Current Market Exposure

US range accrual
Maturity	6 years
Indices	A leading benchmark US equity index and a mid cap US equity index
Start level	The closing level of the indices on 20 November 2017.
Capital at risk	Should the level of the lower performing index drop by 40% or more from its start level at the close of business on 20 November 2023 (the final level), the fund will lose money and the amount lost will be at least 40% of the amount invested by the fund in this pay-off (due to the nature of the capital protection barrier). The amount of money the fund would lose would be the percentage by which the final level of the index is below its start level. For example, if the index has fallen by 70%, the fund would lose 70% of the money invested in this structured product. In an extreme scenario, if the index is at zero, all the money invested by the fund in this pay-off would be lost.
Return	2.04% per quarter accrued daily provided both indices are within the coupon barrier, as below.
Call feature	If at the close of business on 20 November 2019 the official close of both indices is within the autocall barrier, as below, the structured product will pay the accrued coupon and terminate. Otherwise, the structured product continues and the call feature is observed annually thereafter.
Coupon barrier	85% - 115% of the Start Levels
Autocall barrier	100–115% of the start levels, decreasing by 5% per annum for the lower autocall barrier only.

Basic resources & Australia defensive autocall
Maturity	6 years
Index	A leading basic resources equity index and a leading Australia equity index.
Start levels	The closing level of the indices on 18 January 2018.
Capital at risk	Should the level of the lower performing index drop by 40% or more from its start level at the close of business on 18 January 2024 (the final level), the fund will lose money and the amount lost will be at least 40% of the amount invested by the fund in this pay-off (due to the nature of the capital protection barrier). The amount of money the fund would lose would be the percentage by which the final level of the lower performing index is below its start level. For example, if the lower performing index has fallen by 70%, the fund would lose 70% of the money invested in this structured product. In an extreme scenario, if the lower performing index is at zero, all the money invested by the fund in this pay-off would be lost.
Autocall feature	If the lower performing index is at or above its autocall level on 18 January 2019, the fund will receive the return for that quarter and the pay-off will terminate. The pay-off can autocall every quarter after 18 January 2019 if the lower performing index is at or above its autocall level.
Autocall level (expressed as a percentage of Start Level)	100% of the start level for both indices.
Coupon barrier	75% of the index start levels.
Return	2.11% per quarter if both indices are above the coupon barrier, as above, on the quarterly observation dates.

Hong Kong & Europe defensive autocall
Maturity	6 years
Indices	A leading Hong Kong equity index and a leading European equity index.
Start levels	The closing level of the indices on 19 January 2018.
Capital at risk	Should the level of the lower performing index drop by 40% or more from its start level at the close of business on 19 January 2024 (the final level), the fund will lose money and the amount lost will be at least 40% of the amount invested by the fund in this pay-off (due to the nature of the capital protection barrier). The amount of money the fund would lose would be the percentage by which the final level of the lower performing index is below its start level. For example, if the lower performing index has fallen by 70%, the fund would lose 70% of the money invested in this structured product. In an extreme scenario, if the lower performing index is at zero, all the money invested by the fund in this pay-off would be lost.
Autocall feature	If the lower performing index is at or above its autocall level on the anniversary dates below, the fund will receive the return for that year and the structured product will terminate. Otherwise, the structured product continues up to a maximum 6-year maturity.
Autocall level (expressed as a percentage of Start Level)	Year 1: 100% Year 2: 95% Year 3: 90% Year 4: 85% Year 5: 80% Year 6: 75%
Return	Year 1: 9% Year 2: 18% Year 3: 27% Year 4: 36% Year 5: 45% Year 6: 54%

UK & Hong Kong defensive autocall
Maturity	6 years
Indices	A leading UK Equity Index and a leading Hong Kong Equity Index
Start Levels	The closing level of the Indices on 4 May 2018
Capital at risk	Should the level of the lower performing index drop by 40% or more from its start level at the close of business on 7 May 2024 (the final level), the fund will lose money and the amount lost will be at least 40% of the amount invested by the fund in this pay-off (due to the nature of the capital protection barrier). The amount of money the fund would lose would be the percentage by which the final level of the lower performing index is below its start level. For example, if the lower performing index has fallen by 70%, the fund would lose 70% of the money invested in this structured product. In an extreme scenario, if the lower performing index is at zero, all the money invested by the fund in this pay-off would be lost.
Autocall feature	If the lower performing index is at or above its autocall level on the anniversary dates below, the fund will receive the return for that year and the structured product will terminate. Otherwise, the structured product continues up to a maximum 6-year maturity.
Autocall level ( expressed as a percentage of Start Level )	Year 1: 100% Year 2: 95.65% Year 3: 91.3% Year 4: 86.95% Year 5: 82.6% Year 6: 78.25%
Return	Year 1: 8.9% Year 2: 17.8% Year 3: 26.7% Year 4: 35.6% Year 5: 44.5% Year 6: 53.4%

