RB of Kensington and Chelsea - RBKC

December 31, 2019

RB of Kensington and Chelsea

Investment Risk & Analytical Services

Table of ContentsSection 1. RB of Kensington and ChelseaRB of Kensington and Chelsea

4

1.1. Investment Hierarchy 5

1.2. Investment Hierarchy(2) 6

1.3. Asset Allocation Overview 8

1.4. Market Value Summary - One Month 9

1.5. Growth Over Time-Inception to Date 10

1.6. Asset Class Performance 11

Section 2. Total Investment AssetsTotal Investment Assets

12


2.2. Regional Performance - Investment asset sub group - by sector 14

Section 3. Baillie Gifford Global AlphaBaillie Gifford Global Alpha

15

3.1. Portfolio Windows 16


3.3. Regional Performance - RBK11. 18


Section 4. LongviewLongview

20


4.2. Portfolio Windows(2) 22

Section 4. LongviewLongview

20


4.4. Regional Performance - rbk10. 24

4.5. Sector Performance - RBK10 Longview Equity Sector Analysis 26


Section 5. LGIM RAFI MF Dev FundLGIM RAFI MF Dev Fund

28


Section 6. LGIM World EquityLGIM World Equity

30




Section 7. Private EquityPrivate Equity

34


Section 8. Adams StreetAdams Street

36


Section 9. Real EstateReal Estate

38



Section 10. CBRE Global InvestorsCBRE Global Investors

41

10.1.Growth Over Time-Inception to Date 42

10.2.Asset Class Performance 43

Section 11. Kames Secondary Property FundKames Secondary Property Fund

44

11.1.Portfolio Windows 45


Section 12. Absolute ReturnAbsolute Return

47


12.2.Regional Performance - Absolute 49


Section 13. PyrfordPyrford

51

13.1.Portfolio Windows 52


13.3.Regional Performance - RBK14 54


Section 14. Total CashTotal Cash

56

14.1.Asset Allocation Overview 57

14.2.Regional Performance - Total Cash 58

Section 15. RBKC Client Cash AccountRBKC Client Cash Account

59



Section 16. AppendixAppendix

62

16.1.Disclaimer(s) 63

December 31, 2019


S E C T I O N 1



N O R T H E R N T R U S T RB of Kensington and Chelsea December 31, 2019

5 of 63 | Investment Risk & Analytical Services Category: Total Fund Net of Fees

Investment Hierarchy% Rate of Return

Account/Group

EndingMarket Value

GBPEndingWeight

OneMonth

ThreeMonths

Yearto Date

OneYear

ThreeYears

FiveYears

Inceptionto Date

InceptionDate

RB of Kensington and Chelsea 1,289,512,921 100.00 0.42 1.52 16.37 16.37 9.62 11.66 10.66 31/12/1982Strategic Benchmark 0.65 1.15 17.91 17.91 9.78 11.45 10.43 31/12/1982

Total Investment Assets 1,106,534,505 85.81 0.49 1.76 19.40 19.40 10.73 12.69 14.09 30/06/2009

Equities 892,111,116 69.18 0.87 2.81 23.83 23.83 12.18 14.09 15.83 30/06/2009

Global Equities Active 530,472,827 41.14 1.10 4.16 24.42 24.42 13.30 14.86 16.60 30/06/2009

Baillie Gifford Global Alpha 267,146,634 20.72 1.84 5.17 28.32 28.32 14.75 15.55 13.91 31/10/2010RBK11-MSCI World ACWI+2% 1.20 1.75 23.71 23.71 11.87 14.01 12.83 31/10/2010

Longview 263,326,193 20.42 0.35 3.15 20.71 20.71 11.99 14.25 15.52 31/10/2010RBK-10 MSCI World ND+2% 0.69 1.38 24.74 24.74 12.00 14.35 13.73 31/10/2010

Global Equities Passive 361,638,289 28.04 0.55 0.90 22.96 22.96 10.45 12.86 12.19 31/10/2010

LGIM RAFI MF Dev Fund 33,438,676 2.59 0.10 -0.92 18.76 18.76 - - 9.62 08/11/2018RAFI Multi Factor Developed BM 0.07 -1.00 18.10 18.10 - - 9.02 08/11/2018

LGIM World Equity 328,199,613 25.45 0.60 1.09 23.41 23.41 10.59 12.95 12.33 30/11/2009RBK Glb Eq MSCI World GD Index 0.60 1.09 23.44 23.44 10.60 12.98 12.37 30/11/2009

Private Equity 60,960,899 4.73 -4.11 -8.65 4.79 4.79 11.45 17.13 14.37 30/06/2009

Adams Street 60,960,899 4.73 -4.11 -8.65 4.79 4.79 11.45 17.13 13.49 31/03/2007RBK 04 MSCI World GD +2%pa 0.73 1.49 25.44 25.44 12.61 14.99 14.04 31/03/2007

Real Estate 46,837,490 3.63 -0.06 -0.22 1.01 1.01 6.17 6.34 8.95 30/06/2009

CBRE Global Investors 29,513,825 2.29 0.35 -0.35 0.19 0.19 5.63 6.03 3.17 30/09/2006IPD All Balanced Fund+0.5%pa 0.14 0.42 2.11 2.11 6.55 7.13 3.80 30/09/2006

Kames Secondary Property Fund 17,323,665 1.34 -0.75 -0.01 2.46 2.46 7.08 6.54 5.43 30/11/2014RBK IPD All Bal Fund+0.5%pa 0.14 0.42 2.11 2.11 6.55 7.13 7.38 30/11/2014

Absolute Return 106,625,000 8.27 0.30 0.64 5.45 5.45 1.81 3.41 3.86 31/03/2011

Pyrford 106,625,000 8.27 0.30 0.64 5.45 5.45 1.81 3.41 3.63 31/03/2011RBK14-RPI+5% 0.70 1.50 7.21 7.21 8.00 7.54 7.65 31/03/2011

Total Cash 182,978,416 14.19 0.04 0.11 0.81 0.81 0.48 0.42 1.04 30/06/2009

Cash 182,978,416 14.19 0.04 0.11 0.81 0.81 0.48 0.42 -1.59 30/06/2009

LGIM Cash & Other Assets 0 0.00 - - - - - - - 30/11/2009

LGIM Sterling Liquidity Fund 180,158,484 13.97 0.07 0.20 0.82 0.82 0.60 0.58 0.58 24/09/2014RBK07001 7 Day LIBID 0.05 0.15 0.58 0.58 0.40 0.36 0.36 24/09/2014

RBKC Client Cash Account 2,819,932 0.22 -2.85 -6.18 -2.54 -2.54 -2.03 0.35 0.21 31/03/2005



