFOLIO MANAGER MARKET REVIEW December ended the perfect year for US equities, posting positive total returns in every month during 2017 (as measured by the S&P 500 Index, in local currency terms). The S&P 500 also posted its biggest annual gain since 2013 and hit all-time highs on 62 occasions during the year. Much of this enthusiasm can be attributed to President Trump s pending tax overhaul, which is expected to drive earnings higher for US companies. However, the US was not alone in delivering strong returns to investors in company shares, or equities, during both the month and the year. UK equities had a particularly stellar month, driven by strong returns from the materials sector. Stock markets in Asia and the emerging market region also continued to perform well as global economic growth made further progress. By contrast, European and Japanese equities appeared confined to the subs bench during the month, although both enjoyed strong returns for the year. Surprisingly, bond markets were broadly higher over the month (with the exception of Europe) and the year, despite rising interest rates, increasing economic growth and improving investor sentiment. Naturally, returns were lower than for equity markets, but were still considerably higher than simply holding cash. Furthermore, for some asset classes, including high yield, investment returns over the year were respectable in their own right. PERFORMANCE Against this backdrop it is still pleasing to report positive returns for the Cirilium active and passive fund ranges. During the month there was little to separate performance between the active funds, passive funds and their respective peer group averages, but over the year, the active funds delivered much stronger returns than both the passive funds and their respective peer group averages. In addition, it should be remembered that the active funds increased both their degree of diversification and exposure to lower risk managers during the second half of last year. The active funds have also employed a degree of portfolio protection during the year, through the use of an insurance policy. This may have borne a small cost, but it has given us the confidence to remain invested throughout the year despite a wide range of risks, which is reflected in the year-to-date returns. In terms of asset allocation, the active funds have benefited from exposure to European and emerging market equities, high-yield bonds and good relative performance from underlying managers. ACTIVITY Investment activity was lower in December, although this reflects a very busy November rather than any slowdown caused by lower unit holder inflows, or an interruption caused by the festive break. The general theme during the month involved investing unit holder inflows across existing core equity, alternative and fixed interest managers. That said, we took the opportunity to participate in a share issue by Ediston Property for the Old Mutual Cirilium Conservative and Old Mutual Cirilium Balanced Funds. We also took advantage of a widening in the discount to net asset value for Harbourvest Global Private Equity and Riverstone Energy Ltd for the Old Mutual Cirilium Moderate Fund, the Old Mutual Cirilium Dynamic Fund and the Old Mutual Cirilium Adventurous Fund. Somewhat more controversially, we increased our holding in the Woodford Equity Income Fund for all active funds, with the exception of the Old Mutual Cirilium Conservative Fund which is not a holder. There have been many column inches dedicated to the poor performance of Neil Woodford s funds, but to us, his funds are becoming more appealing rather than less appealing. We believe there is too much stock specific risk for the Old Mutual Cirilium Conservative Fund, but for the other active funds Neil s focus towards lower-rated domestic UK stocks is a strategy we have been implementing elsewhere across the portfolios. Clearly, there is no certainty of a turnaround in the manager s performance, but the higher number of holdings across the Cirilium active fund range provides us with the flexibility to add to managers going through a rough patch, which has proved rewarding in the past. OUTLOOK So what is in store for 2018? In all likelihood, more of the same albeit investment returns are expected to be lower across all asset classes, and possibly negative for some developed market government bonds, in our view. In addition, there may be some regional and sector rotation and it would not be surprising to see an increase in volatility across asset classes. A major driver of stock market returns in 2017 was a broader recovery in global economic growth that surpassed expectations. This recovery is expected to continue, although the drivers of global growth may look a little different. For example, the US economy should benefit from the proposed tax cuts while China is managing a slowdown in its economy. The UK is still battling with Brexit issues and Europe may find its growth rate difficult to match that of last year s. There are a number of other questions to ponder, including inflation and interest rates, both of which are expected to rise but by how much, and when? Will the increase in the oil price be sustained? Will technology stocks finally start to underperform old economy (typically companies exposed to more traditional industries such as coal mining or shipbuilding) stocks? And will political conditions continue to stabilise? Against this backdrop we remain optimistic, but acutely aware of the returns we have enjoyed and the risks we may face.

