Qualitative Report. XYZ Multi-Manager Portfolio. Under the Microscope. Organisation

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1 ScoPi c Scopic Multi-Manager Portfolio Rating Portfolio Structure Investment Strategy Timeframe to Achieve Strategy Asset Class Building Blocks Asset Allocation Approach Investment Selection Approach Performance Driver(s) Geography Special Focus Summary adipiscing elit Cras quis erat lacus, sit amet posuere sem Nullam interdum erat sit amet nibh dapibus facilisis Praesent blandit leo nec eros condimentum interdum Sed facilisis sagittis metus, eu gravida urna lobortis vel Duis quis sem sed urna tristique rhoncus quis nec risus Vivamus et enim sit amet ante accumsan auctor in non diam Vestibulum eget ipsum orci, nec porta nisi Aliquam sed lorem nec urna molestie tincidunt Topic Topic Rating Page Summary Under the Microscope N/A In sollicitudin nisl malesuada dolor lobortis ac porttitor dui feugiat. Organisation NR Donec dapibus semper lectus, in varius justo ultricies et. Manager and Team 3 Quisque elementum dolor sit amet ipsum venenatis non consectetur justo bibendum. Page of 9 Infrastructure and Support 3 Vestibulum vel mi eget erat eleifend sollicitudin eget ut velit. Vivamus lobortis gravida nulla, id volutpat erat eleifend sit amet. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Investment Scope NR 4 Etiam et tellus eget diam convallis varius sollicitudin bibendum nibh. Investment Approach 5 In blandit sem at lorem dictum non fermentum tellus cursus. In sollicitudin nisl malesuada dolor lobortis ac porttitor dui feugiat. Donec dapibus semper lectus, in varius justo ultricies et. Analysing the Past 6 & 7 Ut eleifend tortor eu dui porttitor a porttitor nulla iaculis. Quisque elementum dolor sit amet ipsum venenatis non consectetur justo bibendum. Vestibulum vel mi eget erat eleifend sollicitudin eget ut velit. Each portfolio is awarded a Scopic Multi-Manager Portfolio Rating (overall rating) using an A* to F rating scale. The Scopic Multi-Manager Portfolio Rating is arrived at by combining the ratings awarded for 6 of the Topics detailed in the Qualitative Report, weighting them according to a formula and cross referencing against the ratings awarded to other portfolios to ensure consistency. The formula awards the highest weightings to Manager and Team and Investment Approach, followed by Analysing the Past, then by Operational / Infrastructure and Support, Reporting and Expenses. Current Positioning & Strategy NR 8 Pellentesque tristique enim eget mi mollis aliquet. Donec luctus convallis arcu, nec accumsan diam malesuada ultrices. In sollicitudin nisl malesuada dolor lobortis ac porttitor dui feugiat. Performance Expectation NR 8 Pellentesque vel felis nunc, a ultrices sem. Reporting 9 Pellentesque auctor metus vel urna iaculis a dapibus risus varius. Curabitur dignissim mi nec eros convallis sit amet vestibulum lorem lacinia. Expenses 9 Curabitur porttitor mi ut turpis tincidunt ut pharetra ligula tincidunt. Pellentesque sit amet justo ligula, sit amet vulputate nunc. Quisque nec sem lorem, eleifend fermentum justo. The 'Scopic Multi-Manager Portfolio Rating' shown at the top of this report was awarded following extensive due diligence and face to face manager questioning. It was arrived at by combining the ratings awarded for the individual research topics shown in the above table and weighting them according to a formula. All ratings are qualitative based. Scopic does not award ratings for the topics marked Not Rateable - 'NR'. S/H denotes a portfolio with a short history for which a comment in the Analysing the Past research topic is unsuitable. 'Under the Microscope' acts as a further summary of the report and a rating is therefore not applicable (N/A). Qualitative Risk Risk Grade Page Summary 9 Pellentesque auctor metus vel urna iaculis a dapibus risus varius. Curabitur porttitor mi ut turpis tincidunt ut pharetra ligula tincidunt. Pellentesque sit amet justo ligula, sit amet vulputate nunc. Quisque nec sem lorem, eleifend fermentum justo. Vivamus lobortis gravida nulla, id volutpat erat eleifend sit amet. Copyright Scopic Limited 3. All Rights Reserved. The opinions expressed in this report are those formed by Scopic Limited and do not represent investment advice or a recommendation to buy or sell units or shares in a particular multi-manager portfolio. No part of this report may be copied, stored, or distributed without prior written consent from Scopic Limited. Source of past performance information: Ratings are awarded in 6 out of Topics. Each Topic has a different set of attributes that we believe to be desirable indicators of quality (we call these Quality Indicators). We score the portfolio out of 5 for each of these Quality Indicators and use a formula to arrive at an overall score for each Topic. The scores are then translated onto an A* to F scale. Awarding ratings in this way helps to ensure they are consistently applied across all portfolios and provides greater scope for differentiating between portfolios when compared to the narrower scales often used in our industry. Over time all ratings are snail trailed to highlight any improvement or deterioration in quality. Rating Score A* 9 - A 8-89 B 7-79 C 6-69 D 5-59 E 4-49 F 3-39

2 Page of 9 Under the Microscope adipiscing elit. Sed nec neque ac elit ultrices rhoncus vel sed lectus. Curabitur aliquet, metus at placerat pulvinar, odio magna varius lorem, quis ullamcorper nunc ligula id mi. Nulla vitae pharetra ipsum. Aenean tortor risus, ultricies ac eleifend vel, cursus vitae augue. Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Duis in nunc sodales sem euismod fringilla at in enim. Vestibulum congue, erat in tristique fringilla, lorem tellus pretium lacus, ut iaculis leo sem a arcu. Vestibulum aliquet eros interdum quam ultricies fringilla. Praesent sed nisi id justo tincidunt tincidunt. Duis ornare tristique lorem ac tincidunt. Curabitur fringilla tellus bibendum sem aliquam non congue lorem posuere. Maecenas eget odio at dui faucibus facilisis. Etiam dapibus pellentesque sodales. Proin erat massa, euismod fermentum tincidunt vel, venenatis et arcu. Cum sociis natoque penatibus et magnis dis parturient montes, nascetur ridiculus mus. Vestibulum vel lacinia quam. Suspendisse mollis nisl nec ligula facilisis sit amet accumsan ipsum congue. Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Sed convallis dui sit amet libero porttitor rhoncus. Integer consequat posuere arcu, vitae ultrices orci condimentum a. Curabitur molestie varius interdum. Praesent faucibus fringilla metus, eu volutpat justo pellentesque a. Sed venenatis turpis sit amet urna sagittis mattis. Vestibulum vel ligula lorem, sit amet mattis arcu. Vestibulum mollis, ligula eu eleifend Organisation condimentum, felis mi bibendum arcu, ut posuere ligula libero a urna. Curabitur fermentum interdum nisl ut fermentum. Aenean mattis commodo dolor sit amet lobortis. Vestibulum non tellus quis mauris bibendum iaculis nec eu nunc. Vestibulum sit amet velit ut odio commodo eleifend non tristique libero. Nulla condimentum, urna nec vestibulum ultrices, sem magna ullamcorper lacus, et euismod nulla enim vel dui. Etiam eu ornare turpis. Vestibulum nec tincidunt eros. Curabitur in scelerisque eros. Aenean ullamcorper congue vehicula. Maecenas dui neque, dignissim quis bibendum at, ultrices ac magna. Nullam elementum, nibh vitae mattis vehicula, enim elit commodo quam, ac ullamcorper est eros at nibh. Maecenas vitae urna sed tortor mollis aliquam quis eget tortor. Donec orci odio, elementum non aliquam ut, pellentesque nec magna. Nulla vel purus arcu. Etiam lobortis risus in risus iaculis pretium. Suspendisse potenti. Aliquam erat volutpat. Pellentesque elementum nisi purus. Vivamus sit amet metus metus. Vivamus magna augue, porttitor et malesuada eget, egestas nec turpis. Nullam pretium imperdiet dolor vel luctus. Quisque non nisi elementum libero euismod luctus quis ac enim. Aliquam dapibus pulvinar lorem eu fringilla. Nunc vitae sem dui. Maecenas tempus accumsan massa, non aliquet turpis egestas id. Nunc at augue a nisl ultricies volutpat. Quisque mauris lacus, luctus ut dignissim et, elementum id lectus. Duis ultrices, urna quis pulvinar egestas, turpis augue lacinia sem, eget facilisis justo enim id magna. Aenean pretium condimentum malesuada. Quisque imperdiet, ligula nec volutpat fringilla, mauris sapien mollis turpis, eget sodales felis dolor vitae sapien. Cras sed lorem et turpis hendrerit consequat. Aenean eu erat neque. Etiam commodo, nulla non porttitor malesuada, leo mauris ullamcorper erat, vel tincidunt purus est sed dui. Pellentesque est risus, interdum sed auctor non, tristique eu tellus. Cras tempor dictum neque eget egestas. Nullam a eros metus. Integer venenatis mauris quis odio sagittis non elementum nunc dignissim. Maecenas a ipsum vel lorem pellentesque egestas. Pellentesque eros odio, facilisis sit amet volutpat ut, laoreet quis justo. Maecenas ut ante elit, vel iaculis dui. Sed vitae elit sem, a sagittis orci. Aenean suscipit odio eget ante condimentum ac bibendum enim sodales. Etiam vestibulum massa ac velit lacinia eget iaculis erat eleifend. Praesent consectetur sollicitudin consectetur. Morbi malesuada rhoncus diam feugiat rhoncus. Cum sociis natoque penatibus et magnis dis parturient montes, nascetur ridiculus mus. Nulla quis ligula ligula, vel consequat nisl. Nunc id lorem a arcu dapibus posuere. Class aptent taciti sociosqu ad litora torquent per conubia nostra, per inceptos himenaeos. Aenean tempor vulputate tortor vitae rutrum. Integer a metus dolor, eget imperdiet felis. Sed nec leo eu sem placerat auctor quis sit amet leo. Sed elementum, purus nec consequat luctus, odio urna pulvinar tortor, nec ullamcorper sem orci non ipsum. In a purus eu dui tempus tincidunt a vel nibh. Proin vehicula diam nec leo aliquet auctor ullamcorper libero tempus. Performance Benchmark Manager s Benchmark None Growth Target Income Target Volatility Target Yield Distribution Policy Distribution Type IMA Sector SEDOL Legal Structure Currency Launch Date Fund Size Authorised Corporate Director Trustee/Depository Administrator Registrar Custodian This section of the report provides a summary - condensing some of the key findings from our due diligence on the portfolio onto a single page. However, we firmly recommend that intermediaries and managers alike consider reading the full report so that all our comments can be seen in context. Integer a metus dolor, eget imperdiet felis. Sed nec leo eu sem placerat auctor quis sit amet leo. Sed elementum, purus nec consequat luctus, odio urna pulvinar tortor, nec ullamcorper sem orci non ipsum. In a purus eu dui tempus tincidunt a vel nibh. Proin vehicula diam nec leo aliquet auctor ullamcorper libero tempus. Sed lectus velit, cursus non rutrum sit amet, vehicula at nulla. Pellentesque vitae auctor ligula. Quisque libero sem, venenatis at molestie id, hendrerit ac ligula. Sed adipiscing placerat libero in pharetra. Aliquam vitae tincidunt ante. Pellentesque placerat eleifend ligula in eleifend. Praesent porta nunc non risus mattis ut laoreet arcu vestibulum. Nullam ac enim nibh. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut venenatis diam vel nibh hendrerit at semper mi auctor. Maecenas ultrices convallis leo ut congue. Donec interdum lectus vel magna tempus a rhoncus nunc sagittis. Etiam vestibulum massa ac velit lacinia eget iaculis erat eleifend. Praesent consectetur sollicitudin consectetur. Morbi malesuada rhoncus diam feugiat rhoncus. Cum sociis natoque penatibus et magnis dis parturient montes, nascetur ridiculus mus. Nulla quis ligula ligula, vel consequat nisl. Copyright Scopic Limited 3. All Rights Reserved. The opinions expressed in this report are those formed by Scopic Limited and do not represent investment advice or a recommendation to buy or sell units or shares in a particular multi-manager portfolio. No part of this report may be copied, stored, or distributed without prior written consent from Scopic Limited. Source of past performance information: A parent company's financial and human resources, the nature of its core investment markets, its culture and, ultimately, its own ownership, can have a significant impact on a multi-manager team's prospects within the wider organisation. We consider; Who ultimately controls the company? How the company is organised, the responsibilities of its senior management team, its lines of reporting and the alignment of staff incentives with the company s own objectives, its products and its customers interests. How the company s business strategy fits with the longer term outlook for its multi-manager proposition.