Investment Hierarchy(2)% Rate of Return

Account/Group

EndingMarket Value

GBPEndingWeight

OneMonth

ThreeMonths

Yearto Date

OneYear

ThreeYears

FiveYears

Inceptionto Date

InceptionDate

RB of Kensington and Chelsea 1,289,512,921 100.00 0.42 1.52 16.37 16.37 9.62 11.66 10.66 31/12/1982Strategic Benchmark 0.65 1.15 17.91 17.91 9.78 11.45 10.43 31/12/1982

Excess Return -0.23 0.37 -1.54 -1.54 -0.16 0.21 0.24 31/12/1982

Total Investment Assets 1,106,534,505 85.81 0.49 1.76 19.40 19.40 10.73 12.69 14.09 30/06/2009

Equities 892,111,116 69.18 0.87 2.81 23.83 23.83 12.18 14.09 15.83 30/06/2009

Global Equities Active 530,472,827 41.14 1.10 4.16 24.42 24.42 13.30 14.86 16.60 30/06/2009

Baillie Gifford Global Alpha 267,146,634 20.72 1.84 5.17 28.32 28.32 14.75 15.55 13.91 31/10/2010RBK11-MSCI World ACWI+2% 1.20 1.75 23.71 23.71 11.87 14.01 12.83 31/10/2010

Excess Return 0.64 3.43 4.61 4.61 2.88 1.54 1.08 31/10/2010

Longview 263,326,193 20.42 0.35 3.15 20.71 20.71 11.99 14.25 15.52 31/10/2010RBK-10 MSCI World ND+2% 0.69 1.38 24.74 24.74 12.00 14.35 13.73 31/10/2010

Excess Return -0.34 1.77 -4.03 -4.03 -0.01 -0.10 1.79 31/10/2010

Global Equities Passive 361,638,289 28.04 0.55 0.90 22.96 22.96 10.45 12.86 12.19 31/10/2010

LGIM RAFI MF Dev Fund 33,438,676 2.59 0.10 -0.92 18.76 18.76 - - 9.62 08/11/2018RAFI Multi Factor Developed BM 0.07 -1.00 18.10 18.10 - - 9.02 08/11/2018

Excess Return 0.03 0.08 0.66 0.66 - - 0.60 08/11/2018

LGIM World Equity 328,199,613 25.45 0.60 1.09 23.41 23.41 10.59 12.95 12.33 30/11/2009RBK Glb Eq MSCI World GD Index 0.60 1.09 23.44 23.44 10.60 12.98 12.37 30/11/2009

Excess Return -0.01 -0.00 -0.04 -0.04 -0.02 -0.03 -0.04 30/11/2009

Private Equity 60,960,899 4.73 -4.11 -8.65 4.79 4.79 11.45 17.13 14.37 30/06/2009

Adams Street 60,960,899 4.73 -4.11 -8.65 4.79 4.79 11.45 17.13 13.49 31/03/2007RBK 04 MSCI World GD +2%pa 0.73 1.49 25.44 25.44 12.61 14.99 14.04 31/03/2007

Excess Return -4.84 -10.13 -20.65 -20.65 -1.16 2.14 -0.55 31/03/2007

Real Estate 46,837,490 3.63 -0.06 -0.22 1.01 1.01 6.17 6.34 8.95 30/06/2009

CBRE Global Investors 29,513,825 2.29 0.35 -0.35 0.19 0.19 5.63 6.03 3.17 30/09/2006IPD All Balanced Fund+0.5%pa 0.14 0.42 2.11 2.11 6.55 7.13 3.80 30/09/2006

Excess Return 0.21 -0.77 -1.92 -1.92 -0.92 -1.10 -0.63 30/09/2006

Kames Secondary Property Fund 17,323,665 1.34 -0.75 -0.01 2.46 2.46 7.08 6.54 5.43 30/11/2014RBK IPD All Bal Fund+0.5%pa 0.14 0.42 2.11 2.11 6.55 7.13 7.38 30/11/2014

Excess Return -0.90 -0.43 0.35 0.35 0.53 -0.59 -1.95 30/11/2014

Absolute Return 106,625,000 8.27 0.30 0.64 5.45 5.45 1.81 3.41 3.86 31/03/2011

Pyrford 106,625,000 8.27 0.30 0.64 5.45 5.45 1.81 3.41 3.63 31/03/2011RBK14-RPI+5% 0.70 1.50 7.21 7.21 8.00 7.54 7.65 31/03/2011

Excess Return -0.40 -0.86 -1.76 -1.76 -6.19 -4.13 -4.01 31/03/2011



% Rate of Return

Account/Group

EndingMarket Value

GBPEndingWeight

OneMonth

ThreeMonths

Yearto Date

OneYear

ThreeYears

FiveYears

Inceptionto Date

InceptionDate

Total Cash 182,978,416 14.19 0.04 0.11 0.81 0.81 0.48 0.42 1.04 30/06/2009

Cash 182,978,416 14.19 0.04 0.11 0.81 0.81 0.48 0.42 -1.59 30/06/2009

LGIM Cash & Other Assets 0 0.00 - - - - - - - 30/11/2009

LGIM Sterling Liquidity Fund 180,158,484 13.97 0.07 0.20 0.82 0.82 0.60 0.58 0.58 24/09/2014RBK07001 7 Day LIBID 0.05 0.15 0.58 0.58 0.40 0.36 0.36 24/09/2014

Excess Return 0.02 0.06 0.24 0.24 0.21 0.21 0.21 24/09/2014

RBKC Client Cash Account 2,819,932 0.22 -2.85 -6.18 -2.54 -2.54 -2.03 0.35 0.21 31/03/2005


8 of 63 | Investment Risk & Analytical Services

Asset Allocation Overview

Program/Consolidation

EndingMarket Value

GOF GBP Actual WeightTarget Weight

Equity Domestic Equity Intl Total Cash Real Estate Private Equity

Foreign Exchange Other

Total Fund - Foreign

Exchange - World

Total Investment Assets 1,106,535 85.81 29,192 851,265 14,247 44,244 60,961 0 106,625 1,106,535 2.26 66.01 1.10 3.43 4.73 0.00 8.27 85.81Total Cash 182,978 14.19 150 182,828 182,978 0.01 14.18 14.19RB of Kensington and Chelsea 1,289,513 100.00 29,342 851,265 197,075 44,244 60,961 0 106,625 1,289,513RB of Kensington and Chelsea Percent

2.28 66.01 15.28 3.43 4.73 0.00 8.27 100.00

*Market Values are represented in thousands.*Underlying assets of the fund have been included in the market value and allocation.


