To us there are no foreign markets.TM

Sector Geographical

Healthcare 14%Oil & Gas 7%Consumer Services 10%Consumer Goods 25%Financials 14%Basic materials 3%Technology 21%Cash 6%

North America 43%UK 19%Europe 24%Asia/Pacific 8%Cash 6%

Sector Geographical

Healthcare 14%Oil & Gas 7%Consumer Services 10%Consumer Goods 25%Financials 14%Basic materials 3%Technology 21%Cash 6%

North America 43%UK 19%Europe 24%Asia/Pacific 8%Cash 6%

Top 5 Performers (US$)JP MORGAN CHASE & CO

OMNICOM GROUP INC

LAS VEGAS SANDS CORP

YOKOHAMA RUBBER CO LTD

LLOYDS BANKING GROUP PLC

Top 5 Underperformers (US$)ABERDEEN ASSET MANAGEMENT PLC

MICHAEL KORS HOLDINGS LTD

ANHEUSER-NUSCH INBEV SA

PROCTER & GAMBLE CO

SAP SE

Current Positioning

Source: Canaccord Genuity Wealth Management. Data as at 30.11.2016 for the period 31.01.2016 - 30.11.2016. Data relates to the hypothetical model on which portfolios are based. Actual performance may vary. Information is intended as a guide only, please refer to your online account for details of your personal portfolio.

November 2016

Global Equity Portfolio

William LamondPortfolio Manager

William is a senior investment manager within the Discretionary Management Team, specialising in managing

traditional portfolios for both private and institutional clients. He is a member of the Global, European and US Stock Selection Committees. He is also the Oil & Gas, Telecoms and Travel & Leisure sector specialist within the UK Stock Selection Committee. William began his career at Collins Stewart Fund Management in 2002 working as an equity analyst and back up fund manager for the European Funds. He holds the PCIAM Diploma, Investment Managers Certificate and is a Chartered Member of the CISI.

Investment PolicyThe Global Equity Portfolio is a high conviction, bottom up, focused direct equity offering. The Portfolio gives investors the opportunity to benefit from the unique blend of quantitative analysis provided by Quest® – Canaccord Genuity’s proprietary company evaluation service – and the qualitative expertise of Canaccord Genuity Wealth Management’s senior investment managers and analysts. Quest® provides the foundation for a rigorous and impartial investment process to which our experienced investment team adds a qualitative overlay of in-depth stock specific analysis. These portfolios provide clients with exposure to global equity markets using direct stocks rather than collective investments schemes. The Global Equity Portfolio seeks to identify companies throughout the world that have the potential to deliver attractive returns on your investment, with a focus on developed regions. For more information regarding this service please refer to the Global Equity Portfolio sales aid which is available from your investment manager.

Risk Profile 5Suitable for investors who are able to tolerate occasional material falls in the value of their assets, as a trade-off for a much greater potential return. Typically this would characterise an investment portfolio with an exposure of up to 100% in equities. Over a complete investment cycle (i.e. seven to ten years in duration), we would expect such a portfolio to deliver returns very comfortably over inflation, but with fluctuations around the trend of between -21% and +40%. However, there have been periods when such fluctuations have been much larger. In 2008, such a portfolio would have lost around 40% of its value when measuring that change from peak to trough.

This service is designed for clients who have a tolerant attitude to risk. This investment may not be suitable for all investors. Investors should make their own investment decisions based upon their own financial objectives and financial resources and should discuss the suitability with a financial adviser.

Past performance is not a guide to future performance. The value of investments and any income from them can go down as well as up and you may not get back the amount originally invested.

The Global Equity Portfolio invests in global equities using US dollars as a base currency. Returns may differ significantly when converted to other currencies at the prevailing exchange rates.

Richard ChampionPortfolio Manager

Richard is Canaccord Genuity Wealth Management’s Deputy Chief Investment Officer, based in our

London office. He is a member of the Asset Allocation and Portfolio Construction committees, as well as sitting on the UK, European, US and Global Stock Selection Committees. Richard joined Canaccord Genuity Wealth Management in June 2015. Prior to this he was Chief Investment Officer at Sanlam Private Wealth, and has extensive experience running global, European and UK equity portfolios, as well as managing money for high net worth clients. He is an Associate of the Society of Investment Professionals.

BenchmarkFTSE All World Total Return (USD)

Marc PullenSenior Analyst

Marc is a senior analyst within the Chief Investment Office, specialising in equities. He is a member of the

Global, UK, European and US Stock Selection Committees. Marc joined Canaccord Genuity in 2001 initially as part of the Quest® team. In 2006 Marc helped establish the Canaccord Genuity Swiss office as an institutional stockbroker, relocating to Jersey in 2014. He holds a BSc in Business Administration with a major in Economics from Clarion University of Pennsylvania.

Simon McGarry Senior Analyst

Simon is responsible for equity research in London. He joined Canaccord Genuity Wealth Management in 2014 having joined the

Capital Markets division in 2009. A Chartered Accountant and a Qualified Financial Adviser Simon has an MBA (with distinction) from Cass Business School, London and a BSc (with distinction) in Financial and Actuarial Mathematics from Dublin City University.

The Global Equity Portfolio Service is only available to clients who have sought advice from a financial adviser. This document is for information purposes only and is not to be construed as a solicitation or an offer to purchase or sell investments or related financial instruments. This document has no regard for the specific investment objectives, financial situation or needs of any specific entity. Investment involves risk. The investments discussed in this document may not be suitable for all investors. Investors should make their own investment decisions based upon their own financial objectives and financial resources and Investors should note that actual portfolio returns may be different to the returns of the model portfolio. Levels and bases for taxation may change. Canaccord Genuity Wealth Limited is authorised and regulated by the Financial Conduct Authority and is a wholly owned subsidiary of Canaccord Genuity Group Inc. Canaccord Genuity Quest® is used under licence and with permission of Canaccord Genuity Ltd. Accounts, Share Prices & Global Consensus Estimates data provided in conjunction with S&P Capital IQ © 2015; Benchmark Sector comparatives are based on the Global Industry Classification Standard (GICS®) and provided in conjunction with S&P Capital IQ © 2015 (and its affiliates, as applicable). see restrictions. Share prices are relative to the MSCI USA IMI (see restrictions) Quest® is at this stage registered in the UK and in the USA, and common law trade mark rights are asserted in other jurisdictions. CFROC, CITN and triAngle are trademarks of Canaccord Genuity Limited. We reserve the right to use an alternative valuation tool to Quest®. Canaccord Genuity Wealth Management (CGWM) is a trading name of Canaccord Genuity Wealth Limited (CGWL) and Canaccord Genuity Financial Planning Limited (CGFPL). CGWL and CGFPL are authorised and regulated by the Financial Conduct Authority. Both are wholly owned subsidiaries of Canaccord Genuity Group Inc. and have their registered office at 41 Lothbury, London, EC2R 7AE. CGWL is registered in England no. 03739694, CGFPL is registered in England no. 02762351. Canaccord Genuity Wealth Management (“CGWM”) is a trading name of Canaccord Genuity Wealth (International) Limited (‘CGWI’) which is licensed and regulated by the Guernsey Financial Services Commission, the Isle of Man Financial Services Authority and the Jersey Financial Services Commission and is a member of the London Stock Exchange and the Channel Islands Securities Exchange, CGWI is registered in Guernsey no. 22761 and is a wholly owned subsidiary of Canaccord Genuity Group Inc. Registered office: Trafalgar Court, Admiral Park, St. Peter Port, Guernsey, GY1 2JA. Please note that the offshore affiliate is not FCA regulated or authorised and does not benefit from FCA investor protection rules.

FS0013 | Global Equity Portfolio | November 2016 Factsheet

Guernsey Trafalgar Court Admiral Park, St Peter Port Guernsey, GY1 2JA

T: +44 1481 733907

Isle of Man Anglo International House Bank Hill, Douglas Isle of Man, IM1 4LN

T: +44 1624 690100

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T: +44 1534 708090

United Kingdom 41 Lothbury London, EC2R 7AE

T: +44 20 7523 4500

canaccordgenuity.com

Portfolio Manager Commentary November was dominated by the build up to the US Presidential election and the surprise that Donald Trump was elected to the White House. Unsurprisingly equity markets were also volatile over the month, with the FTSE All World Total Return (USD$) falling 1.8% in the first 4 days and then appreciating strongly (+2.7%) from the lows closing +0.8% at the end of the month. The Global Equity Portfolio Service underperformed over this period.

The underperformance of the model portfolio was very much dictated by the result of the Trump victory and subsequent comments by the President elect. Two sectors that were particularly affected by the result were technology and healthcare, in which we are overweight and equal weight respectively. The sectors that were seen to be net beneficiaries of the results were financials and industrials, in which we are underweight.

The movement in Technology stocks looks to be an overreaction by the market, as no fundamental announcements have been made by the incoming president or his aids. It would also be political suicide if Trump pursued negative legislation as the sector employs over 10% of the US workforce. Healthcare’s movement was somewhat less of a surprise as Trump indicated that he would look to maintain certain aspects of President Obama’s healthcare reforms. Although we believe these reforms will impact certain subsectors of healthcare, the market reaction has allowed us to increase our exposure to an overweight position.

Both the industrial and financial sectors performed strongly on the back of Trump making promises to increase infrastructure expenditure under the banner of ‘making America great again’ and reduce regulation on financial institutions. Obviously both these promises have a long way to go before they can come to fruition as any Presidential backed bill will have to be approved by both Houses of Congress before being enacted. Any such legislation should benefit the sectors.

In terms of stock specific news, the most noteworthy was the announcement that gambling revenues in Macau continued to strengthen in the last quarter, which were reflected in Las Vegas Sands quarterly results. On the back of this news the stock performed strongly and outperformed the benchmark by 7.5% on the month. We continue to see strong upside potential in the stock as the company is well positioned to take advantage in the improving macro environment in Macau.

Our worst performing position was Aberdeen Asset Management after disappointing quarterly results, which highlighted further deterioration in the company’s key markets, and reduction in assets under management, due to investors removing assets from actively managed funds into passive. We continue to see significant upside in the company going forward, but we are re-evaluating our investment as there could be potential further downside in the short term.

There were a few changes to the portfolio in November. The most significant was bringing Atos back to a full weighting after management announced that it was implementing a new three year operational plan that would significantly improve profitability and cash flow from the business. This materially increased our price target enabling us to reinvest the proceeds we realised back in October after a strong run in the share price. As already mentioned we increased our exposure to healthcare by increasing our positions in Becton Dickinson, Johnson & Johnson and Stryker which had been weak. We also increased our position in Procter & Gamble which had been negatively impacted by investors reducing their exposure to equities that were perceived as bond proxies and reallocating to more value orientated names.