info rmePENSIONS · on changes to QROPS, due in April. That said, our industry is both resilient and resourceful, continuing to seek solutions that ... profits and income. FATCA does

Quarter 1 2012

INVESTMENTS

PENSIONS

informer

This booklet is for the use of Royal Skandia and Skandia Ireland professional advisers only.

reachin¯new hei¯htsassessing our achievements in 2011 and our aims for 2012

welcome to thequarter one 2012 issue of informer

Skandia International, part of the wealth management business of Old Mutual plc, is the international group ofcompanies which provides the offshore and cross-border investment solutions for the Old Mutual Group.The views expressed by external contributors are not necessarily those of Skandia.

Calls may be monitored and recorded for training purposes and to avoid misunderstandings.

This document is based on Skandia's interpretation of the law and practice as at January 2012. While this interpretation is believed tobe correct, Skandia can give no guarantee in this respect or that tax reliefs and the tax treatment of investment funds will remain thesame in the future. The value of any tax reliefs will depend on individual financial circumstances.

Royal Skandia Life Assurance Limited is registered in the Isle of Man under number 24916C. Registered and Head Office: SkandiaHouse, King Edward Road, Onchan, Isle of Man, IM99 1NU, British Isles. Phone: +44 (0)1624 655 555 Fax: +44 (0)1624 611 715.

Authorised and regulated by the Isle of Man Insurance & Pensions Authority. Authorised and regulated by the Financial ServicesAuthority for business conducted in the UK. Some of the FSA’s rules do not apply to non-UK based insurers. FSA register number142309. www.fsa.gov.uk/pages/register.

Skandia International is registered in Ireland as a business name of Skandia Life Ireland Limited.

Skandia Life Ireland Limited Registered No: 309649 Ireland. Registered Office: Arthur Cox Building, Earlsfort Terrace, Dublin 2, Ireland. Head Office: Iveagh Court, Block D, 6-8 Harcourt Road, Dublin 2, Ireland. Tel: + 353 (0) 1 479 3900 Fax: + 353 (0) 1 475 1020.

Skandia Life Ireland Limited is authorised and regulated by the Central Bank of Ireland.

VAT number for Skandia Life Ireland Limited is 6329649S.

When printed by Skandia this item is produced on a mixed grade material, which uses a combination of recycled wood or

paper fibre from controlled sources and virgin fibre sourced from well managed, sustainable forests.

www.skandiainternational.com

contents3 FACTA: action required?

as details of this Act are debated, Rachael Griffin takes us through the implications

4 delivered in 2011a review of Skandia International highlights in 2011 by Emma Jeacock

6 watchin¯ and waitin¯Rachael Griffin looks at key proposed changes in the Finance Bill 2012, and how they might affect QROPS

8 introducin¯ Victor Francemeet the new Sales Director at Skandia International

10 a question of performancelooking back at 2011 and forward to 2012 we asked some respected industry experts their views of market performance

12 expert opinionsIn this series of articles, Barings looks at the need to feed and house the world’s burgeoning population and the possibilities this offers investors

13 expert opinionsHSBC takes a look at emerging market economies as we head through 2012

14 expert opinionsInvesco looks at Asia’s equity market and its prospects for 2012

15 expert opinionsBlackRock on the place of gold in volatile markets

16 what happens next?Skandia Investment Group considers the uncertain outlook for global economies in 2012

18 fund news

19 indicator

20 new risk ratings explained

21 fund performance statistics

2012 is set to be interesting given that manyinternational industry changes are set to cometo a head this year. The countdown to RetailDistribution Review (RDR) in the UK has welland truly started, the implementation ofFATCA (Foreign Account Tax Compliance Act)which requires foreign institutions to reportand disclose US interests in foreign financialinstitutions is looming and HMRC is consultingon changes to QROPS, due in April.

That said, our industry is both resilient andresourceful, continuing to seek solutions thatmeet the needs of customers around theworld. In this edition of Informer, we take alook at some of the changes we face this year.

As the future of the Eurozone continues tohang in the balance, exacerbated recently bythe S&P downgrading of France, it is a goodtime to reflect on the insurance sector, and theinsurance companies you are recommendingto your clients. Clients want to be sure thatthey are buying a long term investment planfrom a company with long term prospects.

Old Mutual (and within Old Mutual, SkandiaInternational) has a firm foundation and is wellpositioned to ride out the storm, given itsstrong capitalisation, diversified businessfootprint, and strategic focus. This is especiallythe case given it recently announced the£2.1bn sale of its Nordic business. You may

also have noticed some streamlining ofSkandia International's businesses, with therecently announced sale of our Finnishbusinesses. This move will allow us toconcentrate our efforts and developmentplans on our core markets.

Given the level of uncertainty in the markets,customers need advice more than ever. We arecommitted to developing wealth managementsolutions that meet those advice needs. Thiscommitment starts with the launch in Januaryof a new branch in the Isle of Man offering amarket leading portfolio bond for SouthAfrican clients.

Wishing you a happy new year,

Michelle AndrewsCommercial Director

editorial quarter 1 2012

quarter 1 2012 informer 3

Rachael GriffinHead of Product Law and Financial

Planning, Skandia International

In 2010, the US Internal Revenue Service and US Treasury issued aNotice that expands on information reporting and withholding taxrequirements contained within the Foreign Account TaxCompliance Act (FATCA) (the Act). This Notice may significantlyaffect financial institutions around the world. Rachael Griffinseparates fact from fiction for us.

FATCA:action required?

On 18 March 2010, the HiringIncentives to Restore EmploymentAct (HIRE) 2010 was enacted in the

United States. Chapter 4 of the Act containsthe basic requirements of FATCA. However,the detailed requirements of the Act are stillbeing debated and clarified by the USInternal Revenue Service (IRS).

The Act provides a withholding andreporting regime designed to prevent US-connected persons from evading US tax byholding income-producing assets throughForeign Financial Institutions (FFIs) and notdeclaring the income to the US Treasury.This should therefore have no impact onthose clients who are declaring their taxes.

However, there could be a significant impacton FFIs. In order to avoid withholdingrequirements, the FFI must enter into anundertaking with the US IRS to discloseinformation they hold on all US-connectedclients.

If the FFI does not enter into an undertaking,they will be regarded as a Non-ParticipatingForeign Financial Institution (NPFFI) and a30% withholding tax will be imposed on alltheir US-sourced income and capitalpayments. Withholdable payments includeinterest, wages, salaries, dividends, gains,profits and income.

FATCA does not prevent FFIs doing businesswith US-connected persons, although anumber of FFIs have stopped acceptingbusiness from US-connected persons, or are

encouraging them to encash theirinvestments. This feels like a “knee jerk”reaction, especially as, for example, a US-connected person could be someone whowas born in the US but has lived elsewherefor over 20 years and has no intention ofreturning to the US.

The Act defines a US-connected person asany US citizen (whether US resident or not),US residents (regardless of nationality), USnationals and US companies. This includesUS shareholders in most offshore companiesas well as settlors and beneficiaries ofoffshore trusts.

Once the US IRS have agreed to an FFI’sundertaking to adopt certain procedures,they become known as a ParticipatingForeign Financial Institution (PFFI).

The definition of an FFI includes all non-USlife assurance companies issuing cash valueinsurance contracts, such as life assurance orannuities, that typically combine insuranceprotection with an investment component,or similar arrangements. Whilst somefinancial institutions can now start managingthe Act’s impact on their business, non-USlife assurance companies may be finding itharder, because specific guidance andregulation has yet to be issued.

Notice 2011-53 confirms that the IRS will be issuing further Regulations by 31December 2012, with the final Regulationsfollowing in summer 2013. Whether this willgive non-US life assurance companies theclarity they need is not yet known. However,it is clear that non-US life assurancecompanies should wait for this guidance sothey can fully understand and assess theimpact on their business.

the facts

FATCA introduces reporting and withholdingobligations on FFIs.

FFIs can continue doing business with US-connectedindividuals, although some may choose to stop.

It appears there will be no further impact on US-connected individuals who are fully disclosing taxliabilities.

the fiction

FATCA introduces a new tax on US-connectedindividuals – it doesn’t.

The US IRS and Treasury understood the full impact of FATCA on foreign financial institutionswhen they enacted FATCA – they didn’t.

The non-US life assurance industry is not affected by FATCA – wait and see; it may be.

fact or fiction?

4 informer quarter 1 2012

2011 has been a year of innovations and achievements for Skandia International. Emma Jeacock looks back over a very busy 12 months to assess some of the highlights.

2011a very excitin¯ year forSkandia International

Working in an international businessis always exciting and the numberof jurisdictions we deal with

means there is plenty to keep us occupied.2011 has flown by, and we’re already thinking well ahead into 2012 – and beyond.

For Skandia International, 2011 has beenabout updating our current proposition aswell as introducing a number of newinitiatives into our markets. Here are some of the most important events of our year,quarter by quarter.

Early in the year we launched our crisp, cleannew visual identity. The new look firstappeared in our revitalised SkandiaInternational corporate brochure and hasbeen designed to resonate with our premiuminvestor audience.

It was also the time when we confirmed ourcontinued support of the QROPS market, byworking with Concept to streamline theAurora Quantum and make the underlyinginvestment paperwork and processes evenmore efficient. The result: a very attractivereduction in Concept’s new business fees –from £995 to £645.

During the second quarter we inaugurated a redemptionversion of our Executive Wealth Builder, to suit thoseclients for whom this kind of wrapper is moreappropriate. The launch was supported by updatedproduct literature, redesigned to make it even moreappropriate for our audience of affluent and high networth individuals.

We also launched our Portfolio Builder tool – time-savingsoftware that lets you identify each individual client’s riskappetite. From this assessment you can select aManaged Solution (a fully outsourced portfolio whereyou delegate the decisions to Skandia International) tomeet their risk profile, or you have the option ofchoosing a Model Portfolio, where we give you expertguidance with the asset allocation decisions, while youpick the funds to deliver a fully customised portfolio foryour client.

During this quarter we won three categories at theProfessional Advisor International Fund and ProductAwards: Best International Life Group, Best International Life Product and Best International SalesTeam. We were also highly commended in BestInternational Service Initiative

Despite all this activity, we still found time to refresh both our client and adviser websites atwww.skandiainternational.com. The adviser website allows you to access even more informationonline, while for clients we focused on identifying andmeeting their financial needs rather than simplyproviding product information.

2011 Quarter 1 Quarter 2


This quarter saw the launch of two new trust solutions forSkandia Life Ireland Ltd (SLIL); a Discounted Gift Trust(DGT) and a Loan Trust. These new trusts strengthen oursuite of inheritance tax solutions, which already offersDiscretionary and Bare Trust services.

• The DGT arrangement enables UK-domiciled clients tomake a gift into trust while still keeping a lifelong right to draw an income stream from that gift. The value of this income stream is discounted against the gift, thusreducing the amount of inheritance tax that mighteventually be payable.

• A Loan Trust lets someone make an interest-free loan,repayable on demand, the proceeds of which are placedin a single premium investment bond written in trust forthe chosen beneficiaries. Any growth in the value of theloan would fall immediately outside the individual’s estateand therefore would not become liable to IHT.

We also continued redesigning our brochureware – thisquarter saw a suite of Portfolio Bond literature hit thepresses. These new brochures reflect changing customerneeds and include the latest tax benefits offered by ourproducts.

We won even more accolades, this time at the InternationalAdvisor Awards. Our haul included Best Trust/EstatePlanning Product – Asia (for our Discounted Gift Trust),Best Trust/Estate Planning Product – UK offshore (for ourLoan Trust), Best for Adviser Support/Customer Service –Middle East, Best Online Proposition – Middle East, BestOnline Proposition – UK offshore, and Best Single PremiumInvestment Product – Middle East (for our ExecutiveRedemption Bond).

Despite all this appreciation andacknowledgement of our excellence, we stillkept striving to make improvements. In quarter4 we revitalised our Managed Savings Account(MSA) and Managed Pension Account (MPA)to improve surrender values, making them evenmore competitive. These accounts now offermarket-leading maturity values and excellent‘reduction in yield’ figures.

We also introduced an Enhanced Loan Trust(ELT) for Royal Skandia. The key benefit of thisnew trust is that it gives investors the flexibilityto accommodate a future change ofcircumstances, such as waiving all, or part of,any outstanding loan. We included this newtrust as part of the Royal Skandia TrustCompany special offer for quarter 4.

At the same time, we introduced AuroraQuantum Lite, making the QROPS structureaccessible for clients with between £35,000and £75,000 to invest.

Quarter 3 Quarter 4

2012 startswith a ban¯We are pleased to announce thelaunch in January of a cutting edgeportfolio bond for the SouthAfrican market. Developed inconjunction with Old Mutual inSouth Africa, this marries theextensive experience andcapability that Royal Skandia has in the Isle of Man, with OMSA'ssignificant market presence and is set to be a market leader.


the knowled¯e

One of the areas on which HMRCissued draft clauses was QROPS.HMRC is proposing to issue

Regulations which will change theconditions that a scheme has to meet inorder to be recognised as a QROPS, as wellas strengthening the information andreporting requirements. This is designed toensure better compliance and deter misuse –New Zealand was particularly singled out. Ifthe Regulations are enacted as drafted, theconsequences may be much wider thanoriginally intended. Affected jurisdictionswill be petitioning HMRC during theconsultation period.

1. key proposed changesThe Government proposes tointroduce legislation revising theconditions that a pension schememust meet to be a QROPS

SI 2006/206 details the conditions that apension scheme must meet to be consideredan ‘overseas pension scheme’, which is thefirst step towards becoming a QROPS. Thedraft clauses amend these conditions, sothat pension schemes that are notrecognised for tax purposes in their countryof establishment will no longer be able tomeet the conditions. Nor will pensionschemes where non-residents can enjoy arelief that is not available to residents of thecountry in which the scheme is established.

On 6 December 2011, the UK Government publishedthe draft Finance Bill 2012 clauses and a number of othertax updates. Rachael Griffin looks at the implications forQROPS schemes and their members.

Rachael GriffinHead of Product Law and Financial

Planning, Skandia International

The consultationis still in its veryearly stages andthe key messageis not to panic.

”

”

watchin¯ and waitin¯:proposed QROPS chan¯es


What would this mean?A number of pension schemes that currentlyqualify as a QROPS would no longer do so.For example, based on the current draftlegislation, Isle of Man 50(c) schemes wouldno longer meet the QROPS definition andneither would a Guernsey QROPS.

The changes are proposed to take effectfrom 6 April 2012 and appear not to beretrospective.

At this stage the clauses are in draft form andare subject to consultation, which ended on31 January 2012. Clearly, the QROPSproviders in the affected jurisdictions will belooking to lobby HMRC and their localinspector of taxes to ensure they maintaintheir place in the QROPS community.

If a transfer of UK tax-relieved funds hastaken place whilst the pension scheme wasstill regarded as a QROPS, no tax chargeswill arise. Apparently, however, the pensionwould still need to meet the QNUPSdefinition.

The draft legislation is still in its very earlystages and the key message is not to panic.We will keep a watching brief on the processand provide further information as itbecomes available.

In terms of business that is currently inprogress, we would encourage you to informyour clients as to what’s happening and keepa close eye on developments in the comingmonths.

2. additional reportingrequirementsSI 2006/208 includes arequirement that a QROPSscheme manager must undertaketo provide to meet the scheme’sobligations as a QROPS.

The proposed changes remove the need, inthe majority of cases, for the schememanager (QROPS provider), when reportinginformation, to consider whether theindividual is, or has been in the last five fulltax years, a UK resident. Instead, the schememanager has to report all payments out offunds transferred from a UK scheme for aperiod of 10 years from the date of thetransfer of those funds to the QROPS. Thescheme manager is also expected to reportsuch payments within 60 days of thepayment being made.

What does this mean?These new provisions are purely in draft atthis stage and will not apply until 6 April2012. This should have no impact on yourclients but will put more onus on schememanagers in terms of reporting obligations.

summaryThe draft clauses were unexpected and it isnot entirely clear exactly what ‘wrongs’HMRC is trying to address with theseadditional requirements on QROPSjurisdictions. We are monitoring the situationcarefully and will update you as and whenmore detail or clarity arises.

Both Guernsey and the Isle of Man haveissued statements supporting the changes interms of combating abuse but show intent toapproach HMRC to discuss the impact tothe individual jurisdictions. Thesestatements can be found at:

http://www.gapp.gg/index.php?page=2&moreinfo=18

http://www.international-adviser.com/news/retirement/iom-reacts-positively-to-qrops-proposals

Concept group, the Aurora QuantumQROPS provider based in Guernsey havealso issued an update which can be found atwww.cgl.gg.

In terms of business that is currently inprogress, we would encourage you toinform your clients as to what'shappening and keep a close eye ondevelopments in the coming months

”

”


Victor France hasrecently joined usas Sales Director.When he visitedour office we gotto know a littlemore about himand his vision for SkandiaInternational.

a visit toFrance


what is your business background?I have spent my entire career in FinancialServices with specialist roles in productdevelopment, distribution, technology andoutsourcing.

Prior to joining Skandia, I was the CEO of aspecialist consulting business that providedexpertise on business development, salesand marketing to Financial Advisers and Lifeand Pensions Companies. Skandia was oneof our corporate clients.

Having founded and established a profitable,independent business, I have much incommon with the entrepreneurs in ouradviser community.

why did you want to give this up to join Skandia International?Skandia International is a fantasticallypositioned business with an enviablereputation in the market, gearing up for anew stage of growth and development.There is a real sense of excitement and “can-do” in the culture.

Working as a consultant to the business I haddetailed insight across the key componentsof the brand and know that the externalperception of its sales, marketing, technicalcapabilities, crm and adviser relationships arestrong.

I saw a real opportunity to help SkandiaInternational exploit a number ofopportunities, and achieve its objectives. I am excited by the challenges we face andbelieve I can make a significant contributionto the business.

My natural style is coaching, helping peopleto reach their potential and I’m lucky enoughto be able to adapt to other styles when thesituation demands a more directive approachfor example.

what were your first impressions of Skandia International?Engaging with our regional teams and anumber of their clients, my first impressionsare that our reputation is good in every oneof our markets. Our people are well thoughtof and there are exciting opportunities forgrowth across all of our regions. ConsistentlyI hear that Financial Advisers want to domore business with Skandia International.

what are your immediate priorities? My immediate priority was to meet the teamplus a number of our key stakeholders, fromeach of our core markets, to understand theissues and challenges.

I’ve incorporated this insight into theplanning process for 2012, revising ourmarket strategy to ensure we are on the frontfoot across a range of issues that areimportant to the advisers who support us,and those we want to work with in thefuture.

I’m also concentrating on how we can makethe most of the fantastic talent we have inour sales team and how, as managers, wesupport the team in driving growth next year.

A key part of all these decisions is that Icontinue to develop a strong rapport withour key adviser businesses, buildingrelationships and working in partnership withthem to achieve their aims and goals.

what do you see as the biggestchallenge facing the offshoreinvestment industry?The biggest challenge is the drive forsustainable quality advice. Across all ourmarkets, regulators are seeking to improvethe quality and sustainability of advice aswell as the quality of long term savingsproducts.

This is good for clients, for advisers and forthe reputation of the offshore savingsindustry in general.

We are already working with some of theworld’s leading Financial Advisers, helpingthem to develop sustainable client-centricbusinesses and building real long term value.We plan to stay at the leading edge of themarket; developing high quality products,services and support, to help the industrykeep improving in the years ahead.

how should we improve what wedo for our customers?Our target customers are becoming moredemanding, seeking more control andflexibility over their wealth. Our globalinsight and vast experience of working inregulated markets across the world is a keydifferentiator for us, and technology is theenabler to ensure we deliver both fantasticcustomer service and product innovation.

what are the main things we can doto support our financial advisers?Financial Advisers are looking for deeper andcloser partnership relationships withproviders and we are in a strong position todistinguish ourselves from the rest of themarket. The visionary players in internationalFinancial Services recognise that to buildvalue in their businesses they need to move

to a sustainable business model that isadvice-led rather than product-dependent.

For many, this transition to “new model”advice is a significant change and requires along term commitment and sustainedmanagement effort.