9 of 63 | Investment Risk & Analytical Services Category: Total Fund Net of Fees • Currency: GBP

Market Value Summary - One Month

Account/Group30/11/2019

Market Value Net Contribution* Income Fees Appreciation31/12/2019

Market ValueRB of Kensington and Chelsea 1,284,075,993 -0 525,493 0 4,911,435 1,289,512,921Total Investment Assets 1,101,602,285 -440,088 522,937 0 4,849,371 1,106,534,505Equities 884,381,095 -0 311,121 0 7,418,900 892,111,116Global Equities Active 524,721,820 -0 311,121 0 5,439,886 530,472,827Baillie Gifford Global Alpha 262,315,500 0 0 0 4,831,134 267,146,634Longview 262,406,320 -0 311,121 0 608,751 263,326,193

Global Equities Passive 359,659,275 0 0 0 1,979,014 361,638,289LGIM RAFI MF Dev Fund 33,405,885 0 0 0 32,791 33,438,676LGIM World Equity 326,253,390 0 0 0 1,946,223 328,199,613

Private Equity 63,826,556 -220,735 -28,399 0 -2,616,523 60,960,899Adams Street 63,826,556 -220,735 -28,399 0 -2,616,523 60,960,899

Real Estate 47,085,018 -219,353 240,215 0 -268,390 46,837,490CBRE Global Investors 29,629,607 -219,353 240,215 0 -136,643 29,513,825Kames Secondary Property Fund 17,455,411 0 0 0 -131,746 17,323,665

Absolute Return 106,309,616 0 0 0 315,384 106,625,000Pyrford 106,309,616 0 0 0 315,384 106,625,000

Total Cash 182,473,708 440,088 2,556 0 62,064 182,978,416Cash 182,473,708 440,088 2,556 0 62,064 182,978,416LGIM Cash & Other Assets 0 0 0 0 0 0LGIM Sterling Liquidity Fund 180,035,990 0 0 0 122,494 180,158,484RBKC Client Cash Account 2,437,718 440,088 2,556 0 -60,430 2,819,932

*Net Contributions include Cash Contributions/Distributions, Security Deliveries/Receipts, Fees/Fee Rebates, Inter Account transfers for Consolidations & Benefits Payments. Copied History or Backloaded Data may not display the correct Contributions/Withdrawals creating misrepresentation.



Growth Over Time - Inception to Date



Asset Class PerformanceASSET CLASS ENDING WEIGHTS MARKET VALUE SUMMARY OVER TIME

1 MoBeginning Market Value 1,284,076Net Contribution -0Income 525Fees 0Appreciation 4,911Ending Market Value 1,289,513

*Market Values are in 000s.

Asset Class End MV End Wt 1 Mo 3 Mos YTD 3 Yrs 5 Yrs ITDEquity 880,607,478 68.29 0.88 2.85 24.08 12.39 14.39

Common Stock 880,607,478 68.29 0.88 2.85 24.08 12.39 14.39 Real Estate 44,244,216 3.43 -0.06 -0.24 1.11 6.30 6.34 Private Equity 60,961,014 4.73 -4.12 -8.65 4.78 11.47 17.15 Other Assets 106,625,000 8.27 0.30 0.64 5.08 1.33 2.90 Cash & Short Term Deriv. 197,075,213 15.28 0.04 0.10 0.79 0.67 1.06 Pending Cash 0 0.00 - - - - - -Foreign Exchange 0 0.00 - - - - - -Total Fund Net of Fees 1,289,512,921 100.00 0.42 1.52 16.37 9.62 11.66 10.66Strategic Benchmark 0.65 1.15 17.91 9.78 11.45 10.43Excess Return -0.23 0.37 -1.54 -0.16 0.21 0.24

Excess is calculated using arithmetic methodology*Fees are not represented as an Asset Class

December 31, 2019

Total Investment Assets

S E C T I O N 2

Total Investment Assets


N O R T H E R N T R U S T Total Investment Assets December 31, 2019




EndingMarket Value

GOF GBPActual

WeightTarget Weight

Equity Domestic Equity Intl

Fixed Income

DomesticFixed

Income Intl

Cash & Synthetic

Cash - World

Real Estate -

World

Private Equity -

World

Other Assets -

WorldForeign

Exchange

Total Fund - Foreign

Exchange - World

Equities 892,111 80.62 29,192 851,265 11,654 0 892,111 2.64 76.93 1.05 0.00 80.62Private Equity 60,961 5.51 -0 60,961 60,961 -0.00 5.51 5.51Real Estate 46,837 4.23 2,593 44,244 46,837 0.23 4.00 4.23Absolute Return 106,625 9.64 0 106,625 106,625 0.00 9.64 9.64Total Investment Assets 1,106,535 100.00 29,192 851,265 14,247 44,244 60,961 106,625 0 1,106,535Total Investment Assets Percent

2.64 76.93 1.29 4.00 5.51 9.64 0.00 100.00

*Market Values are represented in thousands.*Underlying assets of the fund have been included in the market value and allocation.

N O R T H E R N T R U S T Total Investment Assets December 31, 2019

14 of 63 | Investment Risk & Analytical Services Analysis: Investment asset sub group - by sector

Regional PerformanceBase Rates of Return

Category

EndingMarket value

GBP - NOFEndingWeight

TargetWeight

OneMonth

ThreeMonths

Yearto Date

ThreeYears

FiveYears

Inceptionto Date

Total Investment Assets 1,106,534,505 100.00 100.00 0.49 1.76 19.40 10.73 12.69 14.09Total Investment Assets Bmrk 2.00 2.41 17.46 7.79 9.08 10.71Total Fund - Foreign Exchange 1,106,534,505 100.00 0.00 0.49 1.76 19.36 10.76 12.78 14.20Equity 880,457,478 79.57 0.00 0.88 2.85 24.09 12.39 14.39 16.26United Kingdom 29,192,181 2.64 0.00 2.07 4.10 15.48 -0.02 3.13 11.97FTSE All Share 3.32 4.16 19.17 6.85 7.54 10.37World less the UK 851,265,297 76.93 0.00 0.84 2.81 24.40 12.99 14.89 16.20Developed Europe xUK 21,109,193 1.91 0.00 -0.02 -1.19 -0.03 -3.07 4.65 10.83FT: Developed Europe ex UK 1.07 0.91 20.50 8.69 10.25 10.46North America 196,384,464 17.75 0.00 0.33 4.23 26.49 17.81 18.88 20.06FT: AWI North America 0.55 1.36 26.46 12.35 14.91 16.85Global (GBP) 628,784,923 56.82 0.00 1.09 2.67 25.18 12.23 14.04 -Japan 4,986,717 0.45 0.00 -5.99 -13.05 - - - -

