RBS Investment Options ICVC. Final Short Report. for the year ended 31 October 2014

RBS Investment Options ICVC Final Short Report for the year ended 31 October 2014

RBS Investment Options ICVC Final Short Report Table of Contents Report of the Authorised Corporate Director 2 Economic and Market Overview 3 Expert Managed Solution Funds Income Fund 4 Cautious Growth Fund 6 Balanced Growth Fund 8 Adventurous Growth Fund 10 Your Portfolio Funds Your Portfolio Fund II 12 Your Portfolio Fund III 15 Your Portfolio Fund IV 18 Your Portfolio Fund V 21 Your Portfolio Fund VI 24 Investor Information 27 1

RBS Investment Options ICVC Final Short Report Report of the Authorised Corporate Director The Company RBS Investment Options ICVC (the Company) is an Open- Ended Investment Company (OEIC) with variable share capital incorporated in England and Wales on 3 March 2008. The property of the Company (Scheme Property) is entrusted to J.P.Morgan Europe Limited (the Depositary) for safekeeping. The shareholders are not liable for any debts of the Company. The objective of the Company is to invest the Scheme Property mainly in transferable securities, deposits and units/shares in collective investment schemes, as permitted by the Collective Investment Schemes Sourcebook (the Regulations) published by the Financial Conduct Authority, with the aim of spreading investment risk and giving its shareholders the benefit of the results of the management of the property. The Company may enter into derivative transactions. For each sub-fund such transactions are used for efficient portfolio management and the derivatives are used to reduce the risk profile of that sub-fund. The Company has an umbrella structure, which means that it contains many sub-funds, each with a different investment objective. In the financial statements you will find an investment review for each sub-fund, which includes details of the investment objectives. There are nine sub-funds in the Company, which are classed as Non-UCITS Schemes for the purposes of the Regulations. Although the sub-funds are not legal entities in their own right, in accordance with the Protected Cell requirements of the Regulations which were effective in December 2013, the assets of a sub-fund belong exclusively to that sub-fund and shall not be used to discharge (directly or indirectly) the liabilities of, or claims against, any other person or body, including the Company, or any other sub-fund and shall not be available for any such purpose. Authorised Status From 3 March 2008, the Company was authorised as an Open-Ended Investment Company under Regulation 12 of the Open-Ended Investment Companies Regulation 2001. Going Concern The Directors are of the opinion that it is appropriate to continue to adopt the going concern basis in the preparation of the financial statements as the assets of the sub-funds consist predominantly of securities that are readily realisable and, accordingly, the sub-funds have adequate financial resources to continue in operational existence for the foreseeable future. Further, appropriate accounting policies, consistently applied and supported by reasonable and prudent judgements and estimates, have been used in the preparation of these financial statements and applicable accounting standards have been followed. The Report We are pleased to present this report, for the year ended 31 October 2014 of the sub-funds, as required by the Regulations. Information for each of the sub-funds has been included on the following pages along with a review of the performance of each of the sub-funds during the year. We hope that you find our review useful and informative. We have also prepared long-form financial statements, which contain additional information including the financial statements, list of investments held and accounting policies. If you would like to receive long form financial statements please call us on 0845 605 0171 (calls may be recorded for training and monitoring purposes) or write to us at RBS Collective Investment Funds Limited, PO Box 9908, Chelmsford CM99 2AF. Ian McLaughlin for and on behalf of RBS Collective Investment Funds Limited Authorised Corporate Director 19 February 2015 Annual General Meeting Please be advised that the company will not convene Annual General Meetings. 2

RBS Investment Options ICVC Final Short Report Economic and Market Overview UK and international shares advanced, with a number of major indices hitting record highs, boosted by loose monetary policy and strengthening economic data. The rally was led by US stocks as companies continued to grow profits and as the Federal Reserve attempted to play down the threat of higher interest rates despite an ongoing improvement in the economy. UK and international government bonds delivered positive returns, as demand for safe and steady income streams continued, with bond prices leaping towards the end of the period as a result of mounting international tensions and following news the ECB was buying bonds as it tries to combat deflation and boost economic growth. Sterling-denominated corporate bonds generated positive returns as underlying government debt prices rose and as credit spreads narrowed, as investors continued to search for extra income in an environment of extraordinarily low yields. A hefty supply of new corporate debt, driven partially by increased levels of merger and acquisition activity, and also by companies desire to take advantage of low borrowing costs, did little to suppress investors appetite for corporate debt. 3

RBS Investment Options ICVC Final Short Report Income Fund Income Fund General Information Fund Size: 15.0m Fund Launch: 9 June 2008 Investment Objective The investment objective of this Fund is to achieve a regular and growing level of Income and long term capital growth. Investment Policy Diversified investment predominantly within equities, fixed interest securities and cash. Investment will be through other collective investment schemes. Allocations to equities, fixed interest securities and cash will vary over time. Investment may also be made in derivatives for hedging purposes. Investment may also be made in Derivatives for hedging and Efficient Portfolio Management purposes. Risk Profile The Fund invests in UK and overseas equities and fixed interest securities. Changes in exchange rates, interest rates and the credit ratings of companies issuing bonds may affect the performance of the Fund. The Fund may include investments in countries deemed to be emerging markets that are usually considered to carry a greater degree of risk than investments in established markets. The Fund pays all of its annual management charge from capital; this will have the effect of restricting capital growth. Fund Review The fund returned 3.02 per cent over the reporting period. That compared with an average return of 2.46 per cent generated by its Investment Management Association peer group. The fund s underweight exposure to Japanese and emergingmarket equities, and its overweight position in UK corporate bonds, are estimated to have added value. A decision to hedge the fund s exposure to the yen, stemming from its position in Japanese equities, further boosted returns, while stock selection in international equities was also positive. On the downside, adverse stock selection in UK and US equities and UK corporate bonds, together with the fund s overweight exposure to both European and Asia-pacific equities, held back performance. Outlook The investment backdrop remains supportive for riskier asset classes such as shares, with monetary policy easing in Europe and Japan helping offset the impact of tighter policy in the US and UK. Fund performance figures share class 1, net of fees, net income reinvested in GBP; source Lipper Hindsight Any views and opinions expressed are those of the fund manager. They should not be viewed as indicating any guarantee of a return from an investment in the funds managed by Aviva Investors nor as advice of any nature. The content of the commentary should not be viewed as a recommendation to invest nor buy or sell any securities. Past performance is not a guide to the future. The value of an investment and any income from it may go down as well as up, and the investor may not get back the original amount invested. Synthetic Risk and Reward Indicator Lower risk Typically lower rewards Higher risk Typically higher rewards 1 2 3 4 5 6 7 These ratings indicate how the Fund may perform and the risk of losing some or all of your capital. Generally the potential for higher gains also mean a larger risk of losses. The lowest category does not mean a risk free investment. This Fund is ranked at 4 because funds of this type have experienced average rises and falls in value in the past. The risk and reward category for this Fund is not guaranteed to remain unchanged, and may shift over time. Historical data, such as is used for calculating the rating, may not be a reliable indication of the future risk profile of this Fund. More information on the Synthetic Risk and Reward Indicator is contained in the Risk and Reward Profile of the Key Investor Information Document, which is available from the ACD on request. Full information on the risks applicable to the Fund is detailed in the Prospectus. Ongoing Charges Figure (OCF) The Ongoing Charges Figure is calculated as the ratio of the total ongoing charges to the average net asset value of the Fund over the year. The OCF is made up of the Annual Management Charge and other operating costs deducted from the assets of the Fund during the year. The current OCF for the Fund includes a synthetic element of 0.70% in respect of charges deducted from underlying investments. % Income Share Class 1.98 As such the fund currently holds a small overweight position in equities, with a preference for developed markets over emerging ones. Within fixed income, there is a preference for credit over government bonds and cash. 4

RBS Investment Options ICVC Final Short Report Income Fund XD Dates: Annual Interim Income Share Class 31 October 31 January 30 April 31 July Distribution Payment Dates: Annual Interim Income Share Class 31 December 31 March 30 June 30 September Year End Year End 31 October 31 October 2014 2013 Share Class (p) (p) Income Share Class Final 31 October 1.0705 1.0971 Interim 31 July 0.5436 0.4969 Interim 30 April 0.6545 0.7299 Interim 31 January 0.5036 0.4891 2.7722 2.8130 Net Distribution History (Calendar years on a paid basis) Per 1,000 Net revenue invested ( ) Share Class per share (p) 02/01/09 Income Share Class 2009 2.1344 24.01 2010 2.5603 28.80 2011 2.6145 29.41 2012 2.7747 31.22 2013 2.8130 31.65 2014 (to 31 October) 2.7722 31.19 Net Asset Value History Share Class Net Asset Shares Pence as at Value ( ) in Issue per Share Income Share Class 31/10/12 15,634,380 14,713,284 106.3 31/10/13 15,520,578 13,269,974 117.0 14,961,588 12,724,974 117.6 Major Holdings Aviva Investors UK Credit MoM 1 22.19 Aviva Investors Sterling Credit MoM 1 9.27 Aviva Investors Euro Equity MoM 1 7.89 Aviva Investors US Equity MoM 1 7.76 Aviva Investors Property Trust 7.13 Aviva Investors UK Equity MoM 5 6.87 Aviva Investors UK Equity MoM 3 6.80 Aviva Investors Apac Equity MoM 1 5.66 Aviva Investors UK Equity MoM 2 5.47 Aviva Investors Euro Equity MoM 2 4.23 31/10/13 Aviva Investors UK Credit MoM 1 21.39 Aviva Investors Apac Equity MoM 1 9.50 Aviva Investors Sterling Credit MoM 9.07 Aviva Investors Euro Equity MoM 1 8.96 Aviva Investors UK Equity MoM 5 7.40 Aviva Investors UK Equity MoM 3 7.34 Aviva Investors UK Gilts MoM 1 6.16 Aviva Investors UK Equity MoM 2 6.10 Aviva Investors Property Trust 5.87 Aviva Investors US Equity MoM 1 5.25 Asset Allocation 31/10/13 Investments % % Derivatives 0.16 (0.04) Overseas Equity 28.27 29.68 Overseas Fixed Interest 2.00 1.86 Property 7.13 5.87 UK Equity 22.66 24.58 UK Fixed Interest 34.40 36.62 Net other assets 5.38 1.43 Net assets 100.00 100.00 Share Range (Calendar Years) Highest Lowest Share Class (pence) (pence) Income Share Class 2009 98.24 80.89 2010 103.6 96.20 2011 104.5 96.02 2012 108.0 99.55 2013 118.5 108.9 2014 (to 31 October) 120.4 114.3 5