Japan & Australia defensive autocall
Maturity	6 years
Indices	A leading Japan equity index and a leading Australia equity index
Start Levels	The closing level of the indices on 4 July 2018
Capital at risk	Should the level of the lower performing index drop by 40% or more from its start level at the close of business on 4 July 2024 (the final level), the fund will lose money and the amount lost will be at least 40% of the amount invested by the fund in this pay-off (due to the nature of the capital protection barrier). The amount of money the fund would lose would be the percentage by which the final level of the lower performing index is below its start level. For example, if the lower performing index has fallen by 70%, the fund would lose 70% of the money invested in this structured product. In an extreme scenario, if the lower performing index is at zero, all the money invested by the fund in this pay-off would be lost.
Autocall feature	If the lower performing index is at or above its autocall level on the anniversary dates below, the fund will receive the return for that year and the structured product will terminate. Otherwise, the structured product continues up to a maximum 6-year maturity.
Autocall level (expressed as a percentage of start level)	Year 1: 100% Year 2: 96.8% Year 3: 93.6% Year 4: 90.4% Year 5: 87.2% Year 6: 84.0%
Return	Year 1: 8% Year 2: 16% Year 3: 24% Year 4: 32% Year 5: 40% Year 6: 48%

European basic resources & US defensive autocall
Maturity	6 years
Indices	A leading European Basic Resources equity index and a leading US equity index.
Start Levels	The closing level of the indices on 27 July 2018.
Capital at risk	Should the level of the lower performing index drop by 40% or more from its start level at the close of business on 29 July 2024 (the final level), the fund will lose money and the amount lost will be at least 40% of the amount invested by the fund in this pay-off (due to the nature of the capital protection barrier). The amount of money the fund would lose would be the percentage by which the final level of the lower performing index is below its start level. For example, if the lower performing index has fallen by 70%, the fund would lose 70% of the money invested in this structured product. In an extreme scenario, if the lower performing index is at zero, all the money invested by the fund in this pay-off would be lost.
Autocall feature	If the lower performing index is at or above its autocall level on the first anniversary of the start of the trade, the fund will receive the return for that quarter and the pay-off will terminate. The pay-off can autocall every quarter after the first anniversary if the lower performing index is at or above its autocall level.
Autocall level (expressed as a percentage of start level)	100% of the start level for both indices.
Coupon barrier	70% of the index start levels.
Return	2.25% per quarter if both indices are above the coupon barrier, as above, on the quarterly observation dates.

US & Europe defensive autocall
Maturity	5 years
Indices	A leading US equity index and a leading European equity index.
Start Levels	The closing level of the indices on 2 August 2018.
Capital at risk	Should the level of the lower performing index drop by 40% or more from its start level at the close of business on 2 August 2023 (the final level), the fund will lose money and the amount lost will be at least 40% of the amount invested by the fund in this pay-off (due to the nature of the capital protection barrier). The amount of money the fund would lose would be the percentage by which the final level of the lower performing index is below its start level. For example, if the lower performing index has fallen by 70%, the fund would lose 70% of the money invested in this structured product. In an extreme scenario, if the lower performing index is at zero, all the money invested by the fund in this pay-off would be lost.
Autocall feature	If the lower performing index is at or above its autocall level on the anniversary dates below, the fund will receive the return for that year and the structured product will terminate. Otherwise, the structured product continues up to a maximum 5-year maturity.
Autocall level (expressed as a percentage of start level)	Year 1: 100% Year 2: 95.69% Year 3: 93.38% Year 4: 87.07% Year 5: 82.76%
Return	Year 1: 8% Year 2: 16% Year 3: 24% Year 4: 32% Year 5: 40%

