Rathbone Managed Portfolio Service (MPS) Strategy Information and Performance

Rathbone Managed Portfolio Service (MPS) Strategy information and performance

This document shows the performance of the Rathbone Managed Portfolio Service strategies provided by Rathbone Investment Management

Data as at 31 May 2019 Managed Portfolio Service

Rathbone Investment Management Managed Portfolio Service (MPS) strategy information 31 May 2019 Cautious Invested in the Rathbone Multi-Asset Total Return Portfolio Strategy facts Date launched March 2017 Objective Historical distribution yield Inc: 1.44%/Acc: 1.46% (est) The strategy’s objective is investing for growth with a target total return in excess of MiFID II charges 2% above sterling six month LIBOR over a minimum three years, and a target risk Ongoing Charges Figure (OCF) as at 31.03.2019 level of one third of the volatility of global equities as measured by the MSCI World Inc: 0.92%/Acc: 0.92% Equity index. Transaction costs Inc: 0.08%/Acc: 0.08% Total MiFID II charges Inc: 1.00%/Acc: 1.00% Simulated performance and volatility The MiFID II charges include the Ongoing Charges Figure (OCF) and transaction costs. PRIIPs compliant^ The performance data shown is a simulated illustration of historic performance using the charging Rathbone risk profle (1-6) level used by the Managed Portfolio Service to 31.08.2017 and the performance of the M class unit Cautious: 2 thereafter.

Data as at 31.05.19 1 year 3 years 5 years Rathbone MPS Cautious Strategy 2.91% 12.01% 20.90% LIBOR GBP 6 month +2% 2.95% 8.31% 14.32% Volatility as % of MSCI World Equity Index* 25.14% 28.12% 28.86%

Discrete annual performance, quarter ending 31 March 2015 2016 2017 2018 2019 Rathbone MPS Cautious Strategy 8.22% 0.87% 6.37% -0.44% 4.05% LIBOR GBP 6 month +2% 2.69% 2.75% 2.60% 2.52% 2.93%

Risk analysis - 3 years rolling Max drawdown** Sharpe ratio** Volatility** Rathbone MPS Cautious Strategy -2.74 1.12 2.94% MSCI World Equity Index -11.35 1.32 10.44% 1 to 10 scale 1 to 5 scale

Simulated performance Dealing/valuation Forward daily: 9.00am-5.00pm ------Rathbone MPS Cautious Strategy ------LIBOR GBP 6 month +2% Valuation point: 12.00 midday 140 Dealing/valuation: 0844 748 0029 Information line: 020 7399 0399

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31 May 14 to 31 May 19, mid-mid price, UK 100 basic rate in UK Sterling, percentage change. Past performance should not be seen as an indication of future performance. The value of

Percentage (indexed) investments and the income from them may go 80 down as well as up and you may not get back May 2015 May 2016 May 2017 May 2018 May 2019 your original investment. Asset class split You should know

Data as at 31.05.19 The MPS strategies are only available l Equities: 29.43% to clients of Rathbone Investment Management Limited (RIM). l Conventional government bonds: 24.74% The Ongoing Charge Figure (OCF) is the overall l Cash and equivalents: 20.22% total annual charge for investing in the Rathbone Multi-Asset Portfolio (RMAP) fund product. It l Corporate bonds: 9.64% includes fund expenses plus charges for the l Commodities: 6.41% underlying funds. RIM may charge additional l Index-linked bonds: 5.21% fees for the MPS which are not included in the l Alternative investment strategies: OCF. Please refer to the MPS schedule of charges 4.01% for details. l Private equity: 0.34% As the Manager’s annual charge is taken from capital, that capital may be eroded or growth restricted to the extent of the charge and that, while there may as a result be a reduction in Liquidity liability for Capital Gains Tax, there will be some increase in Income Tax liability for tax paying Currently 51.18% of total fund (range 10%-50%) Top holdings % shareholders. Cash 7.73 l Cash and equivalents: Performance notes 20.22% Treasury 0.5% Bonds 22/07/2022 7.19 Performance fgures, distribution yield and l Government bonds (UK Australia Treasury 5.5% 21/04/2023 4.14 the OCF relate to the RMAP fund in which the conventional): 14.74% strategy invests. Treasury 3/4% Bonds 22/07/2023 3.48 l Government bonds The performance table and graph show (Overseas conventional): Treasury 0% T-Bill 29/07/2019 3.17 simulated historic performance using an Annual 10.00% Treasury 1.75% Gilt 22/07/2019 3.16 Management Charge (AMC) of 0.75%, which l Government bonds (UK is the charging level applied to the strategy's Treasury 0% T-Bill 5/08/2019 3.11 investment in the RMAP fund up to 31.08.2017 index-Linked): 2.69% Treasury 0% T-Bill 1/07/2019 3.11 and the performance of the M class unit l Government bonds thereafter. (Overseas index-Linked): Treasury 0% T-Bill 19/08/2019 3.10 2.52% Source performance data Rathbones, mid to Treasury 0.125% I/L Stock 22/03/2024 2.69 mid, net income reinvested. Net of expenses and l High quality credit (UK): tax. Data using prices as at 31 May 2019. 1.01% ^ From April 2018, the Ongoing Charges Equity risk Figure has been calculated according to PRIIPs regulations, which came into efect on 1 January Currently 38.40% of total fund (range 20%-60%) Top direct holdings % 2018. Holdings are based on six monthly Diageo 0.65 audited accounts. Changes to fund holdings l Equities (Overseas within this period may result in higher or lower developed): 18.02% Roche 0.65 ongoing charges. l Equities (UK): 10.51% Alphabet 0.65 * (Targeting <33%) l Corporate bonds: 6.87% WEC Energy Group 0.63 l Corporate bonds (high Volatility as % of MSCI Equity index fgures are calculated using monthly data. yield): 1.76% Visa 0.62 l Equities (Asia/emerging Lockheed Martin Co 0.61 ** Volatility, Sharpe Ratio and Maximum markets): 0.90% Unilever 0.60 Drawdown given on a 3 year rolling basis. Sharpe l Private equity: 0.34% Ratio calculated using a Risk Free Rate of 0.56% Legal & General 0.58 (based on 3 month LIBOR). Investec 4.5% 5/05/2022 0.57 Discover Financial Services 0.57 Diversifers

