FOR INVESTMENT PROFESSIONALS ONLY

A TAM ETHICAL PORTFOLIO

AT A GLANCE...

5 risk graded choices Defensive to Adventurous

Funds selected fortheir ethical credentials

Regular monthlycontributions

Award-winninginvestment managers

Minimum investment£10,000

Invest directly or via an ISA,SIPP, Pension,Trust, QROPS or

Life Assurance wrapped product

0.40% annual managementcharge (AMC)

Access to award-nominatedYou Give We Give scheme

TAM Asset Management Ltd are an award-winning discretionary investment manager who can trace our company roots back to the 1930's.

Our team of experienced investment professionals are committed to providing exceptional portfolio management services to individual clients and institutions. We believe that every investor should have access to actively managed, diversified investment portfolios regardless of their level of wealth. This principle is very much a priority for the FCA and forms part of their Mission, that is, to ensure no group of potential investors are denied access to investment services.

In 2013 we launched TAM Ethical, providing socially responsible investors with a range of ethical investment portfolios for protecting and growing their wealth.

WHO

WE

ARE

| 1

Everyone's definition of 'ethical' is different and as such, so is everyone's idea of ethical investment. The same applies to fund managers that market their funds as ethical - not all will share the same views or adopt the same strategy for selecting stocks for their funds.

Ethical investing has evolved over the years and today there are many different ethical investment strategies such as; positive and negative screening, ESG (environmental, social & governance) investment, engagement, values based investing and impact investing. All follow a different investment process for selecting stocks, but all have one common goal - to serve a broad range of ethically minded investors.

Our investment managers follow a rigorous investment process, conducting extensive research into the universe of ethical funds. This research includes one-on-one meetings with fund managers to gain an in-depth understanding of how managers construct their ethical fund universe, and how this universe is filtered down to produce the final portfolio. In addition to manager meetings, the team conduct detailed desk-based analysis which looks further into the fund’s investment process, portfolio positioning and track record of performance, to ensure that the fund is delivering on its mandate and will indeed be a valuable addition to the TAM Ethical portfolios.

This approach allows investors to combine their ethical considerations with a strategy designed to deliver long-term capital growth. We are confident that this approach will provide most ethically minded investors with the investment solutions they have been looking for.

Put simply, TAM aims to avoid the bad stuff and chooses only the good stuff, believing in ethical investing for a more positive future.

A SOCIALLY

RESPONSIBLE

APPROACH TO

INVESTMENT

| 2

__SECURITY__

__ACCESSIBILITY__

__LIQUIDITY__

__PERFORMANCE__

__RISK MANAGEMENT__

__DIVERSIFICATION__

__TRANSPARENCY__

| 3

Our portfolio service was designed and developed to provide clientspeace of mind in relation to key portfolio fundamentals:

OUR

TAM ETHICAL

SOLUTIONS

| 4

ACCESSIBILTY

We have made our portfolios as accessible as possible.

We accept investments directly

or transfers from your ISA,

pension scheme (SIPP and

QROPS), life insurance bond,

wrapper, or trust.

We work with most of the

major product providers,

taking away adviser burden by

liaising directly with the

ceding offices.

DIRECT(No Wrapper)

ISA PENSION(SIPP, QROPs)

TRUSTEE LIFE BOND

CORPORATE

(SIPP, Q

The security of your client's investment is paramount, which is why TAM do not seek to hold client assets directly and instead investments are typically held on the client’s behalf with our custodian, Pershing Limited:

• Over 600,000 clients with assets of over US$ 1 trillion.

• Part of The Bank of New York Mellon Corporation

(BNY Mellon), one of the world’s largest and strongest

financial institutions.

• Offer some of the highest levels of protection available

in the industry.

The liquidity of an investment is fundamental for its consideration for a portfolio.

The time required to return your clients' money is reported everyday and we do not impose any lock-in periods for clients withdrawing or moving their funds if their circumstances change, or they are not entirely satisfied.

| 5

SECURITY

AND

LIQUIDITY

Everything an adviser or client could need to know about their portfolio is delivered through TAM's innovative online platform.

