Performance to 30th September Fund Factsheet. IFSL Sinfonia Risk Targeted Fund Range

Performance to 30th September 2017 Fund Factsheet IFSL Sinfonia Risk Targeted Fund Range

IFSL Sinfonia OEIC s Performance to 30 th September 2017 Investment Commentary Market Overview Global equities achieved their 11th consecutive monthly gain in September. The MSCI AC World (in USD terms) gained 1.8%, bringing its year-to-date gain to 15.4%. The FTSE100 index fell slightly by 0.7% in the period as interest rate expectations fed in GBP strength and subsequently the externally exposed leading index. Global equity prices were driven by several factors in September. First of all, investors were reassured by the UN Security Council s management of the North Korean crisis following the latest North Korean provocations which helped push geopolitical risk to the back-burner, at least on the financial markets. Secondly, President Trump and Congressional Democrats managed to make headway on several fronts, including raising the debt ceiling until December and releasing emergency assistance for Hurricane Harvey victims. This gave investors more confidence in the announced business and individual tax cuts, which the administration has described as very ambitious. Thirdly, economic indicators are still solid, particularly in the Eurozone. Oil prices saw good increases (+9.3% WTI to USD 51.6/ bbl.), more than making up the ground lost in August. In rates markets, government yields rose in most of the major economies as political tensions receded, which saw a retreat from the safe haven assets that benefitted during the previous month. The 10-year German Bund yield rose by 10bp in September, including a brief foray above 0.50%, to end the month at 0.46% and in the US the 10-year yield ended the month at 2.33%, i.e. up by 21bp on the month. But it was the UK Gilt which saw the largest shift in the major bond markets rising from 1.03% to close September at 1.36% as central bank indicators turned more hawkish. Among G10 currencies, the biggest move last month was the appreciation in Sterling (+4.6% vs. the euro, +4.1% vs. USD), which reflects a shift in expectations of Bank of England monetary policy. At its meeting on the 14th September, the BoE kept its key rate at 0.25%, as expected, but did say that some removal of monetary stimulus is likely to become necessary in the coming months to bring inflation back to its target rate. In August, inflation came to 2.9% and could continue to accelerate in the coming months. This trend would offer a window to act by the end of the year. The shift in Theresa May s tone towards a constructive spirit on Brexit, according to European negotiators, gives the BoE another reason to reverse some of the measures put through last year in the wake of the referendum.

IFSL Sinfonia OEIC s Performance to 30 th September 2017 Updates Sinfonia Adventurous Growth Going into the period, the portfolio held a Short UK vs European Equities position initiated for both earnings/ valuation reasons and further with consideration to the turbulent political landscape. Whilst consensus earnings in the UK had moderated as we expected, the UK equity market had not suffered as a result. On the other side of the trade the recent EUR strength, while benefiting us from a currency perspective, causes headwinds for EU companies. Therefore, on balance we chose to exit the trade in order to capture some positive performance. Later in the month the fund rotated some allocation from US Large Cap equities into US Small Caps as we look to benefit from positive traction rebuilding on US Tax and domestic reform measures. We continue to keep an underweight on investment grade credit strategy in the portfolio which proved a positive strategy in September. While Local Equity performances were reasonable over the month the strength of GBP detracted from this in the portfolio. Sinfonia Balanced Managed Going into the period, the portfolio held a Short UK vs European Equities position initiated for both earnings/ valuation reasons and further with consideration to the turbulent political landscape. Whilst consensus earnings in the UK had moderated as we expected, the UK equity market had not suffered as a result. On the other side of the trade the recent EUR strength, while benefiting us from a currency perspective, causes headwinds for EU companies. Therefore, on balance we chose to exit the trade in order to capture some positive performance. Later in the month the fund rotated some allocation from US Large Cap equities into US Small Caps as we look to benefit from positive traction rebuilding on US Tax and domestic reform measures. We continue to keep an underweight on investment grade credit strategy in the portfolio which proved a positive strategy in September. While Local Equity performances were reasonable over the month the strength of GBP detracted from this in the portfolio. Sinfonia Income & Growth Going into the period, the portfolio held a Short UK vs European Equities position initiated for both earnings/ valuation reasons and further with consideration to the turbulent political landscape. Whilst consensus earnings in the UK had moderated as we expected, the UK equity market had not suffered as a result. On the other side of the trade the recent EUR strength, while benefiting us from a currency perspective, causes headwinds for EU companies. Therefore, on balance we chose to exit the trade in order to capture some positive performance. Later in the month the fund rotated some allocation from US Large Cap equities into