We are adding value by working with thesebusiness leaders to develop their strategy,create new target operating models and,crucially, in providing support to help themdrive through the changes.

Our new Business Consultancy proposition,supporting businesses that are determined totransition from troubled models to forward-looking sustainable ones, will be a real pointof distinction, coupled with our outstandingtechnical support and customer serviceproposition.

what is the best piece of businessadvice you could offer someone?It’s not original but it works for me – findsomething you love doing and do it. You’ll be good at it, and it will continue tochallenge and inspire you because of yourpassion. It is important to enjoy your workinglife, yet sadly few people manage it.

who is your business hero?Steve Jobs. Uniquely he disproved themantra “the customer always knows best”and provided people with what they wantedbefore they even knew it.

what is the hardest lesson you have learnt?Rightly or wrongly, our industry has areputation for arrogance, yet thephenomenal pace of change and challengeswe face means there can be no room forinflexibility or complacency. I am mindful ofthe lesson Mother Nature taught the NewZealand kakapo parrot. Having no naturalpredators it lost its ability to fly. Thisevolutionary complacency was challengedwhen sailors brought cats to the island! TheKakapo is now virtually extinct.

where so you see SkandiaInternational in 5 years time?Looking back 5 years hence I’d be proud forus to be seen as having been one of theleading agents of change. Helping adviserscreate a long-term high quality andsustainable advice industry across the globe.Oh, and being the easiest company to dobusiness with, for advisers and customersalike. Doing it your way!

Last year we saw lots of surprises and disappointments in the global stock markets –challenging times for even the most seasoned investor. We asked some of the mostrespected industry experts about their views on last years turbulent times and whatchallenges they foresee ahead in the global investment markets in 2012.

a question ofperformance

Which investment sector surprised you withbetter than anticipated performance in 2011?

‘UK Fixed Interest. Government bonds performedbetter than expected, particularly UK gilts given thebackdrop of high inflation, although gilts would seem toowe some of their performance to the woes of others.’Bill McQuaker, Head of Multi Asset and Deputy Head of Equities,Henderson Global Investors

‘We were surprised UK gilts performed so well, given that interest rates

were already at historic lows and the economy remains exposed to high

levels of debt and export risk from a struggling eurozone.’

John Chatfield-Roberts, Head of the

Jupiter Merlin Fund, Jupiter Asset Management

Which investment sector surprised you withworse than anticipatedperformance in 2011?

‘Emerging market equities, notably China and India, as a result of higherthan expected inflation and tighter than forecast monetary conditions.’Tom Stevenson, Head of Corporate and Investment Writing, Fidelity Investments

‘While we believed that Europe was likely to face slowing

growth, we were surprised by how Europe’s problems

have continued to spiral out of control.’

Andrew Cole, Manager of the Baring Multi-Asset

Fund, Baring Asset Management

Which investmentsector do you seeas delivering themost opportunitiesfor growth in 2012?

‘In this low growth environment,investors must continue the searchfor yield. The main place they willfind that is in the credit markets,particularly in the US high yieldmarket, where companies are inquite strong financial shape.’Keith Wade, Chief Economist & Strategist, Schroders

‘We expect to see a continued desire for income over thenext couple of years. In addition, we may see resurgencein emerging market equities. Emerging markets arecurrently suffering, but one should never underestimatethe dynamism of the emerging market story.’

Tom Elliott, Global Strategist, J.P. Morgan Asset Management


‘Our analysis does suggest that US equities are fairly priced. Here, we see selected opportunities in large blue chip firms. Longer term, we remain very positive on the case for emerging markets.’Andrew Cole, Manager of the Baring Multi-Asset Fund, Baring Asset Management


Which investment sectordo you see as deliveringthe least opportunitiesfor growth in 2012? ‘Probably the one that has done exceptionally well this year – gilts.’

Bill McQuaker, Head of Multi Asset and Deputy

Head of Equities, Henderson Global Investo

rs

‘Treasuries. The budget deficit issue in the US is unlikely to be resolved as weenter a presidential election year. However, if the crisis is resolved, the euro andeurozone assets will rally, and people will no longer need to shelter in Treasuries.’

Tom Elliott, Global Strategist, J.P. Morgan Asset Management

What do you see as thebiggest threat to economicgrowth in 2012?

‘Emerging markets could pose some risks, from

slowing growth (Brazil and China) to politics (Russia).’

Bill McQuaker, Head of Multi Asset

and Deputy Head of Equities,

Henderson Global Investors

What is your general global markets outlookfor 2012 – is it positive or negative?

‘Although the prospects for global growth in 2012 havedeteriorated quite drastically, we continue to see good earningsgrowth outside the eurozone. The two supporting factors are afall in inflation and the strength of the corporate sector.’

Keith Wade, Chief Economist & Strategist, Schroders

‘I think it will be a year of two halves, with a

difficult first six months as recession bites

and then a change in sentiment as investors

see the light at the end of the tunnel.’

Tom Stevenson, Head of

Corporate and Investment

Writing, Fidelity Investments

With regard to threats to economicgrowth, what precautions are youtaking to mitigate these risks?

‘The best way to mitigate risks is global diversification –

in particular, a greater weighting to emerging markets

than may be implied by global benchmarks.’

Tom Elliott, Global Strategist,

J.P. Morgan Asset Management

‘Our flexible approach to asset allocation has helped mitigate

heavy market falls. Risk remains at minimal levels – cash holdings

are near record highs and we continue to seek

effective diversifiers for our portfolios.’

Andrew Cole, Manager of the Baring Multi-Asset Fund, Baring Asset Management

‘Diversification and a focus on sustainable incomeare the most sensible ways to deal with today'suncertain environment.’Tom Stevenson, Head of Corporate and Investment Writing, Fidelity Investments

‘The eurozone. A prolonged recessionwill have a big impact on global growth.’

Keith Wade, Chief Economist & Strategist, Schroders

‘The failure by European politicians to get a handle on theinsolvency crisis has allowed contagion to spread. Until thereis convincing, sustainable action this crisis will continue toerode confidence in bond and equity markets.’John Chatfield-Roberts, Head of the Jupiter Merlin Fund, Jupiter Asset Management


The global population currently standsat around seven billion. This figure isforecast to grow to over nine billion

by 2050, so in less than 40 years we willhave two billion more mouths to feed, withthree-quarters living in the developingworld.

A fast-growing population is also drivingdemand for infrastructure and construction.We believe the industrialisation andurbanisation of emerging markets andregeneration and redevelopment ofinfrastructure in advanced economies willcontinue to support demand for metalssuch as copper and steel.

This backdrop of strong, sustainabledemand is a powerful long-term theme forthe Baring Global Agriculture Fund and theBaring Global Resources Fund. However,the production picture is equally robust, asresource scarcity means companies are

exploiting more technically and geologicallychallenging deposits in politically difficultgeographies. We believe this should supportboth commodity prices and corporateprofitability over the long term.

A similar argument also applies toagriculture. Significant investment isrequired in land and agricultural goods andservices to meet the rising demand for food.This can only be achieved through highersoft commodity and land prices.

Both funds enjoy a wide opportunity set,which lets us benefit from rising commodityprices in several ways. For the GlobalAgriculture Fund, this includes companiesspecialising in fertilisers and machinery,firms involved in grain handling andlogistics, as well as food manufacturers andretailers which can benefit from growingconsumption patterns. For the GlobalResources Fund, we invest across base

metals, energy, precious metals and softcommodities.

Despite the robust fundamentals of theresources and agriculture sectors, globalequities have been volatile in recent monthsand markets remain susceptible to sharpswings in investor sentiment. In thisenvironment, it is important to distinguishbetween short-term noise and long-terminvestment opportunities. We believe thatour disciplined investment process allows usto identify the companies best placed todeliver positive earnings over 12-18 months.

We treat any period of market weakness as apotential buying opportunity and recentfalls have exposed compelling long-termvalue. Positive indicators are starting toemerge, most notably the relaxation ofmonetary policy in China. This should boostChinese demand for commodities,following a temporary policy-induced lull.

The businesses that feed and build the world offer interesting long-termpotential for investors. Jonathan Blake, Head of Natural Resources atBaring Asset Management London, considers the possibilities.

expert

feed and build the world

opinions


With clients growing more and more risk averse, where should you advise them to invest?People will always need food and homes, so should you trust the construction andagriculture industries? Does the eurozone crisis mean the emerging economies are abetter bet? Is gold a glittering prospect? Specialists from Barings, HSBC, Invesco andBlackrock share their expertise to help you decide.

Emerging market economies havemaintained stable growth levelsrecently, albeit at a slower pace than

the previous year, largely due to stronginternal domestic demand. China’seconomy will remain the barometer ofgrowth within this region.

Years of accumulating cheap debt andleveraging rising asset prices have led tounhealthy balance sheets in manydeveloped countries, straining their abilityto return to above-average growth levels.On the other hand, emerging market andAsian countries have relatively benign levelsof government debt in proportion to GDP(less than 50%), with most countriesreporting budget surpluses or relativelysmall deficits.

Emerging market countries are enjoyingstrong capital inflows and exports, whichtranslate into healthy current accounts withpositive earnings growth – projected to beapproximately 5% above inflation.Unemployment rates are also manageable ataround 5%, suggesting that householdincomes are robust, while internal domesticdemand should encourage growth withoutrelying on global exports, which areexpected to be soft.

The emerging markets’ reliance on exportsand the slowdown in external demand fromdeveloped countries has led to minordownward revisions by the IMF to regionalemerging market growth. However,economic expansion within the emergingcountries and Asia is expected to remainstructurally higher than that in developedcountries for some time, due to theauthorities’ long-term plans forindustrialisation and urbanisation.

The increase in spending on infrastructureprojects is expected to create furtheremployment and wealth opportunities. Thiswould lead to expanding householdincomes, strong internal demand andimproving consumption as theemergence of the ‘middle class’continues, thereby stimulatingand encouraging domesticgrowth.

Emerging marketequities enableinvestors to

benefit from these positive structuralgrowth trends. Current pricing levelsprovide a good entry point to emergingmarkets and Asia, as equity valuations arerelatively cheap compared to their 10-yearaverage. They are also more attractive thantraditional equity markets, which are likelyto face the problems due to austeritymeasures, political struggles and theprospect of slowing growth.

However, even as economic conditionsimprove in a volatile market environment,emerging market equities offer compellingmedium- to long-term opportunities.

Global growth has been lacklustre since mid 2011, with developed nations draggingtheir feet in output terms. Meanwhile, developing countries will drive the globaleconomy as we head into 2012. Mark Newsam, Head of International Life Companiesat HSBC Global Asset Management, offers his predictions for the next 12 months.

the emer¯in¯ marketoutlook for 2012


The Eurozone sovereign debt crisiscontinues to dominate investorattention. Combined with signs of a

slowdown in global economic growth, it hasled to a period of heightened risk-aversion,during which Asian equity markets havedeclined in line with their global peers.

Despite these near-term headwinds, there area number of good reasons to remain positiveon Asia ex Japan in 2012. While developed

markets face a deleveraging cycle and yearsof expected anaemic growth, Asianeconomies enjoy solid long-termfundamentals. Economic growth continuesto compare favourably with that generatedby developed economies, while becomingless dependent on exports, with domesticconsumption growing strongly.

Furthermore, government, corporate andhousehold balance sheets are in good shape,with low levels of debt. Recent evidenceshows that corporate profitability remainsstrong, while Asian companies areincreasingly aware of their responsibilities toshareholders, further enhancing theirattraction to investors. Asia’s globalsignificance continues to rise and I believe itslong-term prospects are still compelling.

There are a number of opportunities tocapitalise on these fundamental strengths.The growth of domestic demand in Asia isone of the strongest structural trends in theregion. Some areas associated with thetheme, such as the consumer discretionarysector, tend to attract premium valuations,making it hard for us to see earnings surpriseon the upside. However, we prefer to take

indirect exposure from companies which webelieve are as much consumer as industrials.

Another area where we are seeing particularvalue is the social media sector, part of thefast growing Asian service sector that standsto benefit from the growth of consumerspending. In our opinion, the market has yetto fully recognise the growth potential of thissector.

Millions of new users are joining socialnetworks and companies increasingly rely ononline advertising and other online brandbuilding exercises to capture greater marketshare. There are therefore a number ofinternet-related stocks, including onlinegaming, advertising agencies and IT servicecompanies, worthy of consideration.

While we consider the current valuation ofAsian equities undemanding at around 10.2times 2011 earnings, the uncertainty ineconomic outlook is likely to lead to furtherearnings downgrades in the shorter term,particularly for 2012 expected earnings,which remain too high in our opinion.However, as described here, there are areas ofthe market we believe can continue to deliversustainable profit growth – and good reasonsto remain positive about investment in Asiaex Japan over the medium term.

Over the last six months, global equity markets have endured an extendedperiod of volatility, and Asia ex Japan has been no exception. Stuart Parks,Fund Manager of Invesco Asian Equity Fund, looks at the market’s prospects.

a positiveview of Asia

Another area where weare seeing particularvalue is the social mediasector, part of the fastgrowing Asian servicesector that stands tobenefit from the growthof consumer spending.

”

”

expertopinions


putting gold prices in context Until recently, gold provided some respitefor investors, as the price of the yellowmetal rose from $1,400/oz at the end of2010 to over $1,900/oz in early September.

However, in the falls seen across financialmarkets in September 2011, not even goldwas immune. The price fell $250/oz in tendays as investors flocked to the dollar. In ourview this reflected the level of uncertainty in the market and the gravity of the debt-related issues facing governments; in fact,the recent market turbulence reinforced our opinion that there are still strongreasons to own gold.

developing countriesIt’s not just the developed world that isimportant for the gold market – developingcountries are rapidly growing in influence inprecious metals markets, and those buyinggold reads like a list of the engines of globalgrowth over the next decade, includingIndia, Russia and China. Other buyers of

gold are countries that receive significantamounts of foreign currency in exchange fornatural resources, particularly major oilproducers such as Saudi Arabia and Mexico.

gold equities – ready and waitingGold investors have certainly been wellpositioned so far this year, as the gold pricehas risen by 11% in 2011 to end the year at$1,575/oz, delivering its 10th consecutiveyear of positive returns. However, holders ofgold shares have been left feeling short-changed, as the sector has fallen by -16%,dramatically lagging behind the price of theunderlying metal. This is surprising, giventhe direct link between the gold price andcompany earnings.

The rise in the gold price year-to-dateshould have been rocket fuel, sending goldshares soaring; instead they have beenlacklustre, showing little relation to theunderlying metal price. Is this because weare in a world of zero margin expansion? No – the gold price in 2011 has averaged

$345/oz (28%) higher than in 2010 and,despite pressures from labour costs,stronger emerging market currencies andraw material inflation, Gold Field MineralsServices reported that the average cash andtotal costs in H1 2011 rose by only $75/oz.There will be exceptions where companieshave been unable to control costs, but thehigher quality producers are set to reportrecord earnings yet again in the thirdquarter.

gold equities – show us the moneyThe end of 2011 saw some of the heat comeout of the gold price as it settledabove$1,550/oz. Gold equities have yet toprice in this level and on many valuationmetrics are trading close to historic lows.Given the underperformance of goldequities, the attractive valuations at whichthey are trading and the robust outlook forgold itself, the stage is set for goldcompanies to shine.

Financial markets in 2011 were rife with distress, confusion and occasionalglimmers of hope in an increasingly volatile environment. Evy Hambro, ManagingDirector and Joint Chief Investment Officer of BlackRock’s Natural ResourcesEquity Team considers the place of gold amongst the chaos.

what will li¯ht the ¯olden rocket?


economic outlookAs we enter 2012, the outlook for the globaleconomy is poor. Most economies are poised toregister weak growth in H1 2012. The eurozonecrisis has tightened bank lending andundermined confidence worldwide. Emergingmarket economies are likely to grow at a softpace in H1 2012, although this is welcomebecause of the previous risk of overheating.

The authorities have not yet done enough toresolve the European debt crisis. However, thisyear we expect more significant actions andstructural reforms will help bring the crisis undercontrol. While this should lead to increasedconfidence and a stronger global economy inH2 2012 and 2013, the affected economies arelikely to underperform for many years.

The outlook for 2012 is more uncertain than usual. Economists, strategistsand investors are used to dealing with inflation, booms and bankruptcies,but have no experience of a sovereign debt crisis in a monetary union.Rupert Watson Head of Asset Allocation, Skandia Investment Groupcourageously dares to offer the Group’s predictions for 2012.

what happens

next ?top ei¯ht views • The global economy will remain weak in H1 2012, but H2 2012 and 2013

will be better.• Inflation will fall worldwide, leading to monetary easing in most countries.• The eurozone will stay in a recession until at least mid 2012.• The European debt crisis will be ‘resolved’ (in the sense that its

performance doesn’t impact other economies and markets), althoughonly after much disagreement.

• China will achieve a soft landing and then pick up in H2 2012.• Equities could be held back in early 2012 by eurozone disagreements.

However, agreement will be eventually reached, leading to much higherequities thereafter.

• Chinese equities in particular and EM in general will outperformdeveloped markets as growth stabilises (then picks up), while inflationand interest rates fall.

• Non-government bond spreads will narrow as corporates remain in good shape.


2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

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chart 1: Bank of England’s inflation forecast 2007-2014

Source: Bank of England

chart 2: Chinese inflation and forecast 2000-2012

chart 3: US equity risk premium 1957-9/2011. The equity risk premium is a measure of the relative attractiveness of equities vs bonds

chart 4: 10 year real yields negative in US

Lower inflation in most parts of the world(see charts 1 & 2) should boost spendingand allow central banks to lower interestrates. We think China will achieve a softlanding, with emerging markets in generalcontinuing to grow more rapidly thandeveloped economies.

market outlook Overall, we think 2012 will be a positive yearfor global equity markets. Chart 3 shows theUS equity risk premium on a quarterly basissince 1957. Equities are close to theircheapest ever relative to US governmentbonds, while the same picture is true if youcompare US equities to cash.

While corporate profit growth is set to slownext year, we expect companies will be able

to increase profits. Global growthexpectations are at their lowest since 2008,while cash levels are high. We expectconfidence to improve, increasing thedemand for risk assets.

Government bond yields in the core marketsof the US, UK, Germany and Japan are closeto the lowest of all time. Chart 4 shows that10-year US real yields are negative. While weare not expecting any rate increases by thecore central banks until 2013, we think bondyields will rise as the global economyrecovers in the second half of the year.

Emerging market equities will outperformdeveloped market equities. In China,inflation will fall to 3% or lower, allowing thePBOC to cut reserve requirements andinterest rates.

We think that investment grade, high yieldand emerging market debt will outperformgovernment bonds in 2012. Following recentfalls, valuations are favourable, with spreadson high yield and investment grade pricing ina much higher risk of default than we thinklikely.

summary2012 will be a year of healing for the globaleconomy, leading to stronger equity andnon-government bond markets. Theeurozone crisis will be contained. However,equities will climb a ‘wall of worry’ in the firsthalf of the year while a recovery in the globaleconomy should help risk markets in thesecond half.

Very Positive Positive Neutral Negative Very Negative

Top down Equities Cash Bonds

Equity regions Emerging Asia Emerging EMEA, UK, Europe ex UK,Latin America Developed Asia

Pacific, US, Japan

Bond sectors Investment grade, EMD Index-linked Governmenthigh yield

Currency Emerging currencies GBP, commodity CHF, USD, SEK, Yen Eurocurrencies

Alternatives Commodities property

Source: Goldman Sachs

Percentage increase in prices on a year earlier

2007 08 09 10 11 12 13 14

7

6

5

4

3

2

1

0

-1

-2

Source: BloombergSource: JP Morgan

For further details visit www.skandiainternational.com/Adviser/investments/trust_our_experts/Royal_Skandia/

Huet Capital European Residential Property

Close Property Investment Portfolio

€/£ Until further notice -

£ Until further notice -

Royal Skandia Skandia IrelandUnderlying Currency (US$, HK$, €, £) (€, US$, £)

fund suspensions

First State Hong Kong Growth

other events

The following funds are currently suspended until further notice. For further information or indicative prices (where available), please visitour websites detailed below.

