Latest Fund Report. MyFolio Multi Manager II (31/07/2018) Platform 1. Key facts. Fund description. Bambos Hambi

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1 Latest Fund Report MyFolio Multi Manager II (31/07/2018) Platform 1 Key facts Bambos Hambi Fund Manager Bambos joined Standard Life Investments in 2011 as Head of Fund of Fund Management, taking responsibility for the portfolio management of MyFolio. His previous roles include Fund Manager and Head of Multi Manager at Gartmore, and Fund Manager and Head of Multi Manager at Rothschild. Bambos has also worked with Friends Ivory & Sime, Quilter & Co Ltd and Legal & General. Fund description The fund aims to provide growth over the long term while being managed to a level of risk, rather than a level of return. It is part of the MyFolio Multi-Manager range, which consists of five funds with different expected combinations of investment risk and return levels. The fund is risk level II, which aims to be the second lowest risk fund in this range. This level will have a high amount in traditionally lower risk assets such as money market instruments including cash and certain types of bonds. This may suit you if you are relatively cautious with your investments. This fund invests in a broad range of diversified investments with typically at least 4 in traditionally lower risk assets such as money market instruments including cash, government bonds (loans to a government) and investment grade corporate bonds (loans to a company). The rest is invested in a selection of other assets such as company shares, absolute returns and commercial property. For the full fund description please refer to the Fund Description section on the last page of this report. Please note that the number contained in the fund name is not related to the synthetic risk and reward indicator contained in the Key Investor Information Document (KIID) Cumulative performance (as at 31/07/2018) 5% Fund Launch Date 20/09/2010 Shareclass Launch Date 26/04/2012 Fund Size m Initial Charge 0.0 Annual Management Charge 0.475% Ongoing Charge Figure* 1.11% Fund Structure OEIC Valuation Point 07:30 (UK time) Base Currency GBP SEDOL B7FH4R9 2.5% Aug 17 Nov 17 Feb 18 May 18 Aug 18 Standard Life Investments MyFolio Multi Manager II Income reinvested, net of fund charges, GBP, sourced from FE 2018 The chart shows the performance of the fund over the period shown. Cumulative performance (as at 31/07/2018) Standard Life Investments MyFolio Multi Manager II 3 months 6 months 1 year 3 years 5 years 10 years 1.56% 0.07% 3.04% ISIN CitiCode Domicile Distribution Type Asset Class GB00B7FH4R99 10F5 United Kingdom umulation Mixed Asset Year on year (as at 30/06/2018) 2 1 Yield 0.8 Ratings 0-12m 12-24m 24-36m 36-48m 48-60m * The Ongoing Charge Figure (OCF) shows the annualised operating expenses of the share/unit class as a percentage of the average net asset value of the class over the same period. It is made up of the Annual Management Charge (AMC) and other expenses taken from the class over the last annual reporting period, such as depositary fees, audit fees, investment management fees, and administration fees. It excludes portfolio transaction costs, except in the case of an entry/ exit charge paid by the Fund when buying or selling in another collective investment undertaking. The OCF can help you compare the costs and expenses of different Funds/classes. Standard Life Investments MyFolio Multi Manager II Income reinvested, net of fund charges, GBP, sourced from FE 2018 The chart shows the performance of the fund over the period shown. Year on year (as at 30/06/2018) Standard Life Investments MyFolio Multi Manager II 0-12m 12-24m 24-36m 36-48m 48-60m 2.46% 9.94% 1.82% 6.46% 5.89% Past performance is not a guide to future returns. The value of this investment and the income from it may go down as well as up and cannot be guaranteed. An investor may receive back less than their original investment. This document is intended for use by individuals who are familiar with investment terminology. To help you understand a fund and for a full explanation of specific risks and the overall risk profile of the fund and the shareclasses within it, please refer to the Key Investor Information Document or Prospectus. 1

