Morningstar MPS Multi-Asset Real Return Range. Monthly Factsheets. For Financial Advisers and their Clients using Morningstar's Managed Portfolios

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? Morningstar MPS Multi-Asset Real Return Range Monthly Factsheets For Financial Advisers and their Clients using Morningstar's Managed Portfolios Morningstar Investment Management Europe Limited 1 Oliver s Yard, 55-71 City Road, London EC1Y 1HQ Tel: +44 (0) 20 3107 2930 Fax: +44 (0) 20 3107 0001 Web: www.morningstar.com/en-uk/products/morningstarmanaged-portfolios Email: UKManagedPortfolios@morningstar.com

Multi-Asset Real Return 100 Investment Objective The Morningstar Multi-Asset Real Return 100 Portfolio aims to deliver a total return of 100 basis points above inflation (measured using UK CPI) over the medium term. The portfolio is actively managed and primarily invests in active and passive funds across a wide range of asset classes and strategies including equity, fixed income, property and alternatives. In order to achieve this real return objective the portfolio has a maximum exposure to equities of 40. Asset Allocation Fixed Income 40.30 Cash & Cash Equivalents 30.10 Alternatives 1 Equity 14.60 Portfolio Details Minimum Investment Platform dependent* Inception/Launch date 01 January 2015 Investment Manager Annual Management Charge Morningstar Investment Management Europe 0.30 + VAT *Investors should be aware that some of the underlying holdings in the portfolio may have minimum investment amounts and may therefore be unavailable if the proportion of the invested monies allocated to this holding falls below the minimum. Investment Growth Time Period: 01/01/2015 to 31/08/2018 Portfolio 15 12 9 6 3 0 Asset Class Breakdown Cash & Cash Equivalents 30.10 Other Bond 20.80 Alternatives 1 Global Bond 12.50 Global Emerging Markets Bond 7.00 European Equity 6.50 UK Equity 3.30 Japan Equity 2.80 Global Equity 2.00 2015 2016 2017 2018 Portfolio Returns As Of Date: 31/08/2018 Trailing Returns 1Month 3M YTD 2017 2016 2015 Since Inception Real Return 100-0.86-0.35-0.91 3.18 9.82-1.36 10.75 Year on Year Returns 01/09/2017-31/08/2018 01/09/2016-31/08/2017 01/09/2015-31/08/2016 Real Return 100-0.88 5.01 8.08-3 -6 Returns Disclosure The returns shown may not be the same as the returns of an investor s actual account and this due to various factors including the investment date by the investor and differences across platforms. The returns are calculated through Morningstar Direct, are provided for illustrative purposes only and should not be viewed as the performance of an actual account. The trailing returns shown are cumulative and year-on-year returns show complete 12-month periods. All performance is shown net of the holdings' management fees and expenses based on the cheapest share class available; however does not include the 0.30 + VAT per annum charged by Morningstar Investment Management Europe, the advisor fees or the Platform fees, therefore the actual performance experienced will be lower once these charges have been taken into account. You should be aware that the share class used to compile the above performance may not be available via all platforms. Past performance is not a guide to future returns. Equity Regional Exposure (Look Through) Africa/Middle East Americas Asia dev Asia emrg Australasia Europe dev Europe emrg Japan Latin America North America United Kingdom 0 10 20 30 40 Equity Sector Exposure (Look Through) Communication Services 27.35 Energy 20.34 Healthcare 15.38 Financial Services 11.29 Consumer Cyclical 7.16 Basic Materials 4.34 Industrials 4.21 Consumer Defensive 3.74 Utilities 2.27 RealEstate 2.08 Technology 1.84 Morningstar Equity Style Box (Look Through)* Portfolio Date:31/08/2018 51.2 26.0 11.9 4.5 4.0 2.3 0.0 0.0 0.1 Value Blend Growth Large Mid Small *(see page 2 for explanation) MarketCap Market Cap Giant 51.61 Market Cap Large 36.82 Market Cap Mid 11.20 Market Cap Small 0.29 Market Cap Micro 0.09