RBS Investment Options ICVC Final Short Report Cautious Growth Fund Cautious Growth Fund General Information Fund Size: 403.7m Fund Launch: 9 June 2008 Investment Objective The investment objective of this Fund is to achieve capital growth over the long term. Investment Policy Diversified investment predominantly within equities, fixed interest securities, property and cash. investment will be through other collective investment schemes. Allocations to equities, fixed interest securities, property and cash will vary over time. Equity exposure will be restricted to 85% of the Fund. Investment may also be made in derivatives for hedging purposes. Risk Profile The Fund invests in UK and overseas equities and fixed interest securities. Changes in exchange rates, interest rates and the credit ratings of companies issuing bonds may affect the performance of the Fund. The Fund may include investments in countries deemed to be emerging markets that are usually considered to carry a greater degree of risk than investments in established markets. Fund Review The fund returned 3.77 per cent over the reporting period. That compared with an average return of 2.46 per cent generated by its Investment Management Association peer group. Asset allocation decisions within equities are estimated to have added value, notably underweight positions in UK and European equities. An overweight in UK corporate bonds is also estimated to have added value. A decision to hedge the fund s exposure to the yen, stemming from its position in Japanese equities, further boosted returns, while stock selection in international equities was also positive. On the downside, adverse stock selection in UK and US equities and UK government bonds held back performance. Outlook This fund continues to take less risk than its peer group, with a lower allocation to equities. Conversely the fund is overweight bonds. Within the bond allocation, the fund is overweight corporate bonds relative to government debt given the extra yield offered and due to the relatively low level of default risk at present. Any views and opinions expressed are those of the fund manager. They should not be viewed as indicating any guarantee of a return from an investment in the funds managed by Aviva Investors nor as advice of any nature. The content of the commentary should not be viewed as a recommendation to invest nor buy or sell any securities. Past performance is not a guide to the future. The value of an investment and any income from it may go down as well as up, and the investor may not get back the original amount invested. Synthetic Risk and Reward Indicator Lower risk Typically lower rewards Higher risk Typically higher rewards 1 2 3 4 5 6 7 These ratings indicate how the Fund may perform and the risk of losing some or all of your capital. Generally the potential for higher gains also mean a larger risk of losses. The lowest category does not mean a risk free investment. This Fund is ranked at 3 because funds of this type have experienced low to medium rises and falls in value in the past. The risk and reward category for this Fund is not guaranteed to remain unchanged, and may shift over time. The Fund was ranked at 4 at the time of the previous report. Historical data, such as is used for calculating the rating, may not be a reliable indication of the future risk profile of this Fund. More information on the Synthetic Risk and Reward Indicator is contained in the Risk and Reward Profile of the Key Investor Information Document, which is available from the ACD on request. Full information on the risks applicable to the Fund is detailed in the Prospectus. Ongoing Charges Figure (OCF) The Ongoing Charges Figure is calculated as the ratio of the total ongoing charges to the average net asset value of the Fund over the year. The OCF is made up of the Annual Management Charge and other operating costs deducted from the assets of the Fund during the year. The current OCF for the Fund includes a synthetic element of 0.72% in respect of charges deducted from underlying investments. % 1.90 Fund performance figures share class 1, net of fees, net income reinvested in GBP; source Lipper Hindsight 6

RBS Investment Options ICVC Final Short Report Cautious Growth Fund XD Dates: Annual Interim 31 October 30 April Distribution Payment Dates: Annual Interim 31 December 30 June Year End Year End 31 October 31 October 2014 2013 Accumulation Share Class (p) (p) Final 31 October 0.9921 0.6948 Interim 30 April 0.5775 0.5311 1.5696 1.2259 Net Distribution History (Calendar years on a paid basis) Per 1,000 Net revenue invested ( ) Share Class per share (p) at 02/01/09 Income Share Class 2009 2.2482 22.58 2010 1.2844 12.90 2011 1.3431 13.49 2012 1.4037 14.10 2013 1.2259 12.31 2014 (to 31 October) 1.5696 15.76 Net Asset Value History Share Class Net Asset Shares Pence as at Value ( ) in Issue per Share Income Share Class 31/10/12 362,904,808 315,338,990 115.1 31/10/13 398,491,040 319,943,912 124.6 403,683,365 312,285,888 129.3 Share Range (Calendar Years) Highest Lowest Share Class (pence) (pence) Income Share Class 2009 99.07 85.37 2010 106.5 98.63 2011 109.0 102.4 2012 117.1 107.6 2013 125.7 117.2 2014 (to 31 October) 130.0 123.3 Major Holdings Aviva Investors Global Agg MoM 1 15.39 Aviva Investors UK Credit MoM 1 14.88 Aviva Investors UK Gilts MoM 1 9.62 Aviva Investors US Equity MoM 1 9.00 Aviva Investors Sterling Credit MoM 1 8.02 Aviva Investors Property Trust 5.79 Aviva Investors UK Equity MoM 3 5.07 Aviva Investors UK Equity MoM 5 4.95 Aviva Investors Euro Equity MoM 1 4.68 Aviva Investors UK Equity MoM 2 3.84 31/10/13 Aviva Investors UK Gilts MoM 1 16.66 Aviva Investors Global Agg MoM 1 15.96 Aviva Investors UK Credit MoM 1 12.22 Aviva Investors US Equity MoM 1 6.89 Aviva Investors UK Equity MoM 3 5.31 Aviva Investors UK Equity MoM 5 5.29 Aviva Investors Sterling Credit MoM 1 5.25 Aviva Investors UK Equity MoM 2 4.41 Aviva Investors Property Trust 4.20 Aviva Investors Euro Equity MoM 1 4.04 Asset Allocation 31/10/13 Investments % % Derivatives 0.05 (0.07) Overseas Equity 22.35 20.95 Overseas Fixed Interest 15.39 15.96 Property 8.06 6.70 UK Equity 16.44 17.68 UK Fixed Interest 32.52 34.13 Net other assets 5.19 4.65 Net assets 100.00 100.00 7

RBS Investment Options ICVC Final Short Report Balanced Growth Fund Balanced Growth Fund General Information Fund Size: 740.9m Fund Launch: 9 June 2008 Investment Objective The investment objective of this Fund is to achieve capital growth over the long term. Investment Policy Diversified investment predominantly within equities, fixed interest securities, property and cash. investment will be through other collective investment schemes. Allocations to equities, fixed interest securities, property and cash will vary over time. Equity exposure will be restricted to 85% of the Fund. Investment may also be made in derivatives for hedging purposes. Risk Profile The Fund invests in UK and overseas equities and fixed interest securities. Changes in exchange rates, interest rates and the credit ratings of companies issuing bonds may affect the performance of the Fund. The Fund may include investments in countries deemed to be emerging markets that are usually considered to carry a greater degree of risk than investments in established markets. Fund Review The fund returned 2.82 per cent over the reporting period. That compared with an average return of 2.02 per cent generated by its Investment Management Association peer group. Asset allocation decisions within equities are estimated to have added value, notably overweight exposure to US stocks and an underweight position in European equities. An overweight in UK corporate bonds is also estimated to have added value. A decision to hedge the fund s exposure to the yen, stemming from its position in Japanese equities, further boosted returns, while stock selection in international equities was also positive. On the downside, adverse stock selection in UK and US equities and overweight exposure to UK equities held back performance. Outlook The investment backdrop remains supportive for riskier asset classes such as shares, with monetary policy easing in Europe and Japan helping offset the impact of tighter policy in the US and UK. Fund performance figures share class 1, net of fees, net income reinvested in GBP; source Lipper Hindsight Any views and opinions expressed are those of the fund manager. They should not be viewed as indicating any guarantee of a return from an investment in the funds managed by Aviva Investors nor as advice of any nature. The content of the commentary should not be viewed as a recommendation to invest nor buy or sell any securities. Past performance is not a guide to the future. The value of an investment and any income from it may go down as well as up, and the investor may not get back the original amount invested. Synthetic Risk and Reward Indicator Lower risk Typically lower rewards Higher risk Typically higher rewards 1 2 3 4 5 6 7 These ratings indicate how the Fund may perform and the risk of losing some or all of your capital. Generally the potential for higher gains also mean a larger risk of losses. The lowest category does not mean a risk free investment. This Fund is ranked at 5 because funds of this type have experienced medium to high rises and falls in value in the past. The risk and reward category for this Fund is not guaranteed to remain unchanged, and may shift over time. Historical data, such as is used for calculating the rating, may not be a reliable indication of the future risk profile of this Fund. More information on the Synthetic Risk and Reward Indicator is contained in the Risk and Reward Profile of the Key Investor Information Document, which is available from the ACD on request. Full information on the risks applicable to the Fund is detailed in the Prospectus. Ongoing Charges Figure (OCF) The Ongoing Charges Figure is calculated as the ratio of the total ongoing charges to the average net asset value of the Fund over the year. The OCF is made up of the Annual Management Charge and other operating costs deducted from the assets of the Fund during the year. The current OCF for the Fund includes a synthetic element of 0.77% in respect of charges deducted from underlying investments. %.98 As such the fund currently holds a small overweight position in equities, with a preference for developed markets over emerging ones. Within fixed income, there is a preference for credit over government bonds and cash. 8

