Pyrford Global Total Return (Sterling) Fund Targeting three simple aims through expertise, experience and hard work

For professional investors only

2

Introducing the strategyThe Pyrford Global Absolute Return Strategy on which the Pyrford Global Total Return (Sterling) Fund is based has delivered strong long-term investment returns since its inception in April 1994. The strategy has also proven capable of offering significant downside protection during some of the most challenging periods. Importantly, returns have been characterised by low levels of volatility. Past performance should not be seen as an indication of future performance.

Three simple aims:

To generate positive returns that are higher than UK inflation.

To deliver returns that are characterised by low volatility.

Not to lose our clients’ money – we aim to preserve capital over rolling 12-month periods.

321

Key risks

A positive return is not guaranteed over any time period. Capital is at risk and on the sale of shares in the fund an investor may receive back less than the original investment. The sterling value of overseas assets held in the fund may rise and fall as a result of exchange rate fluctuations. For a full list of risks, please refer to the prospectus.

Discrete annual performance 2017/18 2016/17 2015/16 2014/15 2013/14

Pyrford Global Total Return (Sterling) Fund B Acc shares (launch 11.12.15) -1.91 10.25 n/a n/a n/a

Pyrford Global Total Return (Sterling) Fund B Inc shares (launch 26.4.16) -1.92 10.30 n/a n/a n/a

MSCI World Index 8.84 32.01 1.28 16.81 8.01

FTSE All-share (TR) Index 6.53 24.52 -6.31 7.47 8.86

FTA Brit Gov All Stocks Index 0.47 6.79 5.58 10.19 0.46

UK RPI+5% 8.46 8.83 6.46 6.06 7.47

Data is for the 12 months to 31 May in each year. Pyrford performance based on the net asset value provided by State Street. Figures show total returns of accumulation and distribution units, net of fees. Source: Pyrford International Ltd & State Street Global Investors (Ireland) Ltd. Index performance sourced FTSE Russell, MSCI, Office for National Statistics, Pyrford International Ltd and Hedge Fund Research Inc.

Changes in rates of exchange may reduce the value of investments.

Rate

of r

etur

n %

0

2

4

6

8

10

12

14

0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

Standard deviation

More return Less risk

Less return Less risk

More return More risk

Less return More risk

6.75

5.36

FTA Brit GovtAll Stocks

MSCI World

FTSE All Share

Pyrford Global AbsoluteReturn Strategy**

Source: Pyrford International, Office for National Statistics, FTSE, and MSCI BARRA, 1 April 1994 to 31 May 2018.

Source: Pyrford International, Office for National Statistics, FTSE, and MSCI BARRA. Since October 1998, based on monthly data to May 2018.

Pyrford Global AbsoluteReturn Strategy**

Pyrford: 7.52% per annum** FTSE All Share (TR): 7.80% per annum MSCI World: 8.20% per annum FTA Brit Gov All Stocks: 6.44% per annum UK RPI +5%: 7.98% per annum

%

50100150200250300350400450500550600650700

94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18

The results:

...delivered with low absolute volatility2Long-term

strategy returns...1

3

“We invest in assets because they’re high quality and offer value – not because of their

position in a benchmark.”

Tony Cousins, Chief Executive & Chief Investment Officer

3 One negative calendar year in 23 year history and downside management in negative years for UK shares

Negative FTSE All Share Index years 2000 2001 2002 2008 2011

FTSE All Share Index (TR)* -5.9 % -13.3 % -22.7 % -29.9 % -3.5 %

Pyrford Absolute Return Strategy** +11.7 % +3.9 % -2.1 % +12.8 % +5.0 %

*Source: Pyrford International and FTSE

** Performance shown is for Pyrford’s Global Absolute Return Strategy (Base Currency £) Composite, which comprises all fully discretionary, Absolute Return Strategy accounts with a market value greater than £7.5m, a base currency of GBP and no client restrictions or guidance. Performance is gross of fees from the inception date of 1 April 1994 to 31 May 2018. The composite focuses on absolute returns and is benchmark-agnostic. Performance has been shown against the above indices as supplemental information and for comparison purposes only. The effect of fees or costs will be to lower the figures shown. Please refer to the Pyrford Absolute Return Strategy Composite (£) disclosures on pages 9 and 10.

“We invest in assets because they’re high quality and offer value – not because of their position in a benchmark.”

“The accounts of each company we invest in have been forensically analysed – usually for at least 10 years.”