4 Cirilium Multi-Asset Portfolios CIRILIUM BREAKDOWN OF HOLDINGS As at 31 December 2017 Manager Conservative Balanced Moderate Dynamic Adventurous ALTERNATIVES HEDGE APQ GLOBAL APQ CAPITAL CZ ABSOLUTE RETURN ALPHA CZ IPM SYSTEMATIC MACRO IPM MYGALE EVENT DRIVEN MYGALE OLD MUTUAL UK SPECIALIST OLD MUTUAL SYSTEMATICA ALTERNATIVE RISK PREMIA SYSTEMATICA PRIVATE EQUITY EUROVESTEC SELF-MANAGED GRAPHITE ENTERPRISE GRAPHITE HARBOURVEST GLOBAL PRIVATE EQUITY HARBOURVEST PANTHEON INTERNATIONAL PANTHEON RIVERSTONE ENERGY RIVERSTONE STANDARD LIFE EURO PRIVATE EQUITY STANDARD LIFE PROPERTY AEW UK LONG LEASE REIT AEW EDISTON PROPERTY EDISTON IMPACT HEALTHCARE REIT CARNE GLOBAL INFRASTRUCTURE INDIA PLC IIP JOHN LAING ENVIRONMENTAL ASSETS JOHN LAING CAPITAL NEXTENERGY SOLAR NEXTENERGY CAPITAL RAVEN RUSSIA SELF-MANAGED RAVEN RUSSIA C SELF-MANAGED REAL ESTATE INVESTORS SELF-MANAGED RENEWABLES INFRASTRUCTURE GROUP INFRA-RED STARWOOD EUROPEAN REAL ESTATE FINANCE STARWOOD CASH & FIXED INTEREST CASH CASH EQUIVALENT CADES /03/ EIB 16/04/19 GBP INTER-AMERICAN DEVELOPMENT BANK /08/ UK TREASURY BILL 12/02/ UK TREASURY BILL 18/06/ UK TREASURY BILL 23/04/ UK TREASURY BILL 26/02/ CASH FUND DEUTSCHE CASH FUND GOLDMAN SACHS STERLING LIQUID RESERVES GLOBAL FIXED INTEREST ALCENTRA EUROPEAN FLOATING RATE INC ALCENTRA APQ GLOBAL /09/24 APQ CAPITAL ASHMORE EMERGING MARKETS SHORT DURATION ASHMORE ASHMORE EMERGING MARKETS TOTAL RETURN ASHMORE BLACKSTONE GSO LOAN FINANCING BLACKSTONE Continued overleaf

5 Cirilium Multi-Asset Portfolios CIRILIUM BREAKDOWN OF HOLDINGS As at 31 December 2017 Manager Conservative Balanced Moderate Dynamic Adventurous CASH & FIXED INTEREST (CONT D) CARADOR CATCO REINSURANCE OPPORTUNITIES C CATCO CATCO REINSURANCE OPPORTUNITIES CATCO CVC EUROPEAN CREDIT OPPORTUNITIES CVC DW CREDIT CATALYSTS BREVAN HOWARD FAIR OAKS DYNAMIC CREDIT FAIR OAKS FAIR OAKS INCOME FUND FAIR OAKS JPMORGAN CONVERTIBLES INCOME JPMORGAN NB DISTRESSED DEBT NEUBERGER BERMAN OLD MUTUAL COCOS OLD MUTUAL OLD MUTUAL EMERGING MARKET DEBT OLD MUTUAL OLD MUTUAL GLOBAL STRATEGIC BOND OLD MUTUAL OLD MUTUAL STRATEGIC ABSOLUTE RETURN BOND OLD MUTUAL OM LOCAL CURRENCY EMD OLD MUTUAL PIMCO INCOME PIMCO WELLS FARGO INVESTMENT GRADE CREDIT WELLS FARGO WELLS FARGO SHORT-TERM HIGH YIELD WELLS FARGO WELLS FARGO US HIGH YIELD WELLS FARGO UK FIXED INTEREST BROOKS GROUND RENT INCOME FUND BROOKS MACDONALD HADRIANS WALL SECURED INVESTMENTS HADRIANS WALL CAPITAL HADRIANS WALL SECURED