Royal Skandia Skandia IrelandUnderlying Currency (US$, HK$, €, £) (€, US$, £)

US$ 01/01/2012 -

fund news

fund launchesRoyal Skandia Skandia Ireland

Underlying Currency (US$, HK$, €, £) (€, US$, £)

RS US$ Fidelity China Consumer Fund

RS US$ Baring ASEAN Frontiers Fund

RS £ Baring Dynamic Emerging Markets Fund

RS US$ Allianz RCM Renminbi Currency

US$ 21/12/11 -

US$ 08/12/11 -

£ 08/12/11 -

US$ 01/12/11 -



indicatorcate¯oriesThe outlook provided by thefund group for equities ignoresthe effect that currencymovements can have on themarket. For example, if the fundgroup believes the US outlook ispositive, but believes thestrength of Sterling will be adeterrent for UK investors, theywill still show a positive outlookfor the US market.

The outlooks for equities,bonds and property relate tothe specific indices shown in the'benchmarks and marketmovements' table below theindicator grid. The performanceinformation shown in this table iscalculated in Sterling terms.

outlook¯uidelines a positive outlook

the fund group believes theindex they are using as abenchmark will rise inexcess of 5% over the next12 months.

£ a neutral outlookthe fund group believes theindex they are using as abenchmark will have eithera positive or negative movement of between 0% and 5%.

l a negative outlookthe fund group believes the index they are using as a benchmark will fall inexcess of 5% over the next12 months.

how to use indicatorThe Indicator provides investors with a 12-month stock market outlook from a selection of fundgroups linked to Skandia. We provided the fund groups with an index as a benchmark for eachsector and asked them how they think the index will perform over the next 12 months.These views are not fund specif ic. We have asked the fund groups to provide anoutlook for each sector as a whole.

Past performance is not a guide to future performance.Source for all performance information: Financial Express Limited, from 30/11/2001 to 30/12/2011, bid to bid, in dollars, with gross income reinvested back into the fund.U Figures unavailable.* This is the view of Bob Yerbury, Chief Investment Officer of Invesco UK. These views may change and may differ from those of individual Invesco Perpetual fund managers.

Additionally, this 12-month outlook is a shorter term than Invesco Perpetual’s normal investment horizon when buying stock and, as such, the views may not necessarily berepresentative of Invesco Perpetual's portfolios.

This Financial Express sourced information is provided to you by Skandia UK Group and is used at your own risk. Financial Express take care to ensure that the informationprovided is correct. Neither Financial Express Limited or Skandia Group warrants, represents nor guarantees the contents of the information, nor do they accept anyresponsibility for error, inaccuracies, omissions or any inconsistencies herein.

benchmarks and market movementspercentage growth

Equities

FTSE All Share

FTSE Small Cap Index

S&P 500

Russell 2000

FTSE World Europe ex UK

FTSE All World Japan

FTSE World Pacific ex Japan

MSCI Emerging Markets Composite

BRIC

Property

UK Property

Global Property Securities

Bonds

Citi UK Government Bond Index, All Maturities

Citi WBIG UK Corporate Bond Index

Citi World Government Bond Index

8.13 -4.17 55.49 -15.71 70.30

-3.76 -15.78 69.03 -47.32 19.13

9.46 -0.49 42.90 -6.23 21.79

15.34 -4.55 52.72 -1.28

3.05 -15.34 17.07 -24.35 63.38

-3.81 -13.55 5.56 -28.21 36.02

5.32 -13.57 80.08 18.08 201.10

4.42 -18.42 73.11 12.60 266.07

4.37 -22.85 63.25 5.31 363.33

0.89 4.10 28.23 -33.52 64.40

6.36 -7.12 48.29 -27.31 102.23

5.21 16.04 34.44 17.45 104.24

1.73 5.71 38.34 4.18 87.39

-0.12 6.35 14.71 41.13 111.32

3 Months 1 Year 3 Years 5 Years 10 Years

-0.98 0.61 -2.71 -0.26 0.93 -1.21 -2.20 -0.36 -1.02 0.53 -0.82 0.86 0.53 0.82Indices Monthly % Performance USD

January 2012

These are Investment House views and are not fund-specific.

Equities BondsProperty

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Neutral

Positive

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Kames Capital

Allianz Global Investors

Aviva Investors

AXA Framlington

Barings

BlackRock

Fidelity

GLG

Ignis

INVESCO PERPETUAL

Investec

L&G

Martin Currie

Newton

OM Asset Managers (UK) Ltd

Pictet

Skandia Investment Group

Schroders

Threadneedle

Consensus

£ – l l l – £ – – £ £ £ £ i

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We have used the principles of the methodology recommended by the CESR to applyobjective risk ratings to all funds within the Royal Skandia and Skandia Ireland fund ranges,to provide investors with a meaningful indication of overall risk and reward.

We calculated the standard deviation of the performance of the fund over the last f ive years and thenassigned this f igure to a relevant volatility interval. The volatility intervals were then allocated a riskrating from 1 to 5 as shown below:

Some of the underlying funds linked to on the fund range have not been running long enough to generate the required performance history. In these cases, we have used the standard deviation of the available performance of the fund, along with the standard deviation of the available performance of a suitable sector benchmark, to assign the fund a risk rating.

For example, a fund that only has two years of available returns would use that performance history,along with the suitable sector benchmark performance for the three previous years, as shown below:

Royal Skandia and Skandia Ireland funds are not currently assigned risk ratings, but we havepreviously shown risk ratings of 1 to 10 for each fund. Our fund factsheets, which are available atwww.skandiainternational.com, still show the sector risk ratings of 1 to 10 as opposed to individualfund ratings. Whilst the new methodology for funds uses a scale of 1 to 5, in principle the ratings havenot fundamentally changed with low risk funds still at the lower end of the risk span, regardless ofwhich risk rating methodology is used.

The new fund risk ratings are shown as part of the fund performance statistics on the following pages.

Skandia International has adopted new risk ratings for the Royal Skandiaand Skandia Ireland fund ranges, based on the Committee of EuropeanSecurities Regulators (CESR) risk and reward indicator guidelinespublished in July 2010. Phil Oxenham explains the process involved.

new risk ratin¯s explained

Volatility Risk Rating

<5 1

5-10 2

10-15 3

15-20 4

20< 5

(Sector benchmark performance) (Fund performance)

Start 1 2 3 4 5 years


January 2012

all currencies (€, £, HK$, US$) royal skandiaPerformance % over one year to end DecemberAll percentage growth calculated to 30/12/11

2011 2010 2009 2008 2007

ANNUAL

SFCauthorised*

AMC

Roya

l Ska

nd

ia B

ase

Curr

ency

Fund

ID

Managed Solutions – available in different risk profiles, providing a high level of diversification across multiple asset classes

96911 4 RS € Aggressive 3.76 7.17 -7.55 -14.37 41.35 -26.56 -14.37 19.21 38.46 -44.39 -6.58 1.50

96000 3 RS € Balanced 3.35 4.52 -8.05 -12.53 38.58 -23.27 -12.53 18.29 33.93 -41.42 -5.48 1.45

96912 3 RS € Cautious 2.53 3.62 -6.53 -9.24 30.08 -15.61 -9.24 13.20 26.60 -32.18 -4.34 1.10

97971 1 RS € Defensive 0.22 0.90 -4.05 1.50

97975 1 RS € Global Dynamic Bond 1.45 2.02 -3.19 0.80

96909 3 RS £ Aggressive 96930 1.55 3.04 -13.81 -16.02 23.43 -11.91 -16.02 15.45 27.29 -29.08 0.63 1.50

96013 3 RS £ Balanced 96468 1.59 1.45 -12.87 -14.14 23.62 -12.28 -14.14 14.67 25.55 -28.96 -0.12 1.45

85052 3 RS £ Cautious 96915 1.15 1.24 -10.58 -11.14 23.75 -0.44 -11.14 11.36 25.05 -20.72 1.48 1.50

97969 1 RS £ Defensive 0.34 1.02 -4.10 1.50

96901 2 RS £ Global Dynamic Bond 96903 1.80 2.41 -1.66 1.37 43.31 15.34 1.37 6.74 32.45 -18.08 -1.75 0.80

97854 1 RS £ Index Cautious 97855 1.81 5.09 3.59 3.80 3.80 0.50

96910 4 RS US$ Aggressive 96913 0.00 1.23 -17.53 -16.62 29.32 -24.81 -16.62 11.37 39.27 -44.07 3.96 3 1.50

96527 3 RS US$ Balanced 96914 0.31 0.00 -15.74 -14.55 30.42 -20.77 -14.55 10.96 37.55 -40.80 2.62 3 1.45

96528 3 RS US$ Cautious 96916 0.34 0.34 -12.40 -10.72 27.57 -10.17 -10.72 8.65 31.51 -31.23 2.39 3 1.20

97972 1 RS US$ Defensive 0.22 0.79 -4.38 1.50

96971 3 RS US$ Diversified Managed 96974 96972 96973 0.31 -0.10 -15.84 -14.94 28.44 -17.99 -14.94 9.38 38.05 -40.03 6.48 3 1.45

97976 1 RS US$ Global Dynamic Bond 1.56 2.12 -2.56 0.80

Sector Solutions

Multi-Manager – covering single asset classes and sectors

96802 2 RS € Euro Bond 96881 96882 2.58 1.18 0.18 2.11 21.22 9.00 2.11 5.31 12.73 -7.55 -2.74 0.45

97746 3 RS £ Global Dynamic Equity 97748 97749 97747 1.49 3.02 -14.02 -16.06 -16.06 15.85 1.50

96897 3 RS £ Global Equity Income 96900 96899 96898 3.51 5.63 -4.55 -5.71 27.63 -15.38 -5.71 9.60 23.51 -28.20 -7.66 1.25

97051 4 RS £ Global Fixed Interest Blend 97052 1.75 2.41 -2.22 -0.08 21.52 37.35 -0.08 6.15 14.57 9.83 2.91 1.25

85044 2 RS £ Japanese Equity 0.35 -4.71 -8.91 -17.09 1.56 -15.77 -17.09 18.79 3.11 -7.83 -10.02 1.50

97105 3 RS £ Property 97106 97108 97107 -0.25 0.13 -0.88 1.42 9.03 -28.96 1.42 6.46 0.97 -20.97 -17.56 1.35

97047 2 RS £ Strategic Bond 97048 97050 97049 2.67 2.38 -2.01 0.56 34.71 10.03 0.56 10.32 21.43 -16.79 -1.84 1.25

96457 3 RS £ UK Equity 96460 96459 96458 2.78 8.98 -9.96 -9.68 38.65 -16.02 -9.68 15.01 33.49 -37.60 -2.94 1.50

85045 3 RS £ US Equity 96733 5.26 9.15 -3.95 -5.69 28.06 -3.13 -5.69 15.73 17.33 -23.49 -1.14 1.50

97518 1 RS US$ Alternatives 97520 97519 97521 0.36 0.96 -4.22 -4.22 -0.36 -4.22 -0.34 4.39 1.50

97053 2 RS US$ Global Fixed Interest Blend 97054 1.56 2.17 -2.03 3.75 34.44 10.43 3.75 3.29 25.47 -21.46 4.59 3 1.25

96545 5 RS US$ Pacific Equity 96548 96546 96547 -0.39 1.39 -19.12 -20.41 57.10 0.74 -20.41 21.78 62.09 -50.15 28.64 1.50

96483 5 RS SEK Swedish Equity (USD)1 96485 96482 96484 96483 3.79 2.64 -22.19 -21.82 66.48 -11.27 -21.82 32.01 61.30 -46.86 0.30 3 1.25

Single Manager – each fund provides access to a single, high calibre fund manager

97973 2 RS € Emerging Markets Debt 1.27 4.03 -0.42 1.50

97414 4 RS € European Equity 97415 97417 97416 3.93 4.23 -12.39 -14.29 24.39 -14.29 15.37 25.78 1.50

97974 2 RS £ Emerging Markets Debt 1.18 3.73 -0.63 1.50

97085 3 RS £ Ethical 97086 97088 97087 1.43 4.28 -14.90 -17.04 16.94 -20.33 -17.04 12.74 25.03 -32.62 1.12 1.25

97093 5 RS £ Global Property Securities 3.90 4.79 -12.45 -12.07 21.19 -53.57 -12.07 11.72 23.37 -52.36 -19.58 1.50

96250 3 RS £ UK Index Tracker 96666 96260 96255 3.55 6.23 -6.26 -7.28 37.30 -5.14 -7.28 11.58 32.71 -32.53 2.40 3 0.40

96439 3 RS £ US Index Tracker 96667 96441 96440 5.67 8.83 -0.25 0.13 36.69 14.92 0.13 15.44 18.26 -18.04 2.58 3 0.65

97422 3 RS US$ Emerging Markets Debt 97424 97423 97425 1.30 4.08 -0.09 3.90 60.91 3.90 12.12 38.13 1.50

97985 4 RS US$ Global Emerging Markets 97987 97986 97988 -1.32 1.92 -19.89 1.75

97102 5 RS US$ Global Real Estate Securities 97103 97104 3.73 4.75 -13.65 -11.50 31.21 -50.23 -11.50 13.88 30.18 -54.27 -17.06 3 1.50

97418 5 RS US$ Greater China Equity 97420 97419 97421 0.53 4.14 -11.81 -12.45 69.80 -12.45 18.57 63.59 1.50

97434 3 RS US$ Healthcare 97436 97435 97441 4.31 2.24 -9.27 0.49 13.85 0.49 -0.37 13.71 1.75

97989 2 RS US$ Local Currency Emerging Market Debt 97991 97990 97992 -0.12 -0.34 -7.86 1.75

97426 4 RS US$ Technology 97428 97427 97429 0.94 0.35 -12.17 -12.79 61.47 -12.79 12.83 64.10 1.75

97430 2 RS US$ Total Return Bond 97432 97431 97433 0.99 1.26 -0.97 1.08 23.57 1.08 6.83 14.43 1.00

97410 4 RS US$ US All Cap Value 97412 97411 97413 3.48 7.76 -8.66 -7.03 52.56 -7.03 16.82 40.48 1.50

Best Ideas – highly focused, unconstrained stock picking multi-manager funds

97437 4 RS € European Best Ideas 97438 97440 97439 1.62 3.68 -19.13 -20.39 39.97 -20.39 25.92 39.62 1.50

97132 4 RS £ Global Best Ideas 97134 97135 97133 0.88 0.98 -15.45 -14.61 39.62 -5.94 -14.61 23.84 32.02 -36.36 5.85 1.50

97209 4 RS £ UK Best Ideas 97211 97212 97210 1.62 2.23 -15.15 -18.17 26.42 -32.05 -18.17 27.38 21.28 -45.93 -0.59 1.50

97277 2 RS £ UK Strategic Best Ideas 97279 97280 97278 1.60 4.39 -7.76 -9.69 16.26 -9.69 18.85 8.31 -12.70 1.50

3Months

1MonthHK$£€ US$

6Months

1 Year 3 Years 5 Years

CUMULATIVERe-priced currency

only available to unit-linked products

for financial advisers only

Further fund performance information available from www.royalskandia.com

Ris

k R

atin

g

January 2012

royal skandia all currencies (€, £, HK$, US$)Performance % over one year to end DecemberAll percentage growth calculated to 30/12/11

2011 2010 2009 2008 2007

ANNUAL

SFCauthorised*

AMC3

Months1

MonthHK$£€ US$6

Months1 Year 3 Years 5 Years





CASH FUNDS

DEPoSITS

96202 1 RS € Deposit 0.09 0.35 0.62 1.15 2.06 8.56 1.15 0.62 0.27 3.23 3.04 0.00

85012 1 RS £ Deposit 0.10 0.38 0.75 1.59 3.34 13.12 1.59 1.26 0.46 4.40 4.85 3 0.00

96226 1 RS HK$ Deposit 0.00 0.00 0.00 0.10 0.29 4.37 0.10 0.19 0.00 0.77 3.28 3 0.00

85112 1 RS US$ Deposit 0.06 0.11 0.28 0.50 0.96 7.17 0.50 0.45 0.00 1.72 4.36 3 0.00

MoNEY MARKET

97892 1 RS € HSBC GIF Global Currency2 -0.23 -1.47 -1.80 -3.11 -3.11 2.50

96849 1 RS £ M&G High Interest 96852 96851 96850 0.09 0.18 -1.00 -0.55 6.99 7.94 -0.55 0.18 7.38 -3.70 4.77 0.50

97912 1 RS US$ Emirates Islamic Money Market ˜ 0.00 -0.11 -0.32 -0.54 -0.54 0.50

97893 1 RS US$ HSBC GIF Global Currency2 97894 97895 -0.23 -1.47 -1.81 -3.44 -3.44 3.50

CURRENCY – oTHER

98126 - RS US$ Allianz RCM Renminbi Currency A Launched: 01/12/2011 0.50

FIXED INTEREST FUNDS

FIXED INTEREST – EMERgINg gLoBAL

97973 2 RS € Emerging Markets Debt 1.27 4.03 -0.42 1.50

97974 2 RS £ Emerging Markets Debt 1.18 3.73 -0.63 1.50

97612 4 RS US$ Aberdeen Global Emerging Markets Bond 97614 97613 97615 1.49 3.67 0.17 3.85 101.22 3.85 11.94 73.09 1.50

97937 2 RS US$ BlackRock Local Emg Markets Short Duration 97939 97938 97940 -1.75 -4.10 -11.91 1.00

96931 3 RS US$ BNP Paribas L1 Bond Best Selection World Emg 96933 96932 96934 5.81 4.10 -4.76 -8.41 53.85 -19.74 -8.41 14.53 46.66 -44.78 -5.53 3 1.50

97422 3 RS US$ Emerging Markets Debt 97424 97423 97425 1.30 4.08 -0.09 3.90 60.91 3.90 12.12 38.13 1.50

97732 2 RS US$ Invesco Emerging Markets Local Currencies Debt 97734 97733 97735 0.27 -0.63 -9.04 -3.94 -3.94 11.74 1.50

97632 4 RS US$ Investec Emerging Markets Local Currency Debt 97634 97633 97635 0.22 -0.96 -9.99 -5.43 36.38 -5.43 12.89 27.74 1.50

98118 - RS US$ Investec Latin American Corporate Debt 98120 98119 98121 2.16 1.50

97941 5 RS US$ JPM Emerging Markets Bond 97943 97942 97944 1.57 4.07 0.00 1.15

97989 2 RS US$ Local Currency Emerging Market Debt 97991 97990 97992 -0.12 -0.34 -7.86 1.75

98077 - RS US$ MFS Emerging Markets Debt 98079 98078 98080 1.62 1.65

97670 2 RS US$ Schroder ISF Emg Market Debt Absolute Return 97672 97671 97673 -0.10 -0.66 -1.69 -2.24 12.80 -2.24 -0.09 15.48 1.50

98005 2 RS US$ Templeton Emerging Markets Bond 98007 98006 98008 1.28 0.69 -6.85 1.50

FIXED INTEREST – gLoBAL

97977 1 RS € Allianz PIMCO Bondspezial 97978 97980 97979 3.15 3.15 10.70 1.15

96802 2 RS € Euro Bond 96881 96882 2.58 1.18 0.18 2.11 21.22 9.00 2.11 5.31 12.73 -7.55 -2.74 0.45

97975 1 RS € Global Dynamic Bond 1.45 2.02 -3.19 0.80

97945 5 RS € JPM Global Convertibles 97946 97948 97947 1.74 0.12 -9.91 1.25

96901 2 RS £ Global Dynamic Bond 96903 1.80 2.41 -1.66 1.37 43.31 15.34 1.37 6.74 32.45 -18.08 -1.75 0.80

97051 4 RS £ Global Fixed Interest Blend 97052 1.75 2.41 -2.22 -0.08 21.52 37.35 -0.08 6.15 14.57 9.83 2.91 1.25

96575 3 RS £ M&G Offshore High Yield Corporate Bond 96578 96577 96576 3.83 3.76 -4.99 -3.23 42.80 16.46 -3.23 10.65 33.37 -19.18 0.91 1.25

97245 4 RS £ Newton International Bond 97247 97248 97246 1.41 0.00 5.44 5.05 4.52 55.53 5.05 8.76 -8.53 41.59 5.10 1.00