Multi-Asset Real Return 100 Top Ten Holdings Broad Asset Class Morningstar Category Portfolio Weighting Royal London Short Term Money Mkt Y Acc Cash & Cash GBP Money Market - 20.00 Equivalents Short Term Vanguard US Govt Bd Idx GBPH Acc Fixed Income Other Bond 11.80 UBS ETF BlombgBarcl TIPS 1-10 GBPH A acc Fixed Income Other Bond 9.00 L&G Cash Trust I Acc Cash & Cash GBP Money Market 8.10 Equivalents Legg Mason BW Glb FI X GBPH Dis(S) AH Fixed Income Global Corporate Bond 8.00 L&G EM Govt Bond Lcl Ccy Index I Acc Fixed Income Global Emerging 7.00 Markets Bond - Local Currency Absolute Insight Emerg Mkt Debt B3p GBP Alternatives Alt - Long/Short Debt Janus Henderson UK Absolute Return I Acc Alternatives Alt - Long/Short Equity - UK Kames Absolute Return Bond GBP C Acc Alternatives Alt - Long/Short Debt ishares $ Treasury Bd 1-3y ETF USD Dist Fixed Income USD Government Bond 4.50 Contact Us If you have any queries, or require any further information, please contact your financial adviser. Morningstar Investment Management Europe Ltd. 1 Oliver s Yard 55-71 City Road London EC1Y 1HQ Email: UKmanagedportfolios@morningstar.com Telephone: 020 3107 2930 Website: http://global.morningstar.com/ukmanagedportfolios A fund may not be available on all platforms and hence it is not always possible for us to replicate the model portfolios through all platforms. In this case, different funds will be used and weightings may also differ for portfolio construction reasons. Risk Warnings Past performance is not a guide to future returns. The value of investments may go down as well as up and investors may not get back the amount invested. The portfolio shown has similar investment objectives and strategies as the portfolio recommended to individual clients by their financial adviser; however, may not contain the same securities that are currently underlying the portfolio provided to individual clients. Specific securities mentioned should not be viewed as a recommendation to buy or sell such securities. Due to platform requirements, cash allocations may differ per platform. Morningstar Investment Management Europe Disclosure Morningstar Managed Portfolios are offered by Morningstar Investment Management Europe Ltd, which is authorised and regulated by the UK Financial Conduct Authority to provide services to Professional clients and is the entity providing the discretionary management services. Morningstar Managed Portfolios are intended for citizens or legal residents of the United Kingdom. These portfolios can only be made available through the use of an Investment Adviser appropriately authorised and regulated by the Financial Conduct Authority. There is no guarantee that a diversified portfolio will enhance overall returns or will outperform a non-diversified portfolio. Neither diversification nor asset allocation ensure a profit or guarantee against loss. It is important to note that investments in mutual funds involve risk, including as a result of market and general economic conditions, and will not always be profitable. Morningstar Equity Style Box The Morningstar Style Box is a nine-square grid that illustrates the investment style of a security. Size (large, mid, or small) is displayed along the vertical axis and style is displayed along the horizontal axis. The value and growth investment styles are common to both stocks and funds. For stocks, the central column of the Style Box represents the core style. Few or no funds contain only stocks with extreme valuegrowth orientations, and both value and growth managers often hold core stocks for diversification or other reasons. Therefore, for funds, the central column represents the blend style (a mixture of growth and value stocks or mostly core stocks). The Morningstar name and logo are registered trademarks of Morningstar, Inc, the parent company of Morningstar Investment Management Europe Ltd. This document includes proprietary materials of Morningstar. Reproduction, transcription, or other use, by any means, in whole or in part, without the prior written consent of Morningstar is prohibited. The information, data, and analyses presented herein do not constitute investment advice; are provided as of the date written and are not warranted to be correct, complete or accurate. The statistics noted are derived from the holdings and statistics of the funds underlying this Morningstar Managed Portfolio. The data used to formulate the portfolio statistics is from information contained in Morningstar Inc s database on the underlying funds as of the month end date listed; therefore the information may not be reflective of the portfolio s current holdings and/or statistics. The allocations shown within this report are subject to change without notice. A Portfolio Rationale document will be issued to the adviser in any instance where a change has been made to the portfolio.

