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

Performance to 31 st January 2018 Fund Factsheet IFSL Sinfonia Risk Targeted Fund Range

IFSL Sinfonia OEIC Portfolios Performance to 31 st January 2018 Investment Commentary Market Overview The focus in early 2018 has been on generally how great the world is doing. GDP s are resilient throughout the major economies (US +2.6% & +2.5% in the Eurozone for the annual rate), consumer confidence is on the up and PMI s are posting new highs (Eurozone Composite now over 58), what could go wrong? Even with a difficult end to the month, which saw a surge in volatility to its highest level since mid-august for the VIX index global equity prices were buoyant and up by 5.6% in January, as the MSCI AC World index in US dollar terms marked a fifteenth consecutive monthly rise. We have seen some deterioration in the government bond market since the start of the year, with contagion coming from both sides of the Atlantic. The 10-year US T-note yield, which was at 2.41% at the end of December, ended the month at 2.71%, its highest level since spring 2014. As expected, the Fed decided not to change its policy rates at its monetary policy meeting and presented a marginally more confident take on the acceleration of inflation in 2018. Various factors helped to drive up yields, but these all stemmed from a fear of a reduction in government bond purchases. Firstly, the Bank of Japan very slightly reduced its purchases of JGBs, solely because the issue volume will be smaller in 2018. Secondly, Chinese officials, whose statements were very quickly refuted, apparently suggested that US T-note purchases would be scaled back. Finally, the publication of the minutes of the ECB s December Governing Council meeting pointed to signs of a change in monetary policy. In the UK, focus will be turning shortly to the MPC meeting on 8th February as to how outlook might have changed following appreciation in Sterling (should lead to softer inflation) and a 10% rise in oil prices since last November (which would have an inflationary impact). In Europe the 10-year Bund yield, which was at 0.43% at the end of December, initially moved up to 0.50% before coming under additional upward pressure towards the end of the month ending at 0.70%, its highest since the autumn of 2015. Likewise 10-year Gilts came under pressure moving from just below 1.2% at the end of 2017 to over 1.5% one month later. The French OAT held up better (+18bp to 0.97% for the 10-year rate) and the peripheral markets did well with 10-year Italian bond yields remaining stable, even though the parliamentary elections, to be held on 4 March, are drawing near. The credit market withstood this adverse interest rate environment, outperforming government bonds. The high-yield segment recorded a positive total performance for euro and dollar-denominated securities. The MSCI equity index outperformed, ending the month up by 8.3%, thanks to the solid performance of the emerging Europe and Latin American markets which benefited from the increase in oil prices (7.1% per barrel of WTI, whose price reached its highest level since the end of 2014 during the month). The stock market indices withstood the upward pressures on long bond yields for a large part of the month. The major fluctuations seen on the foreign exchange markets explain differences in the performances of the main developed markets. Sterling appreciated against most of the major countries, closing in on the levels versus the USD that were last seen prior to the 2016 EU Referendum. Significantly USD weakness could be seen against the EUR this month moving above 1.24 /$, back near highs from late 2014.

IFSL Sinfonia OEIC Portfolios Performance to 31 st January 2018 Portfolio Updates Sinfonia Adventurous Growth We have started the year by adding a long position in European equities as a post-christmas sell-off presented a good opportunity to add some risk into the portfolio. The macroeconomic backdrop of robust global growth, muted inflation and accommodative central bank policies remains supportive of global equities. We have a preference for Europe at this time due to relative under-performance and room for Price/Earnings multiples expansion in the coming months, especially if we see the recent headwind of EUR strength start to dissipate. Emerging Equities again had a good month and our over-exposure to this asset class benefitted the portfolio. In contrast to December UK equities were a drag on performance at the start of the year. Sinfonia Balanced Managed We have started the year by adding a long position in European equities as a post-christmas sell-off presented a good opportunity to add some risk into the portfolio. The macroeconomic backdrop of robust global growth, muted inflation and accommodative central bank policies remains supportive of global equities. We have a preference for Europe at this time due to relative under-performance