Currently 10.42% of total fund (range 10%-60%) Top holdings %

l Commodities: 6.41% iShares Physical Gold ETC 4.29 l Portfolio protection: RBC Leveraged 3Yr Steepener 2.27 2.46% BH Macro Fund 1.45 l Actively managed L&G All Commodities UCITS ETF 1.16 strategies: 1.55% Invesco Commodity Composite UCITS 0.96 CATCo Reinsurance Opportunities Fund 0.10 JP Morgan S&P 500 Put 0.10 RBC S&P 500 Put 0.09

Important Information

This document is published by Rathbone Investment Management Limited and does trading name of Rathbone Investment Management Limited, which is authorised by not constitute a solicitation, nor a personal recommendation for the purchase or the Prudential Regulation Authority and regulated by the Financial Conduct Authority sale of any investment; investments or investment services referred to may not be and the Prudential Regulation Authority. Rathbone Unit Trust Management Limited is suitable for all investors. No consideration has been given to the particular investment authorised and regulated by the Financial Conduct Authority. Registered ofce: Port of objectives, fnancial situations or particular needs of any recipient and you should take Liverpool Building, Pier Head, Liverpool L3 1NW. Registered in England No. 01448919. appropriate professional advice before acting. The price or value of investments, and The information and opinions expressed herein are considered valid at publication, but the income derived from them, can go down as well as up and an investor may get are subject to change without notice and their accuracy and completeness cannot be back less than the amount invested. Rathbone Investment Management Limited will guaranteed. No part of this document may be reproduced in any manner without prior not, by virtue of distribution of this document, be responsible to any other person for permission. providing the protections aforded to customers or for advising on any investment. Rathbone Brothers Plc is independently owned, is the sole shareholder in each of its subsidiary businesses and is listed on the London Stock Exchange. Rathbones is the © 2019 Rathbone Brothers Plc IFA–MPS–M–06–19 Managed Portfolio Service

Rathbone Investment Management Managed Portfolio Service (MPS) strategy information 31 May 2019 Balanced Invested in a combination of the Rathbone Multi-Asset Total Return Portfolio and Strategy facts the Rathbone Multi-Asset Strategic Growth Portfolio Date launched March 2017 Historical distribution yield Inc: 1.49%/Acc: 1.51% (est) Objective MiFID II charges Ongoing Charges Figure (OCF) as at 31.03.2019 The strategy invests for growth with a target total return of 2% above the Consumer Inc: 0.96%/Acc: 0.96% Price Index (CPI) over a minimum fve years, and a target risk level of one half of the Transaction costs volatility of global equities as measured by the MSCI World Equity index. Inc: 0.09%/Acc: 0.09% Total MiFID II charges Inc: 1.05%/Acc: 1.05% The MiFID II charges include the Ongoing Charges Simulated performance and volatility Figure (OCF) and transaction costs. PRIIPs compliant^ The performance data shown is a simulated illustration of historic performance using the charging Rathbone risk profle (1-6) level used by the Managed Portfolio Service to 31.08.2017 and the performance of the M class unit Balanced: 3 thereafter.

Data as at 31.05.19 1 year 3 years 5 years Rathbone MPS Balanced Strategy 2.70% 19.96% 30.64% UK Consumer Price Index +2% 4.14% 13.95% 18.68% DEFAQTO Volatility as % of MSCI World Equity Index* 45.11% 44.13% 44.41% RISK MAPPING 4 LOW RISK Powered by Defaqto Engage Discrete annual performance, quarter ending 31 March 2015 2016 2017 2018 2019 Rathbone MPS Balanced Strategy 9.40% 0.22% 11.19% 1.42% 5.05% UK Consumer Price Index +2% 1.99% 2.53% 4.34% 4.49% 3.85%

Risk analysis - 3 years rolling Max drawdown** Sharpe ratio** Volatility** Rathbone MPS Balanced Strategy -4.95 1.24 4.61% 1 to 10 scale 1 to 5 scale MSCI World Equity Index -11.35 1.32 10.44% Simulated performance Dealing/valuation Forward daily: 9.00am-5.00pm ------Rathbone MPS Balanced Strategy ------UK Consumer Price Index +2% Valuation point: 12.00 midday 140 Dealing/valuation: 0844 748 0029 Information line: 020 7399 0399

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31 May 14 to 31 May 19, mid-mid price, UK basic rate in UK Sterling, percentage change. UK Consumer Price Infation fgures quoted with a 100 one month lag. Past performance should not be seen as an indication of future performance. The value of