Multi-Asset Real Return 300 Investment Objective The Morningstar Multi-Asset Real Return 300 Portfolio aims to deliver a total return of 300 basis points above inflation (measured using UK CPI) over the medium- to long- term. The portfolio is actively-managed and primarily invests in active and passive funds across a wide range of asset classes and strategies including equity, fixed income, property and alternatives. In order to achieve the real return objective over the time horizon, the portfolio will retain an equity exposure of between 20 and 70. Asset Allocation Equity 36.70 Fixed Income 36.40 Cash & Cash Equivalents 16.90 Alternatives 10.00 Portfolio Details Minimum Investment Platform dependent* Inception/Launch date 01 January 2015 Investment Manager Annual Management Charge Morningstar Investment Management Europe 0.30 + VAT *Investors should be aware that some of the underlying holdings in the portfolio may have minimum investment amounts and may therefore be unavailable if the proportion of the invested monies allocated to this holding falls below the minimum. Investment Growth Time Period: 01/01/2015 to 31/08/2018 Portfolio 2015 2016 2017 2018 Portfolio Returns As Of Date: 31/08/2018 Trailing Returns 1Month 3M YTD 2017 2016 2015 Since Inception Real Return 300-1.56-0.59-1.42 6.56 17.15-0.48 22.45 Year on Year Returns 01/09/2017-31/08/2018 01/09/2016-31/08/2017 01/09/2015-31/08/2016 Real Return 300-0.88 10.76 12.93 27 24 21 18 15 12 9 6 3 0-3 -6 Asset Class Breakdown Other Bond 19.60 Cash & Cash Equivalents 16.90 European Equity 13.50 Alternatives 10.00 Global Emerging Markets Bond 9.00 Global Bond 7.80 UK Equity 6.20 Japan Equity 6.00 Emerging Markets Equity Global Equity 3.70 Russian Equity 2.30 Returns Disclosure The returns shown may not be the same as the returns of an investor s actual account and this due to various factors including the investment date by the investor and differences across platforms. The returns are calculated through Morningstar Direct, are provided for illustrative purposes only and should not be viewed as the performance of an actual account. The trailing returns shown are cumulative and year-on-year returns show complete 12-month periods. All performance is shown net of the holdings' management fees and expenses based on the cheapest share class available; however does not include the 0.30 + VAT per annum charged by Morningstar Investment Management Europe, the advisor fees or the Platform fees, therefore the actual performance experienced will be lower once these charges have been taken into account. You should be aware that the share class used to compile the above performance may not be available via all platforms. Past performance is not a guide to future returns. Equity Regional Exposure (Look Through) Africa/Middle East Americas Asia dev Asia emrg Australasia Europe dev Europe emrg Japan Latin America North America United Kingdom 0 10 20 30 Equity Sector Exposure (Look Through) Financial Services 23.34 Energy 18.24 Communication Services 17.11 Healthcare 11.72 Consumer Cyclical 6.30 Basic Materials 5.61 Technology 5.28 Industrials 4.78 Consumer Defensive 3.93 Utilities 2.04 RealEstate 1.66 Morningstar Equity Style Box (Look Through)* Portfolio Date:31/08/2018 49.5 27.0 10.4 5.5 4.2 2.6 0.4 0.3 0.1 Value Blend Growth Large Mid Small *(see page 2 for explanation) MarketCap Market Cap Giant 49.69 Market Cap Large 36.21 Market Cap Mid 12.87 Market Cap Small 1.15 Market Cap Micro 0.08

Multi-Asset Real Return 300 Top Ten Holdings Broad Asset Class Morningstar Category Portfolio Weighting Royal London Short Term Money Mkt Y Acc Cash & Cash GBP Money Market - 14.90 Equivalents Short Term Vanguard US Govt Bd Idx GBPH Acc Fixed Income Other Bond 10.60 L&G Em Mkts Govt Bd (Lcl Ccy) Idx I Acc Fixed Income Global Emerging 9.00 Markets Bond - Local Currency UBS ETF BlombgBarcl TIPS 1-10 GBPH A acc Fixed Income Other Bond 9.00 L&G UK 100 Index Trust I Acc Equity UK Large-Cap Blend Equity 6.20 SPDR MSCI Europe Telecommunications ETF Equity Sector Equity 5.50 Communications Absolute Insight Emerg Mkt Debt B3p GBP Alternatives Alt - Long/Short Debt Janus Henderson UK Absolute Return I