Private Equity 60,961,014 5.51 0.00 -4.12 -8.65 4.78 11.47 17.15 14.387 Day LIBOR (GBP) 0.06 0.17 0.70 0.51 0.48 0.51Real Estate 44,244,216 4.00 0.00 -0.06 -0.24 1.11 6.30 6.34 8.99IPD UK All Balanced Funds Inde 0.10 0.30 1.61 6.05 6.63 8.50Other Assets 106,625,000 9.64 0.00 0.30 0.64 5.08 1.33 2.90 -Cash & Short Term Deriv. 14,246,797 1.29 0.00 - - - - - -Pending Cash 0 0.00 0.00 - - - - - -Foreign Exchange 0 0.00 0.00 - - - - - -

December 31, 2019

Baillie Gifford Global Alpha

S E C T I O N 3

Baillie Gifford Global Alpha


N O R T H E R N T R U S T Baillie Gifford Global Alpha December 31, 2019


Portfolio Windows

Asset Class End MV End Wt 1 Mo 3 Mos YTDEquity 267,146,634 100.00 1.84 5.17 28.32

Common Stock 267,146,634 100.00 1.84 5.17 28.32Total Fund Net of Fees 267,146,634 100.00 1.84 5.17 28.32RBK11-MSCI World ACWI+2% 1.20 1.75 23.71Excess Return 0.64 3.43 4.61

MSCI ACWI ND 1.08 1.35 21.71Excess is calculated using arithmetic methodology*Fees are not represented as an Asset Class

Country Performance E.MV-NOF End Wt 1 Mo 3 Mos YTDGlobal (GBP) 267,146,634 100.00 1.84 5.17 28.32Portfolio Total 267,146,634 100.00 1.84 5.17 28.32RBK11-MSCI World ACWI+2% 1.20 1.75 23.71


18 of 63 | Investment Risk & Analytical Services Analysis: RBK11.


Category

EndingMarket value


TargetWeight

OneMonth

ThreeMonths

Yearto Date

OneYear

ThreeYears

FiveYears

Inceptionto Date

Baillie Gifford Global Alpha 267,146,634 100.00 100.00 1.84 5.17 28.32 28.32 14.75 15.55 13.91MSCI World Free GD 0.60 1.09 23.44 23.44 10.60 12.98 12.53Total Fund - Foreign Exchange 267,146,634 100.00 100.00 1.84 5.17 28.32 28.32 14.86 15.73 14.11MSCI World Free GD 0.60 1.09 23.44 23.44 10.60 12.98 12.53Equity 267,146,634 100.00 100.00 1.84 5.17 28.32 28.32 14.86 15.73 14.11MSCI World Free GD 0.60 1.09 23.44 23.44 10.60 12.98 12.53Global (GBP) 267,146,634 100.00 100.00 1.84 5.17 28.32 28.32 14.86 15.73 14.11MSCI World Free GD 0.60 1.09 23.44 23.44 10.60 12.98 12.53




1 MoBeginning Market Value 262,316Net Contribution 0Income 0Fees 0Appreciation 4,831Ending Market Value 267,147


Asset Class End MV End Wt 1 Mo 3 Mos YTD 1 Yr 3 Yrs 5 Yrs ITDEquity 267,146,634 100.00 1.84 5.17 28.32 28.32 14.86 15.73 14.11

Common Stock 267,146,634 100.00 1.84 5.17 28.32 28.32 14.86 15.73 14.11Total Fund Net of Fees 267,146,634 100.00 1.84 5.17 28.32 28.32 14.75 15.55 13.91RBK11-MSCI World ACWI+2% 1.20 1.75 23.71 23.71 11.87 14.01 12.83MSCI ACWI ND 1.08 1.35 21.71 21.71 9.86 12.00 11.03*Fees are not represented as an Asset Class

December 31, 2019

Longview

S E C T I O N 4

Longview


N O R T H E R N T R U S T Longview December 31, 2019


Portfolio Windows


Common Stock 251,672,555 95.57 0.36 3.29 21.44Cash & Short Term Deriv. 11,653,638 4.43 0.13 -0.25 -0.45Pending Cash 0 0.00 - - -Foreign Exchange 0 0.00 - - -Total Fund Net of Fees 263,326,193 100.00 0.35 3.15 20.71RBK-10 MSCI World ND+2% 0.69 1.38 24.74MSCI World ND 0.57 0.98 22.74*Fees are not represented as an Asset Class

Country Performance E.MV-NOF End Wt 1 Mo 3 Mos YTDUnited States 196,442,915 74.60 0.33 4.22 26.46United Kingdom 40,787,368 15.49 1.53 3.06 12.41Germany 10,077,898 3.83 -4.40 -2.55 -5.67France 8,937,866 3.39 5.41 0.91 15.74Japan 4,986,717 1.89 -5.99 -13.04 -Denmark 2,093,429 0.79 1.98 -9.58 -14.19Europe (EU) 0 0.00 -4.99 -13.25 -Portfolio Total 263,326,193 100.00 0.35 3.15 20.71RBK-10 MSCI World ND+2% 0.69 1.38 24.74

Portfolio Characteristics - NOF Portfolio Index Difference CoverageMarket Cap (B) 52.96 95.57P/E 21.10 90.575 Yr EPS Growth Rate 7.41 90.42Price to Book 2.54 95.57Dividend Yield 1.88 95.60Debt to Capital 53.04 95.57Price to Cash Flow 15.09 90.66Price to Sales 1.63 95.575 Year Dividend Growth Rate 9.19 74.46Debt to Equity 87.61 69.11Return on Equity 17.00 95.57



Portfolio Windows(2)EQ GAI - 1 MO Sector /Industry End MV End Wt Return ContribTop Largest HoldingsSTATE STR CORP COM Financials 12,941,984 5.14 3.55 0.18CHARTER COMMUNICATIO... Consumer Services 12,646,317 5.02 0.77 0.04AON PLC COM Financials 11,666,441 4.64 -0.11 -0.01GRAINGER W W INC COM Industrials 11,410,149 4.53 4.29 0.19HCA HEALTHCARE INC C... Health Care 11,381,956 4.52 4.07 0.18Best PerformersAMERICAN EXPRESS CO Financials 793,973 0.32 5.45 0.01SANOFI EUR2 Health Care 8,937,866 3.55 5.41 0.18WHITBREAD ORD GBP0.7... Consumer Services 7,829,343 3.11 5.31 0.16GRAINGER W W INC COM Industrials 11,410,149 4.53 4.29 0.19HCA HEALTHCARE INC C... Health Care 11,381,956 4.52 4.07 0.18Worst PerformersORACLE CORP COM Technology 9,582,191 3.81 -7.85 -0.32ASAHI GROUP HOLDINGS... Consumer Goods 4,986,717 1.98 -5.99 -0.13HENRY SCHEIN INC COM... Health Care 8,445,828 3.36 -5.45 -0.19HENKEL AG & CO KGAA ... Consumer Goods 9,947,418 3.95 -4.40 -0.18WELLS FARGO & CO NEW... Financials 11,046,311 4.39 -3.54 -0.16

MARKET VALUE SUMMARY OVER TIME1 Mo

Beginning Market Value 262,406Net Contribution -0Income 311Fees 0Appreciation 609Ending Market Value 263,326



24 of 63 | Investment Risk & Analytical Services Analysis: rbk10.


