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ADVENTUROUS

und Factsheet | December 2013

Pension

his document is provided for the purpose of formation only. This factsheet is intended for dividuals who are familiar with investment

rminology. Please contact your financial adviser if ou need an explanation of the terms used. Thisaterial should not be relied upon as sufficientformation to support an investment decision. The

ortfolio data on this factsheet is updated on auarterly basis.

ll performance data is as at 30 November 2013,nless otherwise stated.

und Aim

he fund aims for long-term growth by investingainly in high yielding international securitiesompany shares, convertible securities and fixedterest securities), although it may include other

vestments that the Fund Manager considersppropriate. The fund invests solely through thenvesco Perpetual High Income OEIC Fund.

Basic Fund Information

und Launch Date 19 Sep 2001eries 2 Units Launch Date 19/09/2001und Size 680.8mBI Pension Sector UK Equity IncomeEDOL Code 3086728

MEX Code SWIH2PManager Name Neil WoodfordManager Since Since launch

Top Ten HoldingsSTRAZENECA PLC 9.5 %LAXOSMITHKLINE 8.8 %T GROUP 6.9 %OCHE HLDG AG 5.4 %AE SYSTEMS 5.3 %

MPERIAL TOBACCO GROUP 4.8 %ECKITT BENCKISER GROUP PLC 4.8 %RITISH AMERICAN TOBACCO 4.7 %EYNOLDS AMERICAN INC 4.5 %APITA PLC 4.3 %

SW Invesco-Perpetual High IncomePension (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. Shareprices 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 followingmonth and following some disappointing economic data from China. The month concluded with stalemate over the USspending 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 werenegatively impacted by the 20 month utility bill price freeze proposed by Labour should they win the next generalelection. 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 andconditions can change rapidly and as such the views expressed should not be taken as statements of fact, nor shouldreliance be placed on these views when making investment decisions.

As at 30 September 2013Neil Woodford

Sector Weightings

Health Care 34.9 %Industrials 21.4 %Consumer Goods 19.3 %Financials 8.5 %Utilities 7.8 %Telecommunications 7.4 %Consumer Services 0.2 %Basic Materials 0.2 %Mutual Funds 0.2 %Other 0.1 %

Asset Allocation

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

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

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Not all Scottish Widows products have access tothis fund, please refer to the relevant productliterature. Full terms and conditions are availableon request from Scottish Widows using the contactdetails provided. Charges, terms and the selectionof funds we make available may change.Information on the general and specific risksassociated with investing in this fund is available inthe relevant fund guide. We may change theinvestment approach rating for the fund, details of any changes are available at www.scottishwidows.co.uk/investmentapproaches. All information issourced from Scottish Widows or the relevant fundmanagement group unless otherwise stated.

Fund Ratings Information

Overall Morningstar Rating TM *****Morningstar OBSR Rating n/aFE Crown Rating

The FE Crown Rating relates to this fund.However, the Morningstar and OBSR ratings arebased on the underlying fund. These are suppliedby the respective independent ratings agenciesand are the latest available at the time thisfactsheet was issued. Past performance is not areliable indicator of future results.

Contact Information

Scottish Widows15 Dalkeith RoadEdinburgh EH16 5BU

Product Enquiries: 0845 716 6777

OEIC & ISA Enquiries: 0845 300 2244

General Enquiries: 0131 655 6000

erformance Data

e following performance figures are based on our Series 2 units which were introduced on 19/09/2001.Information iswn as unavailable if prior to the launch of the Series 2 units.

iscrete Annual Performance

centage GrowthQ3 2012 -Q3 2013 -

Q3 2011 -Q3 2012 -

Q3 2010 -Q3 2011 -

Q3 2009 -Q3 2010 -

Q3 2008 -Q3 2009 -

W Invesco-Perpetual Highcome Pension (Series 2)

19.3 % 15.7 % 5.5 % 11.2 % 3.2 %

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

und Performance (Five Years)

0

0

0

0

0

Dec 08 Apr 09 Aug Dec Apr 10 Aug Dec Apr 11 Aug Dec Apr 12 Aug Dec Apr 13 AugSW Invesco-Perpetual High Income Pension (Series 2)

ABI - UK Equity Income

umulative Performance

3 months 6 months 1 year 3 years 5 years

nd 3.8 % 3.5 % 22.7 % 49.9 % 87.4 %

uartile Position (Fund) 3 3 3 1 3

BI Pension Sector 4.7 % 5.2 % 22.6 % 42.5 % 94.0 %

urce: Financial Express as at 30/11/13

formance figures are in sterling on a bid to bid basis, with income (where applicable) reinvested gross of UK tax andof total annual fund charges. The figures do not include any initial charge or other product charge(s) that may be

plicable. Past performance is not a reliable indicator of future results. The value of an investment is not guaranteedd can go up and down depending on investment performance (and currency exchange rates where a fund investserseas).

ish Widows plc. Registered in Scotland No. 199549. Registered Office in the United Kingdom at 69 Morrison Street, Edinburgh EH3 8YF. Telephone: 0131 655 6000.tish Widows plc is authorised and regulated by the Financial Services Authority. Our FSA Register number is 191517