Royal London Diversified Asset-Backed Credit Fund

The Fund aims to achieve a positive absolute return in excess of the Bank of England Sterling Overnight Interbank Average ("SONIA") by 2% per annum over rolling 3-year periods, before the deduction of charges. Notwithstanding that the Fund aims to deliver a positive absolute return over rolling 3-year periods, any capital invested is, in fact, at risk and there is no guarantee that a positive absolute return is generated over such specified period, or over any period. The target benchmark is the Bank of England Sterling Overnight Interbank Average ("SONIA") plus 2% (the "Index"). The Index has been selected as a target benchmark as it is consistent with how the Fund is managed in seeking to provide a "cash plus" performance outcome.