Category

EndingMarket value


TargetWeight

OneMonth

ThreeMonths

Yearto Date

OneYear

ThreeYears

FiveYears

Inceptionto Date

Longview 263,326,193 100.00 100.00 0.35 3.15 20.71 20.71 11.99 14.25 15.52MSCI World Free GD 0.60 1.09 23.44 23.44 10.60 12.98 12.53Total Fund - Foreign Exchange 263,326,193 100.00 100.00 0.35 3.15 20.69 20.69 12.19 14.65 16.10MSCI World Free GD 0.60 1.09 23.44 23.44 10.60 12.98 12.53Equity 251,672,555 95.57 100.00 0.36 3.29 21.44 21.44 12.63 15.06 16.65MSCI World Free GD 0.60 1.09 23.44 23.44 10.60 12.98 12.53United Kingdom 29,192,181 11.09 5.48 2.07 4.10 15.48 15.48 -0.02 3.15 8.90MSCI United Kingdom GD 2.67 2.29 16.46 16.46 5.90 6.74 7.01Germany 10,077,898 3.83 2.88 -4.40 -2.55 -5.67 -5.67 -3.32 5.25 10.20MSCI Germany GD -0.49 2.22 16.98 16.98 4.55 8.06 7.85France 8,937,866 3.39 3.80 5.41 0.91 15.74 15.74 6.95 7.76 7.66MSCI France GD 0.56 0.98 22.05 22.05 10.66 12.81 8.86Japan 4,986,717 1.89 8.17 -5.99 -13.05 - - - - -MSCI Japan GD -0.30 0.15 15.44 15.44 6.79 11.65 9.14United States 196,384,464 74.58 63.33 0.33 4.23 26.49 26.49 17.81 18.91 19.10MSCI United States GD 0.50 1.51 26.56 26.56 12.65 15.32 16.26Switzerland - - 3.11 - - - - - - -MSCI Switzerland GD 1.94 0.12 28.40 28.40 12.23 11.62 11.61Australia - - 2.26 - - - - - - -MSCI Australia GD -0.86 -2.93 18.39 18.39 6.76 9.12 7.04Austria - - 0.07 - - - - - - -MSCI Austria GD 0.70 0.50 10.75 10.75 7.61 12.81 2.77Belgium - - 0.33 - - - - - - -MSCI Belgium GD 0.37 -7.80 16.74 16.74 0.07 5.91 8.78Canada - - 3.38 - - - - - - -MSCI Canada GD 0.25 -2.26 23.54 23.54 5.35 7.18 5.68Denmark 2,093,429 0.79 0.61 1.98 -9.58 -14.19 -14.19 -10.13 2.62 -MSCI Denmark GD 2.20 5.19 24.02 24.02 11.57 13.07 12.45Finland - - 0.31 - - - - - - -MSCI Finland GD 2.61 -4.10 6.53 6.53 7.80 9.53 7.68Hong Kong - - 1.16 - - - - - - -MSCI Hong Kong GD 1.54 -0.17 6.08 6.08 8.91 10.64 8.94Ireland - - 0.20 - - - - - - -MSCI Ireland GD 2.00 10.24 32.75 32.75 4.59 9.48 12.62


25 of 63 | Investment Risk & Analytical Services Analysis: rbk10.

Base Rates of Return

Category

EndingMarket value


TargetWeight

OneMonth

ThreeMonths

Yearto Date

OneYear

ThreeYears

FiveYears

Inceptionto Date

Israel - - 0.19 - - - - - - -MSCI Israel GD -4.08 -0.12 5.69 5.69 -0.09 1.10 1.01Italy - - 0.78 - - - - - - -MSCI Italy GD 0.31 0.58 23.72 23.72 8.89 8.71 3.68Netherlands - - 1.32 - - - - - - -MSCI Netherlands GD 1.29 -0.07 27.60 27.60 12.76 14.14 11.52New Zealand - - 0.09 - - - - - - -MSCI New Zealand GD 2.70 9.31 33.47 33.47 12.08 14.95 15.03Norway - - 0.21 - - - - - - -MSCI Norway GD 4.33 -2.76 7.29 7.29 7.62 9.11 5.37Portugal - - 0.05 - - - - - - -MSCI Portugal GD 2.33 1.09 20.34 20.34 9.55 12.08 -0.61Singapore - - 0.43 - - - - - - -MSCI Singapore GD 0.79 -0.04 10.60 10.60 9.67 6.81 5.69Spain - - 0.94 - - - - - - -MSCI Spain GD 1.77 -1.17 8.33 8.33 4.20 3.75 2.63Sweden - - 0.89 - - - - - - -MSCI Sweden GD 2.53 5.46 18.10 18.10 6.86 8.54 8.07

Cash & Short Term Deriv. 11,653,638 4.43 0.00 0.13 -0.25 -0.45 -0.45 1.39 2.22 0.70Pending Cash 0 0.00 0.00 - - - - - - -Foreign Exchange 0 0.00 0.00 - - - - - - -


26 of 63 | Investment Risk & Analytical Services Analysis: RBK10 Longview Equity Sector Analysis

Sector Performance

Account/Group

EndingMarket value

GBP - NOFPort

WeightThree

MonthsOneYear

Longview 263,326,193 100.00 3.15 20.71Total Fund - Foreign Exchange 263,326,193 100.00 3.15 20.69Cash & Short Term Deriv. 11,653,638 4.43 -0.25 -0.45Equity 251,672,555 95.57 3.29 21.44Pending Cash 0 0.00Foreign Exchange 0 0.00