3 Manager and Team adipiscing elit. Sed nec neque ac elit ultrices rhoncus vel sed lectus. Curabitur aliquet, metus at placerat pulvinar, odio magna varius lorem, quis ullamcorper nunc ligula id mi. Nulla vitae pharetra ipsum. Aenean tortor risus, ultricies ac eleifend vel, cursus vitae augue. Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Duis in nunc sodales sem euismod fringilla at in enim. Vestibulum congue, erat in tristique fringilla, lorem tellus pretium lacus, ut iaculis leo sem a arcu. Vestibulum aliquet eros interdum quam ultricies fringilla. Praesent sed nisi id justo tincidunt tincidunt. Duis ornare tristique lorem ac tincidunt. Curabitur fringilla tellus bibendum sem aliquam non congue lorem posuere. Maecenas eget odio at dui faucibus facilisis. Etiam dapibus pellentesque sodales. Proin erat massa, euismod fermentum tincidunt vel, venenatis et arcu. Cum sociis natoque penatibus et magnis dis parturient montes, nascetur ridiculus mus. Vestibulum vel lacinia quam. Suspendisse mollis nisl nec ligula facilisis sit amet accumsan ipsum congue. Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Sed convallis dui sit amet libero porttitor rhoncus. Integer consequat posuere arcu, vitae ultrices orci condimentum a. Curabitur molestie varius interdum. Praesent faucibus fringilla metus, eu volutpat justo pellentesque a. Sed venenatis turpis sit amet urna sagittis mattis. Vestibulum vel ligula lorem, sit amet mattis arcu. Vestibulum mollis, ligula eu eleifend condimentum, felis mi bibendum arcu, ut posuere ligula libero a urna. Curabitur fermentum interdum nisl ut fermentum. Aenean mattis commodo dolor sit amet lobortis. Vestibulum non tellus quis mauris bibendum iaculis nec eu nunc. Vestibulum sit amet velit ut odio commodo eleifend non tristique libero. Nulla condimentum, urna nec vestibulum ultrices, sem magna ullamcorper lacus. Page 3 of 9 Name Responsibility Held Since Total Yrs Investment Experience Specialisation ScoPi c Total Assets Managed by the Team Total Assets Managed using this Strategy Personnel Turnover Rate (N o in Team) Support Functions Personal Investment in own Portfolios We believe that people are the most important assets in a multimanager business. We consider; The depth and relevance of experience that members of the team have in managing the types of asset class represented in the portfolio. Whether team members act together cohesively and decisively whilst still offering sufficient scope for their ideas to be explored and challenged. The development of the team and the relevance of compensation benefits in light of each team member's contribution to the investment process. Infrastructure and Support Nunc vitae sem dui. Maecenas tempus accumsan massa, non aliquet turpis egestas id. Nunc at augue a nisl ultricies volutpat. Quisque mauris lacus, luctus ut dignissim et, elementum id lectus. Duis ultrices, urna quis pulvinar egestas, turpis augue lacinia sem, eget facilisis justo enim id magna. Aenean pretium condimentum malesuada. Quisque imperdiet, ligula nec volutpat fringilla, mauris sapien mollis turpis, eget sodales felis dolor vitae sapien. Cras sed lorem et turpis hendrerit consequat. Aenean eu erat neque. Etiam commodo, nulla non porttitor malesuada, leo mauris ullamcorper erat, vel tincidunt purus est sed dui. Pellentesque est risus, interdum sed auctor non, tristique eu tellus. Cras tempor dictum neque eget egestas. Nullam a eros metus. Integer venenatis mauris quis odio sagittis non elementum nunc dignissim. Maecenas a ipsum vel lorem pellentesque egestas. Pellentesque eros odio, facilisis sit amet volutpat ut, laoreet quis justo. Maecenas ut ante elit, vel iaculis dui. Sed vitae elit sem, a sagittis orci. Aenean suscipit odio eget ante condimentum ac bibendum enim sodales. Etiam vestibulum massa ac velit lacinia eget iaculis erat eleifend. Praesent consectetur sollicitudin consectetur. Morbi malesuada rhoncus diam feugiat rhoncus. Cum sociis natoque penatibus et magnis dis parturient montes, nascetur ridiculus mus. Nulla quis ligula ligula, vel consequat nisl. Nunc id lorem a arcu dapibus posuere. Class aptent taciti sociosqu ad litora torquent per conubia nostra, per inceptos himenaeos. Aenean tempor vulputate tortor vitae rutrum. Etiam lobortis risus in risus iaculis pretium. Suspendisse potenti. Aliquam erat volutpat. Pellentesque elementum nisi purus. Infrastructure and Support Accounting adipiscing elit Attribution Analysis Aliquam vel ante blandit tellus varius consequat Compliance Cras a nisi felis, sed hendrerit libero Human Resources Cras a nisi felis, sed hendrerit libero Legal Marketing Nam ac arcu velit, a ultricies velit Operations Donec quis nisi iaculis libero ultrices bibendum in a massa Pricing Integer nec est justo, in vehicula tellus Tools Maecenas ac ante ut magna viverra feugiat Risk Management Duis pulvinar purus at mauris aliquet non ultrices dui posuere. Ut quis dolor euismod erat vehicula molestie Sales Nam rhoncus enim non mauris egestas ac pulvinar neque feugiat Systems Duis eros ligula, euismod sed facilisis a, ullamcorper nec lectus. Pel lentesque facilisis enim eu orci iaculis accumsan aliquam augue tin cidunt. Duis in dolor tellus, non fermentum dolor. Trading Proin dignissim risus nec leo molestie auctor. Morbi id nisl orci, et adipiscing dui. Phasellus diam justo, sodales id bibendum in, viverra eget augue. Nullam dictum tristique convallis. Copyright Scopic Limited 3. All Rights Reserved. The opinions expressed in this report are those formed by Scopic Limited and do not represent investment advice or a recommendation to buy or sell units or shares in a particular multi-manager portfolio. No part of this report may be copied, stored, or distributed without prior written consent from Scopic Limited. Source of past performance information: Larger organisations may have competing calls on operational infrastructure and may find it difficult to deliver bespoke systems support to their multi-manager teams. On the other hand, stand alone multi-manager businesses might face different challenges - for example; organising scarce resources efficiently. We consider; Access to in-house fund manager expertise, research and marketing. How information technology is used and its impact on the day to day activities of the multi-manager team. How efficiently dealing instructions are communicated to the trading team and how cost effectively they are implemented. Whether operational functions are outsourced, and how trading, accounting and reporting systems are aligned to help minimise the scope for errors.

