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  • 1. SWIP European Equity Dividend Plus Strategy Steven Maxwell Zurich May 2010 For professional use only - Not to be relied upon by retail clients This document is intended only for the person to whom it has been delivered and may not be forwarded to a third party without prior consent from Scottish Widows Investment Partnership. Any investment decision should be based on the information contained in the offering document which should be read prior to investing.
  • 2. Agenda European Team SWIP European Equity - Investing in context Example strategy - SWIP European Smaller Companies Strategy Example strategy - SWIP European Equity Dividend Plus Strategy Appendices The trust that clients have been placing in us has made SWIP an important asset management company in Europe. The breadth of our services and our financial stability allows us to act as long-term partners to our clients. 2
  • 3. European Team
  • 4. European Team Vicky Watson Greig Bryson European Real Estate Autos, Industrials & Pharmaceuticals 12 years average experience Steven Maxwell Head of European Equities Banks/Energy Joint role of fund Michael Wassermann Kathleen Dewandeleer manager / analyst Insurance/Banks Construction & Telecoms Catie Wearmouth Chris Clarke Consumer, Utilities Technology & Media Dual role key Source: SWIP, 31 March 2010. 4
  • 5. Team responsibilities Product Income Fund/ Specialist Institutional Cont. Pan Europe Pan Europe Real Estate Pan Europe Country Funds Europe/Euro Small Small Caps Alpha Alpha Caps/Cont. Europe Alpha Sector Steven Michael Chris Greig Catie Kathleen Vicky Coverage Maxwell Wassermann Clarke Bryson Wearmouth Dewandeleer Watson Financials Technology & Media Healthcare Industrials Consumer Utilities Telecoms Real Estate Research / fund coverage evenly divided Source: SWIP, 31 March 2010. 5
  • 6. Our core beliefs Focused on identifying stocks trading below their long term intrinsic value Disciplined fundamental research is central to our investment philosophy We buy stocks, not currencies, or countries Our portfolios are driven by our team’s collective best ideas A winning formula 6
  • 7. SWIP European Smaller Companies Strategy
  • 8. Strategy highlights European Smaller Companies Strategy Objectives: Indicative performance target: Outperformance of 2% p.a. relative to benchmark over a rolling 3 year period Indicative benchmark: MSCI European Small Cap Index in Euro terms Indicative tracking error range: 4 - 8% p.a. Investment approach: Universe covers companies with a market cap range of: €100 million - €6 billion Portfolio construction: High conviction (“best ideas”) portfolio with typically 60-70 stocks Source: SWIP, 31 March 2010. These are current operating guidelines only and not necessarily prescribed or documented investment restrictions. Investment decisions should be based on the information contained in the appropriate offering document. The information shown is representative of the current strategy and provided for illustrative and discussion purposes only (see Note 1 in the Important Notes at the end of this document). 8
  • 9. Consistent performance Example portfolio SWIP European Smaller Companies Portfolio - Rolling 3 years annualised relative return (% ) 10 7.87 8.21 8 7.21 7.15 7.09 6.38 6 4.67 4.47 3.83 4.19 % 3.50 4 3.22 1.96 2 0.84 1.17 0.15 0 Jun-06 Sep-06 Dec-06 Mar-07 Jun-07 Sep-07 Dec-07 Mar-08 Jun-08 Sep-08 Dec-08 Mar-09 Jun-09 Sep-09 Dec-09 Mar-10 Statistics based on Q1 2010 Q4 2009 Q3 2009 Q2 2009 Q1 2009 Q4 2008 Q3 2008 Q2 2008 Q1 2008 36 months Positive relative months 58.3% 61.1% 52.8% 52.8% 69.4% 75.0% 75.0% 75.0% 69.4% Negative relative months 41.7% 38.9% 47.2% 47.2% 30.6% 25.0% 25.0% 25.0% 30.6% Outperformance in rising 50.0% 55.6% 55.0% 68.4% 70.6% 77.8% 80.0% 77.3% 73.9% markets Outperformance in falling 66.7% 66.7% 62.5% 64.7% 68.4% 72.2% 68.8 71.4% 61.5% markets Source: SWIP, 31 March 2010. Based on Euros. Gross of fees. The value of your investment is not guaranteed and can go down as well as up depending on investment performance. You may not get back the amount you invested. Past performance is not a guide to future performance. The information shown is representative of the current strategy and provided for illustrative and discussion purposes only (see Note 1 in the Important Notes at the end of this document). 9