RBS Investment Options ICVC Final Short Report Balanced Growth Fund XD Dates: Annual Interim 31 October 30 April Distribution Payment Dates: Annual Interim 31 December 30 June Year End Year End 31 October 31 October 2014 2013 Share Class (p) (p) Accumulation Share Class Final 31 October 0.7770 0.6627 Interim 30 April 0.2101 0.3570 0.9871 1.0197 Net Distribution History (Calendar years on a paid basis) Per 1,000 Net revenue invested ( ) Share Class per share (p) at 02/01/09 Accumulation Share Class 2009 1.8611 22.22 2010 0.6170 7.37 2011 0.8872 10.41 2012 1.1971 14.29 2013 1.0197 12.17 2014 (to 31 October) 0.9871 11.78 Net Asset Value History Share Class Net Asset Shares Pence as at Value ( ) in Issue per Share Accumulation Share Class 31/10/12 650,521,279 563,445,616 115.5 31/10/13 747,542,283 555,321,709 134.6 740,923,607 535,342,606 138.4 Major Holdings Aviva Investors US Equity MoM 1 16.92 Aviva Investors UK Equity MoM 3 9.76 Aviva Investors UK Equity MoM 5 9.68 Aviva Investors UK Equity MoM 2 7.60 Aviva Investors Euro Equity MoM 1 7.35 Aviva Investors UK Equity MoM 1 5.11 Aviva Investors Sterling Credit MoM 1 4.91 Aviva Investors Japan Equity MoM 1 4.82 Aviva Investors UK Credit MoM 1 4.78 Aviva Investors Global Agg MoM 1 4.01 31/10/13 Aviva Investors US Equity MoM 1 15.52 Aviva Investors UK Equity MoM 3 10.48 Aviva Investors UK Equity MoM 5 10.44 Aviva Investors UK Equity MoM 2 8.70 Aviva Investors UK Gilts MoM 1 6.83 Aviva Investors Euro Equity MoM 1 5.65 Aviva Investors Global Agg MoM 1 5.36 Aviva Investors Apac Equity MoM 1 5.31 Aviva Investors EM Equity MoM 1 5.30 Aviva Investors UK Equity MoM 1 5.21 Asset Allocation 31/10/13 Investments % % Derivatives 0.19 (0.02) Overseas Equity 40.19 39.83 Overseas Fixed Interest 4.01 5.36 Property 4.98 3.98 UK Equity 32.15 34.83 UK Fixed Interest 12.60 13.64 Net other assets 5.88 2.38 Net assets 100.00 100.00 Share Range (Calendar Years) Highest Lowest Accumulation Share Class (pence) (pence) 2009 101.3 74.26 2010 112.0 96.55 2011 115.5 98.78 2012 118.3 106.6 2013 135.7 118.8 2014 (to 31 October) 140.8 130.6 9

RBS Investment Options ICVC Final Short Report Adventurous Growth Fund Adventurous Growth Fund General Information Fund Size: 175.0m Fund Launch: 9 June 2008 Investment Objective The investment objective of this Fund is to achieve capital growth over the long term. Investment Policy Diversified investment predominantly within equities. Investment will be through other collective investment schemes. The Fund is able to invest up to 100% in equities. Allocations to specific global equity markets will vary over time. Investment may also be made in Derivatives for hedging and Efficient Portfolio Management purposes. Risk Profile The Fund invests in UK and overseas equities and fixed interest securities. Changes in exchange rates, interest rates and the credit ratings of companies issuing bonds may affect the performance of the Fund. The Fund may include investments in countries deemed to be emerging markets that are usually considered to carry a greater degree of risk than investments in established markets. Fund Review The fund returned 3.89 per cent over the reporting period. That compared with an average return of 2.12 per cent generated by its Investment Management Association peer group. A decision to hedge the fund s exposure to the yen, stemming from its position in Japanese equities, boosted returns, while stock selection in international equities was also positive. Overweight exposure to US stocks was also beneficial. On the downside, adverse stock selection in UK and US equities and overweight exposure to UK equities held back performance. Outlook The investment backdrop remains supportive for riskier asset classes such as shares, with monetary policy easing in Europe and Japan helping offset the impact of tighter policy in the US and UK. As such the fund currently holds a small overweight position in equities, with a preference for developed markets over emerging ones. Within fixed income, there is a preference for credit over government bonds and cash. Fund performance figures share class 1, net of fees, net income reinvested in GBP; source Lipper Hindsight Any views and opinions expressed are those of the fund manager. They should not be viewed as indicating any guarantee of a return from an investment in the funds managed by Aviva Investors nor as advice of any nature. The content of the commentary should not be viewed as a recommendation to invest nor buy or sell any securities. Past performance is not a guide to the future. The value of an investment and any income from it may go down as well as up, and the investor may not get back the original amount invested. Synthetic Risk and Reward Indicator Lower risk Typically lower rewards Higher risk Typically higher rewards 1 2 3 4 5 6 7 These ratings indicate how the Fund may perform and the risk of losing some or all of your capital. Generally the potential for higher gains also mean a larger risk of losses. The lowest category does not mean a risk free investment. This Fund is ranked at 5 because funds of this type have experienced medium to high rises and falls in value in the past. The risk and reward category for this Fund is not guaranteed to remain unchanged, and may shift over time. Historical data, such as is used for calculating the rating, may not be a reliable indication of the future risk profile of this Fund. More information on the Synthetic Risk and Reward Indicator is contained in the Risk and Reward Profile of the Key Investor Information Document, which is available from the ACD on request. Full information on the risks applicable to the Fund is detailed in the Prospectus. Ongoing Charges Figure (OCF) The Ongoing Charges Figure is calculated as the ratio of the total ongoing charges to the average net asset value of the Fund over the year. The OCF is made up of the Annual Management Charge and other operating costs deducted from the assets of the Fund during the year. The current OCF for the Fund includes a synthetic element of 0.79% in respect of charges deducted from underlying investments. %.02 10

RBS Investment Options ICVC Final Short Report Adventurous Growth Fund XD Dates: Annual Interim 31 October 30 April Distribution Payment Dates: Annual Interim 31 December 30 June Year End Year End 31 October 31 October 2014 2013 Share Class (p) (p) Accumulation Share Class Final 31 October 0.6351 0.6745 Interim 30 April 0.0698 0.2452 0.7049 0.9197 Net Distribution History (Calendar years on a paid basis) Per 1,000 Net revenue invested ( ) Share Class per share (p) at 02/01/09 Accumulation Share Class 2009 1.6009 18.01 2010 0.2308 2.60 2011 0.6239 7.02 2012 1.0084 11.34 2013 0.9197 10.35 2014 (to 31 October) 0.7049 7.93 Net Asset Value History Share Class Net Asset Shares Pence as at Value ( ) in Issue per Share Accumulation Share Class 31/10/12 156,415,084 135,302,666 115.6 31/10/13 177,887,135 130,463,625 136.4 175,054,541 123,522,459 141.7 Major Holdings Aviva Investors US Equity MoM 1 21.61 Aviva Investors Euro Equity MoM 1 8.33 Aviva Investors UK Equity MoM 3 8.04 Aviva Investors UK Equity MoM 5 8.04 Aviva Investors UK Equity MoM 2 6.46 Aviva Investors EM Equity MoM 1 6.29 Aviva Investors Apac Equity MoM 1 6.25 Aviva Investors Japan Equity MoM 1 5.77 Aviva Investors Euro Equity MoM 2 4.54 Aviva Investors Property Trust 4.52 31/10/13 Aviva Investors US Equity MoM 1 19.30 Aviva Investors UK Equity MoM 3 9.77 Aviva Investors UK Equity MoM 5 9.72 Aviva Investors UK Equity MoM 2 8.11 Aviva Investors EM Equity MoM 1 8.00 Aviva Investors Euro Equity MoM 1 7.35 Aviva Investors Apac Equity MoM 1 7.19 Aviva Investors Japan Equity MoM 1 5.62 Aviva Investors UK Equity MoM 1 4.87 Aviva Investors Euro Equity MoM 2 4.09 Asset Allocation 31/10/13 Investments % % Derivatives 0.17 (0.04) Overseas Equity 54.89 51.55 Overseas Fixed Interest 2.13 1.77 Property 5.99 5.05 UK Equity 26.71 32.47 UK Fixed Interest 5.84 7.75 Net other assets 4.27 1.45 Net assets 100.00 100.00 Share Range (Calendar Years) Highest Lowest Share Class (pence) (pence) Accumulation Share Class 2009 101.7 68.10 2010 113.6 94.80 2011 116.8 97.12 2012 118.9 106.0 2013 137.4 119.5 2014 (to 31 October) 144.1 132.4 11