98025 1 RS £ Old Mutual Global Strategic Bond 98027 98028 98026 -0.20 -0.60 1.00

96975 3 RS £ Threadneedle Dollar Bond 96976 96978 96977 2.18 2.57 6.56 4.61 17.41 40.79 4.61 8.36 3.57 22.81 -2.36 3 1.00

98073 - RS US$ Aberdeen Asian Local Currency Short Duration Bond 98075 98074 98076 0.11 1.00

96793 3 RS US$ Baring Global Aggregate Bond 96796 96794 96795 0.22 -1.47 -1.40 3.47 18.17 28.35 3.47 3.52 10.32 4.23 4.21 3 1.25

96229 3 RS US$ Baring High Yield Bond 96700 96244 96238 2.66 4.38 -5.33 -2.16 49.88 21.12 -2.16 12.72 35.90 -22.30 4.01 3 1.00

85154 2 RS US$ BlackRock GF World Bond 96727 98032 97657 1.68 0.71 1.76 2.49 10.49 15.61 2.49 3.15 4.51 3.59 1.00 3 0.85

97933 2 RS US$ BlackRock Global Inflation Linked Bond 97935 97934 97936 1.88 2.90 5.53 0.85

96841 2 RS US$ BNY Mellon Global Bond 96844 96842 96843 -0.34 -1.52 1.29 5.54 12.74 27.20 5.54 5.15 1.59 4.02 8.47 3 1.50

97790 2 RS US$ Franklin High Yield 97792 97791 97793 3.07 5.08 -0.46 2.67 2.67 10.90 1.20

97997 1 RS US$ Franklin Strategic Income 97999 97998 98000 1.80 2.49 -2.16 1.25

96709 2 RS US$ Franklin US Government 96712 96710 96711 0.48 0.96 2.86 5.27 12.72 24.06 5.27 3.91 3.05 5.18 4.64 3 1.90

97976 1 RS US$ Global Dynamic Bond 1.56 2.12 -2.56 0.80

97053 2 RS US$ Global Fixed Interest Blend 97054 1.56 2.17 -2.03 3.75 34.44 10.43 3.75 3.29 25.47 -21.46 4.59 3 1.25

97184 2 RS US$ HSBC GIF Global Core Plus Bond 97186 97185 97187 0.38 -0.75 1.15 5.92 13.92 12.58 5.92 2.36 5.07 -2.93 1.81 0.75

85136 2 RS US$ Invesco Bond 96211 98042 96224 0.45 -0.73 1.66 5.77 9.88 30.91 5.77 3.57 0.31 10.51 7.80 3 0.50

98085 - RS US$ MFS High Yield Fund 98087 98086 98088 3.07 1.25

98081 - RS US$ MFS Limited Maturity 98083 98082 98084 -0.11 1.10

97872 1 RS US$ MFS Meridian Research Bond 97874 97873 97875 0.91 0.91 2.25 4.83 4.83 1.10

97888 2 RS US$ PIMCO Global Investment Grade Credit 97890 97889 97891 1.96 2.49 0.00 2.28 2.28 1.40

97868 2 RS US$ Prudential IOF Asian Bond 97870 97869 97871 0.51 2.62 -0.31 1.24 1.24 3 1.25

97674 2 RS US$ Schroder ISF Asian Bond Absolute Return 97676 97675 97677 0.63 1.68 -1.33 -1.02 5.11 -1.02 4.05 2.07 1.25

97953 1 RS US$ Schroder ISF Global Corporate Bond 97955 97954 97956 1.51 1.18 0.32 0.75

97949 1 RS US$ Schroder ISF Global High Yield 97951 97950 97952 3.05 4.03 -5.08 1.00

97536 3 RS US$ Templeton Global Bond 97538 97537 97539 1.08 0.50 -7.17 -3.79 24.44 -3.79 10.29 17.28 3 2.00

97794 2 RS US$ Templeton Global Total Return 97796 97795 97797 1.85 1.16 -6.44 -1.78 -1.78 13.78 2.00

97430 2 RS US$ Total Return Bond 97432 97431 97433 0.99 1.26 -0.97 1.08 23.57 1.08 6.83 14.43 1.00

FIXED INTEREST – UK

96765 3 RS £ Artemis High Income 96768 96767 96766 0.67 1.88 -4.50 -1.67 40.33 4.30 -1.67 8.92 31.02 -25.15 -0.69 1.25

85050 2 RS £ BlackRock UK Gilts All Stocks Tracker 96726 96218 97117 0.75 4.95 12.95 14.43 17.14 33.48 14.43 5.62 -3.08 12.53 1.26 1.00

96935 2 RS £ Fidelity MoneyBuilder Income 96937 96938 96936 1.05 2.88 4.34 6.66 33.55 24.38 6.66 8.02 15.92 -6.31 -0.60 0.80

98097 - RS £ Fidelity Sterling Bond 98099 98100 98098 0.95 0.75

96633 3 RS £ Henderson Fixed Interest Monthly Income 96636 96635 96634 1.10 2.04 -4.50 -2.73 44.37 -0.81 -2.73 11.18 33.51 -29.59 -2.43 1.25

96888 3 RS £ Henderson High Yield Monthly Income 96891 96890 96889 0.96 2.11 -5.37 -3.01 60.72 -0.17 -3.01 9.91 50.76 -36.24 -2.58 1.00

97742 3 RS £ Invesco Sterling Bond 97744 97745 97743 2.01 2.19 -2.91 1.04 1.04 7.95 0.75

97144 2 RS £ Lloyds Sterling Bond 97145 97147 97146 1.49 2.10 0.99 4.18 22.84 9.66 4.18 6.75 10.46 -10.15 -0.64 0.90

97156 2 RS £ Lloyds TSB Offshore Funds High Income 97157 97159 97158 1.37 2.17 0.29 3.40 23.83 10.59 3.40 6.84 12.10 -8.84 -2.03 0.90

96609 3 RS £ M&G Offshore Corporate Bond 96612 96611 96610 1.86 3.09 5.64 8.94 37.14 37.14 8.94 6.17 18.57 -1.32 1.34 0.00

96694 2 RS £ Premier Conservative Growth 96697 96696 96695 0.58 0.87 -4.33 -0.95 25.97 -8.38 -0.95 3.25 23.18 -28.35 1.50 1.25

97047 2 RS £ Strategic Bond 97048 97050 97049 2.67 2.38 -2.01 0.56 34.71 10.03 0.56 10.32 21.43 -16.79 -1.84 1.25

96983 2 RS £ Threadneedle Strategic Bond 96984 96986 96985 1.67 2.88 -3.45 -1.24 37.22 8.03 -1.24 7.70 29.01 -19.94 -1.67 3 1.25

97758 2 RS £ Threadneedle UK Corporate Bond 97760 97761 97759 1.68 2.70 0.10 2.50 2.50 6.04 0.75

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SFCauthorised*

MIXED ASSET FUNDS

MIXED ASSET – AggRESSIVE

96911 4 RS € Aggressive 3.76 7.17 -7.55 -14.37 41.35 -26.56 -14.37 19.21 38.46 -44.39 -6.58 1.50

96909 3 RS £ Aggressive 96930 1.55 3.04 -13.81 -16.02 23.43 -11.91 -16.02 15.45 27.29 -29.08 0.63 1.50

96018 3 RS £ Aggressive Invesco Managed 2.25 2.54 -9.15 -11.30 18.22 -9.20 -11.30 9.69 21.50 -23.87 0.90 1.45

97132 4 RS £ Global Best Ideas 97134 97135 97133 0.88 0.98 -15.45 -14.61 39.62 -5.94 -14.61 23.84 32.02 -36.36 5.85 1.50

96910 4 RS US$ Aggressive 96913 0.00 1.23 -17.53 -16.62 29.32 -24.81 -16.62 11.37 39.27 -44.07 3.96 3 1.50

96118 4 RS US$ Aggressive Invesco Managed 96281 1.78 1.74 -12.89 -11.94 20.13 -25.68 -11.94 5.15 29.74 -39.27 1.87 1.45

96971 3 RS US$ Diversified Managed 96974 96972 96973 0.31 -0.10 -15.84 -14.94 28.44 -17.99 -14.94 9.38 38.05 -40.03 6.48 3 1.45

MIXED ASSET – BALANCED

96000 3 RS € Balanced 3.35 4.52 -8.05 -12.53 38.58 -23.27 -12.53 18.29 33.93 -41.42 -5.48 1.45

96013 3 RS £ Balanced 96468 1.59 1.45 -12.87 -14.14 23.62 -12.28 -14.14 14.67 25.55 -28.96 -0.12 1.45

96014 3 RS £ Balanced Fidelity Managed 3.17 4.74 -5.59 -7.62 25.49 8.90 -7.62 11.87 21.43 -18.84 6.93 1.50

97754 2 RS £ CF Miton Special Situations Portfolio 97756 97757 97755 0.59 -0.58 1.29 0.89 0.89 6.40 1.50

97152 2 RS £ Lloyds TSB Multi Strategy Growth 97153 97155 97154 2.09 3.75 -3.67 -3.76 30.78 6.44 -3.76 12.71 20.56 -20.35 2.18 1.50

96601 2 RS £ Sarasin GlobalSar Cautious 96604 96603 96602 1.70 1.61 -3.07 -4.92 9.71 0.76 -4.92 6.51 8.33 -19.35 13.88 1.75

96527 3 RS US$ Balanced 96914 0.31 0.00 -15.74 -14.55 30.42 -20.77 -14.55 10.96 37.55 -40.80 2.62 3 1.45

96116 3 RS US$ Balanced Fidelity Managed 96437 96283 2.16 3.68 -7.94 -6.40 34.19 -8.83 -6.40 9.21 31.27 -38.15 9.85 1.40

97908 2 RS US$ Emirates Active Managed ˜ 3.06 2.46 -5.20 -5.91 -5.91 1.50

97909 2 RS US$ Emirates Balanced Managed ˜ 2.19 0.91 -4.94 -4.73 -4.73 1.50

97911 2 RS US$ Emirates Islamic Global Balanced ˜ 3.60 2.29 -5.30 -5.00 -5.00 1.50

97876 2 RS US$ MFS Meridian Global Total Return 97878 97877 97879 2.65 2.55 -3.78 0.29 0.29 1.55

MIXED ASSET – CAUTIoUS

96912 3 RS € Cautious 2.53 3.62 -6.53 -9.24 30.08 -15.61 -9.24 13.20 26.60 -32.18 -4.34 1.10

97971 1 RS € Defensive 0.22 0.90 -4.05 1.50

96201 2 RS € Investec Cautious Managed 3.67 5.77 -3.46 -7.68 32.11 -3.53 -7.68 14.57 24.90 -26.77 -0.28 1.25

85051 2 RS £ Aberdeen Managed Distribution 96715 97928 1.67 5.27 2.90 5.19 37.42 12.90 5.19 11.98 16.67 -17.99 0.18 1.25

85052 3 RS £ Cautious 96915 1.15 1.24 -10.58 -11.14 23.75 -0.44 -11.14 11.36 25.05 -20.72 1.48 1.50

97969 1 RS £ Defensive 0.34 1.02 -4.10 1.50

96884 3 RS £ Henderson Managed Distribution 96887 96886 96885 1.59 3.98 -5.74 -4.01 57.40 -8.59 -4.01 13.89 43.97 -37.98 -6.36 1.25

97854 1 RS £ Index Cautious 97855 1.81 5.09 3.59 3.80 3.80 0.50

85013 3 RS £ Investec Cautious Managed 0.35 1.52 -3.92 -3.63 34.78 10.84 -3.63 11.29 25.67 -13.35 -5.09 1.50

97148 2 RS £ Lloyds TSB Multi Strategy Conservative 97149 97151 97150 1.40 3.14 3.24 5.45 22.90 15.20 5.45 7.31 8.62 -5.87 -0.43 1.25

97098 2 RS £ Newton Phoenix Multi-Asset 97099 97101 97100 0.39 1.27 -3.90 -3.18 25.91 0.58 -3.18 9.87 18.37 -22.45 3.01 1.50

96528 3 RS US$ Cautious 96916 0.34 0.34 -12.40 -10.72 27.57 -10.17 -10.72 8.65 31.51 -31.23 2.39 3 1.20

97972 1 RS US$ Defensive 0.22 0.79 -4.38 1.50

97910 1 RS US$ Emirates Conservative Managed ˜ 1.35 0.44 -2.17 -2.90 -2.90 1.40

97339 2 RS US$ Fidelity Multi Asset Strategic 97341 97340 97342 0.88 -1.23 -10.75 -7.04 13.38 -7.04 0.23 21.69 -23.57 1.25

85113 3 RS US$ Investec Cautious Managed 96287 1.47 1.88 -10.41 -8.02 23.56 -0.35 -8.02 8.29 24.05 -25.44 8.16 1.30

EQUITY FUNDS

EQUITIES – BRIC

97644 5 RS € Allianz RCM BRIC Equity 97645 97647 97646 0.30 2.40 -18.76 -26.85 73.36 -26.85 16.82 102.89 1.75

97176 5 RS US$ HSBC GIF BRIC Markets Equity 97178 97177 97179 -0.77 0.20 -23.09 -24.17 48.05 -9.04 -24.17 6.45 83.41 -60.10 53.99 3 1.50

97830 4 RS US$ Schroder ISF BRIC 97832 97831 97833 -1.49 0.28 -22.72 -23.77 -23.77 1.50

97544 5 RS US$ Templeton BRIC 97546 97545 97547 -1.27 -2.05 -25.30 -27.57 48.68 -27.57 11.17 84.65 3 1.90

EQUITIES – EMERgINg EURoPE

97382 5 RS € Jupiter New Europe 97383 97385 97384 -5.49 0.57 -21.90 -28.97 69.30 -28.97 30.96 82.01 1.75

85130 5 RS US$ Baring Eastern Europe 96432 98051 96289 -8.08 -6.62 -33.04 -32.69 49.02 -37.54 -32.69 12.51 96.78 -68.68 33.80 3 1.50

EQUITIES – EMERgINg gLoBAL

98131 - RS £ Baring Dynamic Emerging Markets 98133 98134 98132 Launched: 08/12/2011 1.50

85016 5 RS £ Baring Global Emerging Markets 96288 -0.19 1.64 -17.48 -23.71 46.31 32.76 -23.71 18.79 61.44 -33.08 35.59 3 1.50

97510 5 RS £ Fidelity Emerging Europe, Middle East & Africa 97512 97513 97511 0.51 3.33 -15.27 -22.12 75.75 -22.12 34.78 67.43 3 1.50

96917 5 RS £ First State Global Emerging Markets Leaders 96919 96920 96918 2.90 5.07 -3.33 -7.73 74.29 78.34 -7.73 25.88 50.06 -19.03 26.37 3 1.50

85023 5 RS £ JPM Emerging Markets Investment Trust 96446 97123 97361 1.61 2.41 -12.62 -18.17 69.06 41.29 -18.17 27.30 62.29 -36.04 30.67 1.00

97838 5 RS US$ Aberdeen Global Emerging Markets Equity 97840 97839 97841 0.58 1.86 -13.32 -13.47 -13.47 3 1.75

85118 5 RS US$ Baring Global Emerging Markets 96824 -1.76 -0.26 -21.04 -24.44 53.49 2.77 -24.44 15.81 75.42 -51.41 37.79 3 1.50

97299 5 RS US$ BNP Paribas L1 Equity World Emerging 97301 97300 97302 -1.38 0.40 -21.79 -21.79 54.97 -21.79 12.32 76.40 -63.98 3 1.75

97564 5 RS US$ Franklin MENA 97566 97565 97567 1.56 0.78 -8.67 -16.31 -2.01 -16.31 17.68 -0.50 3 2.00

97985 4 RS US$ Global Emerging Markets 97987 97986 97988 -1.32 1.92 -19.89 1.75

97188 5 RS US$ HSBC GIF Global Emerging Markets Equity 97190 97189 97191 -3.30 -0.35 -26.72 -28.45 34.07 -21.73 -28.45 13.25 65.46 -58.54 40.79 3 1.50

85123 5 RS US$ Invesco Emerging Markets Equity 96699 98047 -1.98 1.83 -19.60 -23.33 54.18 -7.92 -23.33 17.58 71.04 -55.15 33.14 3 1.50

98114 - RS US$ Investec GSF Africa Opportunities 98116 98115 98117 -0.42 2.00

97600 5 RS US$ JPM Emg Europe, Middle East & Africa Equity 97602 97601 97603 -1.46 -1.26 -22.75 -26.42 70.40 -26.42 26.53 83.03 1.50

97608 5 RS US$ JPM Middle East Equity 97610 97609 97611 -1.61 -7.67 -18.38 -28.64 18.66 -28.64 25.88 32.09 1.50

98033 4 RS US$ Prudential IOF Dragon Peacock 98036 98035 98037 -1.45 -6.84 1.75

97957 4 RS US$ Schroder ISF Global Emg Markets Opportunities 97959 97958 97960 -2.09 1.49 -23.63 1.50

97658 5 RS US$ Schroder ISF Middle East 97660 97659 97661 -1.02 -5.08 -16.33 -21.79 21.83 -21.79 25.28 24.34 1.50

85140 5 RS US$ Templeton Emerging Markets 96732 98031 1.29 2.92 -16.26 -16.74 61.71 -4.40 -16.74 14.99 68.91 -53.41 26.89 3 2.10

97540 5 RS US$ Templeton Emerging Markets Smaller Companies 97542 97541 97543 -3.30 -0.88 -25.17 -28.93 72.71 -28.93 32.50 83.41 3 1.90

98001 4 RS US$ Templeton Frontier Markets 98003 98002 98004 0.70 -3.60 -20.55 2.00

3Months

1Month

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CUMULATIVE

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EQUITIES – ENERgY

97679 3 RS € DWS Invest Clean Tech 97680 97682 97681 2.53 -0.23 -18.80 -26.57 -26.57 -0.52 1.50

97386 3 RS € Jupiter Climate Change Solutions 97387 97389 97388 4.76 6.64 -7.55 -13.18 27.86 -13.18 15.47 27.53 1.50

96621 5 RS US$ BlackRock GF New Energy 96624 96622 96623 1.61 -0.94 -20.97 -23.09 -19.67 -44.42 -23.09 -13.46 20.69 -55.33 54.87 3 1.75

97498 4 RS US$ BlackRock GF World Energy 97500 97499 97501 0.83 6.68 -15.34 -15.34 33.41 -15.34 15.65 36.26 3 1.75

97446 5 RS US$ BNP Paribas L1 Green Future 97448 97447 97449 0.68 2.31 -17.20 -18.11 6.75 -18.11 0.19 30.12 3 1.75

97568 5 RS US$ HSBC GIF Climate Change 97570 97569 97571 2.41 4.15 -18.82 -20.12 -0.36 -20.12 -0.14 24.91 3 1.50

97460 4 RS US$ Investec Global Energy 97462 97461 97463 -0.64 8.23 -19.43 -14.76 36.42 -14.76 8.86 47.02 3 1.50

97662 3 RS US$ Schroder ISF Global Climate Change Equity 97664 97663 97665 0.36 2.74 -15.81 -14.20 25.73 -14.20 3.48 41.61 1.50

EQUITIES – EURoPE

97842 1 RS € BlackRock European Absolute Return2 97843 97845 97844 2.04 3.52 6.84 4.93 4.93 1.50

97080 4 RS € BlackRock GF Continental European Flexible 97081 97083 97082 4.99 4.04 -15.23 -17.50 58.27 -1.41 -17.50 30.52 46.99 -39.45 2.89 3 1.50

97437 4 RS € European Best Ideas 97438 97440 97439 1.62 3.68 -19.13 -20.39 39.97 -20.39 25.92 39.62 1.50

97414 4 RS € European Equity 97415 97417 97416 3.93 4.23 -12.39 -14.29 24.39 -14.29 15.37 25.78 1.50

96582 4 RS € Henderson Gartmore Continental European 96583 96585 96584 4.80 5.62 -11.08 -10.66 19.47 -22.59 -10.66 6.81 25.19 -38.55 5.44 1.50

97180 4 RS € HSBC GIF Euroland Equity 97181 97183 97182 3.20 0.94 -21.53 -20.57 7.86 -36.45 -20.57 0.62 34.95 -45.24 7.59 3 1.50