2 Market review Global equities delivered positive returns over the 12-month period despite renewed market volatility in Equity markets started the period well, on expectations that President Trump s agenda would boost global growth. Several major indices hit record highs as the world s economy continued to improve with the recovery finally broadening out to Europe. Strong corporate earnings meant global equities finished 2017 strongly, with investors cheered by President Trump s $1.5 trillion tax-cut package. This positive trend continued into early 2018 before equities fell and volatility rose in February and March. There were concerns that strong global growth could boost inflation and prompt central banks to withdraw easy monetary conditions. Meanwhile, political concerns came to the fore once more, with investors unnerved by uncertainty over Italy s political future. Fears of a trade war between China and the US also weighed on sentiment. Global equity markets then rebounded towards the end of the period, driven by robust US economic data and a raft of better-than-expected corporate earnings results. The former allowed the US Federal Reserve (Fed) to raise interest rates in June. For much of the past year, central bank actions and rhetoric dominated bond markets. As the global economic recovery advanced, the prospect of reduced monetary stimulus grew closer. With inflation muted in most major economies, this supported government bonds for much of the time. Volatility then reappeared in 2018, with growing inflationary pressures pushing up yields (prices fell) in April. US 10-year Treasury yields briefly reached 3% for the first time in over four years. In May, however, political disruption in Italy and Spain fuelled demand for core government bonds from the US, Germany and the UK. In July, Fed Chair Jerome Powell indicated that gradual interest rate rises would continue, and the yield on the 10-year Treasury bond finished the month just below 3%. UK commercial real estate recorded positive performance over the review period, supported by the relatively robust UK economy. In sector terms, industrials were the strongest performers, due to favourable supply/demand dynamics, as well as the structural shift to online retailing. By contrast, the retail sector remained under pressure, with several high-profile casualties serving as a reminder of the threat to traditional bricks & mortar retailers from internet shopping. Annualised risk and return (as at 31/07/2018) Performance 12% 8% 4% 2% 4% 6% 8% 1 Income reinvested, net of fund charges, GBP, sourced from FE 2018 The chart shows the annualised volatility (risk) and annualised performance based on fund returns over the past three years to the date shown. Key Name Performance Volatility Standard Life Investments MyFolio Multi Manager I Platform 1 Standard Life Investments MyFolio Multi Manager II Platform 1 Standard Life Investments MyFolio Multi Manager III Platform 1 Standard Life Investments MyFolio Multi Manager IV Platform 1 Standard Life Investments MyFolio Multi Manager V Platform % 2.95% % 6.33% 5.43% 7.82% 6.75% 9.18% 7.99% The table shows the annualised volatility (risk) and annualised performance based on fund returns over the past three years to the date shown. Past performance is not a guide to future returns. The value of this investment and the income from it may go down as well as up and cannot be guaranteed. An investor may receive back less than their original investment. Current asset allocation (as at 31/07/2018) Volatility Standard Life Investments MyFolio Multi Manager II Defensive assets % Money Market including Cash 1.5 Global Index Linked Bonds 5.6 Short Dated Global IL Bonds 4.1 Sterling Corporate Bonds 7.5 Short Dtd Sterling Corp Bonds 7.0 Global Corporate Bonds 7.6 Short Dated Global Corp Bonds 2.6 Absolute Return Bonds 10.1 Total

3 Growth assets % UK Equities 9.2 US Equities 10.6 European Equities 4.0 Japanese Equities 4.4 Asia Pacific Equities 2.7 Emerging Market Equities 3.2 Emerging Mkt Local Curr Bonds 2.0 Global High Yield Bonds 2.0 UK Real Estate 4.5 Global REITs 1.5 Multi Asset Absolute Returns 9.9 Total 54.0 Source: Standard Life Investments

4 Fund commentary Allocations to US equities, UK equities and UK real estate were the biggest contributors to the fund return over the past 12 months. The actively managed tactical tilts placed over the year had a positive effect on overall fund performance. Over the period, the main changes to asset allocation were as follows. Reduced exposure money markets, including cash sterling corporate bonds short-dated sterling corporate bonds European equities global high yield bonds Increased exposure global index linked bonds short-dated global index linked bonds absolute return bonds Asia Pacific equities emerging market equities emerging market local currency bonds global REITs We also added an allocation to global corporate bonds and short-dated global corporate bonds. Holdings (as at 31/07/2018) assuming 100,000 fund value Defensive assets Asset class % Fidelity Global Inflation-Linked Bond Short Dated Global Index Linked Bonds % Fidelity Short Dated Corporate Bond Short Dated Sterling Corporate Bonds % Fidelity UK Corporate Bond Sterling Corporate Bonds % Payden Absolute Return Bond Absolute Return Bonds % PIMCO Global Investment Grade Credit Global Corporate Bonds % Robeco Global Credits Global Corporate Bonds % Robeco Global Credits Short Maturity Short Dated Global Corporate Bonds % Royal London Global Index Linked Global Index Linked Bonds % Royal London Short Duration Credit Short Dated Sterling Corporate Bonds % Royal London Short Duration Global Index Short Dated Global Index Linked Bonds % T Rowe Price Dynamic Global Bond Absolute Return Bonds % TwentyFour Absolute Return Credit Short Dated Sterling Corporate Bonds % TwentyFour Corporate Bond Sterling Corporate Bonds % Vanguard UK Short-Term Investment Short Dated Sterling Corporate Bonds % Grade Bond Cash and Other Money Market including Cash % Total % Market outlook The story of the equity market this year has been the reintroduction of risk and volatility. Higher interest rates and the removal of monetary policy are causing a slow tightening of liquidity conditions, which is creating stress in some emerging market currencies and bond yields. In addition, populist politics are challenging the status quo, threatening global free trade and the euro. However, the most important drivers for stocks economic data and corporate earnings remain solid, providing reasons to remain supportive. As we move through 2018, stock prices will have to be justified by the merits of the underlying company cashflows, rather than by interest-rate-driven valuation. The path and speed of interest rate changes will continue to determine the short-term outlook for bond markets. Central banks have made it clear they believe economic growth and employment levels now argue for an unwinding of emergency monetary policies, despite consistently low inflation. As a result, they are steering towards a tighter monetary policy stance. Meanwhile, the fundamental picture for corporate bonds remains sound, which was reflected in the first quarter earnings season. Uncertainty around the ultimate economic impact of Brexit continues to affect sentiment towards UK commercial real estate. We envisage a period of low returns over the next five years, with the forecast annual total return being slightly below the market income return. With income expected to be the main driver of returns, the degree of income risk from potential tenant default or the ability to maintain income at lease events will be key to performance. Growth assets Asset class % AQR Systematic Total Return Multi Asset Absolute Returns % Artemis European Opportunities European Equities % Artemis US Select US Equities % Barings European High Yield Bond Global High Yield Bonds Brookfield Global REITS Global REITs Brown Advisory US Small Cap Blend US Equities % Fidelity UK Smaller Companies UK Equities Hermes Asia Ex Japan Equity Asia Pacific Equities Invesco Perpetual European Equity Income European Equities % Invesco Perpetual Global Emerging Emerging Market Equities % Markets Invesco Perpetual Global Targeted Returns Multi Asset Absolute Returns % Investec UK Alpha UK Equities % Janus Henderson Emerging Markets Emerging Market Equities % Opportunities Janus Henderson UK Property Feeder UK Real Estate % JO Hambro UK Dynamic UK Equities % L&G US Index US Equities % LF Morant Wright Nippon Yield Japanese Equities % Majedie UK Equity UK Equities % Mirae Asia Sector Leaders Equity Asia Pacific Equities % Neuberger Berman EM Debt Local Currency Emerging Market Local Currency Bonds % Nomura US High Yield Bond Global High Yield Bonds % Old Mutual North American Equity US Equities % Schroder Tokyo Japanese Equities % SLI Global Absolute Return Strategies Multi Asset Absolute Returns TM Fulcrum Diversified Core Absolute Return Multi Asset Absolute Returns % Tokio Marine - Japanese Equity Japanese Equities % Vanguard US Equity Index US Equities % Wellington US Research Equity US Equities % Total % Source: Standard Life Investments

5 Fund description The fund aims to provide growth over the long term while being managed to a level of risk, rather than a level of return. It is part of the MyFolio Multi-Manager range, which consists of five funds with different expected combinations of investment risk and return levels. The fund is risk level II, which aims to be the second lowest risk fund in this range. This level will have a high amount in traditionally lower risk assets such as money market instruments including cash and certain types of bonds. This may suit you if you are relatively cautious with your investments. This fund invests in a broad range of diversified investments with typically at least 4 in traditionally lower risk assets such as money market instruments including cash, government