Important Disclosures

Performance is time weighted and includes the reinvestment of dividends, interest, and other earnings. The net of fees performance of the Composite reflects the deduction of a model fee as reflected in the GIPS compliant presentation. The model fee differs from the fees charged to those client accounts included in the Composite, but its deduction does not result in performance figures that are higher than those that would have resulted if actual fees had been deducted. The gross of fees performance figures do not reflect the deduction of investment advisory fees. The client's return will be reduced by the advisory fees and any other expenses it may incur in the management of its investment advisory account which will vary according to the asset class of the investments and size of the account. In addition, an individual client’s actual returns may differ from the results shown for reasons such as the timing of investments and withdrawals.

As with any investment strategy, there is potential for profit as well as the possibility of loss. There is no assurance that the stated investment objectives will be achieved. Charts and graphs are for illustrative purposes only and should not be relied upon for investment decisions. Diversification does not ensure against loss.

This information has been developed internally and/or obtained from sources believed to be reliable. This material may contain current opinions of the manager and such opinions are subject to change without notice. AUIM is under no obligation, expressed or implied, to update the material contained herein.

The statistical information shown is based on a representative account of each strategy.  In each case, the account shown was chosen because the account with the longest track record and is considered most representative of the strategy overall. This information is provided for illustrative purposes only and no guarantee is being made that the structure or actual account holdings of any account will be the same or similar results will be achieved. Individual accounts may vary based on restrictions, substitutions, cash flows, and other factors.

The information contained in this material does not take into account any investor's investment objectives, particular needs, or financial situation. Nothing in this material constitutes investment, legal, accounting or tax advice, or a representation that any investment or strategy is suitable or appropriate to any investor. This material contains general information only on investment matters; it should not be considered a comprehensive statement on any matter and should not be relied upon as such. If there is any conflict between the enclosed information and AUIM's Form ADV, the Form ADV controls.

This material discusses certain historical asset allocation decisions that were made by the firm’s management team. These examples do not represent all of the asset allocation decisions made for the strategy or composite and the reader should not assume that all such asset allocation decisions were profitable or as profitable as the examples discussed.  There is no guarantee that, should market conditions repeat, the Investment Team would make the same or similar asset allocation decisions as those set out in the discussion, or that such decisions would be profitable or as profitable in the future.

This material may contain "forward-looking statements" based on the manager’s beliefs, as well as on a number of assumptions concerning future events, based on information currently available. These statements involve certain risks, uncertainties and assumptions which are difficult to predict. Consequently, such statements cannot be guarantees of future performance, and actual outcomes and returns may differ materially from statements set forth herein.

Recipient shall not distribute, publish, sell, license or otherwise create derivative works using any of the content of this report without the prior written consent of the relevant Aegon Asset Management US © 2018.