Data as at 31.05.19 The MPS strategies are only available l Equities: 46.25% to clients of Rathbone Investment Management Limited (RIM). l Cash and equivalents: 21.95% l Conventional government bonds: The Ongoing Charge Figure (OCF) is the overall 14.86% total annual charge for investing in the Rathbone Multi-Asset Portfolio (RMAP) fund product. It l Corporate bonds: 6.06% includes fund expenses plus charges for the l Commodities: 4.86% underlying funds. RIM may charge additional l Index-linked bonds: 2.63% fees for the MPS which are not included in the l Alternative investment strategies: OCF. Please refer to the MPS schedule of charges 2.02% for details. l Emerging market debt: 0.93% As the Manager’s annual charge is taken from l Private equity: 0.44% capital, that capital may be eroded or growth restricted to the extent of the charge and that, while there may as a result be a reduction in Liquidity liability for Capital Gains Tax, there will be some increase in Income Tax liability for tax paying Currently 39.90% of total fund Top holdings % shareholders. Cash 9.60 l Cash and equivalents: Performance notes 21.95% Treasury 0% T-Bill 5/08/2019 3.15 Performance fgures, distribution yield and l Government bonds (UK Treasury 0% T-Bill 19/08/2019 3.15 the OCF relate to the RMAP fund in which the conventional): 7.97% strategy invests. Treasury 0% T-Bill 29/07/2019 3.04 l Government bonds The performance table and graph show (Overseas conventional): Treasury 0.5% Bonds 22/07/2022 3.02 simulated historic performance using an Annual 6.89% Treasury 0% T-Bill 1/07/2019 3.02 Management Charge (AMC) of 0.75%, which l Government bonds is the charging level applied to the strategy's Australia Treasury 5.5% 21/04/2023 2.91 investment in the RMAP fund up to 31.08.2017 (Overseas index-Linked): Treasury 3/4% Bonds 22/07/2023 2.37 and the performance of the M class unit 1.50% thereafter. l Government bonds (UK Australia Treasury 4.75% 21/04/2027 1.86 index-Linked): 1.13% Source performance data Rathbones, mid to US Treasury 2.25% Notes 15/02/2027 1.43 mid, net income reinvested. Net of expenses and l High quality credit (UK): tax. Data using prices as at 31 May 2019. UK 0.46% Consumer Price Infation fgures quoted with a Equity risk one month lag. ^ From April 2018, the Ongoing Charges Currently 53.22% of total fund Top direct holdings % Figure has been calculated according to PRIIPs Roche 0.84 regulations, which came into efect on 1 January l Equities (Overseas 2018. Holdings are based on six monthly developed): 29.24% Lockheed Martin Co 0.83 audited accounts. Changes to fund holdings l Equities (UK): 13.73% Alphabet 0.82 within this period may result in higher or lower ongoing charges. l Corporate bonds: 4.20% Unilever 0.79 l Equities (Asia/emerging * (Targeting <50%) markets): 3.26% ASML 0.78 Volatility as % of MSCI Equity index fgures are l Corporate bonds (high Legal & General 0.75 calculated using monthly data. yield): 1.40% Discover Financial Services 0.74 l Emerging market debt: ** Volatility, Sharpe Ratio and Maximum Drawdown given on a 3 year rolling basis. Sharpe 0.93% London Stock Exchange Group 0.74 Coca-Cola 0.73 Ratio calculated using a Risk Free Rate of 0.56% l Private equity: 0.44% (based on 3 month LIBOR). l Property: 0.02% WEC Energy Group 0.73 CPI benchmarks are calculated on the rate of Diversifers change of the index over diferent time periods. (e.g. if we were calculating YTD fgures in Currently 6.88% of total fund Top holdings % January 2017, we would look at the percentage change from December 2016 to the end of l iShares Physical Gold ETC 3.08 Commodities: 4.86% January 2017). So we take CPI to the current l Portfolio protection: L&G All Commodities UCITS ETF 1.13 value, and add on the benchmark percentage 1.24% RBC Leveraged 3Yr Steepener 0.95 pro-rated over a year. If the CPI benchmark were to fall, more that the amount pro-rata, the l Actively managed Invesco Commodity Composite UCITS 0.65 strategies: 0.78% benchmark YTD will be negative, even though BH Macro Fund 0.61 infation as reported by the media (calculated specifcally as a 12M rate of change), remains CATCo Reinsurance Opportunities Fund 0.17 positive. JP Morgan S&P 500 Put 0.16 RBC S&P 500 Put 0.13

Important Information

Rathbone Investment Management Managed Portfolio Service (MPS) strategy information 31 May 2019 Income Invested in the Rathbone Multi-Asset Strategic Income Portfolio Strategy facts Date launched March 2017 Objective Historical distribution yield Inc: 3.51%/Acc: 3.69% (est) The strategy invests for income with target total return in excess of 3% above the MiFID II charges Consumer Price Index (CPI) over a minimum fve years, and a target risk level of two Ongoing Charges Figure (OCF) as at 31.03.2019 thirds of the volatility of global equities as measured by the MSCI World Equity index. Inc: 1.17%/Acc: 1.17% Transaction costs Inc: 0.10%/Acc: 0.10% Total MiFID II charges Simulated performance and volatility Inc: 1.27%/Acc: 1.27% The performance data shown is a simulated illustration of historic performance using the charging The MiFID II charges include the Ongoing Charges Figure (OCF) and transaction costs. PRIIPs compliant^ level used by the Managed Portfolio Service to 31.01.2018 and the performance of the M class unit Rathbone risk profle (1-6) thereafter. Income: 4 Data as at 31.05.19 1 year 3 years Rathbone MPS Income Strategy 2.10% 19.42% UK Consumer Price Index +3% 5.17% 17.34%

Discrete annual performance, quarter ending 31 March 2015 2016 2017 2018 2019 DEFAQTO Rathbone MPS Income Strategy - - 14.41% -0.02% 4.95% RISK MAPPING 5 LOW TO MEDIUM RISK UK Consumer Price Index +3% - - 5.37% 5.82% 4.87% Powered by Defaqto Engage

Risk analysis - 3 years rolling Max drawdown** Sharpe ratio** Volatility** Rathbone MPS Income Strategy -4.80 1.05 5.26% MSCI World Equity Index -11.35 1.32 10.44%

1 to 10 scale 1 to 5 scale

Simulated performance Dealing/valuation Forward daily: 9.00am-5.00pm ------Rathbone MPS Income Strategy ------UK Consumer Price Index +3% Valuation point: 12.00 midday 140 Dealing/valuation: 0844 748 0029 Information line: 020 7399 0399

01 October 15 to 31 May 19, mid-mid price, UK 120 basic rate in UK Sterling, percentage change. UK Consumer Price Infation fgures quoted with a one month lag. Past performance should not be seen as an indication of future performance. The value of

Percentage (indexed) investments and the income from them may go 100 down as well as up and you may not get back May 2016 May 2017 May 2018 May 2019 your original investment. Asset class split You should know