Acc Alternatives Alt - Long/Short Equity - UK Lazard Emerging Markets A Acc Equity Global Emerging Markets Equity Legg Mason BW Glb FI X GBPH Dis(S) AH Fixed Income Global Corporate Bond 4.80 Contact Us If you have any queries, or require any further information, please contact your financial adviser. Morningstar Investment Management Europe Ltd. 1 Oliver s Yard 55-71 City Road London EC1Y 1HQ Email: UKmanagedportfolios@morningstar.com Telephone: 020 3107 2930 Website: http://global.morningstar.com/ukmanagedportfolios A fund may not be available on all platforms and hence it is not always possible for us to replicate the model portfolios through all platforms. In this case, different funds will be used and weightings may also differ for portfolio construction reasons. Risk Warnings Past performance is not a guide to future returns. The value of investments may go down as well as up and investors may not get back the amount invested. The portfolio shown has similar investment objectives and strategies as the portfolio recommended to individual clients by their financial adviser; however, may not contain the same securities that are currently underlying the portfolio provided to individual clients. Specific securities mentioned should not be viewed as a recommendation to buy or sell such securities. Due to platform requirements, cash allocations may differ per platform. Morningstar Investment Management Europe Disclosure Morningstar Managed Portfolios are offered by Morningstar Investment Management Europe Ltd, which is authorised and regulated by the UK Financial Conduct Authority to provide services to Professional clients and is the entity providing the discretionary management services. Morningstar Managed Portfolios are intended for citizens or legal residents of the United Kingdom. These portfolios can only be made available through the use of an Investment Adviser appropriately authorised and regulated by the Financial Conduct Authority. There is no guarantee that a diversified portfolio will enhance overall returns or will outperform a non-diversified portfolio. Neither diversification nor asset allocation ensure a profit or guarantee against loss. It is important to note that investments in mutual funds involve risk, including as a result of market and general economic conditions, and will not always be profitable. Morningstar Equity Style Box The Morningstar Style Box is a nine-square grid that illustrates the investment style of a security. Size (large, mid, or small) is displayed along the vertical axis and style is displayed along the horizontal axis. The value and growth investment styles are common to both stocks and funds. For stocks, the central column of the Style Box represents the core style. Few or no funds contain only stocks with extreme valuegrowth orientations, and both value and growth managers often hold core stocks for diversification or other reasons. Therefore, for funds, the central column represents the blend style (a mixture of growth and value stocks or mostly core stocks). The Morningstar name and logo are registered trademarks of Morningstar, Inc, the parent company of Morningstar Investment Management Europe Ltd. This document includes proprietary materials of Morningstar. Reproduction, transcription, or other use, by any means, in whole or in part, without the prior written consent of Morningstar is prohibited. The information, data, and analyses presented herein do not constitute investment advice; are provided as of the date written and are not warranted to be correct, complete or accurate. The statistics noted are derived from the holdings and statistics of the funds underlying this Morningstar Managed Portfolio. The data used to formulate the portfolio statistics is from information contained in Morningstar Inc s database on the underlying funds as of the month end date listed; therefore the information may not be reflective of the portfolio s current holdings and/or statistics. The allocations shown within this report are subject to change without notice. A Portfolio Rationale document will be issued to the adviser in any instance where a change has been made to the portfolio.