  • 10. Performance Example portfolio Continued focus on strong balance sheets and long-term earnings power Identified attractive stocks in higher beta sectors through our research process Active sector positions overweight in Industrials Performance to 31 March 2010 3 months 6 months 1 year 2 years 3 years 5 years Portfolio 8.99 13.32 67.61 -4.81 -9.35 7.81 Index 9.88 12.34 80.27 -1.36 -9.5 5.26 Relative -0.89 0.98 -12.66 -3.45 0.15 2.55 Performance Peer Group 33 pctl 36 pctl 36 pctl 62 pctl 49 pctl 19 pctl Ranking* Source: SWIP, 31 March 2010. Gross of fees. Based on Euros. *Lipper, Lipper Global Small & Mid Cap Sector, Mid – Mid, income reinvested. Benchmark is MSCI Europe Small Cap Index. The value of your investment is not guaranteed and can go down as well as up depending on investment performance. You may not get back the amount you invested. Past performance is not a guide to future performance. The information shown is representative of the current strategy and provided for illustrative and discussion purposes only (see Note 1 in 10 the Important Notes at the end of this document).
  • 11. SWIP European Equity Dividend Plus Strategy
  • 12. Why European equity dividend plus? Investment solution – Focused on a combination of an attractive dividend yield as well as capital growth Outlook – Positive outlook for European Equities as investor and market sentiment improves – Fundamental research is key and focus on stock features will deliver superior performance – Quality dividend-paying/growing companies are likely to be re-rated in a low growth, low inflation environment 12
  • 13. The importance of dividends Contribution to European Market Returns, since 1970 Significant contributor to total returns Source: Citigroup Global Markets, 31 March 2010. The above is provided for illustration and discussion purposes only and is not a recommendation to buy or sell the security. The value of your investment is not guaranteed and can go down as well as up depending on investment performance. You may not get back the amount you invested. Past performance is not a guide to future performance. 13
  • 14. Implied dividends Implied dividends for EURO STOXX 50 Aggregated single stock option – implied dividends for 2010 (rebased to 100) 120 Financials Non-financials 100 80 60 40 20 0 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Source: Goldman Sachs Global ECS Research estimates, 7 May 2010. The above is provided for illustration and discussion purposes only and is not a recommendation to buy or sell the security. The value of your investment is not guaranteed and can go down as well as up depending on investment performance. You may not get back the amount you invested. Past performance is not a guide to future performance. 14
  • 15. Market dividend yields % European yield attractive & diversified Source: Credit Suisse, 13 May 2010. The above is provided for illustration and discussion purposes only and is not a recommendation to buy or sell the security. The value of your investment is not guaranteed and can go down as well as up depending on investment performance. You may not get back the amount you invested. Past performance is not a guide to future performance. 15
  • 16. Equity dividend investing at SWIP Example portfolio SWIP European Equity Dividend Plus Strategy is focused on a combination of attractive dividend yield as well as capital growth Objectives: To provide long-term returns by investing primarily in high dividend-yielding equities of European companies To achieve capital growth of at least 150bps over its benchmark plus a dividend yield superior to the yield of its benchmark over a three years horizon Indicative Benchmark: FTSE Europe ex UK Index Tracking error range: 2 - 7% p.a. over a three year investment horizon Source: SWIP, 31 March 2010. These are current operating guidelines only and not necessarily prescribed or documented investment restrictions. Investment decisions should be based on the information contained in the appropriate offering document. The information shown is representative of the current strategy and provided for illustrative and discussion purposes only (see Note 1 in the Important Notes at the end of this document). 16