US Small Caps as we look to benefit from positive traction rebuilding on US Tax and domestic reform measures. We continue to keep an underweight on investment grade credit strategy in the portfolio which proved a positive strategy in September. While Local Equity performances were reasonable over the month the strength of GBP detracted from this in the portfolio, the portfolio also maintains an underweight exposure to UK Government Bonds which helped to limit the impact of falling Gilt prices during the month. Sinfonia Cautious Managed Going into the period, the portfolio held a Short UK vs European Equities position initiated for both earnings/ valuation reasons and further with consideration to the turbulent political landscape. Whilst consensus earnings in the UK had moderated as we expected, the UK equity market had not suffered as a result. On the other side of the trade the recent EUR strength, while benefiting us from a currency perspective, causes headwinds for EU companies. Therefore, on balance we chose to exit the trade in order to capture some positive performance. Later in the month the fund rotated some allocation from US Large Cap equities into US Small Caps as we look to benefit from positive traction rebuilding on US Tax and domestic reform measures. We continue to keep an underweight on investment grade credit strategy in the portfolio which proved a positive strategy in September. The portfolio also maintains an underweight exposure to UK Government Bonds which helped to limit the impact of rising Gilt yields during the month. Sinfonia Income Going into the period, the portfolio held a Short UK vs European Equities position initiated for both earnings/ valuation reasons and further with consideration to the turbulent political landscape. Whilst consensus earnings in the UK had moderated as we expected, the UK equity market had not suffered as a result. On the other side of the trade the recent EUR strength, while benefiting us from a currency perspective, causes headwinds for EU companies. Therefore, on balance we chose to exit the trade in order to capture some positive performance. Later in the month the fund rotated some allocation from US Large Cap equities into US Small Caps as we look to benefit from positive traction rebuilding on US Tax and domestic reform measures. We continue to keep an underweight on investment grade credit strategy in the portfolio which proved a positive strategy in September. The portfolio also maintains an underweight exposure to UK Government Bonds which helped to limit the impact of rising Gilt yields during the month.

IFSL Sinfonia Income September 2017 Investment Objective Fund Facts To provide regular income with some potential for capital growth over the long-term. The investment objective will be achieved by investing in a diversified portfolio of equities, fixed interest securities, warrants and money market instruments primarily through investment in a portfolio of collective investment schemes. The Sub-Fund will typically be invested in a global portfolio of assets with a focus on UK assets. This fund will be invested in a portfolio that is considered to be mainly low and medium risk investments over the long-term. Tactical Asset Allocation UK Government Bonds 36.4% Global Bonds 18.9% 16.5% UK Equities 11.3% & Money Market 5.1% European Equities 4.1% US Equities 3.2% Absolute Return 3.2% Mixed Allocation 1.5% Fund Type Fund Value 11.6m Currency GBP Minimum investment 1000 lump sum, 25 per month Deal closing time 12.00 noon (UK) Daily valuation point 12.00 noon (UK) Launch date 16 June 2008 Unit Type Accumulation & Income Sponsor Sinfonia Asset Management Ltd Investment Manager BNP Paribas Investment Partners UK Ltd ACD Investment Fund Services Ltd Yield 2.8% (last 12 months up to 30th September 2017) OCF (share class A) 1.14% (includes AMC of 0.65%) XD Date 1 Oct / 1 Jan / 1 Apr / 1 Jul Payment date 30 Nov / 28 Feb / 31 May / 31 Aug Top 5 holdings Legal & General All Stocks Gilt Index Trust 17.80% BlackRock UK Credit Screened Fund 16.49% Vanguard UK Government Bond UCITS ETF 12.49% Parvest Bond World 8.82% Amundi Funds - Bond Global Aggregate 8.03% TOTAL 63.63% Performance ^ as at 30.09.2017 Performance Pack From 16/06/2008 to 29/09/2017 % Growth 80 70 60 50 40 30 20 10 0-10 -20 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Key: IFSL Sinfonia Income A Acc 52.52 IFSL Sinfonia Income YTD 31.12.16 TO 30.09.17 3 MTHS ^The performance shown is that of the A Acc share class SINCE LAUNCH 16.06.08 12 MTHS ROLLING 30.09.16 TO 30.09.17 (%) 1.9-0.3 52.5-0.4 5 YEAR CUMULATIVE PERFORMANCE (%) Sep16-Sep17 Sep15-Sep16 Sep14-Sep15 Sep13-Sep14 Sep12-Sep13-0.4 15.1 2.9 4.0 4.1 Source: BNPP IP Performance from 16/06/2008 to 29/09/2017, Net of fees, expressed in GBP value Risk Warning Past performance is not a guide to the future performance. Investments can go down as well as up and investors may not get back the amount originally invested. This can be as a result of market movements and exchange rates between currencies. The Fund may invest in fixed interest funds, which are subject to market and credit risk and will be impacted by interest rates. The Fund s underlying investments may include emerging markets which may be less liquid and more volatile than more developed markets. Important Information Copies of the Prospectus and Key Investor Information Documents are available from www.ifslfunds.com or can be requested as a paper copy by calling 0808 178 9322 or writing to IFSL Sinfonia, Marlborough House, 59 Chorley New Road, Bolton BL1 4QP.