97390 3 RS € Jupiter European Opportunities 97391 97393 97392 3.69 5.70 -11.56 -12.71 30.15 -12.71 16.84 27.61 1.50

96755 4 RS € Lazard European Equity 96756 96758 96757 3.01 4.28 -14.83 -13.79 12.80 -30.19 -13.79 5.09 24.51 -40.49 4.00 1.50

97700 3 RS € Pictet Europe Index 97701 97703 97702 4.83 7.05 -7.83 -12.32 -12.32 11.48 0.30

85046 5 RS £ Baring Europe Select 96204 96217 98052 0.64 -2.12 -20.66 -20.53 32.03 12.20 -20.53 22.46 35.67 -23.39 10.93 3 1.50

96658 3 RS £ Fidelity European 96661 96660 96659 1.27 -0.44 -19.98 -15.78 -1.56 -13.84 -15.78 8.54 7.69 -21.76 11.86 1.50

97584 3 RS £ GAM Star Continental European Equity 97586 97587 97585 1.21 0.33 -17.67 -16.55 5.40 -16.55 7.42 17.57 3 1.50

96571 4 RS £ GLG Esprit Continental Europe 96574 96573 96572 0.18 -1.63 -23.33 -17.58 13.22 -6.29 -17.58 10.46 24.35 -25.91 11.71 1.50

96594 3 RS £ Henderson European Growth 96597 96596 96595 2.11 1.56 -15.87 -14.81 23.79 -1.34 -14.81 15.47 25.84 -23.04 3.56 1.50

85041 4 RS £ Henderson Gartmore Pan European 4.26 5.22 -11.30 -9.67 9.36 -18.35 -9.67 6.06 14.15 -33.57 12.39 1.50

96253 4 RS US$ BNY Mellon Continental European Equity 96728 96258 96263 -0.71 -1.70 -22.68 -19.51 -4.66 -34.75 -19.51 -4.01 23.40 -40.84 15.68 3 2.00

85144 5 RS US$ Henderson Gartmore Pan European 2.84 3.28 -14.75 -9.62 17.01 -35.60 -9.62 3.35 25.27 -51.87 14.37 1.50

96759 5 RS US$ Investec GSF Continental European Equity 96762 96760 96761 0.93 0.62 -23.00 -18.72 11.73 -36.26 -18.72 6.63 28.93 -49.68 13.39 3 1.50

96483 5 RS SEK Swedish Equity (USD)1 96485 96482 96484 96483 3.79 2.64 -22.19 -21.82 66.48 -11.27 -21.82 32.01 61.30 -46.86 0.30 3 1.25

EQUITIES – gLoBAL

97648 3 RS € Allianz RCM Global Eco Trends 97649 97651 97650 2.43 5.25 -10.04 -18.73 0.24 -18.73 3.39 19.29 1.75

97624 5 RS € Credit Suisse Equity Fund (LUX) Global Prestige 97625 97627 97626 0.28 5.36 -8.08 -0.97 106.03 -0.97 48.06 40.52 1.90

97378 3 RS € Jupiter Global Financials 97379 97381 97380 7.13 5.60 -12.89 -20.88 19.79 -20.88 15.56 31.02 1.50

96486 3 RS £ Aberdeen World Equity 96488 96489 96487 4.06 7.54 -4.40 -4.49 32.14 18.79 -4.49 12.47 23.02 -18.97 10.94 1.50

96551 4 RS £ AXA Framlington Financial 96554 96553 96552 4.62 3.20 -18.62 -22.04 -6.42 -48.27 -22.04 3.56 15.90 -37.18 -12.00 1.50

96529 3 RS £ AXA Framlington Global Opportunities 96532 96531 96530 2.21 7.28 -8.22 -11.48 29.34 -10.62 -11.48 16.19 25.75 -35.19 6.62 1.50

96469 3 RS £ BlackRock Global Equity 96472 96471 96470 0.38 -1.25 -17.43 -17.09 16.67 8.06 -17.09 14.25 23.16 -21.80 18.44 1.50

97085 3 RS £ Ethical 97086 97088 97087 1.43 4.28 -14.90 -17.04 16.94 -20.33 -17.04 12.74 25.03 -32.62 1.12 1.25

85025 3 RS £ F & C Investment Trust 97357 1.75 4.11 -8.06 -6.04 31.08 5.51 -6.04 14.93 21.38 -27.98 11.76 0.30

96492 3 RS £ Fidelity Global Financial Services 96494 96495 96493 3.98 4.61 -15.32 -19.89 6.95 -26.14 -19.89 11.16 20.10 -27.91 -4.20 3 1.50

96500 5 RS £ Fidelity Global Industrials 96502 96503 96501 2.37 6.31 -16.50 -18.71 42.01 28.76 -18.71 24.79 40.00 -28.91 27.54 3 1.50

97172 3 RS £ Fidelity Global Special Situations 97174 97175 97173 -0.49 0.74 -15.48 -20.87 19.56 -17.11 -20.87 15.77 30.51 -37.95 11.74 1.50

97746 3 RS £ Global Dynamic Equity 97748 97749 97747 1.49 3.02 -14.02 -16.06 -16.06 15.85 1.50

96897 3 RS £ Global Equity Income 96900 96899 96898 3.51 5.63 -4.55 -5.71 27.63 -15.38 -5.71 9.60 23.51 -28.20 -7.66 1.25

97249 5 RS £ Henderson Global Financials 97251 97252 97250 5.00 0.66 -20.91 -25.37 5.73 -25.37 10.27 28.47 -41.58 1.50

96679 3 RS £ Henderson Industries of the Future 96685 96683 96681 1.92 3.39 -12.89 -12.89 18.61 5.22 -12.89 11.80 21.79 -22.39 14.32 1.50

85028 3 RS £ Invesco Perpetual Global Equity 96730 97356 1.99 2.75 -10.38 -10.44 32.53 -0.72 -10.44 12.15 31.96 -28.53 4.82 1.50

85040 3 RS £ Jupiter Ecology 96210 96467 96301 1.95 2.40 -11.38 -12.05 14.05 -5.26 -12.05 11.10 16.72 -25.61 11.67 1.50

97241 3 RS £ Newton International Growth 97243 97244 97242 2.85 2.18 -12.02 -12.18 20.28 -1.68 -12.18 12.43 21.82 -27.74 13.12 1.50

85037 3 RS £ Newton Real Return 96729 96225 97355 0.20 3.02 -2.39 -2.00 15.76 36.78 -2.00 8.00 9.38 4.02 13.59 1.50

96605 3 RS £ Sarasin EquiSar Global Thematic 96608 96607 96606 2.42 3.54 -10.09 -13.63 13.19 4.11 -13.63 14.77 14.19 -18.97 13.50 1.50

97616 4 RS US$ Aberdeen Global Infrastructure 97618 97617 97619 0.77 2.46 -15.41 -15.79 50.57 -15.79 20.33 48.60 1.90

97076 4 RS US$ Aberdeen Global World Equity 97078 97077 97079 2.03 5.47 -7.74 -4.62 40.98 -3.83 -4.62 9.49 35.00 -40.10 13.89 1.50

96541 5 RS US$ Baring Global Select 96544 96542 96543 0.49 2.99 -11.84 -9.21 33.03 -8.00 -9.21 9.93 33.29 -49.28 36.36 3 1.50

97486 3 RS US$ BlackRock GF Global Allocation 97488 97487 97489 0.47 1.06 -7.62 -6.11 22.13 -6.11 7.50 20.99 3 1.50

98057 - RS US$ BlackRock GF Global Equity 98059 98058 98060 -0.30 1.50

98089 - RS US$ Fidelity Global Real Assets 98091 98090 98092 0.22 1.50

97798 3 RS US$ Franklin Mutual Global Discovery 97800 97799 97801 2.91 4.08 -13.38 -8.19 -8.19 7.87 1.50

97140 3 RS US$ HSBC GIF Amanah Global Equity 97142 97141 97143 3.85 7.51 -5.03 -2.07 24.83 -9.74 -2.07 4.21 22.33 -36.23 13.37 0.75

85143 5 RS US$ Investec GS Global Strategic Equity 96720 98048 96703 2.86 5.74 -14.95 -10.07 26.87 -28.70 -10.07 8.41 30.15 -49.70 11.71 3 1.50

96442 4 RS US$ Investec GSF Global Dynamic 96445 96443 96444 2.57 6.22 -13.33 -7.72 31.72 -19.52 -7.72 11.53 27.97 -45.30 11.71 3 1.00

98109 - RS US$ JPM Global Consumer Trends 98111 98110 98112 -0.12 1.50

97900 3 RS US$ M&G Global Basics 97901 97902 97903 -2.81 -0.11 -15.55 -16.01 -16.01 1.75

97666 3 RS US$ Schroder ISF QEP Global Active Value 97668 97667 97669 2.19 1.94 -15.09 -12.98 39.38 -12.98 12.51 42.37 1.25

85139 4 RS US$ Templeton Global 96209 98030 96222 2.10 1.29 -17.78 -11.97 19.39 -31.09 -11.97 3.94 30.49 -46.77 8.43 3 1.50

EQUITIES – HEALTH

96496 3 RS £ Fidelity Global Health Care 96498 96499 96497 6.01 5.41 -7.06 -2.40 17.31 28.08 -2.40 8.13 11.17 1.92 7.12 3 1.50

96509 3 RS £ Schroder Medical Discovery 96511 96512 96510 5.64 6.19 -1.84 4.55 26.18 29.58 4.55 2.43 17.83 0.25 2.43 1.50

96533 3 RS US$ AXA World Funds Framlington Health 96536 96534 96535 5.68 4.68 -6.96 3.30 43.21 4.78 3.30 9.94 26.11 -33.28 9.65 3 1.75

97490 3 RS US$ BlackRock GF World Healthscience 97492 97491 97493 4.80 1.62 -9.71 2.45 28.39 2.45 0.72 24.42 3 1.50

97434 3 RS US$ Healthcare 97436 97435 97441 4.31 2.24 -9.27 0.49 13.85 0.49 -0.37 13.71 1.75

96232 3 RS US$ Invesco Global Healthcare 96719 96247 96241 3.27 2.53 -11.85 -1.46 27.78 -3.16 -1.46 1.58 27.65 -31.49 10.62 3 1.50

3Months

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2011 2010 2009 2008 2007

ANNUAL

SFCauthorised*

EQUITIES – HoNg KoNg & CHINA

96797 5 RS US$ Aberdeen Global Chinese Equity 96800 96798 96799 -0.48 2.21 -13.53 -16.22 74.91 22.59 -16.22 27.49 63.75 -50.45 41.44 3 1.75

97450 5 RS US$ Baring China Select 97452 97451 97453 -2.64 -3.05 -23.58 -23.75 36.72 -23.75 3.96 72.46 3 1.50

97128 5 RS US$ Baring Hong Kong & China 97130 97129 97131 -1.43 -0.55 -20.80 -20.45 31.66 2.05 -20.45 2.25 61.86 -54.75 71.29 3 1.25

98053 - RS US$ BlackRock GF China 98055 98054 98056 0.09 1.50

98135 - RS US$ Fidelity China Consumer 98137 98136 98138 Launched: 21/12/2011 1.50

97213 5 RS US$ Fidelity China Focus 97215 97214 97216 -3.17 1.25 -20.30 -20.85 38.37 10.63 -20.85 5.47 65.76 -49.59 58.62 3 1.50

97904 5 RS US$ First State China Growth 97906 97905 97907 -2.23 2.58 -15.24 -15.59 -15.59 2.00

97124 5 RS US$ First State Hong Kong Growth 0.06 5.03 -12.80 -12.98 88.80 44.13 -12.98 25.28 73.19 -49.22 50.35 3 1.50

97418 5 RS US$ Greater China Equity 97420 97419 97421 0.53 4.14 -11.81 -12.45 69.80 -12.45 18.57 63.59 1.50

97913 5 RS US$ Henderson Horizon China2 97915 97914 97916 -4.94 1.53 -34.72 -32.73 -32.73 1.20

96227 5 RS US$ HSBC GIF Chinese Equity 96698 96242 96236 0.53 2.26 -20.43 -20.76 23.40 -14.32 -20.76 1.03 54.14 -54.27 51.84 3 1.50

96228 5 RS US$ HSBC GIF Hong Kong Equity 96243 96237 0.07 1.29 -20.20 -23.62 29.61 -6.09 -23.62 9.07 55.58 -49.43 43.29 3 1.00

85133 5 RS US$ JF Greater China 96722 98044 96293 0.33 -0.26 -22.38 -23.31 44.35 8.11 -23.31 15.88 62.43 -49.81 49.22 3 1.50

85148 5 RS US$ JF Hong Kong 96723 96292 0.38 2.09 -22.70 -26.10 28.17 -6.03 -26.10 12.31 54.42 -51.28 50.49 3 1.50

97884 5 RS US$ Martin Currie GF Greater China 97886 97885 97887 -1.72 -3.15 -25.33 -26.63 -26.63 1.50

EQUITIES – INDIA

97217 5 RS £ Fidelity India Focus 97219 97220 97218 -4.30 -12.94 -26.19 -34.00 45.73 0.49 -34.00 31.58 67.81 -54.50 51.57 3 1.50

97502 5 RS US$ BlackRock GF India 97504 97503 97505 -7.47 -16.85 -31.14 -36.89 36.75 -36.89 20.02 80.52 3 1.50

98105 - RS US$ Franklin India Fund 98107 98106 98108 -6.14 1.50

97596 5 RS US$ Henderson India Equity 97598 97597 97599 -5.11 -14.07 -27.95 -31.89 45.37 -31.89 18.33 80.35 1.50

96947 5 RS US$ HSBC GIF India Equity 96949 96948 96950 -9.74 -20.92 -37.81 -46.06 36.08 -29.37 -46.06 11.65 125.96 -70.20 74.16 3 1.50

97604 5 RS US$ JF India 97606 97605 97607 -3.96 -12.99 -26.50 -32.15 44.28 -32.15 25.31 69.69 1.50

97532 5 RS US$ Jupiter India 97534 97533 97535 -9.95 -21.26 -31.73 -33.99 55.67 -33.99 17.70 100.35 1.75

97402 5 RS US$ Kotak India Growth 97404 97403 97405 -6.58 -15.70 -30.46 -36.86 33.33 -36.86 19.95 76.06 2.00

97398 5 RS US$ Kotak India Infrastructure & Realty 97400 97399 97401 -10.13 -22.25 -37.32 -47.09 -0.86 -47.09 1.71 84.24 2.00

97394 5 RS US$ Kotak India Midcap 97396 97395 97397 -9.64 -19.23 -32.08 -39.72 45.83 -39.72 18.34 104.44 2.00

97506 5 RS US$ Kotak India Multicap 97508 97507 97509 -7.11 -17.28 -31.55 -38.29 25.40 -38.29 18.00 72.20 1.50

EQUITIES – JAPAN

96625 2 RS £ Fidelity Japan Smaller Companies 96628 96627 96626 0.79 -7.23 -5.61 -9.36 0.89 -0.77 -9.36 14.46 -2.75 15.70 -14.99 1.50

85044 2 RS £ Japanese Equity 0.35 -4.71 -8.91 -17.09 1.56 -15.77 -17.09 18.79 3.11 -7.83 -10.02 1.50

96071 2 RS £ Schroder Tokyo 96207 96220 97358 1.90 -3.49 -3.81 -9.11 3.75 -4.13 -9.11 18.44 -3.63 2.10 -9.50 1.50

97261 3 RS JPY Aberdeen Global Japanese Smaller Cos (USD)1 97263 97262 97264 97261 -2.15 -9.91 -5.01 -5.80 23.33 -5.80 21.89 7.41 -22.22 1.50

97119 5 RS US$ Franklin Templeton Japan 97121 97120 97122 -1.39 -6.99 -12.35 -14.46 -10.88 -49.16 -14.46 10.42 -5.65 -36.60 -10.02 3 1.50

EQUITIES – LATIN AMERICA

97089 5 RS £ Threadneedle Latin America 97090 97092 97091 1.73 5.17 -16.71 -23.17 74.57 45.71 -23.17 22.68 85.20 -39.19 37.26 3 1.50

97494 5 RS US$ BlackRock GF Latin America 97496 97495 97497 1.49 1.79 -20.16 -25.16 91.83 -25.16 17.42 118.31 3 1.75

97323 5 RS US$ Fidelity Latin America 97325 97324 97326 1.19 3.14 -18.84 -21.16 98.83 -21.16 17.99 113.75 -53.57 3 1.50

97572 5 RS US$ HSBC GIF Brazil Equity 97574 97573 97575 0.90 1.35 -23.09 -26.68 115.29 -26.68 14.11 157.32 3 1.75

98123 - RS US$ Investec GSF Latin American Equity 98124 98122 98125 Launched: 24/11/2011 1.50

97287 5 RS US$ Parvest Equity Brazil 97289 97288 97290 1.89 2.19 -22.88 -24.95 79.28 -24.95 3.78 130.18 -58.67 3 1.75

EQUITIES – NoRTH AMERICA

96613 3 RS £ Fidelity American Special Situations 96616 96615 96614 3.82 7.67 -3.44 -5.57 31.67 10.86 -5.57 15.27 20.97 -25.95 13.70 1.50

96617 4 RS £ Schroder US Smaller Companies 96620 96619 96618 5.49 12.45 -6.13 -7.50 42.58 28.89 -7.50 21.30 27.07 -15.89 7.48 3 1.50

96979 3 RS £ Threadneedle American 96980 96982 96981 3.88 6.89 -1.23 1.19 47.09 28.17 1.19 16.39 24.89 -20.07 9.01 3 1.50

85045 3 RS £ US Equity 96733 5.26 9.15 -3.95 -5.69 28.06 -3.13 -5.69 15.73 17.33 -23.49 -1.14 1.50

96439 3 RS £ US Index Tracker 96667 96441 96440 5.67 8.83 -0.25 0.13 36.69 14.92 0.13 15.44 18.26 -18.04 2.58 3 0.65

97221 4 RS US$ BlackRock GF US Flexible 97223 97222 97224 4.60 7.21 -9.27 -2.28 30.57 -20.56 -2.28 6.32 25.68 -42.41 5.65 3 1.50

96252 4 RS US$ Fidelity American Growth 96701 96257 96262 3.94 9.70 -6.62 -6.03 30.92 -17.94 -6.03 12.77 23.54 -46.13 16.35 1.50

96828 4 RS US$ Franklin Mutual Beacon 96831 96829 96830 5.73 8.79 -6.83 -3.46 34.53 -21.93 -3.46 8.75 28.14 -41.51 -0.78 3 1.90

97056 3 RS US$ Franklin US Equity 97055 97057 97058 4.62 8.23 -5.44 -4.70 34.76 -9.24 -4.70 7.81 31.16 -35.59 4.57 3 1.50

98101 - RS US$ Franklin US Opportunities 98103 98102 98104 2.14 1.50

97588 3 RS US$ GAM Star US All Cap Equity 97590 97589 97591 2.31 6.23 -8.37 -9.21 43.53 -9.21 11.40 41.91 3 1.60

85120 4 RS US$ JPM America Equity 96206 98046 96219 2.22 5.10 -8.22 -5.60 35.71 -14.74 -5.60 9.76 30.98 -39.87 4.48 3 1.50

97307 3 RS US$ Lazard North American Equity 97309 97308 97310 4.51 9.28 -4.13 -3.01 37.66 -3.01 8.36 30.98 -40.31 1.50

97880 3 RS US$ MFS Meridian US Value 97882 97881 97883 5.16 8.57 -5.37 -2.62 -2.62 1.80

97822 3 RS US$ Neptune US Opportunities 97824 97823 97825 3.48 4.69 -7.37 -11.50 -11.50 1.60

97708 3 RS US$ Pictet USA Index 97710 97709 97711 6.16 9.37 -2.41 0.22 0.22 10.71 0.30

97410 4 RS US$ US All Cap Value 97412 97411 97413 3.48 7.76 -8.66 -7.03 52.56 -7.03 16.82 40.48 1.50