INVESTMENTS C HADRIANS WALL CAPITAL HENDERSON STRATEGIC BOND HENDERSON HONEYCOMB INVESTMENT TRUST HONEYCOMB OLD MUTUAL ABSOLUTE RETURN GOVERNMENT BOND FUND OLD MUTUAL OLD MUTUAL CORPORATE BOND FUND (U2 INC) OLD MUTUAL OM BOND 1 (TWENTY FOUR) TWENTY-FOUR OM BOND 2 (FIDELITY) FIDELITY OM BOND 3 (DU PONT) DU PONT RM SECURED DIRECT LENDING PLC C RM CAPITAL RM SECURED DIRECT LENDING PLC RM CAPITAL SEQUOIA ECONOMIC INFRASTRUCTURE SEQUOIA SQN ASSET FINANCE INCOME SQN SQN ASSET FINANCE INCOME C SQN UK MORTGAGES LTD (TWENTY FOUR) TWENTY-FOUR VPC SPECIALTY LENDING INVESTMENTS VICTORY PARK CAPITAL EQUITIES ASIA OCEAN DIAL GATEWAY TO INDIA OCEAN DIAL OM ASIAN EQUITY (OMGI) OLD MUTUAL SCHRODER ASIAN TOTAL RETURN SCHRODER EMERGING MARKETS FIDELITY CHINA SPECIAL SITUATIONS FIDELITY OLD MUTUAL GLOBAL EMERGING MARKETS OLD MUTUAL PACIFIC NOS EM EQUITY NORTH OF SOUTH Continued overleaf

6 Cirilium Multi-Asset Portfolios CIRILIUM BREAKDOWN OF HOLDINGS As at 31 December 2017 Manager Conservative Balanced Moderate Dynamic Adventurous EQUITIES (CON T D) TEMPLETON EMERGING TEMPLETON WELLS FARGO EM EQUITY INCOME WELLS FARGO EUROPE FP CRUX EUROPEAN CRUX ASSET MANAGEMENT HERMES EUROPE EX UK HERMES MITON EUROPEAN OPPORTUNITIES MITON MONTANARO EUROPEAN INCOME MONTANARO MONTANARO EUROPEAN MID-CAP MONTANARO OLD MUTUAL EUROPE EX UK SMALLER COMPANIES OLD MUTUAL OLD MUTUAL EUROPEAN EQUITY (EX UK) OLD MUTUAL OLD MUTUAL HENDERSON EUROPEAN FUND HENDERSON GLOBAL INTERNATIONAL OIL & GAS INVESTEC QUALITY GLOBAL EQUITY INCOME INVESTEC MONKS BAILLIE GIFFORD MURRAY INTERNATIONAL ABERDEEN POLAR AUTOMATION AND ARTIFICAL INTELLIGENCE POLAR CAPITAL WELLS FARGO GLOBAL EQUITY WELLS FARGO JAPAN BAILLIE GIFFORD JAPANESE INCOME GROWTH BAILLIE GIFFORD BLACKROCK JAPAN EQUITY TRACKER BLACKROCK NEPTUNE JAPAN NEPTUNE NEPTUNE JAPAN INSTITUTIONAL NEPTUNE SPECIALIST EQUITY BLACKROCK NEW ENERGY BLACKROCK ISHARES GLOBAL ENERGY BLACKROCK PERSHING SQUARE HOLDINGS PERSHING SQUARE POLAR CAPITAL FINANCIALS INCOME POLAR CAPITAL POLAR CAPITAL TECHNOLOGY POLAR CAPITAL UK CAMBRIA AUTOMOBILES SELF-MANAGED DIVERSE INCOME TRUST MITON FIDELITY SPECIAL VALUES FIDELITY HANSA HANSA CAPITAL HENDERSON UK EQUITY INCOME HENDERSON MERCANTILE INVESTMENT TRUST JPMORGAN MITON UK VALUE OPPORTUNITIES MITON MONTANARO UK INCOME MONTANARO MONTANARO UK SMALLER MONTANARO NORTH ATLANTIC SMALLER JO HAMBRO OLD MUTUAL UK ALPHA OLD MUTUAL OLD MUTUAL WOODFORD EQUITY INCOME WOODFORD OM EQUITY 2 (INVESTEC) INVESTEC POLAR UK VALUE OPPORTUNITIES POLAR CAPITAL RIVER & MERCANTILE UK LONG TERM RECOVERY FUND RIVER & MERCANTILE WOODFORD EQUITY INCOME WOODFORD Continued overleaf