IFSL Sinfonia Cautious Managed September 2017 Investment Objective Fund Facts To provide long-term returns, by a combination of both capital growth and income generation. The investment objective will be achieved by investing in a diversified portfolio of equities, fixed interest securities, warrants and money market instruments primarily through investment in a portfolio of collective investment schemes. The Sub-Fund will typically be invested in a global portfolio of assets with a focus on UK assets. This fund will be invested in a portfolio that is considered mainly medium risk investments with the intention of generating long-term returns. Tactical Asset Allocation UK Equities 23.4% UK Government Bonds 21.1% 16.2% Global Bonds 13.5% US Equities 8.5% European Equities 8.1% & Money Market 3.5% Absolute Return 3.3% Mixed Allocation 1.4% Japan Equities 1.0% Fund Type Fund Value 33.7m Currency GBP Minimum investment 1000 lump sum, 25 per month Deal closing time 12.00 noon (UK) Daily valuation point 12.00 noon (UK) Launch date 16 June 2008 Unit Type Accumulation Sponsor Sinfonia Asset Management Ltd Investment Manager BNP Paribas Investment Partners UK Ltd ACD Investment Fund Services Ltd Yield 1.46% (last 12 months up to 30th September 2017) OCF (share class A) 1.01% (includes AMC of 0.65%) XD Date 1 Apr / 1 Oct Payment date 30 Nov / 31 May Top 5 holdings BlackRock UK Credit Screened Fund 16.19% Legal & General All Stocks Gilt Index Trust 16.07% JPMorgan Fund ICVC - UK Active Index Plus 12.55% Legal & General UK Index Trust 8.58% Vanguard FTSE Developed Europe ex UK UCITS ETF 5.89% TOTAL 59.28% Performance ^ as at 30.09.17 Performance Pack From 16/06/2008 to 29/09/2017 % Growth 80 70 60 50 40 30 20 10 0-10 -20 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Key: IFSL Sinfonia Cautious Managed A Acc 70.02 IFSL Sinfonia Cautious Managed YTD 31.12.16 TO 30.09.17 3 MTHS ^The performance shown is that of the A Acc share class SINCE LAUNCH 16.06.08 12 MTHS ROLLING 30.09.16 TO 30.09.17 (%) 4.0-0.1 70.0 3.9 5 YEAR CUMULATIVE PERFORMANCE (%) Sep16-Sep17 Sep15-Sep16 Sep14-Sep15 Sep13-Sep14 Sep12-Sep13 3.9 17.4 0.9 4.4 9.7 Source: BNPP IP Performance from 16/06/2008 to 29/09/2017, Net of fees, expressed in GBP value Risk Warning Past performance is not a guide to the future performance. Investments can go down as well as up and investors may not get back the amount originally invested. This can be as a result of market movements and exchange rates between currencies. The Fund may invest in fixed interest funds, which are subject to market and credit risk and will be impacted by interest rates. The Fund s underlying investments may include emerging markets which may be less liquid and more volatile than more developed markets. Important Information Copies of the Prospectus and Key Investor Information Documents are available from www.ifslfunds.com or can be requested as a paper copy by calling 0808 178 9322 or writing to IFSL Sinfonia, Marlborough House, 59 Chorley New Road, Bolton BL1 4QP.