  • 17. Our track record Example portfolio SWIP European Equity Dividend Plus Strategy Returns in Euros as at 31 March 2010 60 53.4 49.5 50 40 30 20 10 2.4 3.5 0 -1.7 -10 -4.9 3 months 1 year 2 years SWIP European Equity Dividend Plus Portfolio FTSE W Eur ex UK Index Source: SWIP, 31 March 2010. Based on Euros. Gross of fees. The value of your investment is not guaranteed and can go down as well as up depending on investment performance. You may not get back the amount you invested. Past performance is not a guide to future performance. The information shown is representative of the current strategy and provided for illustrative and discussion purposes only (see Note 1 in the Important Notes at the end of this document). 17
  • 18. Our track record Example portfolio SWIP European Equity Dividend Plus Strategy Returns in Sterling as at 31 March 2010 50 44.1 45.0 45 40 35 30 25 20 15 10 5 2.5 3.6 3.4 1.0 0 3 months 1 year 2 years SWIP European Equity Dividend Plus Portfolio Europe ex UK Median Percentile: 85 56 20 Source: Lipper, 31 March 2010. Based on Sterling. Gross of fees. The value of your investment is not guaranteed and can go down as well as up depending on investment performance. You may not get back the amount you invested. Past performance is not a guide to future performance. The information shown is representative of the current strategy and provided for illustrative and discussion purposes only (see Note 1 in the Important Notes at the end of this document). 18
  • 19. Our track record Example portfolio SWIP European Equity Dividend Plus Strategy Returns generated by income to 31 March 2010 12 10.3 10 8.5 8 6 4.8 3.9 4 2 0.4 0.4 0 3 months 1 year 2 years SWIP European Equity Dividend Plus Portfolio FTSE Europe ex UK Index Source: SWIP, 31 March 2010. The value of your investment is not guaranteed and can go down as well as up depending on investment performance. You may not get back the amount you invested. Past performance is not a guide to future performance. The information shown is representative of the current strategy and provided for illustrative and discussion purposes only (see Note 1 in the Important Notes at the end of this document). 19
  • 20. Research driven investment process Universe Fundamental Research Peer Group Vetting Portfolio Screen 153 stocks Challenge case Cross reference In-depth Conviction of fundamental analyst research Dividend, growth, 40-60 valuation, Target price upside stocks Portal momentum Valuation analysis Decide if appropriate for Recommendation portfolio A structured, repeatable process focused on delivering performance Source: SWIP, 31 March 2010. 20
  • 21. Stock example – Partners Group Relative performance to FTSE Europe ex UK as at 31 March 2010 13/05/10 130 Top Sliced Only global listed alternative asset 120 manager, based in Switzerland Price relative to index (rebased to 100) 110 Highly cash generative; no gearing; no capital expenditure 100 Bought High earnings visibility – 80% of AUM locked in for 10 years 90 2010 free cash flow yield 20% 80 2010 dividend yield 3.5% 70 60 M J J A S O N D J F M A M J J A S O N D J F M (32993L/WIEXUKE) 2008 2009 Source: Thomson Datastream Resilient model Source: Thomson DataStream, 31 March 2010. The above is provided for illustration and discussion purposes and is not a recommendation to buy or sell the security. The value of your investment is not guaranteed and can go down as well as up depending on investment performance. You may not get back the amount you invested. Past performance is not a guide to future performance. 21
  • 22. Stock example – Vallourec Relative performance to FTSE Europe ex UK as at 31 March 2010 12/5/10 135 130 Leading supplier of steel and alloy tubing to oil, gas and other 125 industries. 60% of sales in Emerging Price relative to index (rebased to 100) Markets 120 115 Trading on a significant discount to oil services 110 Bought Volume and pricing both positive. 105 Consensus earnings too low 100 95 Sound balance sheet. Dividend yield over 5% 90 85 JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR (929267/WIEXUKE) 2009 2010 Source: Thomson Datastream Quality Growth Source: Thomson DataStream, 31 March 2010. The above is provided for illustration and discussion purposes and is not a recommendation to buy or sell the security. The value of your investment is not guaranteed and can go down as well as up depending on investment performance. You may not get back the amount you invested. Past performance is not a guide to future performance. 22