RBS Investment Options ICVC Final Short Report Your Portfolio Fund II Your Portfolio Fund II General Information Fund Size: 64.5 m Fund Launch: 5 November 2012 Investment Objective The Fund aims to provide a total return from a combination of income and capital appreciation over the medium to longer term. In this context use of the term total return does not imply that a positive return will be achieved in all circumstances. Investment Policy The current policy of the Fund is to invest predominantly in a range of collective investment schemes to achieve a broad exposure to diversified investments in the UK and overseas, including equities, fixed and variable rate interest bearing securities and immoveable property. The Fund may also invest in transferable securities, money-market instruments, deposits, cash and near cash. Typically, the Fund will have a high exposure to lower risk assets, such as fixed interest bearing securities. Investments may also be made in Derivatives for hedging and Efficient Portfolio Management purposes. Collective investment schemes in which the Fund invests may, in addition, invest in Derivatives for investment purposes as well as for hedging and Efficient Portfolio Management. Such use of Derivatives by these other collective investment schemes may be extensive. Risk Profile The Fund invests in UK and overseas equities and fixed and variable interest securities. Changes in exchange rates, interest rates and the credit ratings of companies issuing bonds may affect the performance of the Fund. The Fund may include investments in countries deemed to be emerging markets that are usually considered to carry a greater degree of risk than investments in established markets. Fund Review The Your Portfolio II Fund returned 3.62% over the reporting period in comparison to the benchmark return of 4.05%. Broadly speaking, growth assets strongly outperformed defensive assets over the past year. Tactical asset allocation and fund selection were both positive however market volatility in the final days of October saw the differential pricing points of benchmark and fund impact relative performance. Being overweight in growth assets for the review period was advantageous from an asset allocation perspective. All of the defensive asset classes posted positive returns over the year, with the strongest performers being corporate bonds and index linked gilts, followed by gilts and cash. Favouring corporate bonds was beneficial to returns, as was the underweight allocation to gilts and cash. However the Fund did miss out on the strong returns of index linked gilts through a year-long underweight allocation. In terms of growth assets, the US market led the way in returns, followed by the UK and Europe and with Emerging and Asian markets posting modest but positive returns. The decision to favour developed over emerging economies was supportive to performance. Being heavily overweight in UK property was beneficial given that the asset class had an excellent year posting strong double digit returns. Both the Standard Life absolute return funds produced positive performance over the review period. The hedged version of the Schroder Tokyo fund, the SLI UK Property fund and the River and Mercantile UK Smaller Companies fund all posted strong double digit returns. The weakest performers over the year were the SLI European Equity Income and the Fidelity Global Inflation Linked Bond funds and more recently the Neuberger Berman Emerging Market Debt (Local Currency) fund which was purchased in July 2014. Outlook We remain cautiously optimistic on the outlook for both the global economy and global equities. There is divergence between the faster-growing nations (the US) and those in the slow lane (France and Italy), but overall activity is expanding. Monetary policy remains supportive or, in the case of Europe and Japan, expansive. Inflation, meanwhile, is contained. Corporate results have been generally positive a trend we expect to continue while many firms are starting to put their cash piles to work. Geopolitics risks remain, although investors have thus far remained remarkably resilient. Most developed government bond markets appear fully valued although, with a number of risks persisting, there should continue to be demand for risk free assets. However, in the UK and US, interest rates are expected to rise at some point in 2015 and this should put some pressure on UK gilts and US Treasuries. The more challenging economic situation in the Eurozone means that rates are unlikely to rise there for some considerable time, which should prove positive for European government bonds. Meanwhile, corporate bonds continue to benefit from the low interest rate and low growth environment. Your Portfolio II currently favours growth over defensive assets for its tactical asset allocation. Sterling corporate bonds are the only overweight defensive exposure, with cash, index linked and gilts firmly underweight. The Fund favours UK, US and Japanese equities over Asia and Emerging Markets while holding a benchmark allocation to European equities. High yield bonds and property are also favoured through overweight allocations versus the strategic benchmark. 12

RBS Investment Options ICVC Final Short Report Your Portfolio Fund II Fund Performance Your Portfolio Benchmark Period End Fund II Return 31st October 2014 3.62% 4.05% Source Financial Express and Standard Life Investments. The benchmark for the Your Portfolio II Fund is a composite benchmark based on the following asset classes using index returns. Cash 15.7%, UK Gilts 10.2%, UK IL Gilts 9.6%, Sterling Corporate Bonds 32.4%, Absolute Return Bond 7.6%, UK Equities 6.5%, US Equities 5.3%, European Equities 1.2%, Japanese Equities 0.9%, Asia Pacific Equities 0.6%, Emerging Market Equities 0.9%, High Yield 1.2%, UK Property 3.0%, Absolute Returns 4.9%. Fund performance figures share class 1, net of fees, net income reinvested in GBP; source Lipper Hindsight. Any views and opinions expressed are those of the fund manager. They should not be viewed as indicating any guarantee of a return from an investment in the funds. The content of the commentary should not be viewed as a recommendation to invest nor buy or sell any securities. Past performance is not a guide to the future. The value of an investment and any income from it may go down as well as up, and the investor may not get back the original amount invested. Synthetic Risk and Reward Indicator Lower risk Typically lower rewards Higher risk Typically higher rewards 1 2 3 4 5 6 7 These ratings indicate how the Fund may perform and the risk of losing some or all of your capital. Generally the potential for higher gains also mean a larger risk of losses. The lowest category does not mean a risk free investment. This Fund is ranked at 3 because funds of this type have experienced low to medium rises and falls in value in the past. The risk and reward category for this Fund is not guaranteed to remain unchanged, and may shift over time. Historical data, such as is used for calculating the rating, may not be a reliable indication of the future risk profile of this Fund. More information on the Synthetic Risk and Reward Indicator is contained in the Risk and Reward Profile of the Key Investor Information Document, which is available from the ACD on request. Full information on the risks applicable to the Fund is detailed in the Prospectus. Ongoing Charges Figure (OCF) The Ongoing Charges Figure is calculated as the ratio of the total ongoing charges to the average net asset value of the Fund over the year. The OCF is made up of the Annual Management Charge and other operating costs deducted from the assets of the Fund during the year. The current OCF for the Fund includes a synthetic element of 0.19% in respect of charges deducted from underlying investments. % Accumulation Shares Class 1 0.63 Class 2 0.63 XD Dates: Annual Interim 31 October 30 April Distribution Payment Dates: Annual Interim 31 December 30 June Year End Year End 31 October 31 October 2014 2013 Share Class (p) (p) Final 31 October 0.5526 0.3369 Interim 30 April 0.4975 1.0501 0.3369 Final 31 October 0.5640 0.3658 Interim 30 April 0.5711 1.1351 0.3658 Net Distribution History (Calendar years on a paid basis) Per 1,000 Net revenue invested ( ) Share Class per share (p) at launch 2013 0.3369 3.37 2014 (to 31 October) 1.0501 10.50 2013 0.3658 3.66 2014 (to 31 October) 1.1351 11.35 13

RBS Investment Options ICVC Final Short Report Your Portfolio Fund II Net Asset Value History Share Class Net Asset Shares Pence as at Value ( ) in Issue per Share 31/10/13 40,276,262 38,475,168 104.7 64,677,855 59,392,778 108.9 31/10/13 12,519 12,000 104.3 13,036 12,000 108.6 Share Range (Calendar Years) Highest Lowest Share Class 1 (pence) (pence) 2012 (from 5 November 2012) 100.2 99.18 2013 104.8 100.2 2014 (to 31 October) 108.9 104.6 Asset Allocation 31/10/13 Investments % % Absolute Return Funds 12.37 12.05 Overseas Equity 16.91 13.88 Overseas Fixed Interest 9.01 16.39 Property 4.48 4.11 UK Equity 7.38 6.95 UK Fixed Interest 36.19 31.81 Net other assets 13.66 14.81 Net assets 100.00 100.00 2012 (from 17 December 2012) 100.3 100.0 2013 104.4 100.3 2014 (to 31 October) 108.6 104.3 Major Holdings Vanguard UK Investment Grade Bond Index Fund 16.10 Vanguard UK Bond Index Fund 10.72 SL* Global SICAV Absolute Return Strategic Bond Fund 7.42 Vanguard FTSE UK Equity Index Fund 7.38 L&G ** Short Dated Sterling Corporate Bond Index Fund 5.12 SL* Global Absolute Return Strategies Retail Fund 4.95 SL* UK Property Feeder Fund 4.48 SSGA Europe Barclays Capital 4.46 BlackRock US Equity Tracker Fund 3.98 Vanguard UK Inflation Linked Gilt Index Fund 3.90 31/10/13 Fidelity UK Corporate Bond Fund 11.43 S&W*** Short Dated Corporate Bond Fund 9.27 SL* Global SICAV Absolute Return Strategic Bond Fund 7.30 SL* Corporate Bond Retail Fund 4.92 SL* Global Absolute Return Strategies Retail Fund 4.75 BlackRock US Equity Tracker Fund 4.72 Vanguard UK Infl ation Linked Glit Index Fund 4.47 SSGA Europe Barclays Capital 4.43 SL* UK Property Feeder Fund 4.11 Vanguard UK Government Bond Index Fund 4.05 *** Standard Life *** Legal & General *** Smith & Williamson 14

