Performance to 31 st December Fund Factsheet. IFSL Sinfonia Risk Targeted Fund Range

Performance to 31 st December 2017 Fund Factsheet IFSL Sinfonia Risk Targeted Fund Range

IFSL Sinfonia OEIC Portfolios Performance to 31 st December 2017 Investment Commentary Market Overview Global equities posted further gains in December, with the MSCI AC World Index in dollars (+1.5%) up for the 14th consecutive month. The MSCI Index rose by 3.4%, driven by a rally in the indices of oil-producing countries, especially in Latin America. Oil gained 5.3%, hitting a high since mid-2015 as WTI moved above the USD 60/ bbl level. Commodities in general got a boost late in the year from the solidity of the economy. Investors were reassured by the bright outlook for global growth, which was reinforced by the US s adoption of the tax cut package against a backdrop of still-modest inflation, which is giving Central Banks some leeway in not rushing the process of normalising their monetary policy. Equity volatility remained under control. Global equities gained 21.6% in 2017 (MSCI AC World), their best performance since 2009. While the US equity markets peaked to record levels (The Dow Jones 30 gained 1.8% and the S&P 500, 1.0%, driven during the first half of the month by the prospect of tax cuts being approved at last by yearend) in the Eurozone markets took a hit late in the month as the Euro moved back above USD 1.20. This caused investors to overlook the latest improvement in economic activity surveys, which showed that growth is still very solid, along with the ECB s accommodative tone pointing to a long period of stability in key rates. The EuroStoxx 50 turned down mid-month ending 1.9% lower. Japanese equities continued to rally in December driven by a weaker yen, the economic upturn (which is driving corporate earnings prospects), and the Bank of Japan s ongoing ultra-accommodative monetary policy. UK equities had a Christmas bonanza in December returning their strongest monthly performance of the year with the FTSE 100 gaining 5%, resulting in full year total return of +11.9%. The abovementioned gains in commodities, progress in the Brexit negotiations and good November retail sales kept the market in buoyant mood amid the backdrop of a solid global macroeconomic outlook. Following the rate hike by the Bank of England in November, the meeting in December was a more muted affair as all members voted to keep policy unchanged, although we do note hints coming out of the Board towards future action that may be needed to keep inflation towards the target level. At the FOMC meeting, the Fed funds target range, which had been on hold since June, was raised by 25bp to between 1.25% and 1.50%, a decision that had already been priced into the market, so reaction was limited. In its official communiqué, the FOMC s assessment of economic activity in general and the job market in particular remained highly optimistic, reflecting solid indicators released in recent weeks. In contrast the ECB made no change to its monetary policy standing, confirming that it will keep rates at their current level for an extended period of time and well beyond the timetable set for net asset purchases. In FX markets, Sterling was largely unchanged versus the USD thanks to an end of year rally which offset some of the depreciation that occurred mid-month. USD weakness was also seen more strongly against the EUR resulting in a slight softening of the GBP vs EUR FX rate over the period.

IFSL Sinfonia OEIC Portfolios Performance to 31 st December 2017 Portfolio Updates Sinfonia Adventurous Growth A good month for the portfolio overall, positive risk markets obviously benefitting the portfolio into the end of the year. The recently added Long Emerging Equity vs US Equity strategy had a good performance this period as emerging markets had an impressive rally into year end. Again we do remain positive on Emerging equities in a supportive environment of improving global growth, weakening USD and a patient Federal Reserve. exposure was a strong contributor this month, but our Pacific ex Japan and Emerging holdings also provided important additions. Sinfonia Balanced Managed A positive month for Sinfonia Balanced Managed to round off a good year overall, broadly we can see the positive global equity markets helping the portfolio here. The recently added Long Emerging Equity vs US Equity strategy had a good performance this period as emerging markets had an impressive rally into year end. Again we do remain positive on Emerging equities in a supportive environment of improving global growth, weakening USD and a patient Federal Reserve. exposure was a strong contributor this month, but our Pacific ex Japan and Emerging holdings also provided important additions. Elsewhere the portfolio has been carrying a small underweight to UK Investment grade credit where spreads have been tight and downside risks appeared more likely. However, over the term of this strategy UK credit market has remained more resilient than expected, in December we took advantage of a small bounce to cut losses on the trade. Sinfonia Income & Growth A positive month for Sinfonia Income & Growth to round off a good year overall, broadly we can see the positive global equity markets helping the portfolio here as well as the gains in UK credit. The recently added Long Emerging Equity vs US Equity strategy had a good performance this period as emerging markets had an impressive rally into year end. Again we do remain positive on Emerging equities in a supportive environment of improving global growth, weakening USD and a patient Federal Reserve. exposure was a strong contributor this month. Elsewhere the portfolio has been carrying a small underweight to UK Investment grade credit where spreads have been tight and downside risks appeared more likely. However, over the term of this strategy UK credit market has remained more resilient than expected, in December we took advantage of a small bounce to cut losses on the trade. Sinfonia Cautious Managed A positive month for Cautious Managed to round off a good year overall. The recently added Long Emerging Equity vs US Equity strategy good performance this period as emerging markets had an impressive rally into year end. Again we do remain positive on Emerging equities in a supportive environment of improving global growth, weakening USD and a patient Federal Reserve. UK assets in Equity, Government Bonds and Credit were strong contributors this month. Elsewhere the portfolio has been carrying a small underweight to UK Investment grade credit where spreads have been tight and downside risks appeared more likely. However, over the term of this strategy UK credit market has remained more resilient than expected so in December we decided to cut this position. Sinfonia Income A positive month for Sinfonia Income to complete a good 2017 for the fund. The recently added Long Emerging Equity vs US Equity strategy had a good performance this period as emerging markets had an impressive rally into year end. Again we do remain positive on Emerging market assets in a supportive environment of improving global growth, weakening USD and a patient Federal Reserve. Both and UK Government Bond exposure were strong contributors this month. Elsewhere the portfolio has been carrying a small underweight to UK Investment grade credit where spreads have been tight and downside risks appeared more likely. However, over the term of this strategy UK credit market has remained more resilient than expected so in December we decided to cut this position.