Data as at 31.05.19 The MPS strategies are only available l Equities: 54.47% to clients of Rathbone Investment Management Limited (RIM). l Corporate bonds: 14.77% l Conventional government bonds: The Ongoing Charge Figure (OCF) is the overall 13.90% total annual charge for investing in the Rathbone Multi-Asset Portfolio (RMAP) fund product. It l Cash and equivalents: 6.64% includes fund expenses plus charges for the l Alternative investment strategies: underlying funds. RIM may charge additional 4.40% fees for the MPS which are not included in the l Emerging market debt: 2.64% OCF. Please refer to the MPS schedule of charges l Commodities: 2.32% for details. l Private equity: 0.86% As the Manager’s annual charge is taken from capital, that capital may be eroded or growth restricted to the extent of the charge and that, while there may as a result be a reduction in Liquidity liability for Capital Gains Tax, there will be some increase in Income Tax liability for tax paying Currently 22.95% of total fund (range 10%-40%) Top holdings % shareholders. Cash 6.64 l Government bonds (UK Performance notes conventional): 8.42% UK Treasury 8% 2021 6.32 Performance fgures, distribution yield and l Cash and equivalents: Australia Treasury 5.5% 21/04/2023 2.05 the OCF relate to the RMAP fund in which the 6.64% strategy invests. US Treasury 5.25% Bonds 15/11/2028 1.92 l Government bonds The performance table and graph show (Overseas conventional): European Investment Bank 6% 2028 1.58 simulated historic performance using an Annual 5.48% Australia Treasury 4.75% 21/04/2027 1.51 Management Charge (AMC) of 0.75%, which l High quality credit (UK): is the charging level applied to the strategy's Treasury 4.25% Stock 7/12/2027 1.41 investment in the RMAP fund up to 31.01.2018 2.41% Treasury 5% Stock 7/03/2025 0.69 and the performance of the M class unit thereafter. HSBC 6.5% 20/05/2024 0.44 Source performance data Rathbones, mid to London Stock Exchange Group 4.75% 2/11/2021 0.39 mid, net income reinvested. Net of expenses and tax. Data using prices as at 31 May 2019. UK Consumer Price Infation fgures quoted with a Equity risk one month lag. ^ From April 2018, the Ongoing Charges Currently 70.33% of total fund (range 40%-85%) Top direct holdings % Figure has been calculated according to PRIIPs Lockheed Martin Co 1.13 regulations, which came into efect on 1 January l Equities (Overseas 2018. Holdings are based on six monthly developed): 30.86% Roche 1.08 audited accounts. Changes to fund holdings l Equities (UK): 15.64% GlaxoSmithKline 1.06 within this period may result in higher or lower ongoing charges. l Corporate bonds: 7.44% Verizon Communications 1.02 l Equities (Asia/emerging * The strategy invests in the Rathbone Multi- markets): 7.37% Coca-Cola 1.01 Asset Strategic Income fund, launched 1 l Corporate bonds (high Sampo 1.01 October 2015. yield): 4.92% Rio Tinto 0.99 ** Volatility, Sharpe Ratio and Maximum l Emerging market debt: Drawdown given on a 3 year rolling basis. Sharpe 2.64% WEC Energy Group 0.99 Ratio calculated using a Risk Free Rate of 0.56% l Private equity: 0.86% Legal & General 0.98 (based on 3 month LIBOR). l Property: 0.60% Total SA 0.98 CPI benchmarks are calculated on the rate of change of the index over diferent time periods. Diversifers (e.g. if we were calculating YTD fgures in Currently 6.72% of total fund (range 5%-20%) Top holdings % January 2017, we would look at the percentage change from December 2016 to the end of l Actively managed M&G Global Macro Bond Fund 3.88 January 2017). So we take CPI to the current strategies: 4.08% iShares Physical Gold ETC 2.32 value, and add on the benchmark percentage pro-rated over a year. If the CPI benchmark l Commodities: 2.32% CATCo Reinsurance Opportunities Fund 0.20 were to fall, more that the amount pro-rata, the l Portfolio protection: JP Morgan S&P 500 Put 0.17 benchmark YTD will be negative, even though 0.32% infation as reported by the media (calculated RBC S&P 500 Put 0.15 specifcally as a 12M rate of change), remains positive.

Important Information

Rathbone Investment Management Managed Portfolio Service (MPS) strategy information 31 May 2019 Balanced Plus Invested in the Rathbone Multi-Asset Strategic Growth Portfolio Strategy facts Date launched March 2017 Objective Historical distribution yield Inc: 1.55%/Acc: 1.56% (est) The strategy invests for growth with a target total return in excess of 3% above the MiFID II charges Consumer Price Index (CPI) over a minimum of fve years, and a target risk level of Ongoing Charges Figure (OCF) as at 31.03.2019 two thirds of the volatility of global equities as measured by the MSCI World Equity Inc: 1.01%/Acc: 1.01% index. Transaction costs Inc: 0.10%/Acc: 0.10% Total MiFID II charges Inc: 1.11%/Acc: 1.11% Simulated performance and volatility The MiFID II charges include the Ongoing Charges Figure (OCF) and transaction costs. PRIIPs compliant^ The performance data shown is a simulated illustration of historic performance using the charging Rathbone risk profle (1-6) level used by the Managed Portfolio Service to 31.08.2017 and the performance of the M class unit Balanced Plus: 4 thereafter.

Data as at 31.05.19 1 year 3 years 5 years Rathbone MPS Balanced Plus Strategy 2.39% 26.04% 38.22% UK Consumer Price Index +3% 5.17% 17.34% 24.61% Volatility as % of MSCI World Equity Index* 61.86% 57.88% 59.50%

Discrete annual performance, quarter ending 31 March 2015 2016 2017 2018 2019 Rathbone MPS Balanced Plus Strategy 10.55% -0.51% 15.12% 2.75% 5.57% UK Consumer Price Index +3% 2.99% 3.33% 5.37% 5.82% 4.87%

Risk analysis - 3 years rolling Max drawdown** Sharpe ratio** Volatility** Rathbone MPS Balanced Plus Strategy -6.85 1.23 6.04% MSCI World Equity Index -11.35 1.32 10.44% 1 to 10 scale 1 to 5 scale