bonds (loans to a government) and investment grade corporate bonds (loans to a company). The rest is invested in a selection of other assets such as company shares, absolute returns and commercial property. How the fund invests The fund is actively managed by our investment team. Their main focus is to pick funds which best fulfil the fund s objective. It will generally consist of a portfolio of actively managed funds from selected managers (including Aberdeen Standard Investments). This selection and ongoing monitoring is undertaken by Aberdeen Standard Investments and is based on extensive research with the aim of blending managers with expertise across the chosen asset classes. The fund may use derivatives to reduce risk or cost, or to generate additional capital or income at proportionate risk (Efficient Portfolio Management). Derivatives will only be used for hedging or to provide exposures that could be achieved through investment in the assets in which the fund is primarily invested. Usage of derivatives is monitored to ensure that the fund is not exposed to excessive or unintended risks. Target market Suitable for investors with basic investment knowledge. Suitable for investors who can accept large short term losses. Suitable for investors wanting a return (growth) over the longer term (5 years) but with easy access to their cash The fund is intended as a stand-alone investment solution. Has specific and generic risks with a risk rating as per the SRRI number, all detailed on the Key Investor Information Document. Suitable for general sale to retail and professional investors through all distribution channels with or without professional advice. Key risks a. The fund invests in securities which are subject to the risk that the issuer may default on interest or capital payments. b. The fund price can go up or down daily for a variety of reasons including changes in interest rates, inflation expectations or the perceived credit quality of individual countries or securities. c. The fund invests in equities and equity related securities. These are sensitive to variations in the stock markets which can be volatile and change substantially in short periods of time. d. Commercial property is less liquid than other asset classes such as bonds or equities. Selling property can be a lengthy process so investors in the fund should be aware that they may not be able to sell their investment when they want to. e. Commercial property transaction charges are higher than those which apply in other asset classes. Investors should be aware that a high volume of transactions would have a material impact on fund returns. f. Property valuation is a matter of judgement by an independent valuer and is therefore a matter of the valuer`s opinion rather than fact g. The use of derivatives carries the risk of reduced liquidity, substantial loss and increased volatility in adverse market conditions, such as a failure amongst market participants. The use of derivatives may result in the fund being leveraged (where market exposure and thus the potential for loss by the fund exceeds the amount it has invested) and in these market conditions the effect of leverage will be to magnify losses. The fund does not make extensive use of derivatives. h. The fund may hold money-market instruments, the value of which may be subject to adverse movements in extreme market conditions. Any data contained herein which is attributed to a third party ( Third Party Data ) is the property of (a) third party supplier(s) (the Owner ) and is licensed for use by Standard Life Aberdeen*. Third Party Data may not be copied or distributed. Third Party Data is provided as is and is not warranted to be accurate, complete or timely. To the extent permitted by applicable law, none of the Owner, Standard Life Aberdeen* or any other third party (including any third party involved in providing and/ or compiling Third Party Data) shall have any liability for Third Party Data or for any use made of Third Party Data. Past performance is no guarantee of future results. Neither the Owner nor any other third party sponsors, endorses or promotes the fund(s) or product(s) to which Third Party Data relates. *Standard Life Aberdeen means the relevant member of the Standard Life Aberdeen group, being Standard Life Aberdeen plc (SC286832) together with its subsidiaries, subsidiary undertakings and associated companies (whether direct or indirect) from time to time. This document is provided by Standard Life Investments Limited, registered in Scotland (SC123321) at 1 George Street, Edinburgh EH2 2LL. Authorised and regulated in the UK by the Financial Conduct Authority Standard Life Aberdeen. Images reproduced under licence. 5