RBS Investment Options ICVC Final Short Report Your Portfolio Fund III Your Portfolio Fund III General Information Fund Size: 148.4 m Fund Launch: 5 November 2012 Investment Objective The Fund aims to provide a total return from a combination of income and capital appreciation over the medium to longer term. In this context use of the term total return does not imply that a positive return will be achieved in all circumstances. Investment Policy The current policy of the Fund is to invest predominantly in a range of collective investment schemes to achieve a broad exposure to diversified investments in the UK and overseas, including equities, fixed and variable rate interest bearing securities and immoveable property. The Fund may also invest in transferable securities, money-market instruments, deposits, cash and near cash. Typically, the Fund will have a preference towards lower risk assets, such as fixed interest bearing securities. Investments may also be made in Derivatives for hedging and Efficient Portfolio Management purposes. Collective investment schemes in which the Fund invests may, in addition, invest in Derivatives for investment purposes as well as for hedging and Efficient Portfolio Management. Such use of Derivatives by these other collective investment schemes may be extensive. Risk Profile The Fund invests in UK and overseas equities and fixed interest securities. Changes in exchange rates, interest rates and the credit ratings of companies issuing bonds may affect the performance of the Fund. The Fund may include investments in countries deemed to be emerging markets that are usually considered to carry a greater degree of risk than investments in established markets. The Fund pays all of its annual management charge from capital; this will have the effect of restricting capital growth. Fund Review The Your Portfolio III Fund returned 4.60% over the reporting period in comparison to the benchmark return of 4.78%. Broadly speaking, growth assets strongly outperformed defensive assets over the review period. Tactical asset allocation and fund selection were both positive however market volatility in the final days of October saw the differential pricing points of benchmark and fund impact relative performance. gilts through a year-long underweight allocation. In terms of growth assets, the US market led the way in returns, followed by the UK and Europe and with Emerging and Asian markets posting modest but positive returns. The decision to favour developed over emerging economies was supportive to performance. Being heavily overweight in UK property was beneficial given that the asset class had an excellent year posting strong double digit returns. Both the Standard Life absolute return funds produced positive performance over the review period. The hedged version of the Schroder Tokyo fund, the SLI UK Property fund and the River and Mercantile UK Smaller Companies fund all posted strong double digit returns. The weakest performers over the year were the SLI European Equity Income and the Fidelity Global Inflation Linked Bond funds and more recently the Neuberger Berman Emerging Market Debt (Local Currency) fund which was purchased in July 2014. Outlook We remain cautiously optimistic on the outlook for both the global economy and global equities. There is divergence between the faster-growing nations (the US) and those in the slow lane (France and Italy), but overall activity is expanding. Monetary policy remains supportive or, in the case of Europe and Japan, expansive. Inflation, meanwhile, is contained. Corporate results have been generally positive a trend we expect to continue while many firms are starting to put their cash piles to work. Geopolitics risks remain, although investors have thus far remained remarkably resilient. Most developed government bond markets appear fully valued although, with a number of risks persisting, there should continue to be demand for risk free assets. However, in the UK and US, interest rates are expected to rise at some point in 2015 and this should put some pressure on UK gilts and US Treasuries. The more challenging economic situation in the Eurozone means that rates are unlikely to rise there for some considerable time, which should prove positive for European government bonds. Meanwhile, corporate bonds continue to benefit from the low interest rate and low growth environment. Your Portfolio III currently favours growth over defensive assets for its tactical asset allocation. Sterling corporate bonds are the only overweight defensive exposure, with cash, index linked and gilts firmly underweight. The Fund favours UK, US and Japanese equities over Asia and Emerging Markets while holding a benchmark allocation to European equities. High yield bonds and property are also favoured through overweight allocations versus the strategic benchmark. Being overweight in growth assets for the review period was advantageous from an asset allocation perspective. All of the defensive asset classes posted positive returns over the year, with the strongest performers being corporate bonds and index linked gilts, followed by gilts and cash. Favouring corporate bonds was beneficial to returns, as was the underweight allocation to gilts and cash. However the Fund did miss out on the strong returns of index linked 15

RBS Investment Options ICVC Final Short Report Your Portfolio Fund III Fund Performance Period End Your Portfolio Benchmark Fund III Return 31st October 2014 4.60% 4.78% Source Financial Express and Standard Life Investments. The benchmark for the Your Portfolio III Fund is a composite benchmark based on the following asset classes using index returns. Cash 8.8%, UK Gilts 6.1%, UK IL Gilts 7.3%, Sterling Corporate Bonds 25.9%, Absolute Return Bond 5.4%, UK Equities 12.3%, US Equities 10.2%, European Equities 2.4%, Japanese Equities 1.9%, Asia Pacific Equities 1.3%, Emerging Market Equities 1.8%, High Yield 1.8%, UK Property 5.5%, Absolute Returns 9.3%. Fund performance figures share class 1, net of fees, net income reinvested in GBP; source Lipper Hindsight. Any views and opinions expressed are those of the fund manager. They should not be viewed as indicating any guarantee of a return from an investment in the funds. The content of the commentary should not be viewed as a recommendation to invest nor buy or sell any securities. Past performance is not a guide to the future. The value of an investment and any income from it may go down as well as up, and the investor may not get back the original amount invested. Synthetic Risk and Reward Indicator Lower risk Typically lower rewards Higher risk Typically higher rewards 1 2 3 4 5 6 7 These ratings indicate how the Fund may perform and the risk of losing some or all of your capital. Generally the potential for higher gains also mean a larger risk of losses. The lowest category does not mean a risk free investment. This Fund is ranked at 3 because funds of this type have experienced low to medium rises and falls in value in the past. The risk and reward category for this Fund is not guaranteed to remain unchanged, and may shift over time. Historical data, such as is used for calculating the rating, may not be a reliable indication of the future risk profile of this Fund. Ongoing Charges Figure (OCF) The Ongoing Charges Figure is calculated as the ratio of the total ongoing charges to the average net asset value of the Fund over the year. The OCF is made up of the Annual Management Charge and other operating costs deducted from the assets of the Fund during the year. The current OCF for the Fund includes a synthetic element of 0.38% in respect of charges deducted from underlying investments. % Accumulation Shares Class 1 1.14 Class 2 0.89 XD Dates: Annual Interim 31 October 30 April Distribution Payment Dates: Annual Interim 31 December 30 June Year End Year End 31 October 31 October 2014 2013 Share Class (p) (p) Final 31 October 0.4938 0.4309 Interim 30 April 0.4704 0.9642 0.4309 Final 31 October 0.5745 0.6750 Interim 30 April 0.6665 1.2410 0.6750 Net Distribution History (Calendar years on a paid basis) Per 1,000 Net revenue invested ( ) Share Class per share (p) at launch 2013 0.4309 4.31 2014 (to 31 October) 0.9642 9.64 2013 0.6750 6.75 2014 (to 31 October) 1.2410 12.40 More information on the Synthetic Risk and Reward Indicator is contained in the Risk and Reward Profile of the Key Investor Information Document, which is available from the ACD on request. Full information on the risks applicable to the Fund is detailed in the Prospectus. 16

RBS Investment Options ICVC Final Short Report Your Portfolio Fund III Net Asset Value History Share Class Net Asset Shares Pence as at Value ( ) in Issue per Share 31/10/13 72,305,537 66,767,146 108.3 149,136,670 131,012,073 113.8 31/10/13 12,944 12,000 107.9 13,643 12,000 113.7 Share Range (Calendar Years) Highest Lowest Share Class 1 (pence) (pence) 2012 (from 5 November 2012) 100.2 98.48 2013 108.3 100.2 2014 (to 31 October) 114.1 108.0 Asset Allocation 31/10/13 Investments % % Absolute Return Fund 14.15 13.40 Overseas Equity 20.75 14.37 Overseas Fixed Interest 6.20 5.86 Property 6.68 6.74 UK Equity 13.18 11.38 UK Fixed Interest 31.31 38.77 Net other assets 7.73 9.48 Net assets 100.00 100.00 2012 (from 17 December 2012) 100.4 100.0 2013 107.9 100.3 2014 (to 31 October) 113.9 107.6 Major Holdings SL** Global Absolute Return Strategies Retail Fund 8.75 Fidelity Institutional Corporate Bond Fund 8.28 SL** UK Property Feeder Fund 6.68 Vanguard FTSE UK Equity Index Fund 6.05 SL** Global SICAV Absolute Return Strategic Bond Fund 5.40 Legal & General Short Dated Sterling Corporate Bond 5.38 Vanguard US Equity Index Fund 4.86 BlackRock US Equity Tracker Fund 4.17 S&W* Short Dated Corporate Bond Fund 3.53 SL** Corporate Bond Retail Fund 3.53 31/10/13 Fidelity UK Corporate Bond Fund 10.11 S&W* Short Dated Corporate Bond Fund 8.04 SL** Global Absolute Return Strategies Retail Fund 7.83 SL** UK Property Feeder Fund 6.74 Vanguard FTSE UK Equity Index Fund 6.25 SL** Global SICAV Absolute Return Strategic Bond Fund 5.57 BlackRock US Equity Tracker Fund 5.08 SL** Corporate Bond Retail Fund 4.30 Vanguard UK Inflation Linked Gilt Index Fund 3.48 3.44 ** Smith & Williamson ** Standard Life 17