4 Page 4 of 9 Investment Scope Curabitur eu enim massa, vel pellentesque leo. Sed cursus pulvinar metus, non ornare sapien congue posuere. Nullam dolor sem, pulvinar a cursus sit amet, accumsan sed nisi. In vel metus et quam mattis venenatis et non nibh. Nunc tempor mauris vitae ante ultricies lacinia. Donec adipiscing porttitor nulla ac tincidunt. Sed vitae rhoncus metus. Donec tincidunt bibendum leo gravida consequat. Aliquam gravida sapien vel dolor scelerisque sodales. Aenean viverra lobortis ligula, ut ultricies nisl vestibulum vel. Suspendisse malesuada egestas hendrerit. Nulla vehicula ante quis dui accumsan rutrum. Donec posuere rutrum varius. Aliquam erat volutpat. Proin et nisi quis odio molestie condimentum. Curabitur bibendum mollis felis eu porttitor. Nullam sed purus eu enim rutrum porta eu eget turpis. Nunc a arcu nec erat euismod lobortis vel vitae sapien. Duis tortor lorem, lobortis vel iaculis ac, mattis in mauris. Phasellus id orci arcu. Donec quis eros massa, a gravida orci. Fusce semper urna a mauris lacinia tempus. Aenean ac commodo orci. Pellentesque egestas turpis viverra lorem sodales iaculis. Aenean velit lorem, luctus iaculis accumsan mollis, fermentum eu ipsum. Sed ornare malesuada odio a adipiscing. In sed sapien purus, vel aliquam est. Pellentesque placerat aliquet tempor. Sed mi magna, tempus ullamcorper mollis nec, placerat fringilla velit. Aliquam semper dui in purus sollicitudin luctus. Integer venenatis suscipit sollicitudin. Suspendisse a tortor non odio commodo vehicula. Pellentesque rhoncus ipsum nec felis ultrices eu molestie metus tincidunt. Pellentesque habitant morbi tristique senectus et netus et malesuada fames ac turpis egestas. Etiam id urna tortor. Vivamus egestas nunc sit amet ante laoreet vel placerat leo volutpat. Morbi bibendum luctus consequat. Donec non nibh sed velit rutrum feugiat. Etiam sem risus, eleifend eget aliquet id, blandit a metus. Nam dapibus, dolor quis molestie porta, ante lorem fermentum nisl, vel venenatis odio enim vel tortor. Investment Scope Permitted Likely Comments and Restrictions Exposure Exposure OEICS / Unit Trusts Nulla ut augue elit, quis tristique enim SICAV Sed quis sapien non justo auctor gravida Single Country Funds Investment Trusts Ut iaculis erat eu nibh ultrices rutrum Individual Equities Individual Bonds Donec ut velit neque, vitae dignissim felis Unregulated Collectives Vestibulum eu orci neque, vel vulputate quam Exchange Traded Funds Nulla pharetra libero a est facilisis tempor Exchange Traded Commodities Own House Funds Quisque non risus in tortor fringilla aliquam Explicit use of Derivatives Maecenas gravida purus quis quam facilisis dapibus Explicit use of Hedging Donec hendrerit felis id metus mattis lacinia Tactical use of Cash Donec ultrices lacus ut risus faucibus tempus Contracts for Difference Direct Property Funds Vivamus in nibh mauris, in consectetur mi Real Estate Investment Trusts Vestibulum sed turpis massa, in tempor nulla Single Strategy Hedge Funds Vivamus et eros eget ante viverra lobortis Funds of Hedge Funds Life Settlement Funds Private Equity Structured Products Maecenas quis diam elit, sit amet imperdiet mi Borrowing UK Equity European Equity US Equity Permitted v Neutral Asset Class Ranges... Asia Global Japan Pacific ex- Emerging Equity Japan Equity Market Equity Property Historic Asset Class Range Since 3-Dec-7 Min Max Current (%) (%) (%) Equities UK Equities US Equities Europe Equities Japan equities Asia Pacific ex-japan Equities Global Emerging Market Equities Bonds UKCorporate Bonds Cash Commodities... Property Alternatives... Gilts Index Linked Gilts UK Corporate Bonds... Global Bonds Cash Minimum (%) Maximum (%) Neutral (%) The breadth of asset classes and the types of instruments employed are key factors to assess when considering a portfolio's suitability for different types of investor. We shed light on a portfolio's scope of investment opportunity - taking our cue from the fund managers themselves rather than from the portfolio's prospectus. Copyright Scopic Limited 3. All Rights Reserved. The opinions expressed in this report are those formed by Scopic Limited and do not represent investment advice or a recommendation to buy or sell units or shares in a particular multi-manager portfolio. No part of this report may be copied, stored, or distributed without prior written consent from Scopic Limited. Source of past performance information:

5 Investment Approach adipiscing elit. Nunc vitae enim a purus sollicitudin imperdiet non eget diam. Pellentesque ornare justo quis dui consectetur luctus. Donec ultricies, risus et auctor pellentesque, dolor dolor scelerisque purus, at laoreet lectus purus quis nulla. Lorem ipsum dolor sit amet, consectetur adipiscing elit. In vitae tempus diam. Aenean est tellus, tincidunt nec condimentum sit amet, aliquet eget sed magna lacus, sit amet mattis magna. In hac habitasse platea dictumst. Ut euismod, lorem a rutrum vehicula, tellus mauris adipiscing purus, at mollis risus quam nec ante. Cras non turpis ac leo pulvinar ornare. Nullam sed sem et libero scelerisque ultricies. Mauris dapibus tempus ipsum, ac porttitor urna posuere eget. Nulla elementum pulvinar rutrum. Duis tellus neque, accumsan id aliquam ac, molestie eu purus. Nullam posuere ullamcorper elit, eget blandit velit eleifend sit amet. Curabitur rhoncus purus in tortor tempus vehicula. Mauris egestas mattis nisl pulvinar gravida. Praesent rhoncus sodales tellus ac lacinia. In auctor molestie hendrerit. Maecenas vitae felis nisl. Nullam nisl elit, condimentum id fringilla quis, aliquet ut libero. Vestibulum pretium mattis ante ut dapibus. Nam pharetra hendrerit velit in pharetra. Vivamus id odio tincidunt nisl adipiscing feugiat. Sed lorem erat, imperdiet in lobortis ullamcorper, rhoncus et ante. Maecenas sed ullamcorper leo. Phasellus at turpis sed nisi ornare luctus. Nunc sed augue elit, sed tincidunt ligula. Fusce eu eros velit. Nullam euismod sem sed magna mattis eget sollicitudin velit gravida. Vestibulum ligula mauris, blandit facilisis mollis eget, mattis non dui. Vivamus enim eros, vestibulum ac varius sed, egestas in eros. Suspendisse ut purus lacus. In vel orci quis sem auctor facilisis. Integer ultricies augue vitae quam euismod placerat. Quisque id lectus nec dui sollicitudin fermentum. Donec venenatis nisl a erat blandit tristique. Fusce mollis risus a nunc venenatis eu placerat nibh interdum. Cras vel fermentum