Finance and Capital Management

With-Profits Fund Strategic Asset Allocation Asset allocation evolution between 2010 and 2019 100% 90% Asset allocation as of April 2019 80% 70% 60% 50% 40% Alternatives Real Estate Equity Fixed Income TAA¹ Cash 30% 20% 10% 0% + 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 Equities Real Estate Alternatives Fixed Income UK Asia ex. Japan UK Europe North America Japan China Europe Private Equity Hedge Fund UK and Europe Africa TAA¹ US Alternative Credit² Cash GEM North America Infrastructure Asia MEA Asia 1. Tactical Asset Allocation mandate; 2. Includes: Convertibles, Bridge Loans, Private High-Yield Source: Allocation as of 1st of May for OBMG, the largest of the funds within the With-Profits sub fund with £77.8bn as of YE 2018 82

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