RBS Investment Options ICVC Final Short Report Your Portfolio Fund IV Your Portfolio Fund IV General Information Fund Size: 75.0m Fund Launch: 5 November 2012 Investment Objective The Fund aims to provide a total return from a combination of income and capital appreciation over the medium to longer term. In this context use of the term total return does not imply that a positive return will be achieved in all circumstances. Investment Policy The current policy of the Fund is to invest predominantly in a range of collective investment schemes to achieve a broad exposure to diversified investments in the UK and overseas, including equities, fixed and variable rate interest bearing securities and immoveable property. The Fund may also invest in transferable securities, money-market instruments, deposits, cash and near cash. Investments may also be made in Derivatives for hedging and Efficient Portfolio Management purposes. Collective investment schemes in which the Fund invests may, in addition, invest in Derivatives for investment purposes as well as for hedging and Efficient Portfolio Management. Such use of Derivatives by these other collective investment schemes may be extensive. Risk Profile The Fund invests in UK and overseas equities and fixed interest securities. Changes in exchange rates, interest rates and the credit ratings of companies issuing bonds may affect the performance of the Fund. The Fund may include investments in countries deemed to be emerging markets that are usually considered to carry a greater degree of risk than investments in established markets. The Fund pays all of its annual management charge from capital; this will have the effect of restricting capital growth. Fund Review The Your Portfolio IV Fund returned 4.96% over the reporting period in comparison to the benchmark return of 5.06%. Broadly speaking, growth assets strongly outperformed defensive assets over the review period. Tactical asset allocation and fund selection were both positive however market volatility in the final days of October saw the differential pricing points of benchmark and fund impact relative performance. Being overweight in growth assets for the review period was advantageous from an asset allocation perspective. Within the modest allocation to defensive assets, favouring corporate bonds was beneficial to returns, as was the strong underweight allocation cash. In terms of growth assets, the US market led the way in returns, followed by the UK and Europe and with Emerging and Asian markets posting modest but positive returns. The decision to favour developed over emerging economies was supportive to performance. Being heavily overweight in UK property was beneficial given that the asset class had an excellent year posting strong double digit returns. Both the Standard Life absolute return funds produced positive performance over the review period. The hedged version of the Schroder Tokyo fund, the SLI UK Property fund and the River and Mercantile UK Smaller Companies fund all posted strong double digit returns. The weakest performer over the year was the SLI European Equity Income and more recently the Neuberger Berman Emerging Market Debt (Local Currency) fund which was purchased in July 2014. Outlook We remain cautiously optimistic on the outlook for both the global economy and global equities. There is divergence between the faster-growing nations (the US) and those in the slow lane (France and Italy), but overall activity is expanding. Monetary policy remains supportive or, in the case of Europe and Japan, expansive. Inflation, meanwhile, is contained. Corporate results have been generally positive a trend we expect to continue while many firms are starting to put their cash piles to work. Geopolitics risks remain, although investors have thus far remained remarkably resilient. Most developed government bond markets appear fully valued although, with a number of risks persisting, there should continue to be demand for risk free assets. However, in the UK and US, interest rates are expected to rise at some point in 2015 and this should put some pressure on UK gilts and US Treasuries. The more challenging economic situation in the Eurozone means that rates are unlikely to rise there for some considerable time, which should prove positive for European government bonds. Meanwhile, corporate bonds continue to benefit from the low interest rate and low growth environment. Your Portfolio IV currently favours growth over defensive assets for the strategic asset allocation. Sterling corporate bonds are overweight and cash underweight. The Fund favours UK, US and Japanese equities over Asia and Emerging Markets while holding a benchmark allocation to European equities. High yield bonds and property are also favoured through overweight allocations versus the strategic benchmark. Fund Performance Your Portfolio Benchmark Period End Fund IV Return 31st October 2014 4.96% 5.06% Source Financial Express and Standard Life Investments. The benchmark for the Your Portfolio IV Fund is a composite benchmark based on the following asset classes using index returns. Cash 7.6%, Sterling Corporate Bonds 21.6%, Absolute Return Bond 3.3%, UK Equities 17.6%, US Equities 13.1%, European Equities 3.1%, Japanese Equities 2.3%, Asia Pacific Equities 1.8%, Emerging Market Equities 5.4%, High Yield 2.5%, UK Property 8.2%, Absolute Returns 13.5%. 18

RBS Investment Options ICVC Final Short Report Your Portfolio Fund IV Fund performance figures share class 1, net of fees, net income reinvested in GBP; source Lipper Hindsight. Any views and opinions expressed are those of the fund manager. They should not be viewed as indicating any guarantee of a return from an investment in the funds. The content of the commentary should not be viewed as a recommendation to invest nor buy or sell any securities. Past performance is not a guide to the future. The value of an investment and any income from it may go down as well as up, and the investor may not get back the original amount invested. Synthetic Risk and Reward Indicator Lower risk Typically lower rewards Higher risk Typically higher rewards 1 2 3 4 5 6 7 These ratings indicate how the Fund may perform and the risk of losing some or all of your capital. Generally the potential for higher gains also mean a larger risk of losses. The lowest category does not mean a risk free investment. This Fund is ranked at 4 because funds of this type have experienced average rises and falls in value in the past. The risk and reward category for this Fund is not guaranteed to remain unchanged, and may shift over time. Historical data, such as is used for calculating the rating, may not be a reliable indication of the future risk profile of this Fund. More information on the Synthetic Risk and Reward Indicator is contained in the Risk and Reward Profile of the Key Investor Information Document, which is available from the ACD on request. Full information on the risks applicable to the Fund is detailed in the Prospectus. Ongoing Charges Figure (OCF) The Ongoing Charges Figure is calculated as the ratio of the total ongoing charges to the average net asset value of the Fund over the year. The OCF is made up of the Annual Management Charge and other operating costs deducted from the assets of the Fund during the year. The current OCF for the Fund includes a synthetic element of 0.46% in respect of charges deducted from underlying investments. XD Dates: Annual Interim 31 October 30 April Distribution Payment Dates: Annual Interim 31 December 30 June Year End Year End 31 October 31 October 2014 2013 Share Class (p) (p) Final 31 October 0.3353 0.4495 Interim 30 April 0.6154 0.9507 0.4495 Final 31 October 0.5423 0.6940 Interim 30 April 0.8244 1.3667 0.6940 Net Distribution History (Calendar years on a paid basis) Per 1,000 Net revenue invested ( ) Share Class per share (p) at launch 2013 0.4495 4.49 2014 (to 31 October) 0.9507 9.51 2013 0.6940 6.94 2014 (to 31 October) 1.3667 13.67 Net Asset Value History Share Class Net Asset Shares Pence as at Value ( ) in Issue per Share 31/10/13 37,677,724 33,534,001 112.4 74,983,059 63,132,500 118.8 31/10/13 13,384 12,000 111.5 14,203 12,000 118.4 % Accumulation Shares Class 1 1.51 Class 2 1.01 19

RBS Investment Options ICVC Final Short Report Your Portfolio Fund IV Share Range (Calendar Years) Highest Lowest Share Class (pence) (pence) 2012 (from 5 November 2012) 100.2 97.46 2013 113.2 100.1 2014 (to 31 October) 119.1 110.8 2012 (from 17 December 2012) 100.4 99.99 2013 112.4 100.3 2014 (to 31 October) 119.6 111.5 Asset Allocation 31/10/13 Investments % % Absolute Return Funds 16.89 16.43 Overseas Equity 28.87 24.51 Property 9.87 8.70 UK Equity 18.30 18.12 UK Fixed Interest 22.69 26.43 Net other assets 3.38 5.81 Net assets 100.00 100.00 Major Holdings SL* Global Absolute Return Strategies Retail Fund 13.49 SL* UK Property Feeder Fund 9.87 Vanguard FTSE UK Equity Index Fund 8.95 Fidelity Institutional UK Corporate Bond Fund 6.96 Vanguard US Equity Index Fund 5.63 BlackRock US Equity Tracker Fund 5.50 J O Hambro UK Dynamic Fund 4.93 Vanguard Emerging Markets Stock Index Fund 4.52 L&G** Short Dated Sterling Corporate Bond Index Fund 4.01 Schroder Tokyo Fund 3.85 31/10/13 SL* Global Absolute Return Strategies Retail Fund 13.43 Vanguard FTSE UK Equity Index Fund 9.93 SL* UK Property Feeder Fund 8.70 Fidelity Institutional UK Corporate Bond Fund 8.29 BlackRock US Equity Tracker Fund 7.65 S&W*** Short Dated Corporate Bond Fund 5.74 TN**** UK Institutional Fund 5.50 Vanguard US Equity Index Fund 4.56 BlackRock Emerging Markets Equity Tracker Fund 4.19 SL* Corporate Bond Retail Fund 3.53 **** Standard Life **** Legal & General **** Smith & Williamson **** Threadneedle 20