Your access includes:

• Immediate, comprehensive internet-based valuations

• Full customisable reporting

• Commentary available 24 hours a day, 7 days a week

• Periodic reporting and information down to contract note level

• Available to keep online, print or save in .pdf format

| 6

TRANSPARENCY

RISK

MANAGEMENT

| 7

LOWER

HIGHER

3 to 5 3 to 5 5 to 7 5 to 7 7+

RISK

/ RE

TURN

PO

TEN

TIA

L

EXAMPLE INVESTMENT TIME HORIZON (YEARS)

Defensive

Directional Equity

Non-Equity

TAM Risk Rating

Cautious

Balanced

GrowthAdventurous

15%

85%

65%

50%

30%

15%

35%50%

85%70%3

4

5

67

We manage portfolios across the spectrum and their composition is driven by current market conditions.

The diagram is for illustrative purposes only. The value of investments, and the income from them, may go down as well as up and may fall below the amount initially invested. Weightings may deviate from these levels at the Investment Team's discretion whilst staying within specific guidelines, so the above asset allocation is intended as a guide only.

0

TAM use diversification across asset class, geographical focus, and underlying funds to spread risk and exposure. The below shows a snapshot of the asset allocation and fund selection a TAM Ethical Balanced portfolio may invest in. Actual funds purchased will depend on investment timing.

Diagram representative of a TAM Ethical Balanced portfolio. Weightings may deviate from these levels at the Investment Team's discretion whilst staying within specific guidelines, so the above asset allocation is intended as a guide only.

| 8

DIVERSIFICATION

EQUITY FIXED INTEREST CASH

Cash Premier Ethical Fund

Kames Ethical Equity Fund

Eden Tree Amity UK Fund

L&G Ethical Trust Fund

Standard Life UK Ethical Fund

Pictet Global Environmental Opportunities Fund

Stewart Worldwide Sustainability Fund

SVM All Europe SRI Fund

Threadneedle UKSocial Bond Fund

Rathbone EthicalBond Fund

Kames EthicalCorporate Bond

DIVERSIFICATION

ACROSSASSET CLASS

10%

50%

40%

| 9

Strategic investment decisions have allowed TAM to capture positive market performance over the past three years.

Source: TAM Asset Management Ltd. TAM Ethical portfolio return from 1st January 2015 to 31st December 2017 net of TAM fees. Data has been compiled from a 10% sample of unencumbered TAM portfolios where external influences (tax impaired, locked funds, transfers in etc.) have not influenced performance and therefore accurately portray TAM’s management strategy. Past performance is not a guide for future returns and investors may get back less than their original investment.

0

5

10

15

20

25

30

15.46%

10.28%10.53%

18.48%

25.97%3

YEA

R R

ETU

RN

%

TAM ETHICAL PORTFOLIO

Defensive Cautious Balanced Growth Adventurous

PERFORMANCE

We complement our own award winning investment process with ethically focused research provided by experts Virtuo Wealth Management and Morningstar. Their experience in this sector provides essential support to TAM’s investment management team in the process of reviewing and selecting ethical investments.

Both TAM and Virtuo are members of the UK Sustainable Investment and

Finance Association (UKSIF) who promote responsible investment and

other forms of finance that support sustainable economic development,

enhance quality of life and safeguard the environment. Further to that,

Virtuo is a member of the Ethical and Environmental Investment

Association (EIA) which is an association of financial services professionals

from around the UK, dedicated to the promotion of ethical and sustainable

investment.

In March 2016, investment research firm, Morningstar, released its Morningstar Sustainability Rating for over 20,000 funds - a measure of how well the companies held by a fund are managing their ESG risks and opportunities when compared with similar funds. They use company level ESG data from Sustainalytics, a leading provider of ESG ratings and research, to calculate the rating.

This is an important first step toward providing investors with better tools to evaluate and compare funds based on ethical investing principles. It is an advancement that should help ethically minded investors generate better outcomes when measured in terms of ESG opportunities and risks. TAM are delighted with this innovative and valuable resource that Morningstar are producing to help the investment decisions made by our ethical oversight committee.

ETHICAL

OVERSIGHT

COMMITTEE

| 10

YOU GIVE

The investor decides what percentage of their

annual portfolio gain to donate to charity when

opening their account *

WE GIVE

TAM will donate the same percentage from our

total annual fees

TO A CHARITY

OF THEIR CHOICE

The investor’s chosen charity will receive: Their Donation

TAM's Donation

Plus even more through HMRC Gift Aid **

*Maximum of 20%

**The eligibility of the client’s nominated charity to apply for Gift Aid

and the amount they will receive will vary on a case by case basis..