EQUITIES – PACIFIC

97687 4 RS € DWS Invest Top 50 Asia 97688 97690 97689 2.34 5.19 -6.86 -17.75 -17.75 18.78 1.50

96230 5 RS £ Baring Korea 96714 96239 96245 -1.34 1.38 -17.85 -13.19 71.92 20.50 -13.19 28.19 54.49 -48.52 36.15 3 1.50

96921 5 RS £ First State Asia Pacific Leaders 96923 96924 96922 0.65 2.57 -5.85 -9.30 52.73 76.98 -9.30 24.65 35.10 -15.81 37.63 3 1.50

97442 4 RS £ Old Mutual Asian Select 97444 97445 97443 2.15 2.38 -15.59 -20.56 36.56 -20.56 15.18 49.24 1.50

97834 5 RS US$ Aberdeen Global Asia Pacific Equity 97836 97835 97837 0.10 -0.10 -15.07 -17.36 -17.36 1.75

97636 4 RS US$ Allianz RCM Oriental Income 97638 97637 97639 -0.62 1.90 -13.51 -11.49 33.09 -11.49 7.62 39.71 1.50

98127 - RS US$ Baring ASEAN Frontiers 98129 98128 98130 Launched: 08/12/2011 1.50

97196 5 RS US$ BNY Mellon Asian Equity 97198 97197 97199 -1.39 -1.99 -18.31 -20.10 58.24 8.11 -20.10 23.95 59.78 -49.51 35.31 3 2.00

97514 5 RS US$ Fidelity Asian Aggressive 97516 97515 97517 1.16 4.26 -15.90 -16.35 62.79 -16.35 16.42 67.15 3 1.50

98093 - RS US$ Fidelity Emerging Asia 98095 98094 98096 -0.33 1.50

97576 5 RS US$ HSBC GIF Korean Equity 97578 97577 97579 -5.92 -1.78 -24.54 -18.28 48.47 -18.28 19.76 51.71 3 1.50

97192 5 RS US$ HSBC GIF Singapore Equity 97194 97193 97195 -0.82 -0.72 -20.66 -19.33 71.94 -13.18 -19.33 15.38 84.72 -60.55 27.98 3 1.00

97136 5 RS US$ HSBC GIF Thai Equity 97138 97137 97139 1.98 6.94 -3.05 -6.39 146.70 43.34 -6.39 48.42 77.56 -55.21 29.72 3 1.50

85124 5 RS US$ Invesco Asean Equity 96718 98050 96223 1.98 5.05 -15.48 -14.90 97.77 20.02 -14.90 33.80 73.68 -53.22 29.73 3 1.00

97716 4 RS US$ Invesco Asia Balanced 97718 97717 97719 1.34 3.68 -6.26 -7.76 -7.76 19.98 3 1.25

97724 5 RS US$ Invesco Asia Consumer Demand 97726 97725 97727 -0.77 -1.27 -19.42 -20.68 -20.68 20.00 1.50

97728 4 RS US$ Invesco Asia Infrastructure 97730 97729 97731 0.00 2.74 -18.35 -18.60 -18.60 17.17 1.50

85146 5 RS US$ Invesco Asia Opportunities Equity 96208 98049 96221 0.82 -2.16 -21.67 -20.17 48.82 0.97 -20.17 17.37 58.83 -51.87 40.98 3 1.00

98069 - RS US$ Invesco Asian Equity 98071 98070 98072 -0.91 1.50

97720 4 RS US$ Invesco PRC Equity 97722 97721 97723 -2.17 -1.95 -23.52 -24.80 -24.80 2.90 2.00

3Months

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January 2012


2011 2010 2009 2008 2007

ANNUAL

SFCauthorised*

EQUITIES – PACIFIC (continued)

97548 5 RS US$ JF Asean 97550 97549 97551 1.00 3.90 -11.45 -13.20 102.60 -13.20 34.45 73.60 3 1.50

97552 5 RS US$ JF Australia 97554 97553 97555 0.50 2.05 -17.07 -16.63 57.51 -16.63 11.42 69.57 3 1.50

85134 5 RS US$ JF Eastern Smaller Companies 96721 98041 96291 -3.99 -4.66 -28.23 -30.11 66.20 -17.44 -30.11 17.59 102.24 -62.72 33.26 3 1.50

97560 5 RS US$ JF Korea 97562 97561 97563 -2.03 7.37 -23.63 -22.60 69.69 -22.60 31.49 66.73 3 1.50

85116 4 RS US$ JF Pacific Securities 96431 98045 96216 -0.69 0.93 -19.51 -21.09 31.87 -4.01 -21.09 16.52 43.43 -39.67 20.66 3 1.50

97556 5 RS US$ JF Taiwan 97558 97557 97559 0.91 -3.27 -20.36 -19.57 59.43 -19.57 20.26 64.81 3 1.50

85135 5 RS US$ JF Thailand 96724 98029 96294 1.06 6.95 -2.60 -7.35 184.77 108.15 -7.35 66.67 84.41 -51.67 51.23 3 1.50

96545 5 RS US$ Pacific Equity 96548 96546 96547 -0.39 1.39 -19.12 -20.41 57.10 0.74 -20.41 21.78 62.09 -50.15 28.64 1.50

97704 5 RS US$ Pictet Pacific (ex Japan) Index 97706 97705 97707 0.21 3.15 -14.12 -15.18 -15.18 15.96 0.30

97864 5 RS US$ Prudential IOF Asian Infrastructure Equity 97866 97865 97867 -0.77 1.35 -16.62 -17.69 -17.69 3 1.50

98034 4 RS US$ Prudential IOF Indonesia Equity 98039 98038 98040 4.16 5.32 1.50

97109 5 RS US$ Templeton Asian Growth 97111 97110 97112 -0.47 2.64 -15.60 -15.48 115.51 37.16 -15.48 28.38 98.61 -60.43 60.83 3 1.85

EQUITIES – RUSSIA

97291 5 RS € BNP Paribas L1 Equity Russia 97292 97294 97293 -3.81 7.50 -19.62 -26.54 134.57 -26.54 39.67 128.62 -71.98 3 1.75

97850 4 RS US$ Baring Russia2 97852 97851 97853 -8.32 -5.49 -33.60 -34.31 -34.31 1.50

97580 5 RS US$ HSBC GIF Russia Equity 97582 97581 97583 -8.42 -2.77 -31.19 -28.30 112.46 -28.30 24.47 138.05 3 1.75

97762 5 RS US$ Neptune Russia & Greater Russia 97764 97763 97765 -8.97 -3.29 -29.62 -30.07 -30.07 27.92 1.75

EQUITIES – TECHNoLogY

96705 3 RS £ AXA Framlington Biotech 96708 96707 96706 5.79 10.84 0.12 5.27 17.99 25.40 5.27 7.09 4.67 12.17 -5.26 1.75

96559 5 RS £ GLG Technology Equity 96562 96561 96560 1.20 -0.13 -3.82 -2.58 87.13 29.45 -2.58 21.82 57.67 -30.58 -0.34 1.75

85038 5 RS £ Henderson Global Technology 96429 96295 97360 2.00 3.75 -2.85 -5.82 57.53 43.10 -5.82 15.20 45.20 -24.93 21.01 1.50

96462 4 RS US$ Aberdeen Global Technology 96465 96463 96464 0.00 3.80 -6.82 -4.93 71.73 4.46 -4.93 18.15 52.88 -43.99 8.60 3 1.75

97993 3 RS US$ Franklin Technology 97995 97994 97996 1.59 3.74 -10.15 1.50

97426 4 RS US$ Technology 97428 97427 97429 0.94 0.35 -12.17 -12.79 61.47 -12.79 12.83 64.10 1.75

EQUITIES – UK

97068 3 RS £ Aberdeen UK Equity 97069 97071 97070 2.30 6.11 -4.80 -4.55 46.38 -3.89 -4.55 19.26 28.59 -34.68 0.52 1.50

96751 3 RS £ Artemis Income 96754 96753 96752 2.91 4.58 -3.96 -2.51 30.81 -1.40 -2.51 10.93 20.96 -25.24 0.82 1.50

96747 3 RS £ Artemis UK Special Situations 96750 96749 96748 0.24 0.55 -11.46 -10.30 32.53 -5.65 -10.30 17.45 25.80 -30.32 2.17 1.50

96845 4 RS £ AXA Framlington UK Select Opportunities 96848 96847 96846 2.84 6.86 -4.34 -2.66 63.81 16.15 -2.66 26.19 33.35 -30.85 2.54 1.50

85048 3 RS £ BlackRock GF United Kingdom 96203 96296 97084 3.91 6.61 -5.88 -9.14 40.37 -2.28 -9.14 18.81 30.04 -29.95 -0.62 3 1.50

97168 3 RS £ Fidelity UK Special Situations 97170 97171 97169 1.50 1.07 -14.76 -16.05 22.83 -6.70 -16.05 13.71 28.66 -26.43 3.25 1.50

96563 4 RS £ GLG UK Growth 96566 96565 96564 3.46 6.90 -7.72 -8.92 32.44 -26.90 -8.92 15.45 25.95 -42.60 -3.84 1.50

96567 4 RS £ GLG UK Income 96570 96569 96568 3.64 7.31 -8.27 -9.63 37.46 -24.36 -9.63 14.69 32.63 -39.82 -8.56 1.50

96734 4 RS £ Henderson Higher Income 96746 96737 96736 2.39 5.25 -4.56 -4.94 31.20 -35.30 -4.94 15.10 19.92 -43.64 -12.50 1.50

96555 4 RS £ Henderson UK & Irish Smaller Companies 96558 96557 96556 -0.65 -5.23 -15.38 -14.60 64.12 -19.58 -14.60 20.22 59.86 -45.76 -9.66 1.50

96687 4 RS £ Henderson UK Alpha 96693 96691 96689 0.46 1.56 -16.89 -23.27 27.48 -23.05 -23.27 22.59 35.53 -40.76 1.90 1.50

98065 - RS £ HSBC GIF UK Equity 98067 98068 98066 2.69 1.50

96637 3 RS £ HSBC UK Freestyle 96640 96639 96638 1.80 3.84 -10.06 -8.61 30.66 -10.67 -8.61 14.12 25.27 -36.14 7.06 1.50

96641 3 RS £ HSBC UK Growth & Income 96644 96643 96642 2.26 3.86 -8.86 -8.72 32.15 -8.92 -8.72 12.40 28.81 -31.77 1.01 1.50

96645 2 RS £ Invesco Perpetual High Income 96648 96647 96646 4.28 5.90 2.39 6.38 30.04 7.77 6.38 10.28 10.84 -21.54 5.63 1.50

96649 4 RS £ Invesco Perpetual UK Smaller Companies 96652 96651 96650 0.78 -0.68 -12.36 -9.03 49.64 -4.42 -9.03 22.89 33.84 -34.38 -2.65 1.50

85017 4 RS £ Invesco UK Equity 96731 97359 1.94 3.28 -4.91 -3.31 23.64 -20.51 -3.31 7.25 19.21 -33.54 -3.25 1.50

96249 3 RS £ Jupiter Income Trust 96725 96259 96254 3.38 5.86 -2.36 -2.15 21.80 -16.39 -2.15 8.11 15.14 -29.04 -3.27 1.50

96778 4 RS £ Liontrust Income 96781 96780 96779 -0.55 1.68 -7.38 -5.86 33.50 -23.42 -5.86 13.73 24.69 -36.34 -9.89 1.50

96782 4 RS £ Liontrust UK Growth 96785 96784 96783 3.46 5.18 -2.06 3.25 64.47 15.99 3.25 25.21 27.21 -34.70 8.00 1.50

96786 4 RS £ Liontrust UK Smaller Companies 96789 96788 96787 1.32 0.95 -5.67 7.42 93.33 24.56 7.42 20.84 48.94 -32.58 -4.43 1.50

96629 4 RS £ M&G Recovery 96632 96631 96630 2.86 5.88 -8.25 -8.03 49.26 17.67 -8.03 15.13 40.97 -29.06 11.13 1.50

96803 4 RS £ Schroder UK Alpha Plus 96806 96805 96804 0.97 0.40 -12.06 -11.78 59.23 5.31 -11.78 20.65 49.60 -37.64 6.05 1.50

96513 4 RS £ Schroder UK Mid 250 96516 96515 96514 0.18 0.89 -15.51 -16.46 40.26 -26.94 -16.46 21.06 38.70 -42.91 -8.77 1.50

97209 4 RS £ UK Best Ideas 97211 97212 97210 1.62 2.23 -15.15 -18.17 26.42 -32.05 -18.17 27.38 21.28 -45.93 -0.59 1.50

96457 3 RS £ UK Equity 96460 96459 96458 2.78 8.98 -9.96 -9.68 38.65 -16.02 -9.68 15.01 33.49 -37.60 -2.94 1.50

96250 3 RS £ UK Index Tracker 96666 96260 96255 3.55 6.23 -6.26 -7.28 37.30 -5.14 -7.28 11.58 32.71 -32.53 2.40 3 0.40

97277 2 RS £ UK Strategic Best Ideas 97279 97280 97278 1.60 4.39 -7.76 -9.69 16.26 -9.69 18.85 8.31 -12.70 1.50

ALTERNATIVES

97691 1 RS € DWS Best Global FX Selection Plus -0.59 -2.08 -3.31 -6.52 -6.52 0.22 1.50

97518 1 RS US$ Alternatives 97520 97519 97521 0.36 0.96 -4.22 -4.22 -0.36 -4.22 -0.34 4.39 1.50

97750 2 RS US$ Aviva Investors Global Convertibles 97752 97751 97753 0.20 -1.36 -9.27 -5.92 -5.92 6.81 1.20

97826 1 RS US$ Fulcrum Alternative Beta Plus Daily 97828 97827 97829 -1.98 -2.09 -3.89 -8.34 -8.34 1.90

97652 5 RS US$ JPM Highbridge Statistical Market Neutral2 97654 97653 97655 -0.32 -0.32 -3.54 -3.44 -8.94 -3.44 -3.81 -1.96 1.50

CoMMoDITIES

97283 5 RS € BNP Paribas L1 Equity World Materials 97284 97286 97285 2.42 6.28 -12.56 -20.64 68.18 -20.64 29.07 64.20 -59.91 3 1.50

97295 5 RS € BNP Paribas L1 Equity World Utilities 97296 97298 97297 5.01 4.04 2.17 -8.71 -2.25 -8.71 2.48 4.49 -39.18 3 1.50

97683 5 RS € DWS Invest Global Agribusiness 97684 97686 97685 2.32 5.01 -8.56 -12.75 -12.75 22.24 1.50

97896 3 RS £ Baring Global Agriculture 97898 97899 97897 1.11 3.88 -11.65 -19.18 -19.18 1.50

96662 5 RS £ BlackRock Gold & General 96665 96664 96663 -7.24 -6.22 -7.47 -21.01 50.53 70.34 -21.01 38.15 37.94 -17.57 37.27 1.75

96943 5 RS £ JPM Natural Resources 96945 96946 96944 -3.23 -0.96 -20.89 -32.56 93.32 28.25 -32.56 44.84 97.90 -53.29 42.01 1.50

97468 3 RS £ Sarasin AgriSar2 97470 97471 97469 -0.24 2.34 -12.05 -17.13 21.11 -17.13 18.82 23.00 1.50

97640 5 RS US$ Allianz RCM Global Agricultural Trends 97642 97641 97643 -1.41 2.95 -14.33 -15.51 57.19 -15.51 26.29 47.32 1.75

97406 5 RS US$ Baring Global Resources 97408 97407 97409 -2.33 0.80 -21.41 -26.46 39.34 -26.46 19.16 59.00 3 1.50

98061 - RS US$ BlackRock GF World Gold 98063 98062 98064 -9.25 1.75

97225 5 RS US$ BlackRock GF World Mining 97227 97226 97228 -2.28 -0.30 -25.26 -31.34 81.28 -0.30 -31.34 29.99 103.12 -65.40 58.93 3 1.75

97456 5 RS US$ Investec Global Dynamic Resources 97458 97457 97459 -0.63 3.14 -21.20 -22.52 71.30 -22.52 30.38 69.57 3 1.50

97464 5 RS US$ Investec Global Gold 97466 97465 97467 -7.17 -5.09 -9.25 -21.22 72.59 -21.22 44.27 51.85 3 1.50

97856 5 RS US$ JPM Global Natural Resources 97858 97857 97859 -4.36 -2.87 -24.18 -32.11 -32.11 1.50

97860 3 RS US$ Martin Currie GF Global Resources 97862 97861 97863 0.25 -16.61 -20.04 -20.68 -20.68 3 1.50

97846 4 RS US$ Pictet (CH) Precious Metals Fund - Physical Gold 97848 97847 97849 -10.92 -7.17 0.80 6.17 6.17 0.30

97692 5 RS US$ Pictet Timber 97694 97693 97695 6.23 8.99 -14.36 -15.35 -15.35 9.68 3 1.60

97696 3 RS US$ Pictet Water 97698 97697 97699 3.31 10.00 0.74 -5.38 -5.38 20.23 3 1.60

3Months

1Month

6Months


CUMULATIVE



AMC

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January 2012


2011 2010 2009 2008 2007

ANNUAL

PRoPERTY

PRoPERTY – gLoBAL

97930 5 RS € Aviva Investors Asia Pacific Property 3.32 7.91 21.16 1.60

97270 3 RS € Aviva Investors European Property 0.45 0.15 -1.17 1.50

97929 5 RS £ Aviva Investors Asia Pacific Property 97932 2.26 2.43 10.60 1.60

97269 4 RS £ Aviva Investors European Property -0.17 -3.49 -8.07 -0.68 -28.18 -0.68 -2.82 -25.59 -13.94 1.50

97093 5 RS £ Global Property Securities 3.90 4.79 -12.45 -12.07 21.19 -53.57 -12.07 11.72 23.37 -52.36 -19.58 1.50

97931 5 RS US$ Aviva Investors Asia Pacific Property -1.06 0.18 5.75 1.60

97271 3 RS US$ Aviva Investors European Property 97272 -3.33 -5.32 -12.01 1.50

97102 5 RS US$ Global Real Estate Securities 97103 97104 3.73 4.75 -13.65 -11.50 31.21 -50.23 -11.50 13.88 30.18 -54.27 -17.06 3 1.50

PRoPERTY – UK

96521 5 RS £ Aberdeen Property Share 96524 96523 96522 -0.90 -1.69 -17.18 -7.84 18.32 -61.91 -7.84 6.67 20.36 -47.02 -39.24 1.50

96774 4 RS £ Aviva Investors Property Trust 96777 96776 96775 0.00 0.10 -3.67 -2.73 3.21 -35.84 -2.73 9.51 -3.11 -24.53 -17.63 1.25

96955 3 RS £ Henderson Property 96957 96958 96956 -0.45 0.11 0.00 -0.89 12.36 -31.72 -0.89 7.02 5.93 -23.23 -20.84 1.50

96951 4 RS £ M&G Property 96953 96954 96952 -0.39 0.52 1.05 2.39 9.52 -35.43 2.39 2.87 3.98 -25.66 -20.69 1.25

97105 3 RS £ Property 97106 97108 97107 -0.25 0.13 -0.88 1.42 9.03 -28.96 1.42 6.46 0.97 -20.97 -17.56 1.35

3Months

1Month

6Months


CUMULATIVE

SelfSelect



SFCauthorised*HK$£€ US$


AMC

£1 month 3 months 6 months 1 year 3 years 5 years 10 years

US$ 1.13 0.22 3.25 0.68 -7.27 25.87 -6.40

€ -2.40 -3.15 -7.60 -2.59 -13.55 23.87 36.42

HK$ 1.20 0.36 3.31 0.67 -7.61 25.90 -6.36

US$1 month 3 months 6 months 1 year 3 years 5 years 10 years

£ -1.11 -0.22 -3.15 -0.68 7.84 -20.55 6.84

€ -3.57 -3.31 -10.48 -3.26 -6.65 -1.57 45.78

HK$ 0.13 0.26 0.19 0.09 -0.21 0.13 0.43

€

1 month 3 months 6 months 1 year 3 years 5 years 10 years

£ 2.46 3.25 8.23 2.66 15.67 -19.27 -26.70

US$ 3.70 3.42 11.70 3.37 7.13 1.59 -31.40

HK$ 3.78 3.65 11.78 3.43 6.87 1.66 -31.71

HK$1 month 3 months 6 months 1 year 3 years 5 years 10 years

£ -1.18 -0.36 -3.20 -0.66 8.23 -20.57 6.79

HK$ -0.13 -0.26 -0.19 -0.09 0.21 -0.14 -0.43

€ -3.64 -3.52 -10.54 -3.32 -6.43 -1.64 46.43

currency converterThe tables below show the relative performance (%) of each currency against the currencies shown.