RBS Investment Options ICVC Final Short Report Your Portfolio Fund V Your Portfolio Fund V General Information Fund Size: 16.0m Fund Launch: 5 November 2012 Investment Objective The investment objective of this Fund is to provide a total return from a combination of income and capital appreciation over the medium to longer term. In this context use of the term total return does not imply that a positive return will be achieved in all circumstances. Investment Policy The current policy of the Fund is to invest predominantly in a range of collective investment schemes to achieve a broad exposure to diversified investments in the UK and overseas, including equities, fixed and variable rate interest bearing securities and immoveable property. The Fund may also invest in transferable securities, money-market instruments, deposits, cash and near cash. Typically, the Fund will have a preference towards those assets providing potential for growth, such as equities. Investments may also be made in Derivatives for hedging and Efficient Portfolio Management purposes. Collective investment schemes in which the Fund invests may, in addition, invest in Derivatives for investment purposes as well as for hedging and Efficient Portfolio Management. Such use of Derivatives by these other collective investment schemes may be extensive. Risk Profile The Fund invests in UK and overseas equities and fixed interest securities. Changes in exchange rates, interest rates and the credit ratings of companies issuing bonds may affect the performance of the Fund. The Fund may include investments in countries deemed to be emerging markets that are usually considered to carry a greater degree of risk than investments in established markets. The Fund pays all of its annual management charge from capital; this will have the effect of restricting capital growth. Fund Review The Your Portfolio V Fund returned 5.25% over the reporting period in comparison to a benchmark return of 5.51%. Broadly speaking, growth assets strongly outperformed defensive assets over the review period. Tactical asset allocation and fund selection were both positive however market volatility in the final days of October saw the differential pricing points of benchmark and fund impact relative performance. Being overweight in growth assets for the review period was advantageous from an asset allocation perspective. Within the modest allocation to defensive assets, favouring corporate bonds was beneficial to returns, as was the strong underweight allocation cash. In terms of growth assets, the US market led the way in returns, followed by the UK and Europe and with Emerging and Asian markets posting modest but positive returns. The decision to favour developed over emerging economies was supportive to performance. Being heavily overweight in UK property was beneficial given that the asset class had an excellent year posting strong double digit returns. Both the Standard Life absolute return funds produced positive performance over the review period. The hedged version of the Schroder Tokyo fund, the SLI UK Property fund and the River and Mercantile UK Smaller Companies fund all posted strong double digit returns. The weakest performer over the year was the SLI European Equity Income and more recently the Neuberger Berman Emerging Market Debt (Local Currency) fund which was purchased in July 2014. Outlook There is divergence between the faster-growing nations (the US) and those in the slow lane (France and Italy), but overall activity is expanding. Monetary policy remains supportive or, in the case of Europe and Japan, expansive. Inflation, meanwhile, is contained. Corporate results have been generally positive a trend we expect to continue while many firms are starting to put their cash piles to work. Geopolitics risks remain, although investors have thus far remained remarkably resilient. Most developed government bond markets appear fully valued although, with a number of risks persisting, there should continue to be demand for risk free assets. However, in the UK and US, interest rates are expected to rise at some point in 2015 and this should put some pressure on UK gilts and US Treasuries. The more challenging economic situation in the Eurozone means that rates are unlikely to rise there for some considerable time, which should prove positive for European government bonds. Meanwhile, corporate bonds continue to benefit from the low interest rate and low growth environment. Your Portfolio V currently favours growth over defensive assets for the strategic asset allocation. Allocations to sterling corporate bonds and cash are underweight versus the strategic benchmark. Instead, the Fund favours UK, US and Japanese equities over Asia and Emerging Markets while holding a benchmark allocation to European equities. High yield bonds and property are also favoured through overweight allocations versus the strategic benchmark. Fund Performance Your Portfolio Benchmark Period End Fund IV Return 31st October 2014 5.25% 5.51% Source Financial Express and Standard Life Investments. The benchmark for the Your Portfolio V Fund is a composite benchmark based on the following asset classes using index returns. Cash 3.1%, Sterling Corporate Bonds 7.2%, Absolute Return Bond 1.2%, UK Equities 23.6%, US Equities 16.8%, European Equities 3.9%, Japanese Equities 3.0%, Asia Pacific Equities 2.3%, Emerging Market Equities 7.2%, High Yield 3.6%, UK Property 10.4%, Absolute Returns 17.7% 21

RBS Investment Options ICVC Final Short Report Your Portfolio Fund V Fund performance figures share class 1, net of fees, net income reinvested in GBP; source Lipper Hindsight. Any views and opinions expressed are those of the fund manager. They should not be viewed as indicating any guarantee of a return from an investment in the funds. The content of the commentary should not be viewed as a recommendation to invest nor buy or sell any securities. Past performance is not a guide to the future. The value of an investment and any income from it may go down as well as up, and the investor may not get back the original amount invested. Synthetic Risk and Reward Indicator Lower risk Typically lower rewards Higher risk Typically higher rewards 1 2 3 4 5 6 7 These ratings indicate how the Fund may perform and the risk of losing some or all of your capital. Generally the potential for higher gains also mean a larger risk of losses. The lowest category does not mean a risk free investment. This Fund is ranked at 4 because funds of this type have experienced average rises and falls in value in the past. The risk and reward category for this Fund is not guaranteed to remain unchanged, and may shift over time. Historical data, such as is used for calculating the rating, may not be a reliable indication of the future risk profile of this Fund. More information on the Synthetic Risk and Reward Indicator is contained in the Risk and Reward Profile of the Key Investor Information Document, which is available from the ACD on request. Full information on the risks applicable to the Fund is detailed in the Prospectus. Ongoing Charges Figure (OCF) The Ongoing Charges Figure is calculated as the ratio of the total ongoing charges to the average net asset value of the Fund over the year. The OCF is made up of the Annual Management Charge and other operating costs deducted from the assets of the Fund during the year. The current OCF for the Fund includes a synthetic element of 0.55% in respect of charges deducted from underlying investments. XD Dates: Annual Interim 31 October 30 April Distribution Payment Dates: Annual Interim 31 December 30 June Year End Year End 31 October 31 October 2014 2013 Share Class (p) (p) Final 31 October 0.0963 0.1299 Interim 30 April 0.5972 0.0000 0.6935 0.1299 Final 31 October 0.3297 0.3583 Interim 30 April 0.8196 0.0000 1.1493 0.3583 Net Distribution History (Calendar years on a paid basis) Net revenue Per 1,000 Share Class per share (p) invested ( ) 2013 0.1299 1.30 2014 (to 31 October) 0.6935 6.94 2013 0.3583 3.58 2014 (to 31 October) 1.1493 11.49 Net Asset Value History Share Class Net Asset Shares Pence as at Value ( ) in Issue per Share 31/10/13 8,688,815 7,538,491 115.3 16,022,794 13,090,776 122.4 31/10/13 13,721 12,000 114.3 14,633 12,000 121.9 Accumulation Shares % Class 1 1.58 Class 2 1.08 22

RBS Investment Options ICVC Final Short Report Your Portfolio Fund V Share Range (Calendar Years) Highest Lowest Share Class (pence) (pence) 2012 (from 5 November 2012) 100.3 96.62 2013 115.3 100.0 2014 (to 31 October) 123.9 114.0 2012 (from 17 December 2012) 100.5 99.92 2013 115.7 100.2 2014 (to 31 October) 123.3 113.3 Asset Allocation 31/10/13 Investments % % Absolute Return Funds 18.75 19.06 Overseas Equity 35.19 32.42 Property 11.05 11.04 UK Equity 25.00 23.96 UK Fixed Interest 26.46 11.36 Net other assets 0.91 2.16 Net assets 100.00 100.00 Major Holdings SL* Global Absolute Return Strategies Retail Fund 17.60 SL* UK Property Feeder Fund 11.05 Vanguard FTSE UK Equity Index Fund 10.91 Vanguard US Equity Index Fund 8.22 J O Hambro Capital UK Dynamic Fund 6.27 Vanguard Emerging Markets Stock Index Fund 6.14 BlackRock US Equity Tracker Fund 5.49 Schroder Tokyo Fund 4.43 Artemis US Select Fund 3.46 TN** UK High Yield Bond Fund 3.14 31/10/13 SL* Global Absolute Return Strategies Retail Fund 13.43 Vanguard FTSE UK Equity Index Fund 9.93 SL* UK Property Feeder Fund 8.70 Fidelity Institutional UK Corporate Bond Fund 8.29 BlackRock US Equity Tracker Fund 7.65 S&W*** Short Dated Corporate Bond Fund 5.74 TN** UK Institutional Fund 5.50 Vanguard US Equity Index Fund 4.56 BlackRock Emerging Markets Equity Tracker Fund 4.19 SL* Corporate Bond Retail Fund 3.53 *** Standard Life *** Threadneedle *** Smith & Williamson 23