Simulated performance Dealing/valuation Forward daily: 9.00am-5.00pm ------Rathbone MPS Balanced Plus Strategy ------UK Consumer Price Index +3% Valuation point: 12.00 midday 140 Dealing/valuation: 0844 748 0029 Information line: 020 7399 0399

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Data as at 31.05.19 The MPS strategies are only available l Equities: 58.43% to clients of Rathbone Investment Management Limited (RIM). l Cash and equivalents: 23.22% l Conventional government bonds: 7.70% The Ongoing Charge Figure (OCF) is the overall l Commodities: 3.74% total annual charge for investing in the Rathbone Multi-Asset Portfolio (RMAP) fund product. It l Corporate bonds: 3.46% includes fund expenses plus charges for the l Emerging market debt: 1.60% underlying funds. RIM may charge additional l Index-linked bonds: 0.76% fees for the MPS which are not included in the l Alternative investment strategies: OCF. Please refer to the MPS schedule of charges 0.58% for details. l Private equity: 0.51% As the Manager’s annual charge is taken from capital, that capital may be eroded or growth restricted to the extent of the charge and that, while there may as a result be a reduction in Liquidity liability for Capital Gains Tax, there will be some increase in Income Tax liability for tax paying Currently 31.74% of total fund (range 0%-20%) Top holdings % shareholders. Cash 10.96 l Cash and equivalents: Performance notes 23.22% Treasury 0% T-Bill 5/08/2019 3.18 Performance fgures, distribution yield and l Government bonds Treasury 0% T-Bill 19/08/2019 3.18 the OCF relate to the RMAP fund in which the (Overseas conventional): strategy invests. Treasury 0% T-Bill 29/07/2019 2.95 4.63% The performance table and graph show l Government bonds (UK Treasury 0% T-Bill 1/07/2019 2.95 simulated historic performance using an Annual conventional): 3.07% Australia Treasury 5.5% 21/04/2023 2.02 Management Charge (AMC) of 0.75%, which l Government bonds is the charging level applied to the strategy's Treasury 3/4% Bonds 22/07/2023 1.56 investment in the RMAP fund up to 31.08.2017 (Overseas index-Linked): Treasury 1.625% Bonds 22/10/2028 1.51 and the performance of the M class unit 0.76% thereafter. l High quality credit (UK): Australia Treasury 4.75% 21/04/2027 1.44 0.06% Source performance data Rathbones, mid to US Treasury 2.25% Notes 15/02/2027 1.17 mid, net income reinvested. Net of expenses and tax. Data using prices as at 31 May 2019. UK Consumer Price Infation fgures quoted with a Equity risk one month lag. ^ From April 2018, the Ongoing Charges Currently 63.94% of total fund (range 40%-80%) Top direct holdings % Figure has been calculated according to PRIIPs Lockheed Martin Co 0.99 regulations, which came into efect on 1 January l Equities (Overseas 2018. Holdings are based on six monthly developed): 37.36% Roche 0.97 audited accounts. Changes to fund holdings l Equities (UK): 16.07% ASML 0.94 within this period may result in higher or lower ongoing charges. l Equities (Asia/emerging Alphabet 0.94 markets): 4.97% * (Targeting <67%) l Corporate bonds: 2.26% Unilever 0.93 Volatility as % of MSCI Equity index fgures are l Emerging market debt: London Stock Exchange Group 0.92 calculated using monthly data. 1.60% Amazon 0.89 l Corporate bonds (high ** Volatility, Sharpe Ratio and Maximum Drawdown given on a 3 year rolling basis. Sharpe yield): 1.14% Estee Lauder 0.88 LVMH 0.88 Ratio calculated using a Risk Free Rate of 0.56% l Private equity: 0.51% (based on 3 month LIBOR). l Property: 0.03% Discover Financial Services 0.87 CPI benchmarks are calculated on the rate of Diversifers change of the index over diferent time periods. (e.g. if we were calculating YTD fgures in Currently 4.32% of total fund (range 10%-50%) Top holdings % January 2017, we would look at the percentage change from December 2016 to the end of l iShares Physical Gold ETC 2.21 Commodities: 3.74% January 2017). So we take CPI to the current l Portfolio protection: L&G All Commodities UCITS ETF 1.11 value, and add on the benchmark percentage 0.36% Invesco Commodity Composite UCITS 0.42 pro-rated over a year. If the CPI benchmark were to fall, more that the amount pro-rata, the l Actively managed CATCo Reinsurance Opportunities Fund 0.22 strategies: 0.22% benchmark YTD will be negative, even though JP Morgan S&P 500 Put 0.20 infation as reported by the media (calculated specifcally as a 12M rate of change), remains RBC S&P 500 Put 0.16 positive.

Important Information

Rathbone Investment Management Managed Portfolio Service (MPS) strategy information 31 May 2019 Equity Invested in a combination of the Rathbone Multi-Asset Strategic Growth Portfolio Strategy facts and the Rathbone Multi-Asset Enhanced Growth Portfolio Date launched March 2017 Historical distribution yield Acc: 1.43% (est) Objective MiFID II charges Ongoing Charges Figure (OCF) as at 31.03.2019 The strategy invests for growth, with a target total return in excess of 4% above the Acc: 1.09% Consumer Price Index (CPI) over a minimum fve years, and a target risk level of fve Transaction costs sixths of the volatility of global equities as measured by the MSCI World Equity index. Acc: 0.12% Total MiFID II charges Acc: 1.21% The MiFID II charges include the Ongoing Charges Simulated performance and volatility Figure (OCF) and transaction costs. PRIIPs compliant^ The performance data shown is a simulated illustration of historic performance using the charging Rathbone risk profle (1-6) level used by the Managed Portfolio Service to 31.08.2017 and the performance of the M class unit Equity: 5 thereafter.

