ADVENTUROUS

Fund Factsheet | December 2013

Pension
This document is provided for the purpose of information only. This factsheet is intended for individuals who are familiar with investment terminology. Please contact your financial adviser if you need an explanation of the terms used. This material should not be relied upon as sufficient information to support an investment decision. The portfolio data on this factsheet is updated on a quarterly basis. All performance data is as at 30 November 2013, unless otherwise stated.

SW Invesco-Perpetual High Income Pension (Series 2)

Quarterly Fund Manager Review
A total return of 1.1% by the FTSE All-Share index masked swings in stock market sentiment over the month. Share prices rose as the Syrian crisis lessened and on news that the US Federal Reserve would not be tapering or moderating its monetary stimulus package. The mood changed as the US noted that tapering could yet start the following month and following some disappointing economic data from China. The month concluded with stalemate over the US spending bill, with October set to start with a partial US government shutdown. In terms of company news, GlaxoSmithKline saw its share price fall on a report that generic competitors to Glaxos best selling asthma drug Advair could be developed more quickly than previously expected for the US market. Utility companies SSE and Centrica were negatively impacted by the 20 month utility bill price freeze proposed by Labour should they win the next general election. Rolls Royce announced new contracts with the Royal Navy and with Asia Gas Pipeline. The views, opinions and forecasts expressed in this document are those of the fund manager. Investment markets and conditions can change rapidly and as such the views expressed should not be taken as statements of fact, nor should reliance be placed on these views when making investment decisions. As at 30 September 2013 Neil Woodford

Fund Aim
The fund aims for long-term growth by investing mainly in high yielding international securities (company shares, convertible securities and fixed interest securities), although it may include other investments that the Fund Manager considers appropriate. The fund invests solely through the Invesco Perpetual High Income OEIC Fund.

Sector Weightings Basic Fund Information

Fund Launch Date Series 2 Units Launch Date Fund Size ABI Pension Sector SEDOL Code MEX Code Manager Name Manager Since 19 Sep 2001 19/09/2001 680.8m UK Equity Income 3086728 SWIH2P Neil Woodford Since launch Health Care Industrials Consumer Goods Financials Utilities Telecommunications Consumer Services Basic Materials Mutual Funds Other 34.9 % 21.4 % 19.3 % 8.5 % 7.8 % 7.4 % 0.2 % 0.2 % 0.2 % 0.1 %

Top Ten Holdings

ASTRAZENECA PLC GLAXOSMITHKLINE BT GROUP ROCHE HLDG AG BAE SYSTEMS IMPERIAL TOBACCO GROUP RECKITT BENCKISER GROUP PLC BRITISH AMERICAN TOBACCO REYNOLDS AMERICAN INC CAPITA PLC 9.5 % 8.8 % 6.9 % 5.4 % 5.3 % 4.8 % 4.8 % 4.7 % 4.5 % 4.3 %

Asset Allocation
UK Equities US Equities Swiss Equities French Equities North American Equities Luxembourg Equities Norwegian Equities Finnish Equities 81.9 % 7.1 % 7.0 % 2.4 % 0.9 % 0.3 % 0.3 % 0.1 %

The composition of asset mix and asset allocation may change at any time and exclude cash unless otherwise stated.

Performance Data
The following performance figures are based on our Series 2 units which were introduced on 19/09/2001.Information is shown as unavailable if prior to the launch of the Series 2 units.

Fund Ratings Information

Overall Morningstar Rating Morningstar OBSR Rating FE Crown Rating
TM

***** n/a

Discrete Annual Performance

Percentage Growth SW Invesco-Perpetual High Income Pension (Series 2) Q3 2012 Q3 2013 19.3 % Q3 2011 Q3 2012 15.7 % Q3 2010 Q3 2011 5.5 % Q3 2009 Q3 2010 11.2 % Q3 2008 Q3 2009 3.2 %

The FE Crown Rating relates to this fund. However, the Morningstar and OBSR ratings are based on the underlying fund. These are supplied by the respective independent ratings agencies and are the latest available at the time this factsheet was issued. Past performance is not a reliable indicator of future results.

Information is shown as unavailable if prior to the launch of fund.

Fund Performance (Five Years)

% 100

80

60

40

20

-20 Dec 08

Apr 09

Aug

Dec

Apr 10

Aug

Dec

Apr 11

Aug

Dec

Apr 12

Aug

Dec

Apr 13

Aug

SW Invesco-Perpetual High Income Pension (Series 2) ABI - UK Equity Income

Cumulative Performance
3 months Fund Quartile Position (Fund) ABI Pension Sector 3.8 % 3 4.7 % 6 months 3.5 % 3 5.2 % 1 year 22.7 % 3 22.6 % 3 years 49.9 % 1 42.5 % 5 years 87.4 % 3 94.0 %

Source: Financial Express as at 30/11/13 Performance figures are in sterling on a bid to bid basis, with income (where applicable) reinvested gross of UK tax and net of total annual fund charges. The figures do not include any initial charge or other product charge(s) that may be applicable. Past performance is not a reliable indicator of future results. The value of an investment is not guaranteed and can go up and down depending on investment performance (and currency exchange rates where a fund invests overseas).

Not all Scottish Widows products have access to this fund, please refer to the relevant product literature. Full terms and conditions are available on request from Scottish Widows using the contact details provided. Charges, terms and the selection of funds we make available may change. Information on the general and specific risks associated with investing in this fund is available in the relevant fund guide. We may change the investment approach rating for the fund, details of any changes are available at www.scottishwidows. co.uk/investmentapproaches. All information is sourced from Scottish Widows or the relevant fund management group unless otherwise stated.

Contact Information
Scottish Widows 15 Dalkeith Road Edinburgh EH16 5BU Product Enquiries: OEIC & ISA Enquiries: General Enquiries:
Scottish Widows plc. Registered in Scotland No. 199549. Registered Office in the United Kingdom at 69 Morrison Street, Edinburgh EH3 8YF. Telephone: 0131 655 6000. Scottish Widows plc is authorised and regulated by the Financial Services Authority. Our FSA Register number is 191517

0845 716 6777 0845 300 2244 0131 655 6000