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Source for all performance information: Financial Express Limited, bid to bid with gross income reinvested back into the fund.

Ethical profile.

* Funds marked with 3 are authorised by the Hong Kong Securities and Futures Commission (SFC), and can therefore be promoted to Hong Kong investors.

§ Royal Skandia funds closed to new Personal Portfolio Bond business.1 The funds show USD performance rather than the performance of the underlying currency of the Fund.2 The fund manager may apply a Performance Related Fee (PRF). The AMC shown is illustrative as it would need to be adjusted to take account of the PRF. For further

information on how the PRF for this fund is calculated please refer to the fund factsheet, which can be found at: http://www.royalskandia.com/funds/index.asp.

˜ This fund is available for distribution by selected third parties in the Middle East region only.

Investors should be aware that unit prices and the income from units may fall as well as rise and that past performance is not a guide to the future.

Where a fund invests in securities designated in a different currency to the fund or where an underlying fund is denominated in a different currency, investments may rise and fallpurely as a result of exchange rate fluctuations.

Sector classifications are proprietary to Skandia International.

The performance figures shown are inclusive of all external fund management fees and Royal Skandia's Annual Management Charge; however, they exclude product charges.

The currency that features at the beginning of the Royal Skandia fund names indicates the currency that the funds are denominated in (the base currency). For example, theRoyal Skandia £ Balanced Portfolio is denominated in Sterling.

Royal Skandia's Multi-currency pricing system allows Royal Skandia to take the price of a fund and, by applying an exchange rate to it, produce equivalent prices in othercurrencies. The fund codes shown under the heading ‘additional re-priced currencies’ indicate the availability of multi-currency priced funds.

Royal Skandia Portfolio Bond products must invest directly into the base currency funds.

This Financial Express sourced information is provided to you by Skandia International and is used at your own risk. Financial Express take care to ensure that the informationprovided is correct.

Financial Express or Skandia International neither warrants, represents nor guarantees the contents of the information, nor do they accept any responsibility for error,inaccuracies, omissions or any inconsistencies herein.

Investors should be aware of the risks when investing in Emerging Market Funds as they may be subject to considerable fluctuations in value. They are additional to the normalrisks inherent in securities. Local dealing restrictions may make certain securities illiquid. Investment in these Funds should be regarded as long-term in nature and is onlysuitable for sophisticated investors who understand the risks involved.



January 2012

skandia ireland all currencies (€, £, US$)Performance % over one year to end DecemberAll percentage growth calculated to 30/12/11

2011 2010 2009

ANNUAL

Spanishauthorised*

Managed Solutions – available in different risk profiles, providing a high level of diversification across multiple asset classes

10143 4 Skandia € Aggressive 3.80 7.04 -7.57 -14.47 42.33 -14.47 20.15 38.5010002 3 Skandia € Balanced 3.39 4.41 -7.94 -12.41 39.16 -12.41 18.50 34.0710005 3 Skandia € Cautious 2.50 3.60 -6.50 -9.29 30.23 -9.29 14.44 25.4610630 1 Skandia € Defensive 0.11 0.90 -4.05 3

10633 1 Skandia € Global Dynamic Bond 1.45 2.24 -3.08 3

10141 3 Skandia £ Aggressive 1.46 3.06 -14.08 -16.28 23.72 -16.28 15.79 27.6210001 3 Skandia £ Balanced 1.58 1.49 -12.87 -14.03 23.72 -14.03 14.93 25.2110004 3 Skandia £ Cautious 1.24 1.33 -10.42 -10.84 21.60 -10.84 16.02 17.5510628 1 Skandia £ Defensive 0.34 1.02 -4.00 3

10634 1 Skandia £ Global Dynamic Bond 1.55 2.23 -1.82 3

10142 4 Skandia US$ Aggressive 0.00 1.34 -17.62 -16.64 32.35 -16.64 11.76 42.0510003 3 Skandia US$ Balanced 0.39 0.10 -15.54 -14.43 33.08 -14.43 10.98 40.1310006 3 Skandia US$ Cautious 0.30 0.30 -12.47 -10.93 26.38 -10.93 8.61 30.6310629 1 Skandia US$ Defensive 0.34 1.03 -4.22 3

10635 1 Skandia US$ Global Dynamic Bond 1.56 2.12 -2.56 3

Sector Solutions

Multi-Manager – covering single asset classes and sectors

10029 2 Skandia € Euro Bond 10031 10030 2.54 1.16 0.10 1.95 20.74 1.95 5.33 12.44 3

10385 4 Skandia € European Equity 10386 10387 4.06 4.51 -12.55 -14.63 24.87 -14.63 15.36 26.78 3

10546 3 Skandia £ Global Dynamic Equity 10548 10547 1.49 3.12 -14.08 -16.32 -16.32 16.10 3

10247 4 Skandia £ Global Fixed Interest Blend 10248 10249 1.85 1.60 -2.23 -0.16 19.72 -0.16 7.53 11.51 3

10265 5 Skandia £ Global Property Securities 4.00 4.70 -12.36 -11.99 20.93 -11.99 12.36 22.29 3

10022 2 Skandia £ Japanese Equity 10024 10023 0.32 -4.87 -9.03 -17.08 0.86 -17.08 18.32 2.80 3

10244 2 Skandia £ Strategic Bond 10245 10246 1.80 2.48 -1.91 0.37 32.35 0.37 11.32 18.45 3

10007 3 Skandia £ UK Equity 10009 10008 2.73 8.84 -9.27 -9.47 34.09 -9.47 15.09 28.69 3

10014 3 Skandia £ US Equity 10015 10013 5.15 8.96 -3.46 -4.75 34.15 -4.75 14.83 22.65 3

10026 5 Skandia US$ Pacific Equity 10028 10027 -0.40 1.47 -18.97 -20.14 54.20 -20.14 21.39 59.05 3

Single Manager – each fund provides access to a single, high calibre fund manager

10631 2 Skandia € Emerging Markets Debt 1.27 3.92 -0.21 3

10019 3 Skandia £ Continental European 10020 10021 1.63 -1.30 -19.99 -16.06 9.36 -16.06 10.59 17.81 3

10632 2 Skandia £ Emerging Markets Debt 1.17 3.94 -0.52 3

10010 3 Skandia £ UK Index Tracker 10012 10011 3.51 6.31 -6.04 -7.15 37.88 -7.15 13.98 30.28 3

10379 3 Skandia US$ Emerging Markets Debt 10381 10380 1.38 4.08 -0.09 3.89 61.26 3.89 12.10 38.46 3

10642 4 Skandia US$ Global Emerging Markets 10644 10643 -1.33 2.07 -19.46 3

10266 5 Skandia US$ Global Real Estate Securities 10267 3.54 4.72 -13.67 -11.66 36.73 -11.66 15.35 34.18 3

10382 5 Skandia US$ Greater China Equity 10384 10383 0.63 3.99 -11.71 -12.43 72.01 -12.43 19.26 64.71 3

10391 3 Skandia US$ Healthcare 10394 10392 4.30 2.23 -9.14 0.61 14.11 0.61 -0.12 13.55 3

10645 2 Skandia US$ Local Currency Emerging Market Debt 10647 10646 0.00 -0.23 -7.65 3

10376 4 Skandia US$ Technology 10378 10377 0.92 0.46 -12.35 -12.44 65.73 -12.44 14.46 65.35 3

10373 2 Skandia US$ Total Return Bond 10398 10374 0.98 1.25 -0.96 1.16 24.31 1.16 6.89 14.96 3

10388 4 Skandia US$ US All Cap Value 10390 10389 3.70 7.83 -8.60 -6.77 54.13 -6.77 17.17 41.10 3

Best Ideas – highly focused, unconstrained stock picking multi-manager funds

10370 4 Skandia € European Best Ideas 10371 10372 1.63 3.70 -19.10 -20.45 39.45 -20.45 25.40 39.79 3

10277 4 Skandia £ Global Best Ideas 10279 10278 0.91 1.02 -15.48 -14.75 39.06 -14.75 23.84 31.72 3

10280 4 Skandia £ UK Best Ideas 10282 10281 1.53 2.16 -15.13 -18.17 26.34 -18.17 27.40 21.18 3

10319 2 Skandia £ UK Strategic Best Ideas 10321 10320 1.70 4.37 -7.72 -9.64 16.30 -9.64 18.88 8.27 3

CASH FUNDS

CASH FUNDS – DEPoSITS10043 1 Skandia € Deposit 0.00 0.20 0.39 0.69 1.08 0.69 0.10 0.30 3

10041 1 Skandia £ Deposit 0.18 0.35 0.71 1.16 1.80 1.16 0.18 0.45 3

10042 1 Skandia US$ Deposit 0.00 0.00 0.00 0.00 3.16 0.00 0.09 3.07 3

FIXED INTEREST FUNDS

FIXED INTEREST – EMERgINg gLoBAL10631 2 Skandia € Emerging Markets Debt 1.27 3.92 -0.21 3

10632 2 Skandia £ Emerging Markets Debt 1.17 3.94 -0.52 3

10607 2 Skandia US$ Blackrock Local Emg Mkts Short Duration 10609 10608 -1.75 -3.99 -11.91 3

10379 3 Skandia US$ Emerging Markets Debt 10381 10380 1.38 4.08 -0.09 3.89 61.26 3.89 12.10 38.46 3

10604 5 Skandia US$ JPM Emerging Markets Bond 10606 10605 1.56 3.94 0.21 3

10645 2 Skandia US$ Local Currency Emerging Market Debt 10647 10646 0.00 -0.23 -7.65 3

10511 2 Skandia US$ Schroder ISF Emg Mkt Debt Absolute Return 10513 10512 -0.09 -0.57 -1.68 -2.31 13.44 -2.31 0.09 16.02 3

10657 2 Skandia US$ Templeton Emerging Markets Bond 10659 10658 1.28 0.70 -6.96 3

FIXED INTEREST – gLoBAL10256 1 Skandia € Allianz PIMCO Bondspezial 10257 10258 3.40 3.49 11.16 5.74 30.93 5.74 19.19 3.88 3

10259 2 Skandia € Allianz PIMCO Euro Bond Total Return 10260 10261 2.21 0.52 -2.02 -0.31 15.32 -0.31 5.98 9.15 3

10594 1 Skandia € BlackRock BSF European Absolute Return 10596 10595 2.13 3.60 7.13 5.11 5.11 3

10029 2 Skandia € Euro Bond 10031 10030 2.54 1.16 0.10 1.95 20.74 1.95 5.33 12.44 3

10633 1 Skandia € Global Dynamic Bond 1.45 2.24 -3.08 3

10268 3 Skandia € HSBC Euro High Yield Bond 10269 10270 3.63 4.43 -6.87 -3.30 65.14 -3.30 11.42 53.27 3

10585 1 Skandia € HSBC GIF Global Currency -0.34 -1.47 -1.91 -3.22 -3.22 3

10089 1 Skandia € Invesco European Bond 10090 10091 2.58 2.58 4.91 5.30 15.11 5.30 2.82 6.31 3

10601 5 Skandia € JPM Global Convertibles 10603 10602 1.75 0.00 -10.03 3

10181 1 Skandia € Parvest Bond Euro 10182 10183 3.75 -0.80 -1.87 -2.26 4.41 -2.26 0.39 6.40 3

3Months

1Month

6Months

1 Year 3 Years

CUMULATIVE

SelfSelect

US$£€


Roya

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January 2012

all currencies (€, £, US$) skandia ireland

2011 2010 2009

ANNUAL

Spanishauthorised*

FIXED INTEREST – gLoBAL (continued)10634 1 Skandia £ Global Dynamic Bond 1.55 2.23 -1.82 3

10247 4 Skandia £ Global Fixed Interest Blend 10248 10249 1.85 1.60 -2.23 -0.16 19.72 -0.16 7.53 11.51 3

10301 2 Skandia £ Henderson Horizon Euro Corporate Bond 10303 10302 2.49 2.11 -1.56 0.86 18.44 0.86 11.04 5.76 3

10636 3 Skandia £ M&G Offshore High Yield Corporate Bond 10637 10638 3.69 4.69 -5.2310660 1 Skandia £ Old Mutual Global Strategic Bond 10662 10661 -0.10 -0.50 3

10610 2 Skandia US$ BlackRock Global Inflation Linked Bond 10612 10611 1.87 2.99 5.73 3

10639 2 Skandia US$ Franklin High Yield 10641 10640 3.10 5.20 -0.43 3

10651 1 Skandia US$ Franklin Strategic Income 10653 10652 1.80 2.38 -2.16 3

10635 1 Skandia US$ Global Dynamic Bond 1.56 2.12 -2.56 3

10586 1 Skandia US$ HSBC GIF Global Currency 10587 -0.23 -1.58 -1.80 -3.33 -3.33 3

10095 2 Skandia US$ Invesco Bond 10097 10096 -0.54 -1.77 0.47 3.23 5.45 3.23 1.98 0.17 3

10573 2 Skandia US$ Prudential IOF Asian Bond 10575 10574 0.62 2.62 -0.51 1.03 1.03 3

10514 2 Skandia US$ Schroder ISF Asian Bond Absolute Return 10516 10515 0.52 1.68 -1.43 -1.22 5.33 -1.22 4.26 2.29 3

10616 1 Skandia US$ Schroder ISF Global Corporate Bond 10618 10617 1.41 1.08 0.21 3

10613 1 Skandia US$ Schroder ISF Global High Yield 10615 10614 3.18 4.03 -5.09 3

10423 3 Skandia US$ Templeton Global Bond 10422 10421 1.00 0.41 -7.25 -4.03 24.21 -4.03 10.27 17.36 3

10373 2 Skandia US$ Total Return Bond 10398 10374 0.98 1.25 -0.96 1.16 24.31 1.16 6.89 14.96 3

FIXED INTEREST – UK10092 3 Skandia £ Invesco Sterling Bond 10094 10093 2.00 2.23 -2.96 0.95 42.89 0.95 7.75 31.36 3

10244 2 Skandia £ Strategic Bond 10245 10246 1.80 2.48 -1.91 0.37 32.35 0.37 11.32 18.45 3

MIXED ASSET FUNDS

MIXED ASSET – AggRESSIVE10143 4 Skandia € Aggressive 3.80 7.04 -7.57 -14.47 42.33 -14.47 20.15 38.50

10141 3 Skandia £ Aggressive 1.46 3.06 -14.08 -16.28 23.72 -16.28 15.79 27.6210277 4 Skandia £ Global Best Ideas 10279 10278 0.91 1.02 -15.48 -14.75 39.06 -14.75 23.84 31.72 3

10142 4 Skandia US$ Aggressive 0.00 1.34 -17.62 -16.64 32.35 -16.64 11.76 42.05

MIXED ASSET – BALANCED10002 3 Skandia € Balanced 3.39 4.41 -7.94 -12.41 39.16 -12.41 18.50 34.0710047 2 Skandia € JPM Europe Balanced 10049 10048 3.40 1.90 -6.10 -6.72 14.81 -6.72 8.46 13.48 3

10001 3 Skandia £ Balanced 1.58 1.49 -12.87 -14.03 23.72 -14.03 14.93 25.2110552 2 Skandia £ CF Miton Special Situations Portfolio 10554 10553 0.59 -0.68 1.19 0.79 0.79 6.62 3

10003 3 Skandia US$ Balanced 0.39 0.10 -15.54 -14.43 33.08 -14.43 10.98 40.1310053 3 Skandia US$ Templeton Global Balanced 10055 10054 1.80 2.23 -11.92 -6.74 16.90 -6.74 4.16 20.33 3

MIXED ASSET – CAUTIoUS10005 3 Skandia € Cautious 2.50 3.60 -6.50 -9.29 30.23 -9.29 14.44 25.4610630 1 Skandia € Defensive 0.11 0.90 -4.05 3

10044 2 Skandia € JPM Global Capital Preservation 10046 10045 -1.74 -5.32 -2.22 -5.67 4.21 -5.67 1.03 9.34 3

10004 3 Skandia £ Cautious 1.24 1.33 -10.42 -10.84 21.60 -10.84 16.02 17.5510628 1 Skandia £ Defensive 0.34 1.02 -4.00 3

10006 3 Skandia US$ Cautious 0.30 0.30 -12.47 -10.93 26.38 -10.93 8.61 30.6310629 1 Skandia US$ Defensive 0.34 1.03 -4.22 3

10355 2 Skandia US$ Fidelity Multi Asset Strategic 10357 10356 0.88 -1.34 -10.23 -6.60 13.82 -6.60 0.12 21.72 3

EQUITY FUNDS

EQUITIES – BRIC10493 5 Skandia € Allianz RCM BRIC Equity 10494 10495 0.23 2.23 -18.81 -26.86 74.41 -26.86 16.62 104.46 3

10427 5 Skandia US$ Templeton BRIC 10429 10428 -1.27 -2.20 -25.30 -27.47 49.76 -27.47 11.13 85.82 3

EQUITIES – EMERgINg EURoPE10361 5 Skandia € Jupiter New Europe 10362 10363 -5.45 0.42 -21.70 -28.90 70.91 -28.90 30.72 83.89 3

EQUITIES – EMERgINg gLoBAL10202 5 Skandia € Henderson Gartmore Emerging Markets 10203 10204 0.91 4.21 -13.13 -22.31 55.65 -22.31 27.01 57.74 3

10567 5 Skandia US$ Aberdeen Global Emerging Markets Equity 10569 10568 0.67 2.22 -13.14 -13.35 -13.35 3

10178 5 Skandia US$ BNP Paribas L1 Equity World Emerging 10180 10179 -1.31 0.63 -21.27 -20.73 58.04 -20.73 13.21 76.11 3

10433 5 Skandia US$ Franklin MENA 10435 10434 1.82 0.77 -8.86 -16.09 -1.26 -16.09 17.97 -0.25 3

10642 4 Skandia US$ Global Emerging Markets 10644 10643 -1.33 2.07 -19.46 3

10154 5 Skandia US$ JPM Emg Europe, Middle East & Africa Equity 10156 10155 -1.54 -1.21 -22.59 -26.35 71.52 -26.35 26.64 83.89 3

10457 5 Skandia US$ JPM Middle East Equity 10459 10458 -1.72 -7.83 -18.51 -28.61 19.37 -28.61 26.35 32.34 3

10619 4 Skandia US$ Schroder ISF Global Emg Markets Opps 10621 16020 -2.09 1.49 -23.57 3

10502 5 Skandia US$ Schroder ISF Middle East 10504 10503 -1.02 -5.14 -16.52 -22.05 22.40 -22.05 25.94 24.69 3

10160 5 Skandia US$ Templeton Emerging Markets 10162 10161 1.36 3.12 -16.07 -16.60 62.23 -16.60 14.89 69.31 3

10426 5 Skandia US$ Templeton Emg Markets Smaller Companies 10425 10424 -3.31 -0.76 -25.02 -28.95 73.19 -28.95 32.02 84.62 3

10654 4 Skandia US$ Templeton Frontier Markets 10656 10655 0.84 -3.60 -20.66 3

EQUITIES – ENERgY10331 5 Skandia € BNP Paribas L1 Equity World Utilities 10332 10333 4.98 4.02 2.15 -8.52 -1.90 -8.52 2.30 4.83 3

10517 3 Skandia € DWS Invest Clean Tech 10518 10519 2.40 -0.35 -18.80 -26.55 -26.55 -0.26 3

10286 4 Skandia US$ BlackRock GF World Energy 10288 10287 0.79 6.58 -15.38 -15.38 34.39 -15.38 15.97 36.95 3

10445 5 Skandia US$ HSBC GIF Climate Change 10447 10446 2.39 4.31 -18.45 -19.74 0.72 -19.74 0.00 25.50 3