Data as at 31.05.19 1 year 3 years 5 years Rathbone MPS Equity Strategy 1.98% 30.19% 43.04% UK Consumer Price Index +4% 6.19% 20.78% 30.78% DEFAQTO Volatility as % of MSCI World Equity Index* 71.49% 67.41% 70.41% RISK MAPPING 7 MEDIUM TO HIGH RISK Powered by Defaqto Engage Discrete annual performance, quarter ending 31 March 2015 2016 2017 2018 2019 Rathbone MPS Equity Strategy 12.62% -1.60% 17.83% 3.47% 5.93% UK Consumer Price Index +4% 3.99% 4.55% 6.38% 6.54% 5.88%

Risk analysis - 3 years rolling Max drawdown** Sharpe ratio** Volatility** Rathbone MPS Equity Strategy -7.86 1.23 7.04% 1 to 10 scale 1 to 5 scale MSCI World Equity Index -11.35 1.32 10.44% Simulated performance Dealing/valuation Forward daily: 9.00am-5.00pm ------Rathbone MPS Equity Strategy ------UK Consumer Price Index +4% Valuation point: 12.00 midday 160 Dealing/valuation: 0844 748 0029 Information line: 020 7399 0399

140

31 May 14 to 31 May 19, mid-mid price, UK basic rate in UK Sterling, percentage change. UK Consumer Price Infation fgures quoted with a 120 one month lag. Past performance should not be seen as an indication of future performance. The value of

Percentage (indexed) investments and the income from them may go 100 down as well as up and you may not get back May 2015 May 2016 May 2017 May 2018 May 2019 your original investment. Asset class split You should know

Data as at 31.05.19 The MPS strategies are only available l Equities: 66.61% to clients of Rathbone Investment Management Limited (RIM). l Cash and equivalents: 17.42% l Conventional government bonds: 4.62% The Ongoing Charge Figure (OCF) is the overall l Commodities: 3.92% total annual charge for investing in the Rathbone Multi-Asset Portfolio (RMAP) fund product. It l Emerging market debt: 2.78% includes fund expenses plus charges for the l Corporate bonds: 2.55% underlying funds. RIM may charge additional l Private equity: 0.97% fees for the MPS which are not included in the l Alternative investment strategies: OCF. Please refer to the MPS schedule of charges 0.67% for details. l Index-linked bonds: 0.46% As the Manager’s annual charge is taken from capital, that capital may be eroded or growth restricted to the extent of the charge and that, while there may as a result be a reduction in Liquidity liability for Capital Gains Tax, there will be some increase in Income Tax liability for tax paying Currently 22.54% of total fund Top holdings % shareholders. Cash 10.07 l Cash and equivalents: Performance notes 17.42% Treasury 0% T-Bill 5/08/2019 1.91 Performance fgures, distribution yield and l Government bonds Treasury 0% T-Bill 19/08/2019 1.91 the OCF relate to the RMAP fund in which the (Overseas conventional): strategy invests. Treasury 0% T-Bill 29/07/2019 1.77 2.78% The performance table and graph show l Government bonds (UK Treasury 0% T-Bill 1/07/2019 1.77 simulated historic performance using an Annual conventional): 1.84% Australia Treasury 5.5% 21/04/2023 1.21 Management Charge (AMC) of 0.75%, which l Government bonds is the charging level applied to the strategy's Treasury 3/4% Bonds 22/07/2023 0.94 investment in the RMAP fund up to 31.08.2017 (Overseas index-Linked): Treasury 1.625% Bonds 22/10/2028 0.91 and the performance of the M class unit 0.46% thereafter. l High quality credit (UK): Australia Treasury 4.75% 21/04/2027 0.86 0.04% Source performance data Rathbones, mid to US Treasury 2.25% Notes 15/02/2027 0.70 mid, net income reinvested. Net of expenses and tax. Data using prices as at 31 May 2019. UK Consumer Price Infation fgures quoted with a Equity risk one month lag. ^ From April 2018, the Ongoing Charges Currently 72.86% of total fund Top direct holdings % Figure has been calculated according to PRIIPs Roche 1.01 regulations, which came into efect on 1 January l Equities (Overseas 2018. Holdings are based on six monthly developed): 41.69% Lockheed Martin Co 1.01 audited accounts. Changes to fund holdings l Equities (UK): 18.21% ASML 0.98 within this period may result in higher or lower ongoing charges. l Equities (Asia/emerging Alphabet 0.98 markets): 6.67% * (Targeting <83%) l Emerging market debt: Unilever 0.97 Volatility as % of MSCI Equity index fgures are 2.78% Amazon 0.94 calculated using monthly data. l Corporate bonds: 1.36% Coca-Cola 0.92 l Corporate bonds (high ** Volatility, Sharpe Ratio and Maximum Drawdown given on a 3 year rolling basis. Sharpe yield): 1.16% London Stock Exchange Group 0.91 Rio Tinto 0.91 Ratio calculated using a Risk Free Rate of 0.56% l Private equity: 0.97% (based on 3 month LIBOR). l Property: 0.02% Legal & General 0.90 CPI benchmarks are calculated on the rate of Diversifers change of the index over diferent time periods. (e.g. if we were calculating YTD fgures in Currently 4.60% of total fund Top holdings % January 2017, we would look at the percentage change from December 2016 to the end of l iShares Physical Gold ETC 2.17 Commodities: 3.93% January 2017). So we take CPI to the current l Portfolio protection: L&G All Commodities UCITS ETF 1.16 value, and add on the benchmark percentage 0.41% Invesco Commodity Composite UCITS 0.60 pro-rated over a year. If the CPI benchmark were to fall, more that the amount pro-rata, the l Actively managed CATCo Reinsurance Opportunities Fund 0.26 strategies: 0.26% benchmark YTD will be negative, even though JP Morgan S&P 500 Put 0.23 infation as reported by the media (calculated specifcally as a 12M rate of change), remains RBC S&P 500 Put 0.18 positive.