Multi-Asset Real Return 500 Investment Objective The Morningstar Multi-Asset Real Return 500 Portfolio aims to deliver a total return of 500 basis points above inflation (measured using UK CPI) over the long term. The portfolio is actively managed and primarily invests in active and passive funds across a wide range of asset classes and strategies including equity, fixed income, property and alternatives. In order to achieve the real return objective, the portfolio will retain an equity exposure of between 60 and 100. Asset Allocation Equity 70.00 Fixed Income 16.20 Cash & Cash Equivalents 8.80 Alternatives Portfolio Details Minimum Investment Platform dependent* Inception/Launch date 01 January 2015 Investment Manager Annual Management Charge Morningstar Investment Management Europe 0.30 + VAT *Investors should be aware that some of the underlying holdings in the portfolio may have minimum investment amounts and may therefore be unavailable if the proportion of the invested monies allocated to this holding falls below the minimum. Investment Growth Time Period: 01/01/2015 to 31/08/2018 Portfolio 2015 2016 2017 2018 Portfolio Returns As Of Date: 31/08/2018 Trailing Returns 1Month 3M YTD 2017 2016 2015 Since Inception Real Return 500-2.17-0.76-1.34 10.29 26.32 0.63 38.28 Year on Year Returns 01/09/2017-31/08/2018 01/09/2016-31/08/2017 01/09/2015-31/08/2016 Real Return 500 0.48 17.47 18.33 42 39 36 33 30 27 24 21 18 15 12 9 6 3 0-3 -6 Asset Class Breakdown European Equity 21.00 UK Equity 14.00 Emerging Markets Equity 11.50 Japan Equity 11.00 Other Bond 9.20 Cash & Cash Equivalents 8.80 Global Emerging Markets Bond 7.00 Alternatives Global Equity Russian Equity 4.50 Asia Dev ex Japan Equity 3.00 Returns Disclosure The returns shown may not be the same as the returns of an investor s actual account and this due to various factors including the investment date by the investor and differences across platforms. The returns are calculated through Morningstar Direct, are provided for illustrative purposes only and should not be viewed as the performance of an actual account. The trailing returns shown are cumulative and year-on-year returns show complete 12-month periods. All performance is shown net of the holdings' management fees and expenses based on the cheapest share class available; however does not include the 0.30 + VAT per annum charged by Morningstar Investment Management Europe, the advisor fees or the Platform fees, therefore the actual performance experienced will be lower once these charges have been taken into account. You should be aware that the share class used to compile the above performance may not be available via all platforms. Past performance is not a guide to future returns. Equity Regional Exposure (Look Through) Africa/Middle East Americas Asia dev Asia emrg Australasia Europe dev Europe emrg Japan Latin America North America United Kingdom 0 10 20 30 Equity Sector Exposure (Look Through) Financial Services 26.67 Energy 16.77 Communication Services 12.22 Healthcare 9.63 Consumer Cyclical 7.09 Technology 6.86 Basic Materials 6.24 Industrials 5.43 Consumer Defensive 5.26 Utilities 2.16 RealEstate 1.66 Morningstar Equity Style Box (Look Through)* Portfolio Date:31/08/2018 46.0 27.1 13.7 5.5 4.1 2.8 0.4 0.3 0.1 Value Blend Growth Large Mid Small *(see page 2 for explanation) MarketCap Market Cap Giant 50.34 Market Cap Large 35.54 Market Cap Mid 12.93 Market Cap Small 1.13 Market Cap Micro 0.06

Multi-Asset Real Return 500 Top Ten Holdings Broad Asset Class Morningstar Category Portfolio Weighting L&G UK 100 Index Trust I Acc Equity UK Large-Cap Blend 14.00 Equity Vanguard US Govt Bd Idx GBPH Acc Fixed Income Other Bond 9.20 Lazard Emerging Markets A Acc Equity Global Emerging 7.50 Markets Equity L&G Em Mkts Govt Bd (Lcl Ccy) Idx I Acc Fixed Income Global Emerging 7.00 Markets Bond - Local Currency SPDR MSCI Europe Energy ETF Equity Sector Equity Energy 7.00 SPDR MSCI Europe Financials ETF Equity Sector Equity 7.00 Financial Services SPDR MSCI Europe Telecommunications ETF Equity Sector Equity 7.00 Communications Royal London Short Term Money Mkt Y Acc Cash & Cash GBP Money