1 MoBeginning Market Value 262,406Net Contribution -0Income 311Fees 0Appreciation 609Ending Market Value 263,326



Common Stock 251,672,555 95.57 0.36 3.29 21.44 21.44 12.63 15.06 16.65Cash & Short Term Deriv. 11,653,638 4.43 0.13 -0.25 -0.45 -0.45 1.39 2.22 0.70Pending Cash 0 0.00 - - - - - - -Foreign Exchange 0 0.00 - - - - - - -Total Fund Net of Fees 263,326,193 100.00 0.35 3.15 20.71 20.71 11.99 14.25 15.52RBK-10 MSCI World ND+2% 0.69 1.38 24.74 24.74 12.00 14.35 13.73Excess Return -0.34 1.77 -4.03 -4.03 -0.01 -0.10 1.79

MSCI World ND 0.57 0.98 22.74 22.74 9.99 12.34 11.90Excess is calculated using arithmetic methodology*Fees are not represented as an Asset Class

December 31, 2019

LGIM RAFI MF Dev Fund

S E C T I O N 5

LGIM RAFI MF Dev Fund


N O R T H E R N T R U S T LGIM RAFI MF Dev Fund December 31, 2019



1 MoBeginning Market Value 33,406Net Contribution 0Income 0Fees 0Appreciation 33Ending Market Value 33,439


Asset Class End MV End Wt 1 Mo 3 Mos YTD 1 Yr 3 Yrs ITDEquity 33,438,676 100.00 0.10 -0.92 18.76 18.76 9.62

Common Stock 33,438,676 100.00 0.10 -0.92 18.76 18.76 9.62Total Fund Net of Fees 33,438,676 100.00 0.10 -0.92 18.76 18.76 9.62RAFI Multi Factor Developed BM 0.07 -1.00 18.10 18.10 9.02Excess Return 0.03 0.08 0.66 0.66 0.60


December 31, 2019

LGIM World Equity

S E C T I O N 6

LGIM World Equity


N O R T H E R N T R U S T LGIM World Equity December 31, 2019


Portfolio Windows


Common Stock 328,199,613 100.00 0.60 1.09 23.41Total Fund Net of Fees 328,199,613 100.00 0.60 1.09 23.41RBK Glb Eq MSCI World GD Index 0.60 1.09 23.44Excess Return -0.01 -0.00 -0.04


Country Performance E.MV-NOF End Wt 1 Mo 3 Mos YTDGlobal (GBP) 328,199,613 100.00 0.60 1.09 23.41Portfolio Total 328,199,613 100.00 0.60 1.09 23.41RBK Glb Eq MSCI World GD Index 0.60 1.09 23.44Excess Return -0.01 -0.00 -0.04Excess is calculated using arithmetic methodology




1 MoBeginning Market Value 326,253Net Contribution 0Income 0Fees 0Appreciation 1,946Ending Market Value 328,200



Common Stock 328,199,613 100.00 0.60 1.09 23.41 23.41 10.59 12.95 11.85Total Fund Net of Fees 328,199,613 100.00 0.60 1.09 23.41 23.41 10.59 12.95 12.33RBK Glb Eq MSCI World GD Index 0.60 1.09 23.44 23.44 10.60 12.98 12.37Excess Return -0.01 -0.00 -0.04 -0.04 -0.02 -0.03 -0.04


December 31, 2019

Private Equity

S E C T I O N 7

Private Equity


N O R T H E R N T R U S T Private Equity December 31, 2019




EndingMarket Value

GOF GBP Actual Weight Target Weight Private Equity Total CashTotal Fund - Foreign

Exchange - WorldPrivate Equity 60,961 100.00 60,961 -0 60,961Private Equity Percent 100.00 -0.00 100.00*Market Values are represented in thousands.*Underlying assets of the fund have been included in the market value and allocation.

December 31, 2019

Adams Street

S E C T I O N 8

Adams Street


N O R T H E R N T R U S T Adams Street December 31, 2019



1 MoBeginning Market Value 63,827Net Contribution -221Income -28Fees 0Appreciation -2,617Ending Market Value 60,961


Asset Class End MV End Wt 1 Mo 3 Mos YTD 1 Yr 3 Yrs 5 Yrs ITDPrivate Equity 60,961,014 100.00 -4.12 -8.65 4.78 4.78 11.47 17.15 Cash & Short Term Deriv. -115 -0.00 12.43 3.69 14.70 14.70 Pending Cash 0 0.00 - - - - - - -Total Fund Net of Fees 60,960,899 100.00 -4.11 -8.65 4.79 4.79 11.45 17.13 13.49RBK 04 MSCI World GD +2%pa 0.73 1.49 25.44 25.44 12.61 14.99 14.04*Fees are not represented as an Asset Class

December 31, 2019

Real Estate

S E C T I O N 9

Real Estate


N O R T H E R N T R U S T Real Estate December 31, 2019




EndingMarket Value

GOF GBP Actual Weight Target Weight Total Cash Real EstateTotal Fund - Foreign

Exchange - WorldCBRE Global Investors 29,514 63.01 0 29,514 29,514 0.00 63.01 63.01Kames Secondary Property Fund 17,324 36.99 2,593 14,730 17,324 5.54 31.45 36.99Real Estate 46,837 100.00 2,593 44,244 46,837Real Estate Percent 5.54 94.46 100.00*Market Values are represented in thousands.*Underlying assets of the fund have been included in the market value and allocation.

N O R T H E R N T R U S T Real Estate December 31, 2019



December 31, 2019

CBRE Global Investors

S E C T I O N 10

CBRE Global Investors


N O R T H E R N T R U S T CBRE Global Investors December 31, 2019



N O R T H E R N T R U S T CBRE Global Investors December 31, 2019



1 MoBeginning Market Value 29,630Net Contribution -219Income 240Fees 0Appreciation -137Ending Market Value 29,514


Asset Class End MV End Wt 1 Mo 3 Mos YTD 1 Yr 3 Yrs 5 Yrs ITDReal Estate 29,513,825 100.00 0.35 -0.35 0.19 0.19 5.64 6.03Cash & Short Term Deriv. 0 0.00Total Fund Net of Fees 29,513,825 100.00 0.35 -0.35 0.19 0.19 5.63 6.03 3.17IPD All Balanced Fund+0.5%pa 0.14 0.42 2.11 2.11 6.55 7.13 3.80Excess Return 0.21 -0.77 -1.92 -1.92 -0.92 -1.10 -0.63


December 31, 2019

Kames Secondary Property Fund

S E C T I O N 11

Kames Secondary Property Fund


N O R T H E R N T R U S T Kames Secondary Property Fund December 31, 2019


Portfolio Windows

Asset Class End MV End Wt 1 Mo 3 Mos YTD 1 Yr 3 Yrs 5 Yrs ITDReal Estate 14,730,391 85.03 -0.89 -0.01 2.87 2.87 7.56 6.57 5.46Cash & Short Term Deriv. 2,593,274 14.97 0.00 0.00 0.00 0.00 Total Fund Net of Fees 17,323,665 100.00 -0.75 -0.01 2.46 2.46 7.08 6.54 5.43RBK IPD All Bal Fund+0.5%pa 0.14 0.42 2.11 2.11 6.55 7.13 7.38Excess Return -0.90 -0.43 0.35 0.35 0.53 -0.59 -1.95