IFSL Sinfonia Income Portfolio December 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 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 11.3m GBP 1000 lump sum, 25 per month 16 June 2008 Accumulation & Income Sinfonia Asset Management Ltd BNP Paribas Investment Partners UK Ltd Investment Fund Services Ltd 1.18% (last 12 months up to 31st December 2017) 1.14% (includes AMC of 0.65%) 1 Apr / 1 Oct 31 May / 30 Nov UK Government Bonds 32.85% Global Bonds 23.14% 16.79% UK Equities 11.46% & Money Market 6.14% European Equities 4.26% Equities 2.55% Absolute Return 2.04% US Equities 0.76% Legal & General All Stocks Gilt Index Trust 18.48% BlackRock UK Credit Screened Fund 16.79% Vanguard UK Government Bond UCITS ETF 11.39% Parvest Bond World X Cap 9.08% Amundi Funds Bond Global Aggregate 8.13% TAL 63.87% *Figures may not total to 100% due to rounding. Performance as at 31.12.2017 % Growth 80 70 60 50 40 30 20 10 0-10 Performance Pack From 16.06.2008 to 31.12.2017 YTD 31/12/2017 IFSL Sinfonia Income Portfolio 3 MTHS 6 MTHS 1 YR 3 YRS 5 YRS 1.70% 1.37% 3.68% 16.53% 28.29% Discrete Performance ^The performance shown is that of the A Acc share class 31/12/2012 3.68% 3.68% 11.06% 1.20% 5.97% 3.89% -20 2008 Key: 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 IFSL Sinfonia Income Portfolio A Acc 55.12% Since Launch Source: BNPP AM Performance from 16.06.2008 to 31.12.2017, 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 Portfolio December 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 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 35.0m GBP 1000 lump sum, 25 per month 16 June 2008 Accumulation Sinfonia Asset Management Ltd BNP Paribas Investment Partners UK Ltd Investment Fund Services Ltd 0.95% (last 12 months up to 31st December 2017) 1.01% (includes AMC of 0.65%) 1 Apr / 1 Oct 31 May / 30 Nov UK Equities 23.47% Global Bonds 17.86% UK Government Bonds 17.66% 16.94% European Equities 7.82% US Equities 5.35% & Money Market 4.06% Absolute Return 3.18% Equities 2.65% Japan Equities 1.02% BlackRock UK Credit Screened Fund 16.94% Legal & General All Stocks Gilt Index Trust 16.32% JPMorgan Fund ICVC UK Active Index Plus 12.22% Legal & General UK Index Trust 8.85% Vanguard FTSE Developed Europe ex UK UCITS ETF 5.65% TAL 59.98% *Figures may not total to 100% due to rounding. Performance as at 31.12.2017 % Growth 80 70 60 50 40 30 20 10 0-10 Performance Pack From 16.06.2008 to 31.12.2017 YTD IFSL Sinfonia Cautious Managed Portfolio 3 MTHS 6 MTHS 1 YR 3 YRS 5 YRS 2.29% 2.23% 6.43% 22.21% 41.50% 31/12/2017 Discrete Performance 31/12/2012 6.43% 6.43% 13.47% 1.19% 5.17% 10.09% ^The performance shown is that of the A Acc share class -20 2008 Key: 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 IFSL Sinfonia Cautious Managed Portfolio A Acc 73.92% Since Launch Source: BNPP AM Performance from 16.06.2008 to 31.12.2017, 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 Portfolio December 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 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 30.0m GBP 1000 lump sum, 25 per month 16 June 2008 Accumulation & Income Sinfonia Asset Management Ltd BNP Paribas Investment Partners UK Ltd Investment Fund Services Ltd 1.42% (last 12 months up to 31st December 2017) 1.10% (includes AMC of 0.65%) 1 Apr / 1 Oct 31 May / 30 Nov UK Equities 31.30% 18.29% Global Bonds 13.25% US Equities 9.41% European Equities 9.03% Japan Equities 5.92% & Money Market 5.41% UK Government Bonds 4.94% Equities 2.45% BlackRock UK Credit Screened Fund 18.29% JPMorgan Fund ICVC UK Active Index Plus 15.77% Legal & General UK Index Trust 12.38% ishares GBP Corporate Bond 0-5yr UCITS ETF 8.42% Vanguard FTSE Developed Europe ex UK UCITS ETF 6.02% TAL 60.88% *Figures may not total to 100% due to rounding. Performance as at 31.12.2017 % Growth 80 70 60 50 40 30 20 10 0-10 Performance Pack From 16.06.2008 to 31.12.2017 YTD IFSL Sinfonia Income & Growth Portfolio 3 MTHS 6 MTHS 1 YR 3 YRS 5 YRS 3.21% 3.33% 8.53% 25.29% 48.06% 31/12/2017 Discrete Performance 31/12/2012 8.53% 8.53% 13.66% 1.57% 