Important Information

Rathbone Investment Management Managed Portfolio Service (MPS) strategy information 31 May 2019 Equity Plus Invested in the Rathbone Multi-Asset Enhanced Growth Portfolio Strategy facts Date launched March 2017 Objective Historical distribution yield Acc: 1.25% (est) The strategy invests for growth with a target total return in excess of 5% above the MiFID II charges Consumer Price Index (CPI) over a minimum fve years, and a target risk level equal to Ongoing Charges Figure (OCF) as at 31.03.2019 the volatility of global equities as measured by the MSCI World Equity index. Acc: 1.19% Transaction costs Acc: 0.15% Total MiFID II charges Simulated performance and volatility Acc: 1.34% The performance data shown is a simulated illustration of historic performance using the charging The MiFID II charges include the Ongoing Charges Figure (OCF) and transaction costs. PRIIPs compliant^ level used by the Managed Portfolio Service to 31.08.2017 and the performance of the M class unit Rathbone risk profle (1-6) thereafter. Equity Plus: 6 Data as at 31.05.19 1 year 3 years 5 years Rathbone MPS Equity Plus Strategy 1.44% 35.94% 49.62% UK Consumer Price Index +5% 7.22% 24.30% 37.19% Volatility as % of MSCI World Equity Index* 84.85% 80.50% 85.47% DEFAQTO Discrete annual performance, quarter ending 31 March 2015 2016 2017 2018 2019 RISK MAPPING 8 HIGH RISK Rathbone MPS Equity Plus Strategy 15.28% -3.08% 21.38% 4.59% 6.47% Powered by Defaqto Engage UK Consumer Price Index +5% 4.99% 5.34% 7.42% 7.88% 6.90%

Risk analysis - 3 years rolling Max drawdown** Sharpe ratio** Volatility** Rathbone MPS Equity Plus Strategy -9.19 1.22 8.40% MSCI World Equity Index -11.35 1.32 10.44% 1 to 10 scale 1 to 5 scale

Simulated performance Dealing/valuation Forward daily: 9.00am-5.00pm ------Rathbone MPS Equity Plus Strategy ------UK Consumer Price Index +5% Valuation point: 12.00 midday 160 Dealing/valuation: 0844 748 0029 Information line: 020 7399 0399

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Data as at 31.05.19 The MPS strategies are only available l Equities: 78.86% to clients of Rathbone Investment Management Limited (RIM). l Cash and equivalents: 8.73% l Emerging market debt: 4.55% The Ongoing Charge Figure (OCF) is the overall l Commodities: 4.20% total annual charge for investing in the Rathbone Multi-Asset Portfolio (RMAP) fund product. It l Private equity: 1.67% includes fund expenses plus charges for the l Corporate bonds: 1.18% underlying funds. RIM may charge additional l Alternative investment strategies: fees for the MPS which are not included in the 0.81% OCF. Please refer to the MPS schedule of charges for details. As the Manager’s annual charge is taken from capital, that capital may be eroded or growth restricted to the extent of the charge and that, while there may as a result be a reduction in Liquidity liability for Capital Gains Tax, there will be some increase in Income Tax liability for tax paying Currently 8.73% of total fund (range 0%-10%) Top holdings % shareholders. Cash 8.73 l Cash and equivalents: Performance notes 8.73% Performance fgures, distribution yield and the OCF relate to the RMAP fund in which the strategy invests. The performance table and graph show simulated historic performance using an Annual Management Charge (AMC) of 0.75%, which is the charging level applied to the strategy's investment in the RMAP fund up to 31.08.2017 and the performance of the M class unit thereafter. Source performance data Rathbones, mid to mid, net income reinvested. Net of expenses and tax. Data using prices as at 31 May 2019. UK Consumer Price Infation fgures quoted with a Equity risk one month lag. ^ From April 2018, the Ongoing Charges Currently 86.26% of total fund (range 70%-100%) Top direct holdings % Figure has been calculated according to PRIIPs Rio Tinto 1.07 regulations, which came into efect on 1 January l Equities (Overseas 2018. Holdings are based on six monthly developed): 48.22% Roche 1.06 audited accounts. Changes to fund holdings l Equities (UK): 21.43% ASML 1.05 within this period may result in higher or lower ongoing charges. l Equities (Asia/emerging Amphenol 1.05 markets): 9.21% * (Targeting <100%) l Emerging market debt: Alphabet 1.05 Volatility as % of MSCI Equity index fgures are 4.55% Lockheed Martin Co 1.03 calculated using monthly data. l Private equity: 1.67% Total SA 1.03 l Corporate bonds (high ** Volatility, Sharpe Ratio and Maximum Drawdown given on a 3 year rolling basis. Sharpe yield): 1.18% Hargreaves Lansdown 1.02 Coca-Cola 1.02 Ratio calculated using a Risk Free Rate of 0.56% (based on 3 month LIBOR). Unilever 1.02 CPI benchmarks are calculated on the rate of Diversifers change of the index over diferent time periods. (e.g. if we were calculating YTD fgures in Currently 5.01% of total fund (range 0%-20%) Top holdings % January 2017, we would look at the percentage change from December 2016 to the end of l iShares Physical Gold ETC 2.10 Commodities: 4.20% January 2017). So we take CPI to the current l Portfolio protection: L&G All Commodities UCITS ETF 1.23 value, and add on the benchmark percentage 0.48% Invesco Commodity Composite UCITS 0.87 pro-rated over a year. If the CPI benchmark were to fall, more that the amount pro-rata, the l Actively managed CATCo Reinsurance Opportunities Fund 0.33 strategies: 0.33% benchmark YTD will be negative, even though JP Morgan S&P 500 Put 0.27 infation as reported by the media (calculated specifcally as a 12M rate of change), remains RBC S&P 500 Put 0.21 positive.

Important Information

Rathbone Investment Management 31 May 2019

The Rathbone MPS strategies invest in the range of Rathbone Multi-Asset Portfolio funds managed by Rathbone Unit Trust Management. Information on the funds and the fund managers is provided below, and further information can be obtained from the Rathbone MPS service team.