IFSL Sinfonia Income & Growth September 2017 Investment Objective Fund Facts To provide income and capital growth for investors over the long-term. The investment objective will be achieved by investing in a diversified portfolio of equities, fixed interest securities, warrants and money market instruments primarily through investment in a portfolio of collective investment schemes. The Sub-Fund will typically be invested in a global portfolio of assets with a focus on UK assets. This fund will be invested in a portfolio that is considered to be mainly medium and high risk investments with the intention of generating long term returns. Tactical Asset Allocation UK Equities 31.2% 18.6% US Equities 12.0% European Equities 9.0% Global Bonds 8.2% UK Government Bonds 7.9% & Money Market 5.9% Japan Equities 5.8% Mixed Allocation 1.3% Fund Type Fund Value 28.4m Currency GBP Minimum investment 1000 lump sum, 25 per month Deal closing time 12.00 noon (UK) Daily valuation point 12.00 noon (UK) Launch date 16 June 2008 Unit Type Accumulation & Income Sponsor Sinfonia Asset Management Ltd Investment Manager BNP Paribas Investment Partners UK Ltd ACD Investment Fund Services Ltd Yield 1.85% (last 12 months up to 30th September 2017) OCF (share class A) 1.10% (includes AMC of 0.65%) XD Date 1 Oct / 1 Apr Payment date 30 Nov / 31 May Top 5 holdings BlackRock UK Credit Screened 18.57% JPMorgan Fund ICVC - UK Active Index Plus 16.01% Legal & General UK Index Trust 12.13% Vanguard FTSE Developed Europe ex UK UCITS ETF 6.34% Legal & General All Stocks Gilt Index Trust 5.94% TOTAL 58.99% Performance ^ as at 30.09.17 Performance Pack From 16/06/2008 to 29/09/2017 % Growth 80 70 60 50 40 30 20 10 0-10 -20 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Key: IFSL Sinfonia Income and Growth A Acc 77.62 IFSL Sinfonia Income & Growth YTD 31.12.16 TO 30.09.17 3 MTHS ^The performance shown is that of the A Acc share class SINCE LAUNCH 16.06.08 12 MTHS ROLLING 30.09.16 TO 30.09.17 (%) 5.2 0.1 77.6 7.7 5 YEAR CUMULATIVE PERFORMANCE (%) Sep16-Sep17 Sep15-Sep16 Sep14-Sep15 Sep13-Sep14 Sep12-Sep13 7.7 16.5-0.2 4.6 12.3 Source: BNPP IP Performance from 16/06/2008 to 29/09/2017, Net of fees, expressed in GBP value Risk Warning Past performance is not a guide to the future performance. Investments can go down as well as up and investors may not get back the amount originally invested. This can be as a result of market movements and exchange rates between currencies. The Fund may invest in fixed interest funds, which are subject to market and credit risk and will be impacted by interest rates. The Fund s underlying investments may include emerging markets which may be less liquid and more volatile than more developed markets. Important Information Copies of the Prospectus and Key Investor Information Documents are available from www.ifslfunds.com or can be requested as a paper copy by calling 0808 178 9322 or writing to IFSL Sinfonia, Marlborough House, 59 Chorley New Road, Bolton BL1 4QP.