INNOVATION

IN CHARITABLE

GIVING

| 11

CHOICE Investors can choose any registered charity to

receive a donation.

SIMPLEClear and convenient donation process.

FLEXIBLEInvestors can readily change their charity of choice,

the percentage they give, or opt out completely.

PARTNERSHIPIncreased donations through shared support

from TAM.

GIFT AIDThe charity can benefit, where appropriate from

HMRC Gift Aid to increase that donation.

WE TAKE CARE OF EVERYTHING, SO YOU DON'T HAVE TO

TAM will provide your client with a letter each

year clearly outlining the calculation and

confirming the donation has been made to their

chosen charity.

Where the investor has opted to provide their

details, the chosen charity will receive

confirmation of their name, address and

appropriate information in relation to potential

Gift Aid reclaim.

You too can support your client's chosen charity,

by donating an equal percentage from your

ongoing management fee, simply by ticking the

relevant box in the account opening form.

| 12

THE

BENEFITS

Mrs. Johnson chooses to give 10 % of her profit to a local charity:

Portfolio value 1st January £100,000

Net Portfolio Value 31st December £105,000

Annual Gain (Net) £5,000 (or 5%) *

“You Give, We Give” 10% of gain:

Charitable donation £500 **

TAM will also send an additional 10% of their total fees to Mrs. Johnson’s chosen charity.

* Illustration only, past performance is not a guide for future returns.** Higher rate tax payers may be eligible to reclaim tax against this.

YOU GIVE

WE GIVE

IN ACTION

| 13

YOUR

PORTFOLIO TEAM

-----

LESTER PETCHFOUNDER & CEO & CIO

-----Founded 2005

30yr+ Experience-----

Phillips Securities

Cresvale

Target Investment Management

| 14

-----

JAMES PENNYSENIOR INVESTMENT

MANAGER-----

Joined 20145yr+ Experience

-----UBS Wealth

-----

STEPHANIE SOTIRIOUSENIOR

INVESTMENT ANALYST-----

Joined 2015-----

First Class Economics

Graduate LSE

-----

JAMES PENNY

INVESTMENTMANAGER

-----

Joined 2014

-----

UBS Wealth

-----

JAMES PENNY

INVESTMENTMANAGER

-----

Joined 2014

-----

UBS Wealth

| 15

We have brought

together an

experienced team of

investment managers

and analysts.

-----

ERIC WILLIAMSONINVESTMENT

ANALYST-----

Joined 2016-----

First Class Finance,

Investment & Risk Graduate

-----

KOOSHAL SEETULINVESTMENT ANALYST -

RISK-----

Joined 200810 yr+ Experience

-----Sanne Group

-----

PHIL HADLEYMD - INTERNATIONAL

OFFICE-----

Joined 200520yr+ Experience

-----Concerto Capital

Spectra Capital

| 16

Complete a portfolio risk questionnaire

This questionnaire is straightforward

and will help you and your client

decide how much risk they're willing

and able to take with their money.

Request a comprehensive pre-investment report

This report will; describe how the

portfolio will be managed, detail

current investment strategy and related

costs, and provide simple account

opening forms.

YOUR

NEXT

STEPS

DISCLAIMER: This document is intended for use by investment professionals only. The contents of which should not be distributed

to, or relied on by retail clients. This document on its own should not be taken as an offer, solicitation or recommendation to use or

invest in the services and products mentioned inside. Past performance is not necessarily a guide to future returns. The investments

and services mentioned in this document will not be suitable for all investors and TAM Asset Management Ltd does not give

any guarantee as to the performance or suitability of an investment for a retail client. Any opinions, expectations and projections

within this note are those of TAM Asset Management Ltd, do not constitute investment advice or guaranteed returns TAM Asset

Management Ltd is authorised and regulated by the Financial Conduct Authority in the United Kingdom No. 208243. Registered in

England No. 04077709. Registered Office: 10th Floor, City Tower, 40 Basinghall Street, London, EC2V 5DE.

V4.0

For further information please visit WWW.TAMASSETMANAGEMENT.COM

TAM ASSET MANAGEMENT LTD City Tower | 40 Basinghall Street | London | EC2V 5DE+44 (0) 207 549 7650 | info@tamassetmanagement.com