Rathbone Multi-Asset Total Return Portfolio Fund Distribution dates

Date launched June 2009 Size of fund: Mid-market £242.13m No. of holdings: 117 Ex div Payment Interim 01 Apr 19 31 May 19 The fund seeks to achieve a total return in excess of 2% above sterling six month LIBOR over a Interim 01 Jan 19 28 Feb 19 minimum three year period, and a targeted risk budget of one third of the volatility of global equities as Final 01 Oct 18 30 Nov 18 measured by the MSCI World Equity index. Interim 01 Jul 18 31 Aug 18 Year end 30 September

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Rathbone Multi-Asset Strategic Growth Portfolio Fund Distribution dates

Date launched June 2009 Size of fund: Mid-market £441.91m No. of holdings: 115 Ex div Payment Interim 01 Apr 19 31 May 19 The fund seeks to achieve a long term total return of between 3% and 5% above the Consumer Price Interim 01 Jan 19 28 Feb 19 Index (CPI) over a minimum fve year period, and a targeted risk budget of two thirds of the volatility of Final 01 Oct 18 30 Nov 18 global equities as measured by the MSCI World Equity index. Interim 01 Jul 18 31 Aug 18 Year end 30 September

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Rathbone Multi-Asset Strategic Income Portfolio Fund Distribution dates

Date launched October 2015 Size of fund: Mid-market £55.09m No. of holdings: 105 Ex div Payment Interim 01 Jul 18 31 Aug 18 The fund seeks to achieve a long term total return of between 3% and 5% above the Consumer Price Interim 01 Aug 18 30 Sep 18 Index (CPI) over a minimum fve year period subject to a targeted annual minimum yield of 3%. The Interim 01 Sep 18 31 Oct 18 fund has a targeted risk budget of two thirds of the volatility of global equities as measured by the MSCI Final 01 Oct 18 30 Nov 18 World Equity index. Interim 01 Nov 18 31 Dec 18 Interim 01 Dec 18 31 Jan 19 DEFAQTO Interim 01 Jan 19 28 Feb 19 RISK MAPPING 5 LOW TO MEDIUM RISK Interim 01 Feb 19 31 Mar 19 Powered by Defaqto Engage Interim 01 Mar 19 30 Apr 19 1 to 10 scale 1 to 5 scale Interim 01 Apr 19 31 May 19 Interim 01 May 19 30 Jun 19 Interim 01 Jun 19 31 Jul 19 Year end 30 September Rathbone Multi-Asset Enhanced Growth Portfolio Fund Distribution dates

Date launched August 2011 Size of fund: Mid-market £74.87m No. of holdings: 90 Ex div Payment Interim 01 Apr 19 31 May 19 The fund seeks to achieve a long term total return in excess of 5% above the Consumer Price Index Final 01 Oct 18 30 Nov 18 (CPI) over a minimum fve to ten year period, and a risk budget of 100% of the volatility of global Year end 30 September equities as measured by the MSCI World Equity index.

DEFAQTO RISK MAPPING 8 HIGH RISK Powered by Defaqto Engage 1 to 10 scale 1 to 5 scale

The blends to create “Balanced” and “Equity” strategies are rated DT4 and DT6 respectively.

Management of Rathbone Multi-Asset Portfolio Rathbone Unit Trust Management Fund facts Authorised Corporate Director (Manager) Rathbone Unit Trust Management Limited Depositary NatWest Trustee and Depositary Services Product Type Single-priced, Open-Ended Investment Company (OEIC), umbrella fund

David Coombs Will McIntosh-Whyte Fund Manager, Head of Multi-Asset Investments Assistant Fund Manager

David joined Rathbones in April 2007. He is lead Will supports David in managing the Rathbone manager of the Rathbone Multi-Asset Portfolios. Multi-Asset Portfolios. Will is a CFA charterholder He has over 30 years of investment industry and is Chair of the Rathbones Fixed Income Funds experience, much of it managing multi-asset Committee. He has been with the business since portfolios. April 2007, having graduated from the University of Manchester Institute of Science and Technology (UMIST). 7 DAVID COOMBS

Source and Copyright Citywire: David Coombs is AA rated by Citywire for his three year risk adjusted performance using an absolute return methodology for the period 30.04.2016-30.04.2019.

Fund ratings explained

Distribution Technology (DT) — Dynamic Planner Capita Synaptic risk The DT rating starts with quarterly asset class assumptions — how the asset classes are Capita Financial Software has combined its research tool "Synaptic" with the stochastic expected to behave over the long-term with respect to returns, volatility (performance (the probabilities of unknowable outcomes), forward-looking modelling of Moody's ‘ups’ and ‘downs’) and correlations (how much they perform in the same way). DT has Analytics (formerly known as Barrie and Hibbert) risk framework. The Synaptic Risk created ten asset allocations that gradually increase the expected return and risk, evenly Service table (a downloadable table of risk rated funds) and fund factsheets (the asset across the risk spectrum. The portfolios target the centre of the ten risk boundaries and allocation breakdown and 'Capacity for Loss' quotient of rated funds) are updated therefore, provide a match to a client’s risk preference as assessed by DT’s own attitude to quarterly. risk questionnaire. Citywire rating — rating the fund manager Defaqto risk profles Fund managers move company frequently. So a fund’s performance may have Each fund will be put into one of the 10 Defaqto risk profles, which overlap each other. been generated by someone who is no longer managing it. This rating is a measure This means that mapping solutions become easier since there are no cut-of boundary performance across all the funds run by a given manager. Less than 25% of all active issues. The approach uses both opinions and numerical inputs. It uses a combination of fund managers achieve a Citywire rating. the asset allocation (in order to get a stochastic or random variable projection) along with The manager’s track record is scrutinised — a three-year performance record and analysis the historic performance of the fund (versus Defaqto’s risk profles) and also discussion is based on the information ratio, a recognised measure of risk-adjusted performance. with the fund manager to truly understand what the fund is aiming to achieve. FE Alpha Manager — rating the fund manager Scopic The FE Alpha Manager rating is based on 3 components: The ‘Scopic Multi-Manager Portfolio Rating’ is awarded following extensive research • Risk adjusted (with track record length bias) performance and face-to-face manager questioning. It combines ratings awarded for the individual • Consistent outperformance of a benchmark overall research topics and all ratings are opinion-based. • Out/underperformance consistency in up and down markets.

Important Information