5.33% 12.20% ^The performance shown is that of the A Acc share class -20 2008 Key: 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 IFSL Sinfonia Income and Growth Portfolio A Acc 83.32% Since Launch Source: BNPP AM Performance from 16.06.2008 to 31.12.2017, 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 Portfolio December 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 36.3m GBP 1000 lump sum, 25 per month 16 June 2008 Accumulation Sinfonia Asset Management Ltd BNP Paribas Investment Partners UK Ltd Investment Fund Services Ltd 0.98% (last 12 months up to 31st December 2017) 1.08% (includes AMC of 0.65%) 1 Apr / 1 Oct 31 May / 30 Nov UK Equities 33.02% 21.90% US Equities 9.98% European Equities 8.99% s Equities 8.38% Japan Equities 6.11% Asian Equities ex Japan 4.89% & Money Market 4.86% UK Government Bonds 0.99% Global Bonds 0.84% Absolute Return 0.05% BlackRock UK Credit Screened Fund 18.42% JPMorgan Fund ICVC UK Active Index Plus 16.79% Legal & General UK Index Trust 13.02% anguard FTSE Developed Europe ex UK 5.27% Vanguard S&P 500 UCITS ETF 4.03% TAL 57.53% *Figures may not total to 100% due to rounding. Performance as at 31.12.2017 % Growth 80 70 60 50 40 30 20 10 0-10 Performance Pack From 16.06.2008 to 31.12.2017 YTD IFSL Sinfonia Balanced Managed Portfolio 3 MTHS 6 MTHS 1 YR 3 YRS 5 YRS 3.79% 4.44% 10.87% 28.93% 54.55% 31/12/2017 Discrete Performance 31/12/2012 10.87% 10.87% 15.40% 0.77% 5.87% 13.22% ^The performance shown is that of the A Acc share class -20 2008 Key: 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 IFSL Sinfonia Balanced Managed Portfolio A Acc 83.62% Since Launch Source: BNPP AM Performance from 16.06.2008 to 31.12.2017, 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 Portfolio December 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 18.3m GBP 1000 lump sum, 25 per month 16 June 2008 Accumulation Sinfonia Asset Management Ltd BNP Paribas Investment Partners UK Ltd Investment Fund Services Ltd 1.01% (last 12 months up to 31st December 2017) 1.11% (includes AMC of 0.65%) 1 Apr / 1 Oct 31 May / 30 Nov UK Equities 39.46% 16.84% s Equities 12.72% Asian Equities ex Japan 8.74% US Equities 7.95% European Equities 7.79% Japan Equities 5.12% & Money Market 1.23% UK Government Bonds 0.15% JPMorgan Fund ICVC UK Active Index Plus 18.71% BlackRock UK Credit Screened Fund 16.84% Legal & General UK Index Trust 16.72% Parvest Equity Pacific ex-japan 6.09% Fisher Investments Institutional s Equity Fund 4.88% TAL 63.24% *Figures may not total to 100% due to rounding. Performance as at 31.12.2017 % Growth 80 70 60 50 40 30 20 10 0-10 -20 Performance Pack From 16.06.2008 to 31.12.2017 YTD IFSL Sinfonia Adventurous Growth Portfolio 3 MTHS 6 MTHS 1 YR 3 YRS 5 YRS 4.42% 5.06% 13.01% 31.73% 59.79% 31/12/2017 Discrete Performance 31/12/2012 13.01% 13.01% 16.99% -0.35% 5.11% 15.40% ^The performance shown is that of the A Acc share class -30 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Key: IFSL Sinfonia Adventurous Portfolio A Acc 86.82% Since Launch Source: BNPP AM Performance from 16.06.2008 to 31.12.2017, 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 Portfolios December 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 (). 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 Portfolio 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 Portfolios. Natural Income The income generated for the IFSL Sinfonia Income Portfolio and IFSL Sinfonia Income & Growth Portfolios 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 Portfolios. 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 Portfolios 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 Portfolios December 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 Portfolios December 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 Portfolio Cautious Managed Portfolio 15% 30% 55% Income & Growth Portfolio 15% 45% 40% Balanced Managed Portfolio 30% 45% 25% Adventurous Growth Portfolio 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 Portfolios 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