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CM With-profits investment factsheet - Clerical …

Asset performance – five years to 31.12.2016 The table above shows how the assets have performed compared with returns from relevant benchmark indices:

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Text of CM With-profits investment factsheet - Clerical …

Asset performance five years to table above shows how the assets have performed compared with returns from relevant benchmark indices: Equity (FTSE All Share TR index), Bonds (FTSE Actuaries British Govt All Stocks TR index) and Property (IPD Monthly Property index) over the past five years. It does not represent investor returns. The above figures are gross of tax and do not take into account any charges or With-Profits Fund sometimes takes advantage of derivatives, for example to effect a change in asset allocation quickly. The performance of the derivatives may differ from the corresponding assets and the effective exposure to different assets whilst the derivatives are held may differ from that year performance80100120140160180%Investment objectiveA with-profits investment aims to generate capital growth over the medium to long term (at least five years), with some stability against market volatility over the short term. This is achieved by combining your money with that of other with-profits investors, and collectively sharing in the fortunes of the fund. The return is not based on the precise level of stock markets on the day you invest, or the day you take your money out. By smoothing through the stock market movements, sometimes the returns are higher than the unsmoothed performance and sometimes lower. Over the longer term, the potential performance of the fund is similar to other funds we offer with a similar mix of assets. But over the shorter term, smoothing reduces the effect of market ups and downs. The guarantees provided by the fund also make your investment different from other types of investment. Asset informationWith-profits investment factsheet This information is for the invested assets that principally drive future bonus amounts and therefore policy payouts. The assets known as the estate, held as reserves to provide a cushion against the effects of poor investment conditions, have a more cautious investment strategy. Part of the estate is being used to enhance payouts and is also invested cautiously, primarily in Cash. For more detail refer to Clerical Medical s Annual Report at return on assetsBenchmark performancesEquity 5 year unsmoothed fund return FTSE All Share TR index (equity index) FTSE Actuaries British Govt All Stocks TR index20122013201420152016Savings & InvestmentsN0417N22297210A4 portCMYKX1975Cleric Medical (SW)CM With-profits investment factsheetN05-Apr-201712:00:173The graph above shows the quarterly unsmoothed return (gross of all deductions) against the equity and bond benchmarks. Period covered is to All indices rebased, = 100%. Past performance is not a guide to future performance. You cannot invest directly in any of the benchmark 105/04/2017 12:00Asset mix as at 10 equity holdings as at above figures are as at 31 December 2016 and show the effective exposure of the different types of assets applicable to sterling denominated policies. Note: An Absolute Return fund is one which aims to make positive returns regardless of market conditions, although this is not guaranteed. They do this by balancing traditional equity investment with other investment techniques, such as using hedging to reduce exposure to a market sector and by diversifying across different types of asset. The high allocation to cash is a temporary position that we do not expect to continue , the size of the whole With-Profits Fund was Backing Ratio statistics0102030405060708090100%2012201 363%201464%201563%201663%67%The Equity Backing Ratio (EBR) is the percentage of the fund s assets in higher risk assets such as property and equities (including the holdings in absolute return funds). The values shown above represent the Equity Backing Ratio at the 31 December of each returnsThe investment performance is normally delivered through regular and final bonuses. A market value reduction may apply on encashment at certain times please see the With-profits summary which is available on our website (see below) for more information regarding times of uncertainty when stock markets are volatile and there is an exceptionally large change in asset values, we have to react quickly to protect the interests of our remaining with-profits investors by ensuring that investors leaving the fund don t receive more than their fair share. In this situation we may vary our approach to a review of the amount needed to support the fund, a distribution of excess estate was started from 1 February 2010. This is being done through the normal periodic bonus review example for 5 year investments up to effect of smoothing, guarantee deductions and estate distribution shows how the application of these affect the policy bond 5 year returns are based on a Flexible Growth Bond and the pension 5 year returns are based on a Futureproof Individual Pension notesThe value of an investment is not guaranteed and can go down as well as up depending on investment performance (and currency exchange rates where a fund invests overseas). You could get back less than you invested. The figures refer to the past and past performance is not a reliable indicator of future results. The ultimate value of a with-profits investment depends on future bonuses which cannot be guaranteed. Source of data: RIMES and Clerical Medical, February more details on the management of the With-Profits Fund and on some of the terms or abbreviations used in this fact sheet, please refer to Clerical Medical s With-profits summary or PPFM on and/or contact your financial unsmoothed return on assets (the bond return is after tax) of product charges (annualised) of smoothing, guarantee deductions and estate distribution (annualised) product return on Fixed Interest:Government secured against commercial Return HoldingsGlencoreBPBritish American TobaccoRoyal Dutch Shell ARio TintoRoyal Dutch Shell BBHP Billiton GlaxoSmithKlineVodafone Medical is a trading name of Scottish Widows Limited. Scottish Widows Limited is registered in England and Wales No. 3196171. Registered office in the United Kingdom at 25 Gresham Street, London EC2V 7HN. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Financial Services Register number 205/04/2017 12:00

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