Market - 6.80 Equivalents Short Term Man GLG Japan CoreAlpha Profl Acc C Equity Japan Large-Cap 5.50 Equity Man GLG Jpn CoreAlpha Eq I H GBP Equity Japan Equity 5.50 Contact Us If you have any queries, or require any further information, please contact your financial adviser. Morningstar Investment Management Europe Ltd. 1 Oliver s Yard 55-71 City Road London EC1Y 1HQ Email: UKmanagedportfolios@morningstar.com Telephone: 020 3107 2930 Website: http://global.morningstar.com/ukmanagedportfolios A fund may not be available on all platforms and hence it is not always possible for us to replicate the model portfolios through all platforms. In this case, different funds will be used and weightings may also differ for portfolio construction reasons. Risk Warnings Past performance is not a guide to future returns. The value of investments may go down as well as up and investors may not get back the amount invested. The portfolio shown has similar investment objectives and strategies as the portfolio recommended to individual clients by their financial adviser; however, may not contain the same securities that are currently underlying the portfolio provided to individual clients. Specific securities mentioned should not be viewed as a recommendation to buy or sell such securities. Due to platform requirements, cash allocations may differ per platform. Morningstar Investment Management Europe Disclosure Morningstar Managed Portfolios are offered by Morningstar Investment Management Europe Ltd, which is authorised and regulated by the UK Financial Conduct Authority to provide services to Professional clients and is the entity providing the discretionary management services. Morningstar Managed Portfolios are intended for citizens or legal residents of the United Kingdom. These portfolios can only be made available through the use of an Investment Adviser appropriately authorised and regulated by the Financial Conduct Authority. There is no guarantee that a diversified portfolio will enhance overall returns or will outperform a non-diversified portfolio. Neither diversification nor asset allocation ensure a profit or guarantee against loss. It is important to note that investments in mutual funds involve risk, including as a result of market and general economic conditions, and will not always be profitable. Morningstar Equity Style Box The Morningstar Style Box is a nine-square grid that illustrates the investment style of a security. Size (large, mid, or small) is displayed along the vertical axis and style is displayed along the horizontal axis. The value and growth investment styles are common to both stocks and funds. For stocks, the central column of the Style Box represents the core style. Few or no funds contain only stocks with extreme valuegrowth orientations, and both value and growth managers often hold core stocks for diversification or other reasons. Therefore, for funds, the central column represents the blend style (a mixture of growth and value stocks or mostly core stocks). The Morningstar name and logo are registered trademarks of Morningstar, Inc, the parent company of Morningstar Investment Management Europe Ltd. This document includes proprietary materials of Morningstar. Reproduction, transcription, or other use, by any means, in whole or in part, without the prior written consent of Morningstar is prohibited. The information, data, and analyses presented herein do not constitute investment advice; are provided as of the date written and are not warranted to be correct, complete or accurate. The statistics noted are derived from the holdings and statistics of the funds underlying this Morningstar Managed Portfolio. The data used to formulate the portfolio statistics is from information contained in Morningstar Inc s database on the underlying funds as of the month end date listed; therefore the information may not be reflective of the portfolio s current holdings and/or statistics. The allocations shown within this report are subject to change without notice. A Portfolio Rationale document will be issued to the adviser in any instance where a change has been made to the portfolio.