  • 23. Construction Example portfolio SWIP European Equity Dividend Plus Strategy Absolute High conviction portfolio based on: Weight Top 10 Stock Holdings Sector Country % Upside to target price SIEMENS Financials GERMANY 3.91 BNP PARIBAS Financials FRANCE 3.51 Conviction of analyst NESTLE Consumer Goods SWITZERLAND 3.46 TELEFONICA Telecommunications SPAIN 3.19 Liquidity risk of the stock DEUTSCHE BANK Financials GERMANY 3.18 SOCIETE GENERALE Financials FRANCE 2.98 Buy and sell discipline DAIMLER Consumer Goods GERMANY 2.90 Top 5 positive active positions TOTAL Oil & Gas FRANCE 2.79 ROCHE HLDG Health Care SWITZERLAND 2.72 VINCI Industrials FRANCE 2.67 Total weight of Top 5 holdings 17.25 Total weight of Top 10 holdings 31.32 Total weight of Top 20 holdings 54.83 Total number of holdings 51 Source: SWIP, 31 March 2010. The value of your investment is not guaranteed and can go down as well as up depending on investment performance. You may not get back the amount you invested. Past performance is not a guide to future performance. The information shown is representative of the current strategy and provided for illustrative and discussion purposes only (see Note 1 in the important notes section at the end of this document). 23
  • 24. Characteristics Example portfolio SWIP European Equity Dividend Plus Strategy Portfolio Characteristics 18 16.3 16 14 12.8 12.3 11.6 12 10 8 6 4 3.4 3.2 1.6 1.6 2 0 Dividend yield P/E Return on equity Price to book SWIP European Equity Dividend Plus Portfolio FTSE W Eur ex UK Index Source: SWIP Quant's Analysis, 31 March 2010. The information shown is representative of the current strategy and provided for illustrative and discussion purposes only (See Note 1 in the important notes at the end of this document). These are current operating guidelines and not necessarily investment restrictions imposed by offering document. Any investment decision in connection with the products should be based on the information contained in the appropriate offering document. 24
  • 25. Risk diagnostics Example portfolio SWIP European Equity Dividend Plus Strategy Portfolio Style Skyline™ 2.0 1.7 1.5 0.9 1.0 0.8 0.8 0.8 S tyle Tilt™ 0.6 0.5 0.5 0.3 0.3 0.2 0.1 0.0 0.0 -0.1 0.0 -0.2 -0.5 -0.3 -0.6 -1.0 -0.8 gn ty me e t a Lo 1 Yr r A t ce lo w d le s en e E a on E e rn i d nt u T le s ld n g u it y le s e s ev 12 th G om th M a Cap MT i C 'F s Yl E a Y ie l vid Pric ric S F o / Eq u S a Y ie I B G ro w ri I n c ro w Sa /Sal gM R Sa Mo t B I B M th EB to P M o t um oP q m ng et rke to d sG bt e a rk n De ok re i ES me ES I TD n Bo Rt rn i Di Style Factors Source: SWIP, Style Research, APT and style, 31 March 2010. The value of your investment is not guaranteed and can go down as well as up depending on investment performance. You may not get back the amount you invested. Past performance is not a guide to future performance. The information shown is representative of the current strategy and provided for illustrative and discussion purposes only (see Note 1 in the Important Notes at the end of this document). 25
  • 26. Appendices
  • 27. European Equity Dividend Plus - Country and sector Example portfolio Country Sector GERMANY 6.77% INDUSTRIALS 8.44% IRELAND 2.96% FINANCIALS 2.58% NETHERLANDS 2.42% ITALY 1.89% TELECOMMUNICATIONS 1.16% FRANCE 0.97% CASH 0.94% CASH 0.94% GREECE 0.26% BASIC MATERIALS 0.02% SWITZERLAND 0.17% NORWAY -0.13% OIL & GAS -0.58% BELGIUM -0.14% HUNGARY -0.46% TECHNOLOGY -1.34% AUSTRIA -0.79% UTILITIES -1.72% POLAND -0.79% PORTUGAL -0.87% HEALTH CARE -1.73% FINLAND -0.88% DENMARK -2.38% CONSUMER GOODS -2.51% SPAIN -4.11% SWEDEN -5.83% CONSUMER SERVICES -5.26% -8.00% -6.00% -4.00% -2.00% 0.00% 2.00% 4.00% 6.00% 8.00% -8.00% -6.00% -4.00% -2.00% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% % % Source: SWIP, 31 March 2010. The value of your investment is not guaranteed and can go down as well as up depending on investment performance. You may not get back the amount you invested. Past performance is not a guide to future performance. The information shown is representative of the current strategy and provided for illustrative and discussion purposes only (see Note 1 in the important notes section at the end of this document). 27