“If equities or bonds don’t offer sufficient ‘value’ we’re happy to invest in cash.”

“We invest on at least a five year view and our average equity name holding period is eight years.”

Absolute return

We look for investments capable of making a

positive return and our decisions are not clouded

by benchmark-related considerations.

Quality

Only ‘high quality’ investments warrant a place in our portfolio. In

fixed income we invest in highly liquid government bonds rated AA and above

with a clear bias towards developed market securities. In equities, our emphasis on quality is clear – financial strength, proven management and robust business models are just three

of the characteristics we target.

ValueWe never forget

that ‘Price is what you pay. Value is what you get’ (Warren Buffett, 2008). ‘Value’ determines our preference for equities versus

bonds and is an integral part of the rationale behind every single

investment we hold in the portfolio.

Long term

We recognise that it can take time for value to be realised and

we invest with a long-term perspective in mind. This means we often have to

adopt stances that are at odds with the prevailing short-term consensus – a contrarian approach that has served

our clients well in the past.

4

Investing sensibly – our philosophyWe believe that there are four key elements to successful investing. These simple principles lie at the heart of everything we do and are clearly apparent at every stage of the process and in each position in our portfolio.

5

Currency

We actively manage currency exposure across all the investments in the portfolio with a view to preserving capital

We selectively hedge overvalued currencies back to sterling

Asset allocation

We actively allocate between equities, bonds and cash

The portfolio is well diversified across asset classes, geographies and individual holdings

Equities

We identify the most attractively valued equity markets…

…and then look for the highest quality and most attractively valued companies within them

‘Alternative’ asset classes are accessed through listed equities when appropriate

Fixed income

We actively adjust country exposure...

... and carefully manage sensitivity to changes in interest rates (duration management)

%

£€$

“We view ‘risk’ as the risk of losing our clients’ money, not the risk of being different.”

“We work to generate returns for our clients whilst aiming to preserve their capital in four main ways.”

Four return driversWe are clear in our approach to investment and disciplined in its implementation. Each of our experienced investment specialists is fully engaged in the process with responsibilities for economic and stock-specific research split appropriately across the team.

6

Disciplined approachWith positive returns in 22 out of 23 calendar years since the strategy was launched in 1994, we believe the simplicity and full transparency of our approach enables us to achieve returns that stand out against other market-leading absolute return strategies. Here we highlight how we work to achieve returns and protect capital. Past performance should not been seen as an indication of future performance.

Asset allocation

We recognise that equity and bond markets can experience long periods of over and under-valuation.

Our aim is to identify these and exploit the pending return to ‘fair value’. Actively seeking undervalued assets and avoiding overvalued ones inevitably means adopting positions that are at odds with the prevailing consensus. We are comfortable in doing so – and have done this successfully in the past.

By ignoring short-term sentiment and utilising extensive in-house research as well as select external inputs, the Investment Strategy Committee determines exposure to equities, fixed income and cash. It also sets country allocations within equities and fixed income and make currency-related decisions.

Fixed income

In fixed income, we only invest in conventional and index-linked bonds issued by countries with a

minimum AA credit rating. Internal research provides forward estimates of interest rate direction and the likely shape of the yield curve in order to determine potential returns in the next two to five years. This analysis allows us to manage the ‘duration’ (sensitivity to changes in interest rates) of our fixed income exposure.

Currency

Currencies – just like equities and bonds – can experience periods of over and under-valuation. We

therefore actively manage the currency exposure of the fund by using analysis of long-term ‘purchasing power parity’ to judge the relative value of different currencies. If we believe that a currency is overvalued by a significant margin we will reduce exposure in order to counter risk to capital. Conversely, if a currency appears undervalued we will increase exposure.

Equities

In equities, we conduct bottom-up stock picking within the country weighting parameters set by the

Investment Strategy Committee.

Stock selection is unconstrained by any benchmark-related restrictions. We invest in companies because we believe that they offer scope for an attractive absolute return not because of the weight they hold in any benchmark index.

We have a clear ‘quality’ bias, screen out highly leveraged businesses and favour large companies. We closely analyse a company’s accounts (usually for the last 10 years) so that we can fully understand how a business’s earnings have historically been generated. This gives us greater visibility when assessing its prospects for the future.

We will not invest in a company until we have met the management team – something we do at least once a year after we have established a position. Every idea is subject to robust internal debate within the team before it enters the portfolio and is regularly reviewed thereafter.