IFSL Sinfonia Balanced Managed September 2017 Investment Objective Fund Facts To provide medium to long-term capital growth. The Sub-Fund s investment objective will be achieved by investing in a diversified portfolio of fixed interest securities and equities, as well as warrants, and money market instruments, primarily through investment in a portfolio of collective investment schemes. The Sub-Fund will typically be invested in a global portfolio of assets but may focus on UK and European assets. This fund will be invested in a portfolio that is considered to be mainly medium to high risk investments over the long-term. Tactical Asset Allocation Fund Type Fund Value Currency Minimum investment Deal closing time Daily valuation point Launch date Unit Type Sponsor Investment Manager ACD Yield OCF (share class A) XD Date Payment date Top 5 holdings 32.5m GBP 1000 lump sum, 25 per month 12.00 noon (UK) 12.00 noon (UK) 16 June 2008 Accumulation Sinfonia Asset Management Ltd BNP Paribas Investment Partners UK Ltd Investment Fund Services Ltd 1.5% (last 12 months up to 30th September 2017) 1.08% (includes AMC of 0.65%) 1 Apr / 1 Oct 30 Nov / 31 May UK Equities 32.7% 17.0% US Equities 12.6% European Equities 8.9% & Money Market 6.2% Japan Equities 6.1% Equities 5.2% Asian Equities ex Japan 4.9% UK Government Bonds 4.0% Mixed Allocation 1.4% Global Bonds 0.9% Absolute Return 0.1% BlackRock UK Credit Screened Fund 17.03% JPMorgan Fund ICVC - UK Active Index Plus 16.59% Legal & General UK Index Trust 12.87% Vanguard FTSE Developed Europe ex UK UCITS ETF 5.80% ishares MSCI USA Small Cap UCITS ETF 5.32% TOTAL 57.61% Performance ^ as at 30.09.17 % Growth 80 70 60 50 40 30 20 10 0-10 Performance Pack From 16/06/2008 to 29/09/2017 IFSL Sinfonia Balanced Managed YTD 31.12.16 TO 30.09.17 3 MTHS ^The performance shown is that of the A Acc share class SINCE LAUNCH 16.06.08 12 MTHS ROLLING 30.09.16 TO 30.09.17 (%) 6.8 0.6 76.9 9.8 5 YEAR CUMULATIVE PERFORMANCE (%) Sep16-Sep17 Sep15-Sep16 Sep14-Sep15 Sep13-Sep14 Sep12-Sep13 9.8 18.8-1.6 5.0 14.1-20 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Key: IFSL Sinfonia Balanced Managed A Acc 76.92 Source: BNPP IP Performance from 16/06/2008 to 29/09/2017, Net of fees, expressed in GBP value Risk Warning Past performance is not a guide to the future performance. Investments can go down as well as up and investors may not get back the amount originally invested. This can be as a result of market movements and exchange rates between currencies. The Fund may invest in fixed interest funds, which are subject to market and credit risk and will be impacted by interest rates. The Fund s underlying investments may include emerging markets which may be less liquid and more volatile than more developed markets. Important Information Copies of the Prospectus and Key Investor Information Documents are available from www.ifslfunds.com or can be requested as a paper copy by calling 0808 178 9322 or writing to IFSL Sinfonia, Marlborough House, 59 Chorley New Road, Bolton BL1 4QP.

IFSL Sinfonia Adventurous Growth September 2017 Investment Objective Fund Facts To provide long-term capital growth. The Sub-Fund s investment objective will be achieved by investing in a diversified portfolio of fixed interest securities and equities, as well as warrants, and money market instruments, through investment in a portfolio of collective investment schemes. The Sub-Fund will typically be invested in a global portfolio of assets but may also focus on UK assets. This fund will be invested in a portfolio that is considered to be mainly medium to high risk investments over the long-term. Tactical Asset Allocation Fund Type Fund Value Currency Minimum investment Deal closing time Daily valuation point Launch date Unit Type Sponsor Investment Manager ACD Yield OCF (share class A) XD Date Payment date Top 5 holdings 17.5m GBP 1000 lump sum, 25 per month 12.00 noon (UK) 12.00 noon (UK) 16 June 2008 Accumulation Sinfonia Asset Management Ltd BNP Paribas Investment Partners UK Ltd Investment Fund Services Ltd 1.58% (last 12 months up to 30th September 2017) 1.11% (includes AMC of 0.65%) 1 Apr / 1 Oct 30 Nov / 31 May UK Equities 39.9% 12.4% US Equities 11.2% Equities 9.8% Asian Equities ex Japan 8.9% European Equities 8.1% Japan Equities 5.0% UK Government Bonds 3.1% Mixed Allocation 1.5% & Money Market 0.2% JPMorgan Fund ICVC - UK Active Index Plus 19.35% Legal & General UK Index Trust 16.59% BlackRock UK Credit Screened Fund 12.38% Parvest Equity Pacific ex-japan 6.25% ishares MSCI US SMALL CAP 5.42% TOTAL 59.99% Performance ^ as at 30.09.17 % Growth 80 70 60 50 40 30 20 10 0-10 -20-30 Performance Pack From 16/06/2008 to 29/09/2017 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Key: IFSL Sinfonia Adventurous A Acc 78.92 IFSL Sinfonia Adventurous Growth YTD 31.12.16 TO 30.09.17 3 MTHS SINCE LAUNCH 16.06.08 12 MTHS ROLLING 30.09.16 TO 30.09.17 (%) 8.2 0.6 78.9 11.2 5 YEAR CUMULATIVE PERFORMANCE (%) Sep16-Sep17 Sep15-Sep16 Sep14-Sep15 Sep13-Sep14 Sep12-Sep13 11.2 20.9-3.1 4.7 16.2 ^The performance shown is that of the A Acc share class Source: BNPP IP Performance from 16/06/2008 to 29/09/2017, Net of fees, expressed in GBP value Risk Warning Past performance is not a guide to the future performance. Investments can go down as well as up and investors may not get back the amount originally invested. This can be as a result of market movements and exchange rates between currencies. The Fund may invest in fixed interest funds, which are subject to market and credit risk and will be impacted by interest rates. The Fund s underlying investments may include emerging markets which may be less liquid and more volatile than more developed markets. Important Information Copies of the Prospectus and Key Investor Information Documents are available from www.ifslfunds.com or can be requested as a paper copy by calling 0808 178 9322 or writing to IFSL Sinfonia, Marlborough House, 59 Chorley New Road, Bolton BL1 4QP.