US & Japan defensive autocall
Maturity	6 years
Indices	A leading US equity index and a leading Japan equity index.
Start Levels	The closing level of the indices on 12 April 2019.
Capital at risk	Should the level of the lower performing index drop by 40% or more from its start level at the close of business on 14 April 2025 (the final level), the fund will lose money and the amount lost will be at least 40% of the amount invested by the fund in this pay-off (due to the nature of the capital protection barrier). The amount of money the fund would lose would be the percentage by which the final level of the lower performing index is below its start level. For example, if the lower performing index has fallen by 70%, the fund would lose 70% of the money invested in this structured product. In an extreme scenario, if the lower performing index is at zero, all the money invested by the fund in this pay-off would be lost.
Autocall feature	If the lower performing index is at or above its autocall level on the anniversary dates below, the fund will receive the return for that year and the structured product will terminate. Otherwise, the structured product continues up to a maximum 6-year maturity.
Autocall level (expressed as a percentage of start level)	Year 1: 100% Year 2: 96.35% Year 3: 92.70% Year 4: 89.05% Year 5: 85.40% Year 6: 81.75%
Return	Year 1: 7.5% Year 2: 15.0% Year 3: 22.5% Year 4: 30.0% Year 5: 37.5% Year 6: 45.0%

UK & US defensive autocall
Maturity	6 years
Indices	A leading UK equity index and a US equity index.
Start Levels	The closing level of the indices on 31 May 2019.
Capital at risk	Should the level of the lower performing index drop by 40% or more from its start level at the close of business on 2 June 2025 (the final level), the fund will lose money and the amount lost will be at least 40% of the amount invested by the fund in this pay-off (due to the nature of the capital protection barrier). The amount of money the fund would lose would be the percentage by which the final level of the lower performing index is below its start level. For example, if the lower performing index has fallen by 70%, the fund would lose 70% of the money invested in this structured product. In an extreme scenario, if the lower performing index is at zero, all the money invested by the fund in this pay-off would be lost.
Autocall feature	If the lower performing index is at or above its autocall level on the anniversary dates below, the fund will receive the return for that year and the structured product will terminate. Otherwise, the structured product continues up to a maximum 6-year maturity.
Autocall level (expressed as a percentage of start level)	Year 1: 100% Year 2: 97.25% Year 3: 94.50% Year 4: 91.75% Year 5: 89.00% Year 6: 86.25%
Return	Year 1: 8.62% Year 2: 17.24% Year 3: 25.86% Year 4: 34.48% Year 5: 43.10% Year 6: 51.72%

UK & Australia defensive autocall
Maturity	6 years
Indices	A leading UK equity index and a leading Australia equity index.
Start Levels	The closing level of the indices on 11 November 2019.
Capital at risk	Should the level of the lower performing index drop by 40% or more from its start level at the close of business on 12 November 2025 (the final level), the fund will lose money and the amount lost will be at least 40% of the amount invested by the fund in this pay-off (due to the nature of the capital protection barrier). The amount of money the fund would lose would be the percentage by which the final level of the lower performing index is below its start level. For example, if the lower performing index has fallen by 70%, the fund would lose 70% of the money invested in this structured product. In an extreme scenario, if the lower performing index is at zero, all the money invested by the fund in this pay-off would be lost.
Autocall feature	If the lower performing index is at or above its autocall level on the anniversary dates below, the fund will receive the return for that year and the structured product will terminate. Otherwise, the structured product continues up to a maximum 6-year maturity.
Autocall level (expressed as a percentage of start level)	Year 1: 95% Year 2: 92% Year 3: 89% Year 4: 86% Year 5: 83% Year 6: 80%
Return	Year 1: 7.85% Year 2: 15.70% Year 3: 23.55% Year 4: 31.40% Year 5: 39.25% Year 6: 47.10%

Japan & US defensive autocall
Maturity	6 years
Indices	A leading Japan equity index and a mid-cap US equity index.
Start Levels	The closing level of the indices on 4 December 2019.
Capital at risk	Should the level of the lower performing index drop by 40% or more from its start level at the close of business on 5 December 2025 (the final level), the fund will lose money and the amount lost will be at least 40% of the amount invested by the fund in this pay-off (due to the nature of the capital protection barrier). The amount of money the fund would lose would be the percentage by which the final level of the lower performing index is below its start level. For example, if the lower performing index has fallen by 70%, the fund would lose 70% of the money invested in this structured product. In an extreme scenario, if the lower performing index is at zero, all the money invested by the fund in this pay-off would be lost.
Autocall feature	If the lower performing index is at or above its autocall level on the anniversary dates below, the fund will receive the return for that year and the structured product will terminate. Otherwise, the structured product continues up to a maximum 6-year maturity.
Autocall level (expressed as a percentage of start level)	Year 1: 100% Year 2: 96.85% Year 3: 93.70% Year 4: 90.55% Year 5: 87.40% Year 6: 84.25%
Return	Year 1: 7.5% Year 2: 15.0% Year 3: 22.5% Year 4: 30.0% Year 5: 37.5% Year 6: 45.0%

UK & Europe defensive autocall
Maturity	6 years
Indices	A leading UK equity index and a leading European equity index.
Start Levels	The closing level of the indices on 7 January 2020.
Capital at risk	Should the level of the lower performing index drop by 40% or more from its start level at the close of business on 7 January 2026 (the final level), the fund will lose money and the amount lost will be at least 40% of the amount invested by the fund in this pay-off (due to the nature of the capital protection barrier). The amount of money the fund would lose would be the percentage by which the final level of the lower performing index is below its start level. For example, if the lower performing index has fallen by 70%, the fund would lose 70% of the money invested in this structured product. In an extreme scenario, if the lower performing index is at zero, all the money invested by the fund in this pay-off would be lost.
Autocall feature	If the lower performing index is at or above its autocall level on the anniversary dates below, the fund will receive the return for that year and the structured product will terminate. Otherwise, the structured product continues up to a maximum 6-year maturity.
Autocall level (expressed as a percentage of start level)	Year 1: 100% Year 2: 96% Year 3: 92% Year 4: 88% Year 5: 84% Year 6: 80%
Return	Year 1: 7.79% Year 2: 15.58% Year 3: 23.37% Year 4: 31.16% Year 5: 38.95% Year 6: 46.74%

UK & Australia defensive autocall
Maturity	6 years
Indices	A leading UK equity index and a leading Australia equity index.
Start Levels	The closing level of the indices on 24 February 2020.
Capital at risk	Should the level of the lower performing index drop by 40% or more from its start level at the close of business on 24 February 2026 (the final level), the fund will lose money and the amount lost will be at least 40% of the amount invested by the fund in this pay-off (due to the nature of the capital protection barrier). The amount of money the fund would lose would be the percentage by which the final level of the lower performing index is below its start level. For example, if the lower performing index has fallen by 70%, the fund would lose 70% of the money invested in this structured product. In an extreme scenario, if the lower performing index is at zero, all the money invested by the fund in this pay-off would be lost.
Autocall feature	If the lower performing index is at or above its autocall level on the anniversary dates below, the fund will receive the return for that year and the structured product will terminate. Otherwise, the structured product continues up to a maximum 6-year maturity.
Autocall level (expressed as a percentage of start level)	Year 1: 100% Year 2: 95.75% Year 3: 91.50% Year 4: 87.25% Year 5: 83.00% Year 6: 78.75%
Return	Year 1: 7.5% Year 2: 15.0% Year 3: 22.5% Year 4: 30.0% Year 5: 37.5% Year 6: 45.0%

Europe & US defensive autocall
Maturity	6 years
Indices	A leading European equity index and a US mid cap equity index.
Start Levels	The closing level of the indices on 28 February 2020.
Capital at risk	Should the level of the lower performing index drop by 40% or more from its start level at the close of business on 2 March 2026 (the final level), the fund will lose money and the amount lost will be at least 40% of the amount invested by the fund in this pay-off (due to the nature of the capital protection barrier). The amount of money the fund would lose would be the percentage by which the final level of the lower performing index is below its start level. For example, if the lower performing index has fallen by 70%, the fund would lose 70% of the money invested in this structured product. In an extreme scenario, if the lower performing index is at zero, all the money invested by the fund in this pay-off would be lost.
Autocall feature	If the lower performing index is at or above its autocall level on the anniversary dates below, the fund will receive the return for that year and the structured product will terminate. Otherwise, the structured product continues up to a maximum 6-year maturity.
Autocall level (expressed as a percentage of start level)	Year 1: 100% Year 2: 94.95% Year 3: 89.90% Year 4: 84.85% Year 5: 79.80% Year 6: 74.75%
Return	Year 1: 7.75% Year 2: 15.50% Year 3: 23.25% Year 4: 31.00% Year 5: 38.75% Year 6: 46.50%

Disclaimer: A Key Investor Information Document, Supplementary Information Document and an English language prospectus for the Structured Product Fund are available via the Mattioli Woods website or on request, and potential investors should consult these documents before purchasing shares in the fund. The value of investments and the income from them can go down as well as up, and you may not get back the amount invested. Past performance is not a guide to future returns. This financial promotion is intended for UK residents only and is communicated by Mattioli Woods plc, which is authorised and regulated by the Financial Conduct Authority.

The information above is based on Mattioli Woods’ current expectations and is subject to change without notice.

Below are structured products the fund is currently invested in