What we do not do

Leveraging – we will not use borrowing to fund investments under any circumstances.

Derivatives – we do not use derivatives for investment purposes. Foreign exchange forward contracts are occasionally used for currency hedging purposes.

Direct alternatives investing – we do not invest directly in alternatives. When we believe a strong investment case exists in the likes of property and infrastructure we will selectively gain exposure through listed equities, which provide greater liquidity.

Allocate for the sake of it – if we do not believe that there is sufficient value in bonds and/or equities we are happy to invest significantly in cash.

Follow the crowd – we view ‘risk’ as the risk of losing our clients’ money not the risk of being different.

%

£€$

7

Our strategy in actionTo achieve our aims we adopt a clear, straightforward and common-sense approach to investment. Our team determines which asset classes offer the best value and return potential before selecting the highest quality investment opportunities within them. Preserving capital is a paramount consideration throughout the process – something we work to achieve through a clear focus on quality, value and diversification.

Currency

The first half of 2016 (and into July) saw the US dollar strengthen relative to the pound – a trend that increased as sterling fell sharply post the UK’s decision to leave the European Union. These moves meant that our holdings in US government bonds added value. As the dollar began to look overvalued relative to sterling we locked in gains by eliminating US bond exposure.

* The investment examples relate to the Pyrford Global Absolute Return Strategy.

GBP:USD exchange rate Source: Pyrford*

Sold USgovernment

bonds

Asset allocation

In December 2007 as the world headed into the credit crunch, we anticipated ‘a nasty time for financial markets in 2008’. ‘Stay defensive and be extremely cautious’ was our mantra. Towards the end of 2008, however, we felt that prevailing equity valuations offered an attractive buying opportunity. By the time markets had bottomed in early 2009, we had significantly increased our equity exposure and were well positioned for the rebound.

Equity exposure MSCI World US$ Index

Source: Pyrford*

2008/9

Fixed income

In October 2008 – as key economies wrestled with the consequences of a reliance on borrowing – we said that ‘the recession we are about to enter will be neither mild nor short lived’. As a result, we argued that inflation would collapse and safe havens like government bonds should continue to deliver. This view led us to increase exposure to high quality long-dated government bonds – a decision that proved positive when prices rose sharply as investors flocked to areas perceived to be safe and offering a significant real yield against a backdrop of low interest rates.

Portfolio duration Bond yields

Source: Pyrford*

2008

Equities

Disciplined country and stock selection drives the portfolio’s equity exposure with its composition clearly reflecting our philosophy of targeting attractively valued, high quality investments capable of generating positive returns over the long term. We had zero exposure to Japan during its ‘lost decade’ in the 90s and have held no UK banks for more than a decade. In 2011 for example, UK shares fell by 3.5% as the economic recovery faltered and confidence ebbed. UK banks were particularly under pressure. Over the same period, the UK equity allocation of our portfolio returned 13%.

Pyrford UK equity return

FTSE All-Share Index return

Source: Pyrford*

13%

-3.5%

2011

2016

8

The investment team

At Pyrford, we shun ‘star manager’ culture and place a clear emphasis on teamwork. Our investment team is both talented and experienced, and with an average of 12 years with the firm is notable for its stability and longevity of service. Working as a boutique within a global asset manager gives the team members the ability to concentrate on their ‘day jobs’ of fund management.

Investment Strategy Committee – comprised of our five most senior investors the committee is responsible for determining asset allocation, country selection and currency

management. Tony Cousins our Chief Executive and Chief Investment Officer chairs the committee. Bruce Campbell, Paul Simons, Daniel McDonagh and Suhail Arain complete the committee with Paul, Daniel and Suhail additionally responsible for portfolio management in Asia, Europe and the Americas respectively.

Portfolio managers/investment analysts – the nine other members of the investment team are responsible for making decisions and recommendations concerning the management of the portfolios.

Daniel McDonagh (20*)Head of Portfolio

Management Europe

Portfolio Managers/ Investment Analysts Peter Moran (15*)Nabil Irfan (13*)

Anneka Desai (2*)

Suhail Arain (10*)Head of Portfolio

Management North America

Portfolio Managers/ Investment AnalystsAndrew Sykes (5*)

Henrietta Brookes (3*)

Paul Simons (21*)Head of Portfolio

Management Asia-Pacific

Portfolio Managers/ Investment Analysts

Jun Yu (9*)Stefan Bain (6*)

Roderick Lewis (4*)Bethan Dixon (3*)

Bruce Campbell (31*)Strategic

Investment Adviser

Tony Cousins (29*)Chief Executive & Chief

Investment Officer

Portfolio managers/investment analysts

Investment Strategy Committee

* Years at Pyrford as at 31 March 2018

About Pyrford InternationalPyrford International is one of the specialist boutique investment managers operating within BMO Global Asset Management. Our clients benefit from our clear focus on delivering strong and consistent investment performance together with the reassurance of investing with a manager that has the backing of a global asset management organisation owned by the Bank of Montreal, one of North America’s largest banks.