  • 28. European Equity Dividend Plus Example portfolio attribution analysis – 3 months End End Active Active Top 10 Positive Impacts Weight Impact Top 10 Negative Impacts Weight Impact PARTNERS GROUP 1.5 0.32 JUMBO 1.2 -0.39 BANCO BILBAO 0.9 0.29 BANCO SANTANDER -2.2 -0.30 TOGNUM 1.7 0.25 HEIDELBERGCEMENT 1.5 -0.29 DEUTSCHE BANK 2.2 0.21 NOVARTIS -0.2 -0.26 SIEMENS 2.0 0.21 NOKIA -1.2 -0.23 FUGRO 1.4 0.19 DAIMLER 1.9 -0.20 BAYER -1.1 0.18 SOC GENERALE 2.1 -0.18 CS GROUP 1.0 0.15 NOVO-NORDISK -0.8 -0.18 SYMRISE 1.2 0.14 TELEFONICA 1.0 -0.15 VALLOUREC 1.1 0.12 ABB -1.0 -0.14 Source: SWIP, 31 March 2010. The value of your investment is not guaranteed and can go down as well as up depending on investment performance. You may not get back the amount you invested. Past performance is not a guide to future performance. The information shown is representative of the current strategy and provided for illustrative and discussion purposes only (see Note 1 in the Important Notes at the end of this document). 28
  • 29. European Equity Dividend Plus Example portfolio attribution analysis – 1 year End End Active Active Top 10 Positive Impacts Weight Impact Top 10 Negative Impacts Weight Impact PARTNERS GROUP 1.5 1.07 OPAP -0.1 -1.01 IRISH LIFE & PERMANENT 0.8 1.06 NOKIA CORP -1.2 -0.69 VEIDEKKE 1.8 0.68 NEOPOST 1.0 -0.69 VOLKSWAGON STAMM -0.1 0.68 VIVENDI -0.7 -0.58 TENARIS (IT) 1.3 0.55 TELECOM ITALIA 0.9 -0.44 FUGRO 1.4 0.53 ROCHE 0.4 -0.44 BANCO SANTANDER -2.2 0.48 TELEFONICA 1.0 -0.42 KONE B 1.5 0.40 KPN 1.5 -0.41 SYMRISE 1.2 0.37 CRH 1.1 -0.41 BASF 1.3 0.34 FRANCE TELECOM 0.6 -0.37 Source: SWIP, 31 March 2010. The value of your investment is not guaranteed and can go down as well as up depending on investment performance. You may not get back the amount you invested. Past performance is not a guide to future performance. The information shown is representative of the current strategy and provided for illustrative and discussion purposes only (see Note 1 in the Important Notes at the end of this document). 29
  • 30. Biographies
  • 31. Biographies Name: Steven Maxwell Position: Head of European Equities Joined Company: May 2004 Entered Industry: 1988 Steven is an investment director and Head of European equities and REITs at SWIP. He is responsible for the investment process and performance of all our European equity and REIT funds and for managing European equity portfolios for institutional clients. Before joining SWIP in 2004, Steven worked for Standard Life Investments for nine years as part of the European equity team. He managed the company's Irish equity funds, prior to concentrating on European portfolios. When sector analysis was introduced in 1998 he concentrated on the banking sector, together with ongoing portfolio management responsibilities. Prior to joining Standard Life, he worked for Dunedin Fund Managers as a fixed income manager between 1994 and 1995. Steven began his investment career with the Life Association of Scotland in 1987 with responsibility for sterling money market and foreign exchange analysis, before managing the company's Irish equity fund from 1989. Name: Greig Bryson Position: Investment Director, European Equities Joined Company: November 2008 Entered Industry: 1999 Greig is the research manager for the team, in addition to being responsible for SWIP’s Euroland retail equity mandates. His sector research responsibilities within the team are chemical, pharmaceutical and automotive sectors. Prior to joining SWIP, Greig was an equity analyst with Pioneer Investments in Dublin, responsible for covering the European basic materials sector. Before this, Greig was an Investment Manager at SWIP, where he worked for four years as part of the European team, covering a variety of sectors including capital goods and autos. 31