Country Performance E.MV-NOF End Wt 1 Mo 3 Mos YTDUnited Kingdom 17,323,665 100.00 -0.75 -0.01 2.46Portfolio Total 17,323,665 100.00 -0.75 -0.01 2.46RBK IPD All Bal Fund+0.5%pa 0.14 0.42 2.11

MARKET VALUE SUMMARY OVER TIME1 Mo

Beginning Market Value 17,455Net Contribution 0Income 0Fees 0Appreciation -132Ending Market Value 17,324


N O R T H E R N T R U S T Kames Secondary Property Fund December 31, 2019



1 MoBeginning Market Value 17,455Net Contribution 0Income 0Fees 0Appreciation -132Ending Market Value 17,324


Asset Class End MV End Wt 1 Mo 3 Mos YTD 1 Yr 3 Yrs 5 Yrs ITDReal Estate 14,730,391 85.03 -0.89 -0.01 2.87 2.87 7.56 6.57 5.46Cash & Short Term Deriv. 2,593,274 14.97 0.00 0.00 0.00 0.00 Total Fund Net of Fees 17,323,665 100.00 -0.75 -0.01 2.46 2.46 7.08 6.54 5.43RBK IPD All Bal Fund+0.5%pa 0.14 0.42 2.11 2.11 6.55 7.13 7.38Excess Return -0.90 -0.43 0.35 0.35 0.53 -0.59 -1.95

IPD All Balanced Funds Index 0.30 0.30 1.61 1.61 6.05 6.63 7.47Excess is calculated using arithmetic methodology*Fees are not represented as an Asset Class

December 31, 2019

Absolute Return

S E C T I O N 12

Absolute Return


N O R T H E R N T R U S T Absolute Return December 31, 2019




49 of 63 | Investment Risk & Analytical Services Analysis: Absolute


Category

EndingMarket value


TargetWeight

OneMonth

ThreeMonths

Yearto Date

OneYear

ThreeYears

FiveYears

Inceptionto Date

Absolute Return 106,625,000 100.00 0.00 0.30 0.64 5.45 5.45 1.81 3.41 3.86Total Fund - Foreign Exchange 106,625,000 100.00 0.00 0.30 0.64 5.08 5.08 1.33 2.90 3.46Pyford 106,625,000 100.00 0.00 0.30 0.64 5.08 5.08 1.33 2.90 3.45






Asset Class End MV End Wt 1 Mo 3 Mos YTD 1 Yr 3 Yrs 5 Yrs ITDOther Assets 106,625,000 100.00 0.30 0.64 5.08 5.08 1.33 2.90 3.45Cash & Short Term Deriv. 0 0.00Pending Cash 0 0.00 - - - - - - -Total Fund Net of Fees 106,625,000 100.00 0.30 0.64 5.45 5.45 1.81 3.41 3.86*Fees are not represented as an Asset Class

December 31, 2019

Pyrford

S E C T I O N 13

Pyrford


N O R T H E R N T R U S T Pyrford December 31, 2019


Portfolio Windows

Asset Class End MV End Wt 1 Mo 3 Mos YTDOther Assets 106,625,000 100.00 0.30 0.64 5.08Cash & Short Term Deriv. 0 0.00 0.00 0.00 0.00Pending Cash 0 0.00 - - -Total Fund Net of Fees 106,625,000 100.00 0.30 0.64 5.45RBK14-RPI+5% 0.70 1.50 7.21Excess Return -0.40 -0.86 -1.76

RPI 0.31 0.31 2.21Excess is calculated using arithmetic methodology*Fees are not represented as an Asset Class

Country Performance E.MV-NOF End Wt 1 Mo 3 Mos YTDGlobal (GBP) 106,625,000 100.00 0.30 0.64 5.08United Kingdom 0 0.00 - - -Portfolio Total 106,625,000 100.00 0.30 0.64 5.45RBK14-RPI+5% 0.70 1.50 7.21Excess Return -0.40 -0.86 -1.76Excess is calculated using arithmetic methodology


54 of 63 | Investment Risk & Analytical Services Analysis: RBK14


Category

EndingMarket value


OneMonth

ThreeMonths

Yearto Date

OneYear

ThreeYears

FiveYears

Inceptionto Date

Pyrford 106,625,000 100.00 0.30 0.64 5.45 5.45 1.81 3.41 3.63RBK14-RPI+5% 0.70 1.50 7.21 7.21 8.00 7.54 7.65Total Fund - Foreign Exchange 106,625,000 100.00 0.30 0.64 5.08 5.08 1.33 2.90 3.13RBK14-RPI+5% 0.70 1.50 7.21 7.21 8.00 7.54 7.65Absolute Return 106,625,000 100.00 0.30 0.64 5.08 5.08 1.33 2.90 3.13Global (GBP) 106,625,000 100.00 0.30 0.64 5.08 5.08 1.33 2.90 3.13






Asset Class End MV End Wt 1 Mo 3 Mos YTD 1 Yr 3 Yrs 5 Yrs ITDOther Assets 106,625,000 100.00 0.30 0.64 5.08 5.08 1.33 2.90 3.13Cash & Short Term Deriv. 0 0.00Pending Cash 0 0.00 - - - - - - -Total Fund Net of Fees 106,625,000 100.00 0.30 0.64 5.45 5.45 1.81 3.41 3.63RBK14-RPI+5% 0.70 1.50 7.21 7.21 8.00 7.54 7.65Excess Return -0.40 -0.86 -1.76 -1.76 -6.19 -4.13 -4.01


December 31, 2019

Total Cash

S E C T I O N 14

Total Cash


N O R T H E R N T R U S T Total Cash December 31, 2019




EndingMarket Value

GOF GBP Actual Weight Target Weight Cash EquityTotal Fund - Foreign

Exchange - WorldTotal Cash 182,978 100.00 182,828 150 182,978Total Cash Percent 99.92 0.08 100.00*Market Values are represented in thousands.*Underlying assets of the fund have been included in the market value and allocation.