Multi-Asset Real Return Flex Investment Objective The Morningstar Multi-Asset Real Return Flex Portfolio aims to provide a total return of 400 basis points above inflation (measured using UK CPI) over the long term. The portfolio is actively managed and primarily invests in active and passive funds across a wide range of asset classes and strategies including equity, fixed income, property and alternatives. In order to achieve the real return objective and maximise the risk-adjusted returns from the process, the equity exposure of the portfolio is unconstrained. Asset Allocation Equity 40.50 Fixed Income 28.30 Cash & Cash Equivalents 21.20 Alternatives 10.00 Portfolio Details Minimum Investment Platform dependent* Inception/Launch date 01 January 2015 Investment Manager Annual Management Charge Morningstar Investment Management Europe 0.30 + VAT *Investors should be aware that some of the underlying holdings in the portfolio may have minimum investment amounts and may therefore be unavailable if the proportion of the invested monies allocated to this holding falls below the minimum. Investment Growth Time Period: 01/01/2015 to 31/08/2018 Portfolio 2015 2016 2017 2018 Portfolio Returns As Of Date: 31/08/2018 Trailing Returns 1Month 3M YTD 2017 2016 2015 Since Inception Real Return Flexible -1.45-0.46-1.10 6.82 17.92 0.18 24.79 Year on Year Returns 01/09/2017-31/08/2018 01/09/2016-31/08/2017 01/09/2015-31/08/2016 Real Return Flexible -0.26 11.45 13.06 28 25 22 19 16 13 10 7 4 1-2 -5 Asset Class Breakdown Cash & Cash Equivalents 21.20 Other Bond 18.30 European Equity 14.20 Alternatives 10.00 Global Emerging Markets Bond 8.00 Japan Equity 7.00 UK Equity 7.00 Emerging Markets Equity 6.00 Global Equity 4.00 Russian Equity 2.30 Global Bond 2.00 Returns Disclosure The returns shown may not be the same as the returns of an investor s actual account and this due to various factors including the investment date by the investor and differences across platforms. The returns are calculated through Morningstar Direct, are provided for illustrative purposes only and should not be viewed as the performance of an actual account. The trailing returns shown are cumulative and year-on-year returns show complete 12-month periods. All performance is shown net of the holdings' management fees and expenses based on the cheapest share class available; however does not include the 0.30 + VAT per annum charged by Morningstar Investment Management Europe, the advisor fees or the Platform fees, therefore the actual performance experienced will be lower once these charges have been taken into account. You should be aware that the share class used to compile the above performance may not be available via all platforms. Past performance is not a guide to future returns. Equity Regional Exposure (Look Through) Africa/Middle East Americas Asia dev Asia emrg Australasia Europe dev Europe emrg Japan Latin America North America United Kingdom 0 10 20 30 Equity Sector Exposure (Look Through) Financial Services 22.95 Energy 20.02 Communication Services 14.76 Healthcare 11.59 Consumer Cyclical 6.52 Basic Materials 5.70 Technology 5.63 Industrials 4.93 Consumer Defensive 4.01 Utilities 2.18 RealEstate 1.72 Morningstar Equity Style Box (Look Through)* Portfolio Date:31/08/2018 49.6 27.1 10.7 5.4 4.0 2.6 0.4 0.2 0.1 Value Blend Growth Large Mid Small *(see page 2 for explanation) MarketCap Market Cap Giant 50.96 Market Cap Large 35.54 Market Cap Mid 12.42 Market Cap Small 1.00 Market Cap Micro 0.08

Multi-Asset Real Return Flex Top Ten Holdings Broad Asset Class Morningstar Category Portfolio Weighting Royal London Short Term Money Mkt Y Acc Cash & Cash GBP Money Market - 19.20 Equivalents Short Term Vanguard US Govt Bd Idx GBPH Acc Fixed Income Other Bond 10.30 L&G EM Govt Bond Lcl Ccy Index I Acc Fixed Income Global Emerging 8.00 Markets Bond - Local Currency UBS ETF BlombgBarcl TIPS 1-10 GBPH A acc Fixed Income Other Bond 8.00 L&G UK 100 Index I Acc Equity UK Large-Cap Blend Equity 7.00 Lazard Emerging Markets A Acc Equity Global Emerging 6.00 Markets Equity SPDR MSCI Europe Energy ETF Equity Sector Equity Energy 5.70 Absolute Insight Emerg Mkt Debt B3p GBP Alternatives Alt - Long/Short Debt Janus Henderson UK Absolute Return I Acc Alternatives Alt - Long/Short