7 Cirilium Multi-Asset Portfolios CIRILIUM BREAKDOWN OF HOLDINGS As at 31 December 2017 EQUITIES (CON T D) Manager Conservative Balanced Moderate Dynamic Adventurous US MIDDLEFIELD CANADIAN INCOME MIDDLEFIELD MITON US OPPORTUNITIES MITON US EQUITY EXPOSURE WELLS FARGO US SELECT EQUITY WELLS FARGO TOTAL Please note due to rounding of figures they might not add up to 100. The Old Mutual Cirilium Strategic Income Fund was closed on 28 September 2016.

8 For use with a professional adviser. FUND FACTSHEET OLD MUTUAL CIRILIUM CONSERVATIVE PORTFOLIO R CLASS GBP ACCUMULATION 31 DECEMBER 2017 FUND OBJECTIVE To achieve long term capital growth through investment markets both in the UK and overseas. The portfolio will be conservative in that it will be broadly diversified across asset classes, but with a maximum exposure of 30 to equities and with a maximum volatility of 7. PAUL CRAIG FUND MANAGER SINCE MAR 2012 FUND SIZE 594.1m PERFORMANCE (FIVE YEAR) CUMULATIVE PERFORMANCE () 1 month 3 month 6 month 1Y 3Y 5Y Since Inception Fund DISCRETE PERIOD PERFORMANCE () 2017 YTD Since Inception Fund Past performance is not a guide to future performance. Source: Factset. Morningstar. All Rights Reserved. R GBP Accumulation terms. All information as at 31/12/2017 unless otherwise stated. TOP FIVE HOLDINGS EQUITIES MITON UK VALUE OPPORTUNITIES MITON US OPPORTUNITIES MONTANARO EUROPEAN INCOME OLD MUTUAL EUROPEAN EQUITY (EX UK) RIVER & MERCANTILE UK LONG TERM RECOVERY FUND TOTAL HOLDINGS 17 ALTERNATIVES CZ ABSOLUTE RETURN ALPHA EDISTON PROPERTY IPM SYSTEMATIC MACRO JOHN LAING ENVIRONMENTAL ASSETS NEXTENERGY SOLAR TOTAL HOLDINGS 12 CASH AND FIXED INTEREST ASHMORE EMERGING MARKETS SHORT DURATION GOLDMAN SACHS STERLING LIQUID RESERVES HENDERSON STRATEGIC BOND OLD MUTUAL STRATEGIC ABSOLUTE RETURN BOND WELLS FARGO SHORT-TERM HIGH YIELD TOTAL HOLDINGS 45 CURRENT ASSET ALLOCATION EQUITIES UK 4.63 EUROPE 2.49 JAPAN 1.71 GLOBAL 1.67 US 1.65 ASIA 1.53 SPECIALIST EQUITY 0.94 EMERGING MARKETS 0.93 ALTERNATIVES PROPERTY 6.12 HEDGE 5.11 CASH AND FIXED INTEREST CASH SPECIALIST CREDIT FLEXIBLE 9.73 EMDH 7.13 HIGH YIELD 6.15 UK BONDS 5.22 EMDL 2.82 ABSOLUTE RETURN 2.40 ABS 2.07 OTHERS 5.47 TOTAL TOTAL TOTAL Please note due to rounding of figures they may not add up to 100. Cash may also include the derivative exposure offset..