N O R T H E R N T R U S T Total Cash December 31, 2019

58 of 63 | Investment Risk & Analytical Services Analysis: Total Cash


Category

EndingMarket value


TargetWeight

OneMonth

ThreeMonths

Yearto Date

OneYear

ThreeYears

FiveYears

Inceptionto Date

Total Cash 182,978,416 100.00 0.00 0.04 0.11 0.81 0.81 0.48 0.42 1.04Total Fund - Foreign Exchange 182,978,416 100.00 0.00 0.04 0.11 0.81 0.81 0.53 0.73 2.53Equity 150,000 0.08 0.00 0.00 0.00 0.00 0.00 0.00 - -Common Stock 150,000 0.08 0.00 0.00 0.00 0.00 0.00 0.00 - -

Cash & Short Term Deriv. 182,828,416 99.92 0.00 0.04 0.11 0.82 0.82 0.54 0.73 0.75

December 31, 2019

RBKC Client Cash Account

S E C T I O N 15

RBKC Client Cash Account


N O R T H E R N T R U S T RBKC Client Cash Account December 31, 2019



N O R T H E R N T R U S T RBKC Client Cash Account December 31, 2019



1 MoBeginning Market Value 2,438Net Contribution 440Income 3Fees 0Appreciation -60Ending Market Value 2,820


Asset Class End MV End Wt 1 Mo 3 Mos YTD 1 Yr 3 Yrs 5 Yrs ITDEquity 150,000 5.32 0.00 0.00 0.00 0.00 0.00

Common Stock 150,000 5.32 0.00 0.00 0.00 0.00 0.00 Cash & Short Term Deriv. 2,669,932 94.68 -3.08 -6.56 -2.66 -2.66 -0.24 1.52 Pending Cash 0 0.00 - - - - - - -Total Fund Net of Fees 2,819,932 100.00 -2.85 -6.18 -2.54 -2.54 -2.03 0.35 0.21*Fees are not represented as an Asset Class

December 31, 2019

Appendix

S E C T I O N 16

Appendix




Disclaimer(s)

The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc.("MSCI") and Standard & Poor's, a division of The McGraw-Hill Companies, Inc.("S&P") and is licensed for use by The Northern Trust Corporation and its wholly owned subsidiaries. Neither MSCI, S&P, nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

The Dow Jones Wilshire Indexes are calculated, distributed and marketed by Dow Jones & Company, Inc. pursuant to an agreement between Dow Jones and Wilshire and have been licensed for use. All content of the Dow Jones Wilshire Indexes © 2005 Dow Jones & Company, Inc. & Wilshire Associates Incorporated.

Standard and Poor's including its subsidiary corporations ("S&P") is a division of the McGraw-Hill Companies, Inc. Reproduction of S&P Index Alerts in any form is prohibited except with the prior written permission of S&P. Because of the possibility of human or mechanical error by S&P sources, S&P or others, S&P does not guarantee the accuracy, adequacy, completeness or availability of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. S&P gives not express or implied warranties, including, but not limited to, any warranties or merchantability or fitness for a particular purpose or use. In no event shall S&P be liable for any indirect, special or consequential damages in connection with subscriber's or others' use of S&P Index Alerts.

All MSCI equity characteristic results except for Dividend Yield, Price to Book Value, Price to Cash Earnings and Price Earnings Ratio were calculated by The Northern Trust Company.

FTSE ® is a trade mark of London Stock Exchange Plc and The Financial Times Limited and is used by FTSE under license. All rights in the FTSE Indices vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE Indices or underlying data.

The Merrill Lynch Indices are used with permission. Copyright 2007, Merrill Lynch, Pierce, Fenner & Smith Incorporated. All rights reserved. The Merrill Lynch Indices may not be copied, used, or distributed without Merrill Lynch's prior written approval.

The Citi Index data is provided to you on an "AS IS" basis and you agree that use of the index data is at your sole risk. Citi Index makes no representations or warranties, express or implied, to you or any other person or entity, including without limitation any warranty of merchantability, originality, suitability or fitness for a particular purpose of the index data or any other matter and no warranty is given that the index data will conform to any description thereof or be free of omissions, errors, interruptions or defects. 4. In no event shall Citi Index be liable to you or any other person or entity for any direct, incidental, indirect, special or consequential damages (including, without limitation,

lost profits or revenues, loss of data, loss of use or claims of third parties), arising out of or in any manner in connection with your use of (or inability to use) the index data, whether or not you have been advised of, or otherwise might have anticipated the possibility of, such damages. Without limitation on the foregoing, you acknowledge that the index data may be incomplete or condensed, is for information purposes only and is not intended as, and shall not be construed to be, an offer or solicitation with respect to the purchase or sale of any security. All opinions and estimates provided constitute judgments as of their respective dates and are subject to change without notice. Such data, information, opinions and estimates are furnished as part of a general service, without regard to your particular circumstances, and Citi Index shall not be liable for any damages in connection therewith. Citi Index is not undertaking to manage money or act as a fiduciary with respect to your accounts or any of your managed or fiduciary accounts and you acknowledge and agree that the index data does not and shall not serve as the primary basis for any investment decisions made with respect to such accounts.

iShares® and BlackRock® are registered trademarks of BlackRock, Inc. and its affiliates ("BlackRock") and are used under license. BlackRock has licensed certain trademarks and trade names of BlackRock to The Northern Trust Company. The Northern Trust Company's products and services are not sponsored, endorsed, sold, or promoted by BlackRock, and BlackRock makes no representations or warranties related to such products or services either to The Northern Trust Company or any other person or entity, including but not limited to the advisability of investing in the products of The Northern Trust Company. BlackRock has no obligation or liability in connection with the operation, marketing, trading or sale of the products or services from The Northern Trust Company.

Please note that this report has been prepared using best available data. This report may also contain information provided by third parties, derived by third parties or derived from third party data and/or data that may have been categorized or otherwise reported based upon client direction - Northern Trust assumes no responsibility for the accuracy, timeliness or completeness of any such information. If you have questions regarding third party data or direction as it relates to this report, please contact your Northern Trust relationship team.

INVESTMENT ADVICE NOTICE: The data and analysis contained in this report is for informational purposes only. In providing the information contained herein, The Northern Trust Company is not undertaking to provide “investment advice” or to give advice in a fiduciary capacity for purposes of the Employee Retirement Income Security Act of 1974, as amended. Nothing in this report is intended as, or should be understood as, a recommendation to hire, retain, or terminate an investment manager or engage in any purchase or sale transaction with such a manager or any fund that it manages. The Northern Trust Company and/or its affiliates may have business relationships with one or more investment managers or funds for included in this report, and may receive compensation for providing custody, administration, banking, brokerage, foreign exchange or other services to such investment managers or funds. The Northern Trust Company and its affiliates shall have no responsibility for the consequences of investment decisions made in reliance on information contained in this report.

RB of Kensington and Chelsea - RBKC

Documents

Transcript of RB of Kensington and Chelsea - RBKC