Why Choose the Multi-Manager SWIP Funds? Multi-Manager fund investing is evolving. Scottish Widows, through the combination of Scottish Widows Investment Partnership (SWIP) and Russell Investments, have a range of four multi-manager funds investing in equities only. SWIP and Russell work closely together on key Multi-Manager decisions such as; Number of managers to be used. Fund objectives, mandates and benchmarks. Selection, hiring, firing and replacement of individual fund managers. Ongoing monitoring of individual fund managers. Why Russell Investments? Access to managers Russell has one of the largest manager research units in the world, with over over 720 investment professionals researching 5,000 manager products from over 3,000 firms globally*. (*Source: The Russell Investments, 30 June 2009). This material is for use by UK Independent Financial Advisers only. It is not intended for onward transmission to private customers and should not be relied upon by any other persons. Researching Fund Managers Managers are actively researched and constantly re-evaluated by Russell. Ongoing research process includes both retail and institutional managers wherever they are based in the world. Scottish Widows Multi-Manager UK Equity Growth Fund The fund aims to achieve long-term growth by investing in a diversified portfolio of mainly UK equities. The portfolio’s investments will be managed by a number of fund managers. Fund managers are selected and assets are allocated in conjunction with Russell Investments. Characteristics of this fund: Broadly based UK Equity fund. Manager of Managers structure for investment in UK equities. Benchmarked against FTSE All Share Index. Intended to be suitable for investors: Seeking long-term growth through total returns from a well spread UK equity portfolio. Requiring a fund for core UK equity exposure within a bespoke portfolio. Wanting continual monitoring of the managers in their portfolio by a global leader in Multi-Manager investing. Aiming to consolidate existing holdings, perhaps through single premium investment into an Investment Bond/Trustee Investment Bond or by a pension transfer. Investing in company shares (often referred to as ‘equities’) generally has the potential for higher capital growth over the longer term than investing in, say, corporate bonds and other fixed interest securities. However there might be considerable fluctuations in equity prices and there is a greater risk that the value of the investment may fall. Click here for Manager information. Scottish Widows Multi-Manager UK Equity Income Fund The fund aims to achieve long-term growth by investing in a portfolio of mainly UK equities which have an above average dividend income. The portfolio’s investments will be managed by a number of fund managers. Fund managers are selected and assets are allocated in conjunction with Russell Investment Group. Characteristics of this fund: A UK Equity Income Multi–Manager fund. Manager of Managers structure for investment in UK equities. Benchmarked against the FTSE All Share Index. Has a yield requirement in excess of 1.1x benchmark yield. Intended to be suitable for investors: Seeking long term returns (capital growth and dividend income) from a UK Equity portfolio. Requiring a fund for UK Equity Income exposure within a bespoke portfolio. Wanting continual monitoring of the managers in their portfolio by a global leader in Multi-Manager investing. Aiming to consolidate existing holdings, perhaps through single premium investment into an Investment Bond/Trustee Investment Bond or by a pension transfer. Investing in company shares (often referred to as ‘equities’) generally has the potential for higher capital growth over the longer term than investing in, say, corporate bonds and other fixed interest securities. However there might be considerable fluctuations in equity prices and there is a greater risk that the value of the investment may fall. Click here for Manager information. Scottish Widows Multi-Manager UK Equity Focus Fund The fund aims to achieve long-term growth by investing in a select portfolio of mainly UK equities. The fund will normally hold fewer stocks than our other Multi-Manager UK equity funds. The portfolio’s investments will be managed by a number of fund managers. Fund managers are selected and assets are allocated in conjunction with Russell Investment Group. Characteristics of this fund: More aggressive UK Equity fund in our multi-manager range. Manager of Managers structure for investment in UK equities. Unconstrained by style, market capitalisation or sector. Benchmarked against FTSE All Share Index. Intended to be suitable for investors: Seeking long-term growth from a focused UK equity portfolio. Requiring a fund taking a more aggressive approach to UK equity exposure. Wanting continual monitoring of the managers in their portfolio by a global leader in Multi-Manager investing. Aiming to consolidate existing holdings, perhaps through single premium investment into an Investment Bond/Trustee Investment Bond or by a pension transfer. Investing in company shares (often referred to as ‘equities’) generally has the potential for higher capital growth over the longer term than investing in, say, corporate bonds and other fixed interest securities. However there might be considerable fluctuations in equity prices and there is a greater risk that the value of the investment may fall. The UK Equity Focus Fund has a select portfolio, therefore there might be greater fluctuations in the value of the units than with a wider portfolio. Click here for Manager information. Scottish Widows Multi-Manager International Equity Fund The fund aims to achieve long-term growth by investing in a diversified portfolio of mainly equities issued by companies across the world, excluding the UK. The portfolio’s investments will be managed by a number of fund managers. Fund managers are selected and assets are allocated in conjunction with Russell Investment Group. Characteristics of this fund: An international equity multi-manager fund. Manager of Managers structure for investment in international equities. Constructed to obtain equity exposure anywhere in the world, outside the UK. Allows managers to select companies on a global basis so it is expected that the fund’s geographic allocation will deviate substantially from the benchmark. Allows for up to 10% exposure to emerging markets. Benchmarked against FTSE World ex UK Index. Intended to be suitable for investors: Seeking long-term growth from a diversified portfolio of international equities. Requiring a fund taking a Multi-Manager approach to international equities within a bespoke portfolio. Wanting continual monitoring of the managers in their portfolio by a global leader in Multi-Manager investing. Aiming to consolidate existing holdings, perhaps through single premium investment into an Investment Bond/Trustee Investment Bond or by a pension transfer. Investing in company shares (often referred to as ‘equities’) generally has the potential for higher capital growth over the longer term than investing in, say, corporate bonds and other fixed interest securities. However there might be considerable fluctuations in equity prices and there is a greater risk that the value of the investment may fall. Exchange rate changes might cause the value of any overseas investments to go up or down. Click here for Manager information. Scottish Widows Multi-Manager Global Real Estate Fund The Fund aims to provide exposure to a globally diversified portfolio of real estate securities, giving investors access to an asset class which has low correlation with equities and bonds, allowing investors ro reduce portfolio risk. The Multi-Manager strategy provides greater stability for investors and a wider opportunity set than investing with a single market/region manager. Characteristics of this fund: Manager of Managers structure for investment in global real estate securities. The Fund invests globally in property-related companies listed on international stock exchanges, predominantly in North America, Europe, Asia and Australia. A fund investing globally through three managers who offer complementary approaches. Benchmarked against FTSE EPRA/NAREIT Global Real Estate Index. Intended to be suitable for investors: Seeking long term growth from a diversified portfolio of real estate securities. Requiring a fund taking a Multi-Manager approach to real estate securities within a bespoke portfolio. Wanting continual monitoring of the managers in their portfolio by a global leader in Multi-Manager investing. Aiming to consolidate existing holdings, perhaps through single premium investment into an Investment Bond/Trustee Investment Bond or by a pension transfer. Investing in Real Estate company shares (often referred to as 'equities') generally has the potential for higher capital growth over the longer term than investing in, say, corporate bonds and other fixed interest securities. However there might be considerable fluctuations in equity prices and there is a greater risk that the value of the investment may fall. Click here for Manager information.

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