IFSL Sinfonia OEIC s September 2017 Investment Management Team Investment Opportunities BNP Paribas Investment Partners UK Ltd OEIC ISA The Multi-Asset Solutions, part of BNP Paribas Investment Partners manage the selected funds in the IFSL Sinfonia portfolios on a day-to-day basis, taking into account the prevailing market conditions and have an extremely robust and comprehensive process for selecting the funds in the portfolios giving investors in the IFSL Sinfonia OEIC access to specialist investment managers that may not be available to the retail investor. Multi-Asset Solutions is the dedicated asset allocation capability within BNP Paribas Investment Partners, offering an extensive range of tailored multi-asset solutions for institutional and retail clients. The team has been in place since 2002 and has developed a strong expertise in both strategic and tactical asset allocation. The team comprises of 50 investment professionals located across Europe, the US and Asia and runs over 50bn of assets (31/12/2016). Multi-Asset Solutions works with FundQuest, the fund selection specialist of BNP Paribas Investment Partners. FundQuest has a team of 28 professionals located in Paris, London and Singapore, proposing funds selection around the world and Model activity. ISA TRANSFERS PENSION SIPP BONDS Providers and Platforms The IFSL Sinfonia OEIC portfolios are available via a wide range of platforms and providers for ISAs, OEICs, SIPPs, pensions and onshore and offshore bonds. For full details of where the funds are available please visit our website: www.sinfonia.com As a totally independent and unbiased organisation Multi-Asset Solutions have access to the widest range of research and resources available enabling investments to be chosen that are appropriate to meet the objectives of the s. Natural Income The income generated for the IFSL Sinfonia Income and IFSL Sinfonia Income & Growth s is based on natural income whereby distributions are generated by the underlying assets of the fund. This can include dividends from equities or interest from fixed interest holdings. Quarterly or bi-annual income distributions can vary due to the synchronisation of the underlying fund distributions. E.g. if the underlying fund pays half year dividends on 31st March then that income will be paid in the following quarter s distributions for the IFSL s. Important Information Past performance is not a guide to the future performance. Investments can go down as well as up and investors may not get back the amount originally invested. This can be as a result of market movements and exchange rates between currencies. The Fund may invest in fixed interest funds, which are subject to market and credit risk and will be impacted by interest rates. The Fund s underlying investments may include emerging markets which may be less liquid and more volatile than more developed markets. This document has been approved by Investment Fund Services Limited. Investment Fund Services Limited is authorised and regulated by the FCA. BNP Paribas Investment Partners UK Ltd, the Investment Manager, is authorised and regulated by the Financial Conduct Authority. Sinfonia Asset Management Ltd. is not authorised or regulated by the Financial Conduct Authority. If you do not understand any part of this document or you require guidance please obtain independent advice. Any opinions or statements included in this document constitute the judgment of BNP Paribas Investment Partners at the time specified and may be subject to change without notice. No representation or warranty, express or implied, is made to the accuracy or completeness of the information contained herein, and BNP Paribas Investment Partners UK Ltd accepts no liability for any loss arising, whether direct or indirect, caused by the use of any part of such information. To contact Sinfonia For more information visit our website at www.ifslfunds.com To invest in IFSL Sinfonia OEIC s please contact your financial adviser. For adviser use only Adviser Service Line: 0808 178 9322 Leeds Head Office: 0113 239 0025 Email: sinfonia@ifslfunds.com Website: www.sinfonia.com SINFONIA ASSET MANAGEMENT LTD., 5 LISTER HILL, HORSFORTH, LEEDS, WEST YORKSHIRE, LS18 5AZ. COMPANY NO: 06309491. REGISTERED IN ENGLAND AND WALES