10505 3 Skandia US$ Schroder ISF Global Climate Change Equity 10507 10506 0.45 2.45 -16.07 -14.48 26.17 -14.48 3.61 42.39 3

EQUITIES – EURoPE10262 4 Skandia € BlackRock GF Continental European Flexible 10263 10264 4.89 4.03 -14.99 -17.64 58.13 -17.64 30.39 47.25 3

10184 4 Skandia € BNP Paribas L1 Equity Europe 10185 10186 4.27 5.26 -8.14 -11.74 29.79 -11.74 11.52 31.86 3

10370 4 Skandia € European Best Ideas 10371 10372 1.63 3.70 -19.10 -20.45 39.45 -20.45 25.40 39.79 3

10385 4 Skandia € European Equity 10386 10387 4.06 4.51 -12.55 -14.63 24.87 -14.63 15.36 26.78 3

10199 4 Skandia € Henderson Gartmore Continental European 10200 10201 4.77 5.59 -10.93 -10.56 19.56 -10.56 6.84 25.11 3

10205 5 Skandia € Henderson Gartmore European Smaller Companies 10206 10207 1.40 2.42 -16.29 -16.01 85.22 -16.01 31.83 67.27 3

10080 5 Skandia € JPM Euroland Equity 10081 10082 2.24 0.31 -22.41 -22.03 4.69 -22.03 4.95 27.95 3

10166 5 Skandia € JPM European Small Cap 10167 10168 2.85 0.09 -16.60 -20.62 44.52 -20.62 32.86 37.03 3

10367 3 Skandia € Jupiter European Opportunities 10368 10369 3.69 5.71 -11.22 -12.47 30.04 -12.47 16.39 27.65 3

10534 3 Skandia € Pictet Europe Index 10535 10536 4.84 7.04 -7.80 -11.69 -11.69 12.09 3

10273 4 Skandia € Schroder ISF Euro Equity 10271 10272 1.93 1.75 -19.28 -16.62 7.58 -16.62 1.16 27.54 3

10019 3 Skandia £ Continental European 10020 10021 1.63 -1.30 -19.99 -16.06 9.36 -16.06 10.59 17.81 3

10448 3 Skandia £ GAM Star Continental European Equity 10450 10449 1.19 0.54 -17.86 -16.18 2.85 -16.18 7.18 14.47 3

10068 4 Skandia £ Invesco UK Smaller Companies Europe 10069 10070 0.82 -0.65 -12.27 -8.92 49.31 -8.92 22.60 33.71 3

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2011 2010 2009

ANNUAL

Spanishauthorised*

EQUITIES – gLoBAL

10496 3 Skandia € Allianz RCM Global Eco Trends 10497 10498 2.32 5.28 -10.09 -18.80 -0.24 -18.80 2.89 19.40 3

10472 5 Skandia € Credit Suisse Equity Fund (Lux) Global Prestige 10473 10474 0.35 5.34 -7.81 -1.17 106.74 -1.17 48.47 40.89 3

10364 3 Skandia € Jupiter Climate Change Solutions 10365 10366 4.72 6.58 -7.72 -13.18 28.43 -13.18 15.34 28.26 3

10358 3 Skandia € Jupiter Global Financials 10359 10360 7.11 5.45 -12.77 -20.91 19.73 -20.91 15.90 30.63 3

10546 3 Skandia £ Global Dynamic Equity 10548 10547 1.49 3.12 -14.08 -16.32 -16.32 16.10 3

10481 5 Skandia £ Henderson Global Financials 10483 10482 4.95 0.70 -20.78 -25.34 6.11 -25.34 10.12 29.06 3

10466 4 Skandia US$ Aberdeen Global Infrastructure 10468 10467 0.64 2.18 -14.42 -14.73 53.77 -14.73 20.75 49.34 3

10313 4 Skandia US$ Aberdeen Global World Equity 10315 10314 2.12 5.47 -7.56 -4.09 41.83 -4.09 9.56 34.97 3

10056 3 Skandia US$ BlackRock GF Global Allocation 10058 10057 0.56 0.99 -7.58 -6.30 22.38 -6.30 7.56 21.44 3

10405 5 Skandia US$ BNP Paribas L1 Green Future 10407 10406 0.45 2.30 -17.44 -18.20 7.23 -18.20 0.37 30.60

10298 4 Skandia US$ JPM Global Dynamic 10300 10299 1.75 2.64 -15.07 -12.63 26.17 -12.63 11.42 29.60 3

10591 3 Skandia US$ M&G Global Basics 10592 10593 -2.80 -0.11 -15.43 -15.89 -15.89 3

10508 3 Skandia US$ Schroder ISF QEP Global Active Value 10510 10509 2.18 1.77 -15.17 -13.01 39.82 -13.01 13.16 42.04

10086 4 Skandia US$ Templeton Global 10088 10087 2.17 1.07 -18.52 -12.80 18.43 -12.80 4.01 30.58 3

EQUITIES – HEALTH

10414 3 Skandia US$ BlackRock GF World Healthscience 10416 10415 4.99 2.12 -9.74 2.75 29.32 2.75 0.72 24.97 3

10391 3 Skandia US$ Healthcare 10394 10392 4.30 2.23 -9.14 0.61 14.11 0.61 -0.12 13.55 3

EQUITIES – HoNg KoNg & CHINA

10402 5 Skandia US$ Baring China Select 10404 10403 -2.63 -3.03 -23.59 -23.67 37.57 -23.67 4.07 73.19 3

10382 5 Skandia US$ Greater China Equity 10384 10383 0.63 3.99 -11.71 -12.43 72.01 -12.43 19.26 64.71 3

10597 5 Skandia US$ Henderson Horizon China 10600 10598 -4.85 1.73 -34.48 -32.45 -32.45 3

10310 5 Skandia US$ HSBC GIF Chinese Equity 10312 10311 0.45 2.16 -20.46 -20.81 23.01 -20.81 1.07 53.70 3

10148 5 Skandia US$ JF Greater China 10150 10149 0.36 -0.41 -22.44 -23.36 44.34 -23.36 16.13 62.18 3

10579 5 Skandia US$ Martin Currie GF Greater China 10581 10580 -1.60 -3.15 -25.33 -26.70 -26.70 3

EQUITIES – INDIA

10417 5 Skandia US$ BlackRock GF India 10413 10412 -7.46 -16.83 -31.04 -36.85 36.67 -36.85 20.13 80.16 3

10454 5 Skandia US$ Henderson India Equity 10456 10455 -5.08 -14.07 -27.82 -31.85 46.33 -31.85 18.73 80.83 3

10307 5 Skandia US$ HSBC GIF Indian Equity 10309 10308 -9.71 -20.92 -37.71 -45.87 36.75 -45.87 11.34 126.89 3

10460 5 Skandia US$ JF India 10462 10461 -3.89 -12.76 -26.47 -32.26 43.24 -32.26 24.82 69.39 3

10420 5 Skandia US$ Jupiter India 10419 10418 -9.86 -20.97 -31.57 -33.99 56.23 -33.99 17.80 100.89 3

EQUITIES – JAPAN

10022 2 Skandia £ Japanese Equity 10024 10023 0.32 -4.87 -9.03 -17.08 0.86 -17.08 18.32 2.80 3

10228 3 Skandia JPY Aberdeen Global Japanese Equity1 10227 10226 -1.03 -6.51 -8.00 -8.98 20.56 -8.98 19.12 11.19 3

10083 4 Skandia US$ BlackRock GF Japan 10085 10084 -1.20 -5.12 -14.34 -19.54 -10.51 -19.54 12.18 -0.85 3

10169 4 Skandia US$ JF Japan Equity 10171 10170 -1.58 -6.46 -11.88 -14.54 -10.10 -14.54 7.84 -2.45 3

EQUITIES – LATIN AMERICA

10283 5 Skandia US$ BlackRock GF Latin America 10285 10284 1.53 1.90 -20.18 -25.17 91.34 -25.17 16.65 119.19 3

10343 5 Skandia US$ Fidelity Latin America 10345 10344 1.18 3.24 -18.93 -21.30 99.77 -21.30 18.02 115.08 3

10436 5 Skandia US$ HSBC GIF Brazil Equity 10438 10437 1.01 1.46 -22.73 -26.48 124.12 -26.48 15.89 163.02 3

10325 5 Skandia US$ Parvest Equity Brazil 10327 10326 1.97 2.69 -22.04 -23.68 85.90 -23.68 4.74 132.56 3

EQUITIES – NoRTH AMERICA

10561 3 Skandia € Neptune US Opportunities 10562 10563 7.74 10.96 3.62 -9.24 -9.24 3

10014 3 Skandia £ US Equity 10015 10013 5.15 8.96 -3.46 -4.75 34.15 -4.75 14.83 22.65 3

10190 3 Skandia US$ BNP Paribas Equity USA Growth 10192 10191 2.21 1.69 -7.33 -3.77 51.83 -3.77 12.13 40.71 3

10071 3 Skandia US$ Franklin US Equity 10073 10072 4.65 8.00 -5.35 -4.68 34.33 -4.68 7.80 30.72 3

10451 3 Skandia US$ GAM Star US All Cap Equity 10453 10452 2.41 6.32 -8.52 -9.27 43.94 -9.27 11.46 42.33 3

10074 4 Skandia US$ JPM America Equity 10076 10075 2.19 5.10 -8.15 -5.47 36.09 -5.47 10.00 30.88 3

10540 3 Skandia US$ Pictet USA Index 10542 10541 6.28 9.90 -2.05 0.65 0.65 10.85 3

10388 4 Skandia US$ US All Cap Value 10390 10389 3.70 7.83 -8.60 -6.77 54.13 -6.77 17.17 41.10 3

EQUITIES – PACIFIC

10523 4 Skandia € DWS Invest Top 50 Asia 10524 10525 2.34 5.28 -6.86 -17.91 -17.91 18.58 3

10399 4 Skandia £ Old Mutual Asian Select 10401 10400 2.31 2.43 -15.70 -20.54 34.24 -20.54 12.40 50.30 3

10564 5 Skandia US$ Aberdeen Global Asia Pacific Equity 10566 10565 0.10 0.10 -14.80 -16.82 -16.82 3

10487 4 Skandia US$ Allianz RCM Oriental Income 10489 10488 -3.09 -0.39 -15.54 -13.56 31.83 -13.56 7.58 41.76 3

10439 5 Skandia US$ HSBC Korean 10441 10440 -5.72 -1.75 -24.57 -17.63 50.99 -17.63 19.98 52.78 3

10430 5 Skandia US$ JF Taiwan 10432 10431 0.90 -3.33 -19.88 -19.15 61.11 -19.15 19.44 66.85 3

10098 4 Skandia US$ JPM Pacific Equity 10100 10099 -0.69 -2.04 -18.40 -18.86 24.28 -18.86 18.31 29.46 3

10026 5 Skandia US$ Pacific Equity 10028 10027 -0.40 1.47 -18.97 -20.14 54.20 -20.14 21.39 59.05 3

10537 5 Skandia US$ Pictet Pacific (ex Japan) Index 10539 10538 0.21 3.50 -13.99 -14.75 -14.75 16.02 3

10576 5 Skandia US$ Prudential IOF Asian Infrastructure Equity 10578 10577 -0.77 1.35 -16.64 -17.78 -17.78 3

10163 5 Skandia US$ Templeton Asian Growth 10165 10164 -0.46 2.72 -15.69 -15.54 114.03 -15.54 27.86 98.20 3

EQUITIES – RUSSIA

10328 5 Skandia € BNP Paribas L1 Equity Russia 10329 10330 -0.30 5.98 -19.11 -25.45 129.37 -25.45 40.58 118.88 3

10582 4 Skandia US$ Baring Russia 10584 10583 -7.60 -4.56 -32.74 -32.74 -32.74 3

10442 5 Skandia US$ HSBC GIF Russia Equity 10444 10443 -8.35 -3.10 -31.21 -28.54 110.77 -28.54 23.73 138.38 3

10187 5 Skandia US$ Parvest Equity Latin America 10189 10188 1.82 3.29 -19.64 -22.94 75.42 -22.94 11.14 104.82 3

EQUITIES – TECHNoLogY

10648 3 Skandia US$ Franklin Technology 10650 10649 1.59 3.87 -10.15 3

10376 4 Skandia US$ Technology 10378 10377 0.92 0.46 -12.35 -12.44 65.73 -12.44 14.46 65.35 3

EQUITIES – UK

10059 3 Skandia £ Aberdeen UK Equity 10061 10060 2.44 6.18 -4.68 -4.42 47.01 -4.42 19.55 28.66 3

10062 3 Skandia £ BlackRock GF United Kingdom 10064 10063 3.84 6.60 -5.70 -9.00 40.92 -9.00 18.68 30.49 3

10065 4 Skandia £ Invesco UK Equity 10066 10067 1.90 3.26 -2.91 -3.13 24.60 -3.13 6.78 20.46 3

10295 4 Skandia £ JPM UK Equity 10297 10296 2.85 6.69 -8.29 -9.38 29.68 -9.38 14.52 24.95 3

10280 4 Skandia £ UK Best Ideas 10282 10281 1.53 2.16 -15.13 -18.17 26.34 -18.17 27.40 21.18 3

10007 3 Skandia £ UK Equity 10009 10008 2.73 8.84 -9.27 -9.47 34.09 -9.47 15.09 28.69 3

10010 3 Skandia £ UK Index Tracker 10012 10011 3.51 6.31 -6.04 -7.15 37.88 -7.15 13.98 30.28 3

10319 2 Skandia £ UK Strategic Best Ideas 10321 10320 1.70 4.37 -7.72 -9.64 16.30 -9.64 18.88 8.27 3

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all currencies (€, £, US$) skandia ireland

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ANNUAL

Spanishauthorised*

ALTERNATIVES

10526 1 Skandia € DWS Best Global FX Selection Plus -0.58 -2.07 -3.41 -5.97 -5.97 0.22 3

10558 1 Skandia € Fulcrum Alternative Beta Plus Daily 10559 10560 -2.09 -2.09 -3.89 -8.25 -8.25

10549 2 Skandia US$ Aviva Investors Global Convertibles 10551 10550 0.29 -1.35 -9.38 -6.06 -6.06 7.18 3

10499 5 Skandia US$ JPM Highbridge Statistical Market Neutral 10501 10500 -0.33 -0.54 -3.79 -3.58 -11.42 -3.58 -3.85 -4.45 3

CoMMoDITIES

10322 5 Skandia € BNP Paribas L1 Equity Materials World 10323 10324 2.57 6.39 -12.43 -21.18 70.17 -21.18 30.14 65.91 3

10520 5 Skandia € DWS Invest Global Agribusiness 10521 10522 2.38 5.00 -8.65 -12.88 -12.88 22.09 3

10570 4 Skandia € Pictet (CH) Precious Metals Fund - Physical Gold 10572 10571 -5.86 0.30 15.78 11.76 11.76

10530 3 Skandia € Pictet Water 10531 10532 4.34 9.17 0.00 -5.59 -5.59 21.80 3

10588 3 Skandia £ Baring Global Agriculture 10589 10590 1.11 3.98 -11.59 -19.03 -19.03 3

10408 3 Skandia £ Sarasin AgriSar 10411 10409 -0.36 2.23 -12.21 -17.30 20.91 -17.30 18.91 22.95 3

10490 5 Skandia US$ Allianz RCM Global Agricultural Trends 10492 10491 -1.38 2.87 -14.45 -15.70 57.82 -15.70 26.44 48.06 3

10395 5 Skandia US$ Baring Global Resources 10397 10396 -2.46 1.06 -21.06 -26.09 41.25 -26.09 19.48 59.94 3

10292 5 Skandia US$ BlackRock GF World Mining 10294 10293 -2.18 -0.11 -25.18 -31.24 81.50 -31.24 29.37 104.05 3

10527 5 Skandia US$ Pictet Timber 10529 10533 4.56 7.32 -15.74 -16.65 -16.65 10.55 3

PRoPERTY

PRoPERTY – gLoBAL

10101 5 Skandia € Aviva Investors European REIT 10102 10103 0.48 -2.71 -19.46 -13.59 30.38 -13.59 8.84 38.63 3

10175 5 Skandia € Credit Suisse Equity European Property 10176 10177 1.33 -2.00 -19.93 -16.22 17.24 -16.22 14.85 21.84 3

10265 5 Skandia £ Global Property Securities 4.00 4.70 -12.36 -11.99 20.93 -11.99 12.36 22.29 3

10266 5 Skandia US$ Global Real Estate Securities 10267 3.54 4.72 -13.67 -11.66 36.73 -11.66 15.35 34.18 3

PRoPERTY – UK

10144 4 Skandia £ M&G Property 10147 10145 -0.13 0.81 2.60 4.32 9.82 4.32 2.87 2.35

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Source for all performance information: Financial Express Limited, bid to bid with gross income reinvested back into the fund.

Ethical profile.1 The funds show USD performance rather than the performance of the underlying Fund.

*Funds marked with 3 are available for investment to residents of Spain.

Investors should be aware that unit prices and the income from units may fall as well as rise and that past performance is not a guide to the future.

Where a fund invests in securities designated in a different currency to the fund or where an underlying fund is denominated in a different currency, investments may rise and fallpurely as a result of exchange rate fluctuations.

Sector classifications are proprietary to Skandia International.

The performance figures shown are inclusive of all external fund management fees and Skandia Ireland's Annual Management Charge; however, they exclude product charges.

The currency that features at the beginning of the Skandia Ireland fund names indicates the currency that the funds are denominated in (the base currency). For example, theSkandia Ireland £ Balanced Portfolio is denominated in Sterling.

Skandia Ireland’s multi-currency pricing system allows Skandia Ireland to take the price of a fund and, by applying an exchange rate to it, produce equivalent prices in othercurrencies. The fund codes shown under the heading ‘additional repriced currencies’ indicate the availability of multi-currency priced funds.

This Financial Express sourced information is provided to you by Skandia International and is used at your own risk. Financial Express take care to ensure that the informationprovided is correct.

Financial Express or Skandia International neither warrants, represents nor guarantees the contents of the information, nor do they accept any responsibility for error,inaccuracies, omissions or any inconsistencies herein.

Investors should be aware of the risks when investing in Emerging Market Funds as they may be subject to considerable fluctuations in value. They are additional to the normalrisks inherent in securities. Local dealing restrictions may make certain securities illiquid. Investment in these Funds should be regarded as long-term in nature and is onlysuitable for sophisticated investors who understand the risks involved.

£1 month 3 months 6 months 1 year 3 years 5 years 10 years

US$ 1.13 0.22 3.25 0.68 -7.27 25.87 -6.40

€ -2.40 -3.15 -7.60 -2.59 -13.55 23.87 36.42

HK$ 1.20 0.36 3.31 0.67 -7.61 25.90 -6.36

US$1 month 3 months 6 months 1 year 3 years 5 years 10 years

£ -1.11 -0.22 -3.15 -0.68 7.84 -20.55 6.84

€ -3.57 -3.31 -10.48 -3.26 -6.65 -1.57 45.78

HK$ 0.13 0.26 0.19 0.09 -0.21 0.13 0.43

€

1 month 3 months 6 months 1 year 3 years 5 years 10 years

£ 2.46 3.25 8.23 2.66 15.67 -19.27 -26.70

US$ 3.70 3.42 11.70 3.37 7.13 1.59 -31.40

HK$ 3.78 3.65 11.78 3.43 6.87 1.66 -31.71

currency converterThe tables below show the relative performance (%) of each currency against the currencies shown.

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Our online Portfolio Builder is the fast, simple way to match your clients’ attitude to risk tocustomised investment solutions. Now our new Risk Assessment app lets you carry out the first part of the process – assessing each clients’ attitude to risk – wherever you are.

Once you’ve downloaded the app, it’s on your smartphone whenever you need it. You simplyask your clients a set of 11 questions and input their answers. The app then evaluates theirresponses and gives them a risk score. You can upload the results to the online portfolio builderand identify the most suitable investment options, at the time most suitable to you.

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SK1870/INT11-807 000000

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info rmePENSIONS · on changes to QROPS, due in April. That said, our industry is both resilient and resourceful, continuing to seek solutions that ... profits and income. FATCA does