  • 32. Biographies Name: Kathleen Dewandeleer Position: Investment Director, Pan European Equities Joined Company: April 1997 Entered Industry: 1990 Kathleen is an Investment Director in SWIP’s European Equities team. Kathleen has managed the German fund since 2000, manages the Swiss portfolio and she co-manages the small and large cap Pan European portfolios. Her research responsibilities include Construction, IT and Telecommunications sectors. Kathleen joined the group in 1997, where she covered Eastern Europe, the Middle East and Africa. She joined the European team in 1999. Kathleen has been working with European Equities since 1990 at Matheson Investment Management, Scottish Provident and Edinburgh Fund Managers. Kathleen studied commercial management at the University of Brussels from 1984 to 1989 (equivalent to a Masters degree). She is fluent in Dutch, English, German and French, and has a basic knowledge of Spanish. She is married with two children. Kathleen is an Associate of the CFA Society of the UK. Name: Catie Wearmouth Position: Investment Director, European Equities Joined Company: March 2005 Entered Industry: 1999 Catie is an Investment Director in the European Equity team, responsible for managing Continental European funds. Her sector research responsibilities within the team are for consumer goods and utilities. Prior to joining SWIP, Catie spent six years as an Investment Manager with Kempen Capital Management, a small/mid-cap fund management company. Her specific fund responsibility was for the Pan European Socially Responsible Investment funds which she helped establish at Kempen in 2002. Catie has an MA Hons in English and Italian literature from the University of St Andrews and holds the MSc in Investment Analysis from the University of Stirling. Catie is an Associate of the CFA Society of the UK. 32
  • 33. Biographies Name: Chris Clarke Position: Investment Director, European Equities Joined Company: March 2008 Entered Industry: 2000 Chris is an Investment Director in the European Equity team. His sector research responsibilities within the team are for technology, media, retail, beverages and leisure. Prior to joining SWIP, Chris spent seven years at Alliance Trust. In the latter half of this period he was the Investment Manager responsible for the European portfolio. Prior to that Chris was an Investment Analyst for UK and European Equities his sector responsibility included engineering, beverages, utilities and leisure. Chris has an MA Hons in History and International Relations from the University of Aberdeen. After graduation Chris trained and qualified as a Chartered Accountant with KPMG. Chris is also a CFA Charterholder. Name: Vicky Watson Position: Investment Director, European Equities Joined Company: May 2006 Entered Industry: 1998 Vicky is an Investment Director within SWIP’s European Equities team and her key responsibilities are the management of the Real Estate funds. Previously Vicky worked in SWIP’s Property Investment team where she was the analyst and strategist for three Direct Property funds, and she worked on producing UK and European property market forecasts. Before joining SWIP in 2006, Vicky was a Property Market Analyst for four years at Henderson Global Investors. She was responsible for covering office markets in UK, France, Spain, Portugal and Ireland, and all European industrial markets. In the four years prior to this, she was employed by Healey & Baker (now Cushman & Wakefield) as a Property Research Analyst. Vicky holds a BA (joint Hons) in Modern Languages from the University of Durham. She speaks French and Spanish fluently, and holds a certificate in advanced business French. She is a member of the Investment Property Forum and the Society of Property Researchers. 33
  • 34. Biographies Name: Michael Wassermann Position: Investment Manager Joined Company: May 2008 Entered Industry: 2008 Michael is an Investment Manager. He is responsible for providing research on the European insurance and banking sectors. Prior to joining SWIP, Michael worked at Dresdner Kleinwort where he was part of the German Mid and Small Cap team. Michael studied a BA (Hons) in Business at Hull University and graduated from the University of Erlangen-Nuremberg with a Masters in International Business. He is fluent in English, German and has advanced knowledge of French. 34
  • 35. Contact information Christian E Elsmark, Managing Director, Head of International Business Tel: +44 20 7203 3013 E-mail: christian.elsmark@swip.com Europe Japan & Asia-Pacific USA & Canada Institutional Investors Institutional Investors Francesca Pilato: Richard Thomson Deborah Laberge Southern Europe Japan Managing Director, Tel: +44 20 7203 3073 Tel: +44 20 7203 3445 Head of North America E-mail: francesca.pilato@swip.com E-mail: richