Marlborough Balanced Cell May 2018

1 Marlborough Balanced Cell May 2018. Investment Objective Portfolio The investment objective of the Marlborough Balanced Cell is to Fund Holdings Allocation achieve capital growth in medium risk areas. The cell is a feeder fund and will aim to achieve its objective by investing in those Marlborough US Multi-Cap Income Marlborough Master Funds predominately investing in UK and Marlborough European Multi-Cap International equities with some investment into those Marlborough Marlborough Multi-Cap Income Master Funds which hold Bonds. Marlborough UK Multi-Cap Growth Investment Adviser Marlborough Special Situations The fund is managed by Marlborough 's highly experienced Fund of Marlborough Far East Growth Funds team comprising of Nicholas Cooling, Gurjit Soggi, Rajesh Marlborough Global Manon and Sarah Todino.

2 The team collectively has 76 years' Marlborough Bond Income experience and is supported by two dealers and an assistant. Marlborough Global Bond Performance Marlborough High Yield Fixed Interest Cash Top 10 Underlying Holdings %. Microsoft Corp Com Stk Us Jp Morgan Chase & Co Com Bank Of America Corp Com Kar Auction Services Inc Apple Inc Com Stk Npv Artemis US Extended Alpha Mastercard Inc Old Mutual North American Acc Blackrock Inc Npv A Broadridge Financial Sol Asset Allocation 1 year 3 years 5 years Marlborough Balanced % ARC Sterling Steady Growth PCI % GIFS GBP Aggressive Allocation % All performance data as at 30/04/2018. Source: Morningstar, bid-bid, GBP, pre-tax. Portfolios rebalanced on a quarterly basis. Past performance up to and including 30/06/2016 is simulated Initial: , Annual Management Charge: , Charges: based on the actual performance of the underlying Master plus underlying unit trust fee: funds, including estimated annual management charges, audit, GBP Sedol: BYT1FN9, ISIN: GG00 BYT1FN93.

3 Transaction and custodian fees. Past performance is not a Identification reliable indicator of future performance. Codes (A Class EUR Sedol: BYT1FQ2, ISIN: GG00 BYT1FQ25. Shares): USD Sedol: BYT1FP1, ISIN: GG00 BYT1FP18. This information is for Financial Advisers only and should not be relied upon by Retail Investors. The Fund of Fund Cells referred to are cells of Marlborough International PCC Limited (the Company'), a protected cell company incorporated in Guernsey and authorised as a Class B Collective Investment Scheme under the terms of the Protection of Investors (Bailiwick of Guernsey) law, 1987, as amended. Investment may only be made on the basis of the current Prospectus. The following is a summary only of some key items in the Prospectus which is available from Marlborough International Management Limited on request or via Investors in Protected Cell Company (PCC) must have the financial expertise and willingness to accept the risks inherent in this investment.

4 These risks include inter alia, the fact that neither the past performance nor operating history of the Company is a guarantee of future performance. It should be appreciated that the value of Shares is not guaranteed and may go down as well as up and that investors may not receive, on redemption of their Shares, the amount that they originally invested. Investors should consult their professional advisers about the consequences to them, and inform themselves of the legal requirements for, acquiring, holding, exchanging redeeming or disposing of Shares under the relevant laws of the jurisdictions to which they are subject, including any tax consequences, exchange control requirements, requisite governmental or other consents and any other formalities. If you are in any doubt about the action you should take, you should consult a suitably qualified and licensed or authorised professional adviser who specialises in advising on the acquisition of shares and other securities.

5 Investment in the Company should only be undertaken as part of a diversified investment portfolio. Investment in the Shares should be viewed as a medium term investment. Shares may not be redeemed otherwise than on any Dealing Day. The Shares of the Company are not listed on any stock exchange and it is not anticipated that there will be any secondary market in the Shares. The Company's underlying investments may include emerging market, smaller company and commodity funds which may be higher risk than other asset classes. The Company may invest in fixed interest funds which will be impacted by changes in interest rates. Changes in exchange rates may affect the value of the Company's underlying investments. Data accurate as at 30/04/2018. Market Commentary - Q2 2018.

6 The volatility seen in January and February continued into March as equity markets fell in response to a range of potential risks. Equity valuations continue to be above their long-run averages in the Anglo-Saxon economies, and the ongoing debate around trade tariffs between the US and China is adding to short-term uncertainty in the market. We are using this uncertainty to find attractive entry points for new opportunities and to add to existing holdings, especially in the small cap sector of the market. In the UK there are reasons to be more bullish than perhaps elsewhere in the West: inflation could be about to abate, the pound has been stronger recently against a basket of currencies and with wage growth increasing, the UK consumer should be better off. Elsewhere, the tone of Asian markets has grown somewhat chillier since the start of the year, despite the strength underlying the global economy.

7 However, Asian consumers remain strong, and valuations are significantly cheaper than those of the MSCI World Index and most major regions. In the US, volatility has increased significantly, and there have been twice as many 1% moves (up or down) in the S&P 500 Index over the last two months than there were in the prior 12 months combined. Rising inflation and tightening monetary policy weighed heavily on bond markets, particularly higher yielding corporates which also suffered from trade-war fallout. Surprisingly the US dollar has not strengthened as might have been anticipated in times when their interest rates are rising and those in other developed economies are not. US dollar bonds are therefore cheaper than elsewhere but there is a cost where such bonds are hedged into other currencies because the terms of such hedging depend on relative interest rates.

8 The Fund of Funds range has stood up to these challenges remarkably well. The typical Balanced fund (as measured by the Offshore Mutual Mixed Asset Balanced Sector) fell by in the quarter, while Marlborough Balanced eased by International Equity sector lost while Marlborough Adventurous was Marlborough Cautious however was impacted a little more than average due to its weighting in high yield bonds, easing by versus for the sector. Despite the geopolitical turmoil that has defined market conditions thus far in 2018, we continue to believe our asset allocation approach delivers more predictable relative portfolio volatility, with significant excess returns for our investors given the long- term record of achievement of the underlying managers of our funds, and in all market conditions.

9 Marlborough International Management Ltd - April 2018. This information is for Financial Advisers only and should not be relied upon by Retail Investors. The Fund of Fund Cells referred to are cells of Marlborough International PCC Limited (the Company'), a protected cell company incorporated in Guernsey and authorised as a Class B Collective Investment Scheme under the terms of the Protection of Investors (Bailiwick of Guernsey) law, 1987, as amended. Investment may only be made on the basis of the current Prospectus. The following is a summary only of some key items in the Prospectus which is available from Marlborough International Management Limited on request or via Investors in Protected Cell Company (PCC) must have the financial expertise and willingness to accept the risks inherent in this investment.

10 These risks include inter alia, the fact that neither the past performance nor operating history of the Company is a guarantee of future performance. It should be appreciated that the value of Shares is not guaranteed and may go down as well as up and that investors may not receive, on redemption of their Shares, the amount that they originally invested. Investors should consult their professional advisers about the consequences to them, and inform themselves of the legal requirements for, acquiring, holding, exchanging redeeming or disposing of Shares under the relevant laws of the jurisdictions to which they are subject, including any tax consequences, exchange control requirements, requisite governmental or other consents and any other formalities. If you are in any doubt about the action you should take, you should consult a suitably qualified and licensed or authorised professional adviser who specialises in advising on the acquisition of shares and other securities.