RBS Investment Options ICVC Final Short Report Your Portfolio Fund VI Your Portfolio Fund VI General Information Fund Size: 2.2m Fund Launch: 5 November 2012 Investment Objective The Fund aims to provide a total return from a combination of income and capital appreciation over the medium to longer term.. In this context use of the term total return does not imply that a positive return will be achieved in all circumstances. Investment Policy The current policy of the Fund is to invest predominantly in a range of collective investment schemes to achieve a broad exposure to diversified investments in the UK and overseas, of primarily equities, but which may include fixed and variable rate interest bearing securities and immoveable property. The Fund may also invest in transferable securities, money-market instruments, deposits, cash and near cash. Typically, the Fund will have a high exposure to assets providing potential for growth, such as equities. Investments may also be made in Derivatives for hedging and Efficient Portfolio Management purposes. Collective investment schemes in which the Fund invests may, in addition, invest in Derivatives for investment purposes as well as for hedging and Efficient Portfolio Management. Such use of Derivatives by these other collective investment schemes may be extensive. Risk Profile The Fund invests in UK and overseas equities and fixed interest securities. Changes in exchange rates, interest rates and the credit ratings of companies issuing bonds may affect the performance of the Fund. The Fund may include investments in countries deemed to be emerging markets that are usually considered to carry a greater degree of risk than investments in established markets. The Fund pays all of its annual management charge from capital; this will have the effect of restricting capital growth. affect the performance of the Fund. The Fund may include investments in countries deemed to be emerging markets that are usually considered to carry a greater degree of risk than investments in established markets. The Fund pays all of its annual management charge from capital; this will have the effect of restricting capital growth. Fund Review The Your Portfolio VI Fund returned 4.31% over the reporting period in comparison to a benchmark return of 5.83%. Broadly speaking, growth assets strongly outperformed defensive assets over the review period. Tactical asset allocation and fund selection were both positive however substantial market volatility in the final days of October saw the differential pricing points of benchmark and fund impact relative performance. As the Fund holds only a notional 1% allocation in cash, its return profile is broadly correlated to the experience of growth assets in general. Being overweight in growth assets for the review period was advantageous from an asset allocation perspective. In terms of the growth assets, the US market led the way in returns, followed by the UK and Europe and with Emerging and Asian markets posting modest but positive returns. The decision to favour developed over emerging economies was supportive to performance. Being heavily overweight in UK property was beneficial given that the asset class had an excellent year posting strong double digit returns. The Standard Life Global Absolute Return fund produced a positive performance over the review period. The hedged version of the Schroder Tokyo fund, the SLI UK Property fund and the River and Mercantile UK Smaller Companies fund all posted strong double digit returns. The weakest performer over the year was the SLI European Equity Income and more recently the Neuberger Berman Emerging Market Debt (Local Currency) fund which was purchased in July 2014. Outlook There is divergence between the faster-growing nations (the US) and those in the slow lane (France and Italy), but overall activity is expanding. Monetary policy remains supportive or, in the case of Europe and Japan, expansive. Inflation, meanwhile, is contained. Corporate results have been generally positive a trend we expect to continue while many firms are starting to put their cash piles to work. Geopolitics risks remain, although investors have thus far remained remarkably resilient. Your Portfolio VI holds predominately growth assets, favouring UK, US and Japanese equities over Asia and Emerging Markets while holding a benchmark allocation to European equities. High yield bonds and property are also favoured through overweight allocations versus the strategic benchmark Fund Performance Period End Your Portfolio Benchmark Fund IV Return 31st October 2014 4.31% 5.83% Source Financial Express and Standard Life Investments. The benchmark for the Your Portfolio VI Fund is a composite benchmark based on the following asset classes using index returns. Cash 1.0%, UK Equities 26.4%, US Equities 24.0%, European Equities 5.5%, Japanese Equities 4.2%, Asia Pacific Equities 3.1%, Emerging Market Equities 8.0%, High Yield 4.0%, UK Property 4.0%, Absolute Returns 19.8%. Fund performance figures share class 1, net of fees, net income reinvested in GBP; source Lipper Hindsight. Any views and opinions expressed are those of the fund manager. They should not be viewed as indicating any guarantee of a return from an investment in the funds. The content of the commentary should not be viewed as a recommendation to invest nor buy or sell any securities. 24

RBS Investment Options ICVC Final Short Report Your Portfolio Fund VI Past performance is not a guide to the future. The value of an investment and any income from it may go down as well as up, and the investor may not get back the original amount invested. Synthetic Risk and Reward Indicator Lower risk Typically lower rewards Higher risk Typically higher rewards 1 2 3 4 5 6 7 These ratings indicate how the Fund may perform and the risk of losing some or all of your capital. Generally the potential for higher gains also mean a larger risk of losses. The lowest category does not mean a risk free investment. This Fund is ranked at 4 because funds of this type have experienced average rises and falls in value in the past. The risk and reward category for this Fund is not guaranteed to remain unchanged, and may shift over time. Historical data, such as is used for calculating the rating, may not be a reliable indication of the future risk profile of this Fund. More information on the Synthetic Risk and Reward Indicator is contained in the Risk and Reward Profile of the Key Investor Information Document, which is available from the ACD on request. Full information on the risks applicable to the Fund is detailed in the Prospectus. Ongoing Charges Figure (OCF) The Ongoing Charges Figure is calculated as the ratio of the total ongoing charges to the average net asset value of the Fund over the year. The OCF is made up of the Annual Management Charge and other operating costs deducted from the assets of the Fund during the year. The current OCF for the Fund includes a synthetic element of 0.83% in respect of charges deducted from underlying investments. % Accumulation Shares Class 1 1.59 Class 2 1.09 XD Dates: Annual Interim 31 October 30 April Distribution Payment Dates: Annual Interim 31 December 30 June Year End Year End 31 October 31 October 2014 2013 Share Class (p) (p) Final 31 October 0.0059 0.0000 Interim 30 April 0.6774 0.6833 0.0000 Final 31 October 0.1914 0.1137 Interim 30 April 0.9724 1.1638 0.1137 Net Distribution History (Calendar years on a paid basis) Net revenue Per 1,000 Share Class per share (p) invested ( ) 2013 0.0000 0.00 2014 (to 31 October) 0.6833 6.83 2013 0.1137 1.14 2014 (to 31 October) 1.1638 11.64 Net Asset Value History Share Class Net Asset Shares Pence as at Value ( ) in Issue per Share 31/10/13 959,820 830,111 115.6 2,214,769 1,816,618 121.9 31/10/13 13,823 12,000 115.2 14,645 12,000 122.0 25

RBS Investment Options ICVC Final Short Report Your Portfolio Fund VI Share Range (Calendar Years) Highest Lowest Share Class (pence) (pence) 2012 (from 5 November 2012) 100.3 96.27 2013 116.9 99.79 2014 (to 31 October 123.6 113.3 2012 (from 5 November 2012) 100.6 99.88 2013 116.6 100.1 2014 (to 31 October 123.6 113.3 Asset Allocation 31/10/13 Investments % % Absolute Return Fund 19.36 19.09 Overseas Equity 44.77 42.86 Property 4.26 3.94 UK Equity 26.76 26.58 UK Fixed Interest 3.28 4.89 Net other assets 1.57 2.64 Net assets 100.00 100.00 Major Holdings SL* Global Absolute Return Strategies Retail Fund 19.36 Vanguard FTSE UK Equity Index Fund 12.08 Vanguard US Equity Index Fund 11.46 BlackRock US Equity Tracker Fund 7.56 J O Hambro Capital UK Dynamic Fund 6.81 Vanguard Emerging Markets Stock Index Fund 6.73 Schroder Tokyo Fund 5.10 Artemis US Select Fund 4.60 SL* UK Property Feeder Fund 4.26 TN** UK High Yield Bond Fund 3.28 31/10/13 SL* Global Absolute Return Strategies Retail Fund 19.09 Vanguard FTSE UK Equity Index Fund 13.29 Vanguard US Equity Index Fund 12.62 TN** UK Institutional Fund 9.34 BlackRock US Equity Tracker Fund 7.61 BlackRock Emerging Markets Equity Tracker Fund 6.99 Schroder Tokyo Fund 5.29 TN** American Select Growth Institutional Fund 5.13 TN** UK High Yield Bond Fund 4.89 Artemis Managers Income Fund 3.95 ** Standard Life ** Threadneedle 26

RBS Investment Options ICVC Final Short Report Investor Information Investor Information Authorised Corporate Director and Registered Office RBS Collective Investment Funds Limited 24 25 St Andrew Square Edinburgh EH2 1AF Client Enquiries: 0845 300 2585 Dealing: 0845 300 2585 (Authorised and regulated by the Financial Conduct Authority) Directors of RBS Collective Investment Funds Limited Ian Michael Brian McLaughlin Michael Larkin Gayle Schumacher John Young Depositary JP Morgan Europe Limited Chaseside Bournemouth BH7 7DA (Authorised and regulated by the Financial Conduct Authority) Investment Manager Expert Managed Solutions Funds Investment Manager Aviva Investor Global Services Limited No 1 Poultry London EC2R 8EJ (Authorised and regulated by Financial Conduct Authority) Your Portfolio Funds Investment Manager Standard Life Investments 1 George Street Edinburgh EH2 2LL (Authorised and regulated by Financial Conduct Authority) Registrar and Administration Aviva Life Services UK Ltd PO Box 9908 Chelmsford CM99 2AF (Authorised and regulated by Financial Conduct Authority) Auditors Deloitte LLP Lomond House 9 George Square Glasgow G2 1QQ Authorisation RBS Collective Investment Funds Limited is authorised and regulated by the Financial Conduct Authority. RBS Collective Investment Funds Limited. Registered in Scotland No SC46694. Registered Office: 24 25 St Andrew Square Edinburgh EH2 1AF 27

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RBS Collective Investment Funds Limited Registered in Scotland No SC46694 Registered Office: 24 25 St Andrew Square, Edinburgh, EH2 1AF Authorised and regulated by the Financial Conduct Authority 30 95500_v9