9 For use with a professional adviser. FUND FACTSHEET OLD MUTUAL CIRILIUM BALANCED PORTFOLIO R CLASS GBP ACCUMULATION 31 DECEMBER 2017 FUND OBJECTIVE To achieve long term capital growth through investment markets both in the UK and overseas. The portfolio will be cautious in that it will be broadly diversified across asset classes, but with a maximum exposure of 60 to equities and with a maximum volatility of 10. PAUL CRAIG FUND MANAGER SINCE MAR 2009 FUND SIZE 2,431.3m PERFORMANCE (FIVE YEAR) CUMULATIVE PERFORMANCE () 1 month 3 month 6 month 1Y 3Y 5Y Since Inception Fund DISCRETE PERIOD PERFORMANCE () 2017 YTD Since Inception Fund Past performance is not a guide to future performance. Source: Factset. Morningstar. All Rights Reserved. R GBP Accumulation terms. All information as at 31/12/2017 unless otherwise stated. TOP FIVE HOLDINGS EQUITIES MITON UK VALUE OPPORTUNITIES MITON US OPPORTUNITIES NEPTUNE JAPAN OM ASIAN EQUITY (OMGI) RIVER & MERCANTILE UK LONG TERM RECOVERY FUND TOTAL HOLDINGS 34 ALTERNATIVES CZ ABSOLUTE RETURN ALPHA EDISTON PROPERTY HARBOURVEST GLOBAL PRIVATE EQUITY MYGALE EVENT DRIVEN NEXTENERGY SOLAR TOTAL HOLDINGS 14 CASH AND FIXED INTEREST ASHMORE EMERGING MARKETS SHORT DURATION ASHMORE EMERGING MARKETS TOTAL RETURN HENDERSON STRATEGIC BOND OM BOND 2 (FIDELITY) OM LOCAL CURRENCY EMD TOTAL HOLDINGS 37 CURRENT ASSET ALLOCATION EQUITIES UK EUROPE 7.37 GLOBAL 5.19 JAPAN 4.81 US 3.94 ASIA 3.45 EMERGING MARKETS 2.61 SPECIALIST EQUITY 2.23 PROPERTY 0.01 ALTERNATIVES HEDGE 6.09 PROPERTY 4.83 PRIVATE EQUITY 1.12 CASH AND FIXED INTEREST SPECIALIST CREDIT CASH 8.77 EMDH 6.27 HIGH YIELD 5.22 FLEXIBLE 4.43 UK BONDS 3.40 EMDL 2.37 ABS 1.89 INVESTMENT GRADE 1.88 OTHERS 3.07 TOTAL TOTAL TOTAL Please note due to rounding of figures they may not add up to 100. Cash may also include the derivative exposure offset..