ante. Praesent congue nisi in velit tincidunt et fermentum nisi malesuada. Donec consectetur, eros id sagittis egestas, arcu augue convallis lectus, eu bibendum arcu velit fringilla arcu. In ornare pretium enim posuere luctus. Praesent tortor nibh, condimentum ut semper ac, suscipit eget elit. Nulla vel mauris magna, at ornare est. Sed nec tortor est, eu fermentum sapien. Nunc et risus quis massa porta gravida in vitae nunc. Etiam diam orci, faucibus et fringilla nec, dignissim ac dolor. Sed lobortis eros eu tortor dictum pretium. Maecenas sed sem nec nunc varius elementum et in lacus. Nullam elit libero, tempus sit amet suscipit nec, tincidunt a leo. Vivamus mi arcu, placerat sit amet fringilla ut, posuere in est. Cras semper, diam ac dictum iaculis, mauris neque molestie orci, quis lacinia libero turpis sit amet odio. Praesent eu est risus, ut varius sapien. Curabitur commodo ullamcorper arcu, sed varius ipsum commodo suscipit. Nullam pulvinar nibh sed eros scelerisque iaculis volutpat libero semper. Sed non aliquet ipsum. Aenean fermentum felis at mi auctor eget rhoncus nunc auctor. Proin in mi sit amet magna luctus eleifend vel ut metus. Sed bibendum, tellus non ultricies lobortis, ligula ligula aliquam libero, et venenatis metus justo et orci. Nunc vulputate vulputate dictum. Nullam pharetra, dolor id aliquam fringilla, est diam mattis quam, id pharetra lacus ligula quis nulla. Sed nec sem in mauris rutrum pellentesque. Nulla vestibulum dapibus enim pulvinar ullamcorper. Curabitur blandit mattis porta. Vivamus et quam orci. Nullam ut tellus purus. Mauris ac sem tortor. Quisque tincidunt leo quis erat mollis in sodales tortor tincidunt. Nunc vitae nibh vitae neque sodales fermentum facilisis ac mi. Aenean facilisis nibh et dolor eleifend hendrerit. Aenean posuere, felis ut condimentum congue, massa turpis dictum lacus, ut sollicitudin magna leo nec erat. Morbi tortor sapien, feugiat ut tempor eget, suscipit ut odio. Sed semper lorem eget sem lacinia venenatis. Curabitur consequat nulla dignissim lectus volutpat id accumsan metus molestie. Vestibulum non tortor turpis, quis cursus velit. Nunc ac fermentum dolor. Vestibulum molestie nibh diam. Pellentesque sed tincidunt neque. Suspendisse laoreet arcu non diam euismod fermentum luctus massa rhoncus. Sed quis nulla metus. Integer posuere, sem vel dapibus hendrerit, eros nulla pretium est, ac tempor nisl leo non tortor. Praesent a elit pretium augue mollis ultrices eget eget enim. Praesent volutpat volutpat sapien, pellentesque mattis diam porta id. Aliquam nec dui et est varius interdum ut a ipsum. Pellentesque fringilla nisl eu ligula sodales mattis. Sed luctus feugiat dignissim. Suspendisse odio sem, commodo eu iaculis vel, ultrices sed magna. Aliquam erat volutpat. Sed id orci ipsum. Suspendisse sapien tortor, dapibus et dapibus at, commodo eget eros. Aenean accumsan tristique lectus, vitae rutrum justo viverra nec. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Suspendisse fermentum sapien sit amet est pretium vitae dignissim leo tincidunt. Nunc a turpis a augue interdum consequat eu eu purus. Nulla eleifend pulvinar massa, eget sagittis mi aliquam dictum. Sed dictum, enim id egestas dignissim, tellus ligula rutrum lorem, id auctor sem nunc iaculis neque. Cras ullamcorper, nunc quis tincidunt condimentum, leo ipsum placerat ante, bibendum suscipit enim mauris sed est. Nullam erat nulla, porta et tristique sodales, commodo in mauris. Sed tincidunt, felis in faucibus tristique, est sem tincidunt lorem, eget aliquet metus nunc vel nisi. In lorem lorem, commodo sed lobortis id, pretium non sem. Pellentesque luctus, velit vitae vestibulum varius, enim sem ultrices enim, quis egestas metus metus id lacus. Page 5 of 9 Pellentesque at sapien mauris, in sagittis libero. Aenean vehicula porta elit, ac tempus purus accumsan a. Nam viverra enim sit amet odio commodo sed egestas ante tincidunt. Nulla ac eleifend lorem. Quisque faucibus, mi a volutpat elementum, lectus libero iaculis nunc, vitae scelerisque turpis purus at leo. Praesent id sapien nibh, eu eleifend nibh. adipiscing elit. Nunc vitae enim a purus sollicitudin imperdiet non eget diam. Pellentesque ornare justo quis dui consectetur luctus. Donec ultricies, risus et auctor pellentesque, dolor dolor scelerisque purus, at laoreet lectus purus quis nulla. Lorem ipsum dolor sit amet, consectetur adipiscing elit. In vitae tempus diam. Aenean est tellus, tincidunt nec condimentum sit amet, aliquet eget sed magna lacus, sit amet mattis magna. In hac habitasse platea dictumst. Ut euismod, lorem a rutrum vehicula, tellus mauris adipiscing purus, at mollis risus quam nec ante. Cras non turpis ac leo pulvinar ornare. Nam pharetra hendrerit velit in pharetra. Vivamus id odio tincidunt nisl adipiscing feugiat. Sed lorem erat, imperdiet in lobortis ullamcorper, rhoncus et ante. Maecenas sed ullamcorper leo. No of Holdings Max Position Min Position Rebalancing Asset Allocation Reviewed Investment Policy Reviewed Bond Duration Hedging Policy The investment approach helps to define the boundaries within which the manager makes decisions on; asset allocation, underlying investments, themes and sectors. We examine; The implications that the investment approach has for investment risk and style bias. Whether the methods and sources of research used by a multi-manager team provide it with an information advantage. How effectively investment decisions are made and implemented. How the approach differentiates the portfolio and manager from its peer group. Whether the investment approach makes sense given the portfolio s objectives. Copyright Scopic Limited 3. All Rights Reserved. The opinions expressed in this report are those formed by Scopic Limited and do not represent investment advice or a recommendation to buy or sell units or shares in a particular multi-manager portfolio. No part of this report may be copied, stored, or distributed without prior written consent from Scopic Limited. Source of past performance information:

6 Analysing the Past 3. %.%.%.% -.% -.% -3.% -4.% -5.% -6.% Relativ ve Returns DD MM YYYY to DD MM YYYY xxx xxx xxx xxx xxx xxx xx x x x x xx xxx x xxx xxx xxx xxx xxx Page 6 of 9 xx xxx xxx x xx xxx xxx x xx xxx xxx x -7.% 3/3/ 7 3/5/ 7 3/7/ 7/ 7 8/9/ 7 3// 7 / 8 3/3/ 8 3/5/ 8 3/7/ 8 3/9/ 8 8// 8 3// 9 3/3/ 9 9/5/ 5/ 9 3/7/ 9 3/9/ 9 3// 9 9// 3/3/ 3/5/ 3/7/ 3/9/ 3// / 3/3/ 3/5/ 9/7/ 3/9/ 3// / 3/3/ Qualitative Report Analysing past behaviour provides valuable evidence of the effectiveness of a portfolio manager's decision making process and market foresight. We consider; How effective past decisions have been throughout the different phases of the business cycle. How strictly a manager is likely to follow the stated investment strategy and under what circumstances it might be deviated from. What lessons a manager has learned from past experiences and how this might impact on future decision making and investment risk. Annualised Volat ility - Actual and Benchmark v Target DD M M YYYY to DD MM YYYY 5.%.% % Page 7 of 9 8 3/ Copyright Scopic Limited 3. All Rights Reserved. The opinions expressed in this report are those formed by Scopic Limited and do not represent investment advice or a recommendation to buy or sell units or shares in a particular multi-manager portfolio. No part of this report may be copied, stored, or distributed without prior written consent from Scopic Limited. Source of past performance information: 5.% 3/ 3/ 3/ 3/ 3/ 3/ 3/ 3/ 3/ 8/ 3/ 3/ 3/ 3/ 3/ 3/ 3/ 3/ 3/ 8/ 3/ 3/ 3/ 3/ 3/ 3/ 3/ 3/ 3/ 8/ 3/ 3/ 3/ 3/ 3/ 3/ 3/ 3/ 3/ 8/ 3/ 8 4/ 8 5/ 8 6/ 8 7/ 8 8/ 8 9/ 8 / 8 / 8 / 9 / 9 / 9 3/ 9 4/ 9 5/ 9 6/ 9 7/ 9 8/ 9 9/ 9 / 9 / 9 / / / 3/ x xxx x xxx 4/ 5/ 6/ 7/ 8/ 9/ / adipiscing elit. Nunc vitae enim a purus sollicitudin imperdiet non eget diam. Pellentesque ornare justo quis dui consectetur luctus. Donec ultricies, risus / Analysing the Past / / / 3/ 4/ 5/ 6/ 7/ 8/ 9/ / / / et auctor pellentesque, dolor dolor scelerisque purus, at laoreet lectus purus quis nulla. Lorem ipsum dolor sit amet, consectetur adipiscing elit. In vitae tempus diam. Aenean est tellus, tincidunt nec condimentum sit amet, aliquet eget sed magna lacus, sit amet mattis magna. In hac habitasse platea dictumst. Ut euismod, lorem a rutrum vehicula, tellus mauris adipiscing purus, at mollis risus quam nec ante. Cras non turpis ac leo. % 5.%.% % / / 3/ Source of past performance information: pulvinar ornare. Nullam sed sem et libero scelerisque ultricies. Mauris dapibus tempus ipsum, ac porttitor urna posuere eget. Nulla elementum pulvinar rutrum. Duis tellus neque, accumsan id aliquam ac, molestie eu purus. Nullam posuere ullamcorper elit, eget blandit velit eleifend sit amet. Curabitur rhoncus purus in tortor tempus vehicula. Mauris egestas mattis nisl pulvinar gravida. Praesent rhoncus sodales tellus ac lacinia. In auctor molestie hendrerit. Maecenas vitae felis nisl. Nullam nisl elit, condimentum id fringilla quis, aliquet ut libero. Vestibulum pretium mattis ante ut dapibus. Nam pharetra hendrerit velit in pharetra. Vivamus id odio tincidunt nisl adipiscing feugiat. Sed lorem erat, imperdiet in lobortis ullamcorper, rhoncus et ante. Maecenas sed ullamcorper leo. Phasellus at turpis sed nisi ornare luctus. Nunc sed augue elit, sed tincidunt ligula. Fusce eu eros velit. Nullam euismod sem sed magna mattis eget sollicitudin velit gravida. Vestibulum ligula mauris, blandit facilisis mollis eget, mattis non dui. Vivamus enim eros, vestibulum ac varius sed, egestas in eros. Suspendisse ut purus lacus. In vel orci quis sem auctor facilisis. Integer ultricies augue vitae quam euismod placerat. Quisque id lectus nec dui sollicitudin fermentum. Donec venenatis nisl a erat blandit tristique. Fusce mollis risus a nunc venenatis eu placerat nibh interdum. Cras vel fermentum ante. Praesent congue nisi in velit tincidunt et fermentum nisi malesuada. Donec consectetur, eros id sagittis egestas, arcu augue convallis lectus, eu bibendum arcu velit fringilla arcu. In ornare pretium enim posuere luctus. Praesent tortor nibh, condimentum ut semper ac, suscipit eget elit. Nulla vel mauris magna, at ornare est. Sed nec tortor est, eu fermentum sapien. Nunc et risus quis massa porta gravida in vitae nunc. Etiam diam orci, faucibus et fringilla nec, dignissim ac dolor. Sed lobortis eros eu tortor dictum pretium. Maecenas sed sem nec nunc varius elementum et in lacus. Nullam elit libero, tempus sit amet suscipit nec, tincidunt a leo. Vivamus mi arcu, placerat sit amet fringilla ut, posuere in est. Cras semper, diam ac dictum iaculis, mauris neque molestie orci, quis lacinia libero turpis sit amet odio. Praesent eu est risus, ut varius sapien. Curabitur commodo ullamcorper arcu, sed varius ipsum commodo suscipit. Nullam pulvinar nibh sed eros scelerisque iaculis volutpat libero semper. Sed non aliquet ipsum. Aenean fermentum felis at mi auctor eget rhoncus nunc auctor. Proin in mi sit amet magna luctus eleifend vel ut metus. Sed bibendum, tellus non ultricies lobortis, ligula ligula aliquam libero, et venenatis metus justo et orci. Nunc vulputate vulputate dictum. Nullam pharetra, dolor id aliquam fringilla, est diam mattis quam, id pharetra lacus ligula quis nulla. Sed nec sem in mauris rutrum pellentesque. Nulla vestibulum dapibus enim pulvinar ullamcorper. Curabitur blandit mattis porta. Curabitur consequat nulla dignissim lectus volutpat id accumsan metus molestie. Vestibulum non tortor turpis, quis cursus velit. Vestibulum molestie nibh diam. Pellentesque sed tincidunt neque. Suspendisse laoreet arcu non diam euismod fermentum luctus massa rhoncus. % Asset Class Shift - X Quarters to End of QX XX 9% 8% Percentage of Portfolio (%) 7% 6% 5% 4% 3% % % % Mar-3- Jun-3- Sep-3- Dec-3- Mar-3- Jun-3- Sep-3- Dec-3- Mar-3- Jun-3- Sep-3- Dec-3- Mar-3- Jun-3- Sep-3- Dec UK Equities US Equities Europe Equities Japan equities Asia Pacific ex-japan Equities Global Emerging Market Equities UKCorporate Bonds Property Cash Copyright Scopic Limited 3. All Rights Reserved. The opinions expressed in this report are those formed by Scopic Limited and do not represent investment advice or a recommendation to buy or sell units or shares in a particular multi-manager portfolio. No part of this report may be copied, stored, or distributed without prior written consent from Scopic Limited. Source of past performance information:

7 Page 8 of 9 Current Strategy Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nunc vitae enim a purus sollicitudin imperdiet non eget diam. Pellentesque ornare justo quis dui consectetur luctus. Donec ultricies, risus et auctor pellentesque, dolor dolor scelerisque purus, at laoreet lectus purus quis nulla. Lorem ipsum dolor sit amet, consectetur adipiscing elit. In vitae tempus diam. Aenean est tellus, tincidunt nec condimentum sit amet, aliquet eget sed magna lacus, sit amet mattis magna. In hac habitasse platea dictumst. Ut euismod, lorem a rutrum vehicula, tellus mauris adipiscing purus, at mollis risus quam nec ante. Cras non turpis ac leo pulvinar ornare. Nullam sed sem et libero scelerisque ultricies. Mauris dapibus tempus ipsum, ac porttitor urna posuere eget. Nulla elementum pulvinar rutrum. Duis tellus neque, accumsan id aliquam ac, molestie eu purus. Nullam posuere ullamcorper elit, eget blandit velit eleifend sit amet. Curabitur rhoncus purus in tortor tempus vehicula. Mauris egestas mattis nisl pulvinar gravida. Praesent rhoncus sodales tellus ac lacinia. In auctor molestie hendrerit. Maecenas vitae felis nisl. Nullam nisl elit, condimentum id fringilla quis, aliquet ut libero. Vestibulum pretium mattis ante ut dapibus. Nam pharetra hendrerit velit in pharetra. Vivamus id odio tincidunt nisl adipiscing feugiat. Sed lorem erat, imperdiet in lobortis ullamcorper, rhoncus et ante. Maecenas sed ullamcorper leo. Phasellus at turpis sed nisi ornare luctus. Nunc sed augue elit, sed tincidunt ligula. Fusce eu eros velit. Nullam euismod sem sed magna mattis eget sollicitudin velit gravida. Vestibulum ligula mauris, blandit facilisis mollis eget, mattis non dui. Vivamus enim eros, vestibulum ac varius sed, egestas in eros. Suspendisse ut purus lacus. In vel orci quis sem auctor facilisis. Current portfolio positioning provides undisputable evidence of a fund manager's present thinking and level of conviction in certain markets, instruments and underlying fund managers. We consider current positioning and strategy in light of the portfolio's own; Investment boundaries. Risk parameters. Investment objectives. Performance Expectation Integer ultricies augue vitae quam euismod placerat. Quisque id lectus nec dui sollicitudin fermentum. Donec venenatis nisl a erat blandit tristique. Fusce mollis risus a nunc venenatis eu placerat nibh interdum. Cras vel fermentum ante. Praesent congue nisi in velit tincidunt et fermentum nisi malesuada. Donec consectetur, eros id sagittis egestas, arcu augue convallis lectus, eu bibendum arcu velit fringilla arcu. In ornare pretium enim posuere Reporting Sed quis nulla metus. Integer posuere, sem vel dapibus hendrerit, eros nulla pretium est, ac tempor nisl leo non tortor. Praesent a elit pretium augue mollis ultrices eget eget enim. Praesent volutpat volutpat sapien, pellentesque mattis diam porta id. Aliquam nec dui et est varius interdum ut a ipsum. Pellentesque fringilla nisl eu ligula sodales mattis. Sed luctus feugiat dignissim. Suspendisse odio sem, commodo eu iaculis vel, ultrices sed magna. Aliquam erat luctus. Praesent tortor nibh, condimentum ut semper ac, suscipit eget elit. Nulla vel mauris magna, at ornare est. Sed nec tortor est, eu fermentum sapien. Nunc et risus quis massa porta gravida in vitae nunc. Etiam diam orci, faucibus et fringilla nec, dignissim ac dolor. Sed lobortis eros eu tortor dictum pretium. Maecenas sed sem nec nunc varius elementum et in lacus. Nullam elit libero, tempus sit amet suscipit nec, tincidunt a leo. volutpat. Sed id orci ipsum. Suspendisse sapien tortor, dapibus et dapibus at, commodo eget eros. Aenean accumsan tristique lectus, vitae rutrum justo viverra nec. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Suspendisse fermentum sapien sit amet est pretium vitae dignissim leo tincidunt. Nunc a turpis a augue interdum consequat eu eu purus. Nulla eleifend pulvinar massa, eget sagittis mi aliquam dictum. Sed dictum, enim id egestas Vivamus mi arcu, placerat sit amet fringilla ut, posuere in est. Cras semper, diam ac dictum iaculis, mauris neque molestie orci, quis lacinia libero turpis sit amet odio. Praesent eu est risus, ut varius sapien. Curabitur commodo ullamcorper arcu, sed varius ipsum commodo suscipit. Nullam pulvinar nibh sed eros scelerisque iaculis volutpat libero semper. Sed non aliquet ipsum. Aenean fermentum felis at mi auctor eget rhoncus nunc auctor. dignissim, tellus ligula rutrum lorem, id auctor sem nunc iaculis neque. Cras ullamcorper, nunc quis tincidunt condimentum, leo ipsum placerat ante, bibendum suscipit enim mauris sed est. Nullam erat nulla, porta et tristique sodales, commodo in mauris. Sed tincidunt, felis in faucibus tristique, est sem tincidunt lorem, eget aliquet metus nunc vel nisi. In lorem lorem, commodo sed lobortis id, pretium non sem. Pellentesque luctus, velit vitae vestibulum Proin in mi sit amet magna luctus eleifend vel ut metus. Sed bibendum, tellus non ultricies lobortis, ligula ligula aliquam libero, et venenatis metus justo et orci. Nunc vulputate vulputate dictum. Nullam pharetra, dolor id aliquam fringilla, est diam mattis quam, id pharetra lacus ligula quis nulla. Sed nec sem in mauris rutrum pellentesque. Nulla vestibulum dapibus enim pulvinar ullamcorper. Curabitur blandit mattis porta. Vivamus et quam orci. varius, enim sem ultrices enim, quis egestas metus metus id lacus. Pellentesque at sapien mauris, in sagittis libero. Aenean vehicula porta elit, ac tempus purus accumsan a. Nam viverra enim sit amet odio commodo sed egestas ante tincidunt. Nulla ac eleifend lorem. Quisque faucibus, mi a volutpat elementum, lectus libero iaculis nunc, vitae scelerisque turpis purus at leo. Praesent id sapien nibh, eu eleifend nibh. We understand the important role that intermediaries play in managing their clients' expectations. We explore; How a portfolio might be expected to perform in the future. The flexibility of the manager's process to adapt to evolving market and economic scenarios. The potential trigger points in future market conditions that might cause fund selectors to reassess their multimanager portfolio selections. Copyright Scopic Limited 3. All Rights Reserved. The opinions expressed in this report are those formed by Scopic Limited and do not represent investment advice or a recommendation to buy or sell units or shares in a particular multi-manager portfolio. No part of this report may be copied, stored, or distributed without prior written consent from Scopic Limited. Source of past performance information: Timely and accurate investment communications are vital components in the overall multi-manager service proposition. We examine; The depth, clarity and transparency of reporting materials. The correlation of messaging in reporting materials with real investment practice. How easy it is to access reporting materials and whether they meet the needs of the intended audience. The frequency and reliability of distribution.