and room for Price/Earnings multiples expansion in the coming months, especially if we see the recent headwind of EUR strength start to dissipate. Emerging Equities again had a good month and our over-exposure to this asset class benefitted the portfolio. In fixed income we have been running shorter interest rate risk in the portfolio for a large part of 2017 and following the recent selloff in the government bond markets have partially closed this. Sinfonia Income & Growth We have started the year by adding a long position in European equities as a post-christmas sell-off presented a good opportunity to add some risk into the portfolio. The macroeconomic backdrop of robust global growth, muted inflation and accommodative central bank policies remains supportive of global equities. We have a preference for Europe at this time due to relative under-performance and room for Price/Earnings multiples expansion in the coming months, especially if we see the recent headwind of EUR strength start to dissipate. Emerging Equities again had a good month and our over-exposure to this asset class benefitted the portfolio. In fixed income we have been running shorter interest rate risk in the portfolio for a large part of 2017 and following the recent selloff in the government bond markets have partially closed this position. Sinfonia Cautious Managed We have started the year by adding a long position in European equities as a post-christmas sell-off presented a good opportunity to add some risk into the portfolio. The macroeconomic backdrop of robust global growth, muted inflation and accommodative central bank policies remains supportive of global equities. We have a preference for Europe at this time due to relative under-performance and room for Price/Earnings multiples expansion in the coming months, especially if we see the recent headwind of EUR strength start to dissipate. Emerging Equities again had a good month and our over-exposure to this asset class benefitted the portfolio. In fixed income we have been running shorter interest rate risk in the portfolio for a large part of 2017 and following the recent selloff in the government bond markets have partially closed this position. Sinfonia Income We have started the year by adding a long position in European equities as a post-christmas sell-off presented a good opportunity to add some risk into the portfolio. The macroeconomic backdrop of robust global growth, muted inflation and accommodative central bank policies remains supportive of global equities. We have a preference for Europe at this time due to relative under-performance and room for Price/Earnings multiples expansion in the coming months, especially if we see the recent headwind of EUR strength start to dissipate. Emerging Equities again had a good month and our over-exposure to this asset class benefitted the portfolio. In contrast to December UK equities were a drag on performance at the start of the year. In fixed income we have been running shorter interest rate risk in the portfolio for a large part of 2017 and following the recent sell-off in the government bond markets have partially closed this position.

IFSL Sinfonia Income Portfolio January 2018 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 11.2m 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 1.16% (last 12 months up to 31st January 2018) 1.12% (includes AMC of 0.65%) 1 Apr / 1 Oct 31 May / 30 Nov UK Government Bonds 33.06% 21.06% Global Bonds 18.59% UK Equities 11.18% European Equities 6.35% & Money Market 5.60% Equities 2.65% Absolute Return 1.00% US Equities 0.50% Legal & General All Stocks Gilt Index Trust 18.28% BlackRock UK Credit Screened Fund 17.06% Vanguard UK Government Bond UCITS ETF 14.78% Parvest Bond World X Cap 8.83% Amundi Funds Bond Global Aggregate 7.87% TAL 66.82% *Figures may not total to 100% due to rounding. Performance as at 31.01.2018 % Growth 80 70 60 50 40 30 20 10 0-10 Performance Pack From 16.06.2008 to 31.01.2018 YTD 01/02/2017 31/01/2018 IFSL Sinfonia Income Portfolio 3 MTHS 6 MTHS 1 YR 3 YRS 5 YRS 0.33% 0.33% 3.70% 12.15% 25.67% Discrete Performance 01/02/2016 31/01/2017 01/02/2015 31/01/2016 ^The performance shown is that of the A Acc share class 01/02/2014 31/01/2015 01/02/2013 31/01/2014-0.58% 3.70% 10.07% -1.75% 9.30% 2.53% -20 2008 Key: 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 IFSL Sinfonia Income Portfolio A Acc 54.22% Since Launch Source: BNPP AM, performance shown net in GBP * Launch date: 16/06/2008 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 January 2018 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 January 2018) 1.00% (includes AMC of 0.65%) 1 Apr / 1 Oct 31 May / 30 Nov UK Equities 23.0% 21.0% UK Government Bonds 18.0% Global Bonds 13.6% European Equities 11.5% US Equities 5.4% Equities 2.7% & Money Market 2.5% Absolute Return 1.3% Japan Equities 1.0% BlackRock UK Credit Screened Fund 18.53% Legal & General All Stocks Gilt