10 For use with a professional adviser. FUND FACTSHEET OLD MUTUAL CIRILIUM MODERATE PORTFOLIO R CLASS GBP ACCUMULATION 31 DECEMBER 2017 FUND OBJECTIVE To achieve long term capital growth through investment markets both in the UK and overseas. The portfolio will be moderate in that it will be broadly diversified across asset classes, but with a maximum exposure of 80 to equities and with a maximum volatility of 13. PAUL CRAIG FUND MANAGER SINCE MAR 2009 FUND SIZE 2,274.3m PERFORMANCE (FIVE YEAR) CUMULATIVE PERFORMANCE () 1 month 3 month 6 month 1Y 3Y 5Y Since Inception Fund DISCRETE PERIOD PERFORMANCE () 2017 YTD Since Inception Fund Past performance is not a guide to future performance. Source: Factset. Morningstar. All Rights Reserved. R GBP Accumulation terms. All information as at 31/12/2017 unless otherwise stated. TOP FIVE HOLDINGS EQUITIES MITON UK VALUE OPPORTUNITIES MITON US OPPORTUNITIES NEPTUNE JAPAN OM ASIAN EQUITY (OMGI) POLAR UK VALUE OPPORTUNITIES ALTERNATIVES CZ ABSOLUTE RETURN ALPHA HARBOURVEST GLOBAL PRIVATE EQUITY MYGALE EVENT DRIVEN RIVERSTONE ENERGY SYSTEMATICA ALTERNATIVE RISK PREMIA CASH AND FIXED INTEREST ASHMORE EMERGING MARKETS SHORT DURATION ASHMORE EMERGING MARKETS TOTAL RETURN OM BOND 1 (TWENTY FOUR) OM LOCAL CURRENCY EMD WELLS FARGO US HIGH YIELD TOTAL HOLDINGS 40 TOTAL HOLDINGS 16 TOTAL HOLDINGS 24 CURRENT ASSET ALLOCATION EQUITIES UK EUROPE JAPAN 7.64 GLOBAL 5.17 EMERGING MARKETS 5.12 ASIA 4.82 US 4.39 SPECIALIST EQUITY 3.34 PROPERTY 0.02 ALTERNATIVES HEDGE 7.00 PRIVATE EQUITY 4.66 PROPERTY 3.02 GLOBAL 0.00 CASH AND FIXED INTEREST SPECIALIST CREDIT 8.16 EMDH 4.79 CASH 4.67 HIGH YIELD 3.45 EMDL 1.91 ABS 1.61 OTHER 1.16 INVESTMENT GRADE 0.75 TOTAL TOTAL TOTAL Please note due to rounding of figures they may not add up to 100. Cash may also include the derivative exposure offset..

11 For use with a professional adviser. FUND FACTSHEET OLD MUTUAL CIRILIUM DYNAMIC PORTFOLIO R CLASS GBP ACCUMULATION 31 DECEMBER 2017 FUND OBJECTIVE To achieve long term capital growth through investment markets both in the UK and overseas. The portfolio will be diversified across asset classes, but with a maximum exposure of 90 to equities and with a maximum volatility of 16. PAUL CRAIG FUND MANAGER SINCE MAR 2009 FUND SIZE 1,659.7m PERFORMANCE (FIVE YEAR) CUMULATIVE PERFORMANCE () 1 month 3 month 6 month 1Y 3Y 5Y Since Inception Fund DISCRETE PERIOD PERFORMANCE () 2017 YTD Since Inception Fund Past performance is not a guide to future performance. Source: Factset. Morningstar. All Rights Reserved. R GBP Accumulation terms. All information as at 31/12/2017 unless otherwise stated. TOP FIVE HOLDINGS EQUITIES MITON UK VALUE OPPORTUNITIES NEPTUNE JAPAN OM ASIAN EQUITY (OMGI) POLAR UK VALUE OPPORTUNITIES WELLS FARGO US SELECT EQUITY ALTERNATIVES CZ ABSOLUTE RETURN ALPHA HARBOURVEST GLOBAL PRIVATE EQUITY PANTHEON INTERNATIONAL RIVERSTONE ENERGY SYSTEMATICA ALTERNATIVE RISK PREMIA CASH AND FIXED INTEREST CATCO REINSURANCE OPPORTUNITIES HONEYCOMB INVESTMENT TRUST OM BOND 1 (TWENTY FOUR) VPC SPECIALTY LENDING INVESTMENTS TOTAL HOLDINGS 42 TOTAL HOLDINGS 15 TOTAL HOLDINGS 11 CURRENT ASSET ALLOCATION EQUITIES UK EUROPE JAPAN 9.38 GLOBAL 7.74 EMERGING MARKETS 6.86 ASIA 5.39 US 4.56 SPECIALIST EQUITY 3.87 PROPERTY 0.01 ALTERNATIVES PRIVATE EQUITY 8.66 HEDGE 7.19 PROPERTY 2.52 GLOBAL 0.00 CASH AND FIXED INTEREST SPECIALIST CREDIT 5.80 CASH 2.19 ABS 0.83 OTHER 0.00 TOTAL TOTAL TOTAL 8.82 Please note due to rounding of figures they may not add up to 100. Cash may also include the derivative exposure offset..