8 Expenses adipiscing elit. Nunc vitae enim a purus sollicitudin imperdiet non eget diam. Pellentesque ornare justo quis dui consectetur luctus. Donec ultricies, risus et auctor pellentesque, dolor dolor scelerisque purus, at laoreet lectus purus quis nulla. Lorem ipsum dolor sit amet, consectetur adipiscing elit. In vitae tempus diam. Aenean est tellus, tincidunt Charges Initial Charge (%) Annual Management Charge (%) AMC charged to Performance Fee Total Expense Ratio (TER) TER as a (%) of Sector Average nec condimentum sit amet, aliquet eget sed magna lacus, sit amet mattis magna. In hac habitasse platea dictumst. Ut euismod, lorem a rutrum vehicula, tellus mauris adipiscing purus, at mollis risus quam nec ante. Cras non turpis ac leo pulvinar ornare. Nullam sed sem et libero scelerisque ultricies. Mauris dapibus tempus ipsum, ac porttitor urna posuere eget. Nulla elementum pulvinar rutrum. Duis tellus neque, accumsan id aliquam ac, molestie eu purus. Nullam posuere ullamcorper elit, eget blandit velit eleifend sit amet. Curabitur rhoncus purus in tortor tempus vehicula. Mauris egestas mattis nisl pulvinar gravida. Page 9 of 9 Praesent rhoncus sodales tellus ac lacinia. In auctor molestie hendrerit. Maecenas vitae felis nisl. Nullam nisl elit, condimentum id fringilla quis, aliquet ut libero. Vestibulum pretium mattis ante ut dapibus. Nam pharetra hendrerit velit in pharetra. Vivamus id odio tincidunt nisl adipiscing feugiat. Phasellus at turpis sed nisi ornare luctus. Nunc sed augue elit, sed tincidunt ligula. Fusce eu eros velit. Cost can be a controversial subject when it comes to multimanager portfolios. We dig beneath the numbers to consider the portfolio's expenses in light of; The types of investment in the portfolio. The portfolio's size. The average level of expenses. of other portfolios in the most relevant peer group. The portfolio s objectives. Qualitative Risk Integer ultricies augue vitae quam euismod placerat. Quisque id lectus nec dui sollicitudin fermentum. Donec venenatis nisl a erat blandit tristique. Fusce mollis risus a nunc venenatis eu placerat nibh interdum. Cras vel fermentum ante. Praesent congue nisi in velit tincidunt et fermentum nisi malesuada. Donec consectetur, eros id sagittis egestas, arcu augue convallis lectus, eu bibendum arcu velit fringilla arcu. In ornare pretium enim posuere luctus. Praesent tortor nibh, condimentum ut semper ac, suscipit eget elit. Nulla vel mauris magna, at ornare est. Sed nec tortor est, eu fermentum sapien. Nunc et risus quis massa porta gravida in vitae nunc. Etiam diam orci, faucibus et fringilla nec, dignissim ac dolor. Sed lobortis eros eu tortor dictum pretium. Maecenas sed sem nec nunc varius elementum et in lacus. Nullam elit libero, tempus sit amet suscipit nec, tincidunt a leo. Vivamus mi arcu, placerat sit amet fringilla ut, posuere in est. Cras semper, diam ac dictum iaculis, mauris neque molestie orci, quis lacinia libero turpis sit amet odio. Praesent eu est risus, ut varius sapien. Curabitur commodo ullamcorper arcu, sed varius ipsum commodo suscipit. Nullam pulvinar nibh sed eros scelerisque iaculis volutpat libero semper. Sed non aliquet ipsum. Aenean fermentum felis at mi auctor eget rhoncus nunc auctor. Proin in mi sit amet magna luctus eleifend vel ut metus. Sed bibendum, tellus non ultricies lobortis, ligula ligula aliquam libero, et venenatis metus justo et orci. Nunc vulputate vulputate dictum. Nullam pharetra, dolor id aliquam Risk Grade fringilla, est diam mattis quam, id pharetra lacus ligula quis nulla. Sed nec sem in mauris rutrum pellentesque. Nulla vestibulum dapibus enim pulvinar ullamcorper. Curabitur blandit mattis porta. Vivamus et quam orci. Nullam ut tellus purus. Mauris ac sem tortor. Quisque tincidunt leo quis erat mollis in sodales tortor tincidunt. Nunc vitae nibh vitae neque sodales fermentum facilisis ac mi. Pellentesque sed tincidunt neque. Suspendisse laoreet arcu non diam euismod fermentum luctus massa rhoncus. Risk Factors People Risk Concentration Risk Investment Strategy Risk Investment Risk Counterparty Risk Liquidity Risk Operational Risk Product Risk Expenses Risk Copyright Scopic Limited 3. All Rights Reserved. The opinions expressed in this report are those formed by Scopic Limited and do not represent investment advice or a recommendation to buy or sell units or shares in a particular multi-manager portfolio. No part of this report may be copied, stored, or distributed without prior written consent from Scopic Limited. Source of past performance information: We highlight 9 potential sources of risk and analyse the controls and procedures in place that seek to mitigate them. In contrast to many others in our industry, our approach is qualitative rather than quantitative based forward looking rather than backward looking. Each source of underlying risk is broken down into a series of sub-risks and scored out of 5 in a similar way to the approach we take when we award our Topic Ratings. The scores for each underlying risk are then weighted according to formula to arrive at an overall Qualitative Risk Grade on a to 5 scale.