9

GIPS disclosure and Fund performance

GIPS disclosure

Pyrford International Ltd claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Pyrford International Ltd has been independently verified for the period January 1, 1994 to September 30, 2016 by Grant Thornton UK LLP. The verification report is available upon request.

Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation.

Notes to the performance presentation

Pyrford International, a wholly owned subsidiary of the Bank of Montreal, is an investment management firm based in the United Kingdom providing international asset management services for its clients. Pyrford is part of BMO’s Wealth Management group which provides wealth management services in North America and the markets in which Pyrford additionally operates: Middle East, UK, Australia and Europe. As of March 31, 2018 Pyrford International Ltd had total assets under management and administration and term investments of £7,431m. For the purpose of measuring and presenting investment performance, all discretionary fee paying accounts of Pyrford International Ltd are allocated to a composite and a complete list and description of the composites is available on request. Additional information regarding the firm’s policies and procedures for calculating and reporting performance returns is available upon request.

The Pyrford International Ltd “Absolute Return Strategy (Base Currency £) composite” comprises all fully discretionary, Absolute Return Strategy (Global Balanced) accounts with a market value greater than £7.5m, a base currency of £ and no client restrictions or guidance. The composite focuses on absolute returns, and is benchmark-agnostic. The composite was first created on April 1, 1994.

All returns are calculated in £ terms on a time-weighted basis. Effective May 1, 2013, portfolio returns are calculated daily. Prior to this date, portfolio returns were calculated using the Modified Dietz method. Quarterly valuations were used from April 1, 1994 to June 30, 1994 and monthly valuations from July 1, 1994 to April 30, 2013. Effective January 1, 1999, monthly composite returns are calculated by weighting each account’s monthly return by its relative beginning market value. Prior to this date, composite returns were calculated on a quarterly basis by weighting each account’s quarterly return by its relative beginning market value.

Where there are more than four accounts in the composite over a full year, dispersion is measured as the asset weighted standard deviation of asset weighted portfolio returns of all accounts in the composite for the full year.

The three-year annualised standard deviation measures the variability of the composite returns over the preceding 36-month period. The standard deviation is not presented prior to 2001 because monthly composite returns were not available and is not required for periods prior to 2011.

The accounts in this composite are unleveraged and any derivatives that may be employed are used solely for currency hedging purposes.

Performance results are presented gross of management and custodial fees, but net of transaction costs and before taxes (except for non-reclaimable withholding tax). The standard management fee schedule for segregated management is as follows: 0.55% per annum on the first £75 million, and thereafter 0.30% per annum.

There have been no significant events within the firm (such as ownership or personnel changes) which have materially impacted the historical investment performance.

10

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9m to end 1994 -0.4 - 3 64 304 21.1 - -0.2 -0.4 -0.3 - - -1995 21.4 - 2 70 361 19.4 - 21.9 20.4 - - - -1996 8.3 - 2 76 507 15 - 8.3 8.2 - - - -1997 12.3 - 2 85 706 12 - 12.4 11.9 - - - -1998 16.6 - 2 100 687 14.6 - 16.6 16.4 - - - -1999 6.8 - 2 107 763 14 - 6.8 6.5 - - - -2000 11.7 - 1 36 565 6.4 - - - - - - -2001 3.9 5.1 1 38 816 4.7 - - - - - - -2002 -2.1 6.1 1 41 825 5 - - - - - - -2003 11.4 6.3 1 49 1,191 4.1 - - - - - - -2004 9.2 6.1 2 73 1,405 5.2 - - - - - - -2005 9.6 4.4 4 247 1,520 16.3 - 9.7 9.1 9.6 - - -2006 5.7 3.2 4* 305 1,572 19.4 - 5.9 5.6 5.7 10 493 31.42007 8.6 2.6 1 81 1,503 5.4 - - - - 11 642 42.72008 12.8 7.1 1 94 1,397 6.7 - - - - 11 806 57.72009 5.7 8.9 1 100 1,600 6.2 - - - - 11 810 50.62010 10.7 9.1 1 149 1,994 7.5 - - - - 11 1,027 51.52011 5 6.2 1 337 2,258 14.9 - - - - 11 1,251 55.42012 2.3 3.2 2 1,061 4,468 23.7 - - - - 15 2,269 50.82013 5.6 3 2 1,672 6,911 24.2 - - - - 16 2,975 432014 4.7 3.2 1 2,155 8,149 26.4 - - - - 13 3,270 40.12015 2.6 3.9 1 2,206 7,513 29.4 - - - - 12 3,199 42.62016 10.5 4.1 1 2,378 7,826 30.4 - - - - 12 3,919 50.12017 2.1 4.1 1 2,920 7,756 37.6 - - - - 10 3,687 47.5YTD 2018 (1.9) 4.0 1*** 2,815 7,431 37.9 - - - - 10 3,542 47.7