12 For use with a professional adviser. FUND FACTSHEET OLD MUTUAL CIRILIUM ADVENTUROUS PORTFOLIO R CLASS GBP ACCUMULATION 31 DECEMBER 2017 FUND OBJECTIVE To achieve long term capital growth through investment in markets both in the UK and overseas. The Fund will typically have a maximum exposure of 100 to equities with a maximum volatility of 19. PAUL CRAIG FUND MANAGER SINCE JUN 2017 FUND SIZE 22.4m PAST PERFORMANCE The share class launched on 1 June 2017 and therefore will not present past performance data until the share class has been running for a full 12 month period. TOP FIVE HOLDINGS EQUITIES BAILLIE GIFFORD JAPANESE INCOME GROWTH MITON UK VALUE OPPORTUNITIES NEPTUNE JAPAN OLD MUTUAL WOODFORD EQUITY INCOME POLAR UK VALUE OPPORTUNITIES ALTERNATIVES HARBOURVEST GLOBAL PRIVATE EQUITY IPM SYSTEMATIC MACRO PANTHEON INTERNATIONAL RIVERSTONE ENERGY SYSTEMATICA ALTERNATIVE RISK PREMIA CASH AND FIXED INTEREST ASHMORE EMERGING MARKETS SHORT DURATION CATCO REINSURANCE OPPORTUNITIES OM LOCAL CURRENCY EMD TOTAL HOLDINGS 30 TOTAL HOLDINGS 7 TOTAL HOLDINGS 3 CURRENT ASSET ALLOCATION EQUITIES UK EUROPE JAPAN 9.78 GLOBAL 7.90 EMERGING MARKETS 7.31 SPECIALIST EQUITY 6.82 US 5.31 ASIA 5.26 ALTERNATIVES PRIVATE EQUITY 7.06 HEDGE 5.53 CASH AND FIXED INTEREST CASH 2.60 EMDL 1.84 SPECIALIST CREDIT 1.51 EMDH 1.39 TOTAL TOTAL TOTAL 7.35 Please note due to rounding of figures they may not add up to 100..

13 SOURCE Please remember that past performance is not a guide to future performance. The value of investments and the income from them can go down as well as up and investors may not get back any of the amount originally invested. Exchange rates may cause the value of overseas investments to rise or fall. The Old Mutual Cirilium Multi-asset portfolios are managed by Old Mutual Investment Management Limited. Old Mutual Investment Management Limited replaced Intrinsic Cirilium Investment Company Limited as the Authorised Corporate Director of the Fund on 1 December This communication is issued by Old Mutual Global Investors (UK) Limited (trading name Old Mutual Global Investors), a member of the Old Mutual Group. Old Mutual Global Investors is registered in England and Wales under number and its registered office is 2 Lambeth Hill London EC4P 4WR. Old Mutual Global Investors is authorised and regulated by the UK Financial Conduct Authority ( FCA ) with FCA register number and is owned by Old Mutual Plc, a public limited company limited by shares, incorporated in England and Wales under registered number This communication has been prepared for general information only. It does not purport to be all-inclusive or contain all of the information which a proposed investor may require in order to make a decision as to whether to invest in the Fund. Nothing in this document constitutes a recommendation suitable or appropriate to a recipient s individual circumstances or otherwise constitutes a personal recommendation. No investment decisions should be made without first reviewing the prospectus and the simplified prospectus of the Fund which can be obtained from OMGI 01_18_0134