Equity - UK SPDR MSCI Europe Telecommunications ETF Equity Sector Equity Communications Contact Us If you have any queries, or require any further information, please contact your financial adviser. Morningstar Investment Management Europe Ltd. 1 Oliver s Yard 55-71 City Road London EC1Y 1HQ Email: UKmanagedportfolios@morningstar.com Telephone: 020 3107 2930 Website: http://global.morningstar.com/ukmanagedportfolios A fund may not be available on all platforms and hence it is not always possible for us to replicate the model portfolios through all platforms. In this case, different funds will be used and weightings may also differ for portfolio construction reasons. Risk Warnings Past performance is not a guide to future returns. The value of investments may go down as well as up and investors may not get back the amount invested. The portfolio shown has similar investment objectives and strategies as the portfolio recommended to individual clients by their financial adviser; however, may not contain the same securities that are currently underlying the portfolio provided to individual clients. Specific securities mentioned should not be viewed as a recommendation to buy or sell such securities. Due to platform requirements, cash allocations may differ per platform. Morningstar Investment Management Europe Disclosure Morningstar Managed Portfolios are offered by Morningstar Investment Management Europe Ltd, which is authorised and regulated by the UK Financial Conduct Authority to provide services to Professional clients and is the entity providing the discretionary management services. Morningstar Managed Portfolios are intended for citizens or legal residents of the United Kingdom. These portfolios can only be made available through the use of an Investment Adviser appropriately authorised and regulated by the Financial Conduct Authority. There is no guarantee that a diversified portfolio will enhance overall returns or will outperform a non-diversified portfolio. Neither diversification nor asset allocation ensure a profit or guarantee against loss. It is important to note that investments in mutual funds involve risk, including as a result of market and general economic conditions, and will not always be profitable. Morningstar Equity Style Box The Morningstar Style Box is a nine-square grid that illustrates the investment style of a security. Size (large, mid, or small) is displayed along the vertical axis and style is displayed along the horizontal axis. The value and growth investment styles are common to both stocks and funds. For stocks, the central column of the Style Box represents the core style. Few or no funds contain only stocks with extreme valuegrowth orientations, and both value and growth managers often hold core stocks for diversification or other reasons. Therefore, for funds, the central column represents the blend style (a mixture of growth and value stocks or mostly core stocks). The Morningstar name and logo are registered trademarks of Morningstar, Inc, the parent company of Morningstar Investment Management Europe Ltd. This document includes proprietary materials of Morningstar. Reproduction, transcription, or other use, by any means, in whole or in part, without the prior written consent of Morningstar is prohibited. The information, data, and analyses presented herein do not constitute investment advice; are provided as of the date written and are not warranted to be correct, complete or accurate. The statistics noted are derived from the holdings and statistics of the funds underlying this Morningstar Managed Portfolio. The data used to formulate the portfolio statistics is from information contained in Morningstar Inc s database on the underlying funds as of the month end date listed; therefore the information may not be reflective of the portfolio s current holdings and/or statistics. The allocations shown within this report are subject to change without notice. A Portfolio Rationale document will be issued to the adviser in any instance where a change has been made to the portfolio.

? 1 Oliver s Yard, 55-71 City Road, London EC1Y 1HQ Tel: +44 (0) 20 3107 2930 Fax: +44 (0) 20 3107 0001 UKManagedPortfolios@morningstar.com www.morningstar.com/enuk/products/morningstar-managedportfolios