Index Trust 18.01% JPMorgan Fund ICVC UK Active Index Plus 11.71% Legal & General UK Index Trust 8.81% Vanguard FTSE Developed Europe ex UK UCITS ETF 7.26% TAL 64.31% *Figures may not total to 100% due to rounding. Performance as at 31.01.2018 % Growth 80 70 60 50 40 30 20 10 0-10 Performance Pack From 16.06.2008 to 31.01.2018 YTD IFSL Sinfonia Cautious Managed Portfolio 3 MTHS 6 MTHS 1 YR 3 YRS 5 YRS 0.70% 1.58% 6.18% 18.99% 37.12% 01/02/2017 31/01/2018 Discrete Performance 01/02/2016 31/01/2017 01/02/2015 31/01/2016 01/02/2014 31/01/2015 01/02/2013 31/01/2014-0.17% 6.18% 15.06% -2.60% 8.15% 6.56% ^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 73.62% Since Launch Source: BNPP AM, performance shown net in GBP * Launch date: 16/06/2008 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 January 2018 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 30.2m 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 1.44% (last 12 months up to 31st January 2018) 1.03% (includes AMC of 0.65%) 1 Apr / 1 Oct 31 May / 30 Nov UK Equities 31.02% 27.20% European Equities 12.12% US Equities 9.38% Japan Equities 5.88% UK Government Bonds 5.03% Global Bonds 4.71% Equities 2.52% & Money Market 2.14% *Figures may not total to 100% due to rounding. BlackRock UK Credit Screened Fund 19.12% JPMorgan Fund ICVC UK Active Index Plus 15.62% Legal & General UK Index Trust 12.21% ishares GBP Corporate Bond 0-5yr UCITS ETF 8.08% Vanguard FTSE Developed Europe ex UK UCITS ETF 7.56% TAL 62.60% Performance as at 31.01.2018 % Growth 80 70 60 50 40 30 20 10 0-10 Performance Pack From 16.06.2008 to 31.01.2018 YTD IFSL Sinfonia Income & Growth Portfolio 3 MTHS 6 MTHS 1 YR 3 YRS 5 YRS 1.60% 3.20% 8.44% 23.03% 42.59% 01/02/2017 31/01/2018 Discrete Performance 01/02/2016 31/01/2017 01/02/2015 31/01/2016 01/02/2014 31/01/2015 01/02/2013 31/01/2014 0.27% 8.44% 17.95% -3.82% 8.65% 6.67% ^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 83.82% Since Launch Source: BNPP AM, performance shown net in GBP * Launch date: 16/06/2008 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 January 2018 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 36.7m 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 0.97% (last 12 months up to 31st January 2018) 1.03% (includes AMC of 0.65%) 1 Apr / 1 Oct 31 May / 30 Nov UK Equities 32.64% 22.08% European Equities 12.57% US Equities 9.92% s Equities 8.12% Japan Equities 6.05% Asian Equities ex Japan 4.88% & Money Market 1.91% UK Government Bonds 0.97% Global Bonds 0.81% Absolute Return 0.05% BlackRock UK Credit Screened Fund 18.63% JPMorgan Fund ICVC UK Active Index Plus 16.59% Legal & General UK Index Trust 12.82% Vanguard FTSE Developed Europe ex UK 6.73% Parvest Equity Best Selection Europe Ex-UK 5.84% TAL 60.61% *Figures may not total to 100% due to rounding. Performance as at 31.01.2018 % Growth 80 70 60 50 40 30 20 10 0-10 Performance Pack From 16.06.2008 to 31.01.2018 YTD IFSL Sinfonia Balanced Managed Portfolio 3 MTHS 6 MTHS 1 YR 3 YRS 5 YRS 2.04% 4.29% 10.59% 26.84% 48.43% 01/02/2017 31/01/2018 Discrete Performance 01/02/2016 31/01/2017 01/02/2015 31/01/2016 01/02/2014 31/01/2015 01/02/2013 31/01/2014 0.65% 10.59% 21.35% -5.49% 10.13% 6.26% ^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 84.82% Since Launch Source: BNPP AM, performance shown net in GBP * Launch date: 16/06/2008 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 January 2018 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 18.6m 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 0.84% (last 12 months up to 31st January 2018) 1.13% (includes AMC of 0.65%) 1 Apr / 1 Oct 31 May / 30 Nov UK Equities 38.79% 16.09% s Equities 12.98% European Equities 9.35% Asian Equities ex Japan 8.75% US Equities 7.61% Japan Equities 5.07% & Money Market 1.22% UK Government Bonds 0.15% JPMorgan Fund ICVC UK Active Index Plus 18.28% Legal & General UK Index Trust 16.44% BlackRock UK Credit Screened Fund 16.09% Parvest Equity Pacific ex-japan 6.15% Vanguard FTSE Developed Europe ex UK UCITS ETF 5.92% TAL 62.88% *Figures may not total to 100% due to rounding. Performance as at 31.01.2018 % Growth 80 70 60 50 40 30 20 10 0-10 -20 Performance Pack From 16.06.2008 to 31.01.2018 YTD IFSL Sinfonia Adventurous Growth Portfolio 3 MTHS 6 MTHS 1 YR 3 YRS 5 YRS 2.39% 4.90% 12.47% 29.46% 52.38% 01/02/2017 31/01/2018 Discrete Performance 01/02/2016 31/01/2017 01/02/2015 31/01/2016 01/02/2014 31/01/2015 01/02/2013 31/01/2014 0.91% 12.47% 24.52% -7.55% 10.47% 6.55% ^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 88.52% Since Launch Source: BNPP AM, performance shown net in GBP * Launch date: 16/06/2008 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 January 2018 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 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 January 2018 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 January 2018 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