GIPS Disclosures – Pyrford Global Absolute Return £ Composite Strategy

*Three accounts moved from unrestricted to restricted composites due to changes in investment guidelines. **Number of accounts and total assets for all Absolute Return Strategy mandates have been shown here as supplemental information. These figures include the value of any Absolute Return Strategy accounts that have some form of investment restrictions and/or a base currency other than sterling. ***As at March 2018, the composite comprised one pooled account containing 74 individual schemes.

11

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9m to end 1994 -0.4 - 3 64 304 21.1 - -0.2 -0.4 -0.3 - - -1995 21.4 - 2 70 361 19.4 - 21.9 20.4 - - - -1996 8.3 - 2 76 507 15 - 8.3 8.2 - - - -1997 12.3 - 2 85 706 12 - 12.4 11.9 - - - -1998 16.6 - 2 100 687 14.6 - 16.6 16.4 - - - -1999 6.8 - 2 107 763 14 - 6.8 6.5 - - - -2000 11.7 - 1 36 565 6.4 - - - - - - -2001 3.9 5.1 1 38 816 4.7 - - - - - - -2002 -2.1 6.1 1 41 825 5 - - - - - - -2003 11.4 6.3 1 49 1,191 4.1 - - - - - - -2004 9.2 6.1 2 73 1,405 5.2 - - - - - - -2005 9.6 4.4 4 247 1,520 16.3 - 9.7 9.1 9.6 - - -2006 5.7 3.2 4* 305 1,572 19.4 - 5.9 5.6 5.7 10 493 31.42007 8.6 2.6 1 81 1,503 5.4 - - - - 11 642 42.72008 12.8 7.1 1 94 1,397 6.7 - - - - 11 806 57.72009 5.7 8.9 1 100 1,600 6.2 - - - - 11 810 50.62010 10.7 9.1 1 149 1,994 7.5 - - - - 11 1,027 51.52011 5 6.2 1 337 2,258 14.9 - - - - 11 1,251 55.42012 2.3 3.2 2 1,061 4,468 23.7 - - - - 15 2,269 50.82013 5.6 3 2 1,672 6,911 24.2 - - - - 16 2,975 432014 4.7 3.2 1 2,155 8,149 26.4 - - - - 13 3,270 40.12015 2.6 3.9 1 2,206 7,513 29.4 - - - - 12 3,199 42.62016 10.5 4.1 1 2,378 7,826 30.4 - - - - 12 3,919 50.12017 2.1 4.1 1 2,920 7,756 37.6 - - - - 10 3,687 47.5YTD 2018 (1.9) 4.0 1*** 2,815 7,431 37.9 - - - - 10 3,542 47.7

Key information

Name Pyrford Global Total Return (Sterling) Fund

Investment objective The fund seeks to provide a stable stream of real total returns over the long term with low absolute volatility and significant downside protection.

Fund structure Sub fund of BMO Investments (Ireland) plc Ireland, UCITS Fund

Currency Sterling

Launch 21 January 2009 (the strategy launched 1 April 1994)

Liquidity Daily (to 11:00 hours)

Share classesISIN Accumulation

Distribution Management fee Ongoing charge figure

A IE00B1XBN520 IE00B1XBN520 1% 1.09%

B IE00BZ0CQG87 IE00BZ0CQH94 0.75% 0.84%

C IE00BZ0CQJ19 IE00BZ0CQK24 0.55% 0.64%

Past performance is not a guide to future performance.

© 2018 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

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