IFSL Sinfonia OEIC s September 2017 Asset Class Returns Wondering which asset class to invest in for the best returns? Good luck! An asset class is a broad group of securities or investments that have similar financial characteristics, such as gilts or equities. The chart below shows the best performing to worst performing asset class each year. No single asset class is a consistent winner which is why having a blend of assets is so important. January December 2009 2010 2011 2012 2013 2014 2015 2016 Performance BEST Equity 58.93% 53.2% 27.59% 17% 15.35% 23.38% Equity 22.61% 19.06% 18.38% 12.17% 9.92% 5.88% 2.11% 0.49% -1.84% 16.99% 15.85% 15.78% Equity 13.03% 10.27% 29.34% 26.54% 24.8% 18.43% 1.76% 19.7% 12.58% 11.32% 6.36% Equity 3.9% 15.91% 6.52% 4.29% 0.85% 0.53% Equity 32.63% 32.28% 25.77% 22.12% 20.88% 12.41% 8.76% -13.69% 10.19% 1.16% 1.95% 0.44% 19.16% 1.78% 6.47% -16.69% 3.43% 0.3% 0.5% -2.21% 11.9% 0.55% 0.5% -17.03% 2.66% -2.56% 0.38% -3.91% 4.56% WORST -5.4% -1.24% Equity -17.82% 0.31% Equity -4.41% -2.69% Equity -9.99% 0.33% Source: FE Analytics

IFSL Sinfonia OEIC s September 2017 Asset Class Returns Diversification reduces risk Predicting market movements over the long-term is impossible. It is very rare for a single asset class to outperform another consistently. That s why it makes sense to invest in a wide range of different assets rather than try to predict short-term market movements. Over time, a diversified portfolio could smooth your overall return, giving you a more balanced and consistent outcome compared to a single asset portfolio. Your financial adviser can help you decide which IFSL Sinfonia portfolio best suits your personal circumstances, time horizon, capacity for loss and attitude to risk. Each portfolio invests in a wide range of assets and is managed to a set level of risk. Because the portfolios are risk targeted, they will always stay at the same level of risk. Potential return Income Cautious Managed 15% 30% 55% Income & Growth 15% 45% 40% Balanced Managed 30% 45% 25% Adventurous Growth 55% 5% 40% 30% and Fixed Interest Investment 70% Global Equity Risk Risk Warning Past performance is not a guide to the future performance. The value of an investment and income are not guaranteed and can in fact fall as well as rise as a result of market fluctuations. You may not get back the original amount invested. Investments in stocks and shares do not have the same degree of capital security which is afforded with a deposit account. The levels and basis of taxation are subject to change and their value depends on the individual circumstances of the investor. Copies of the Prospectus and Key Investor Information Documents are available from www.ifslfunds.com or can be requested as a paper copy by calling 0808 178 9322 or by writing to IFSL, Marlborough House, 59 Chorley New Road, Bolton, BL1 4QP. This document has been approved by Investment Fund Services Limited who are authorised and regulated by the FCA. Sinfonia Asset Management Ltd. is not authorised or regulated by the Financial Conduct Authority. Disclaimer This document and the information it contains may be privileged and/or confidential. It is for the intended addressee(s) only. The unauthorised use, disclosure or copying of this document, or any information it contains, is prohibited and could, in certain circumstances, be a criminal offence. Sinfonia Asset Management Ltd is a private limited company registered in England with company number 06309491 whose registered office is at 5 Lister Hill, Horsforth, Leeds, LS18 5AZ. The VAT registration number of Sinfonia Asset Management is 712054479. Sinfonia Asset Management Ltd is not regulated or authorised by the Financial Conduct Authority or the Prudential Regulation Authority. Investment Funds Services Limited (IFSL) is the Authorised Corporate Director for the IFSL Sinfonia OEIC. IFSL is regulated and authorised by the Financial Conduct Authority. All our literature including KIIDS, SID and Prospectus are available at www.ifslfunds.com

To contact Sinfonia For more information visit our website at www.ifslfunds.com To invest in IFSL Sinfonia OEIC s please contact your financial adviser. For adviser use only Adviser Service Line: 0808 178 9322 Leeds Head Office: 0113 239 0025 Email: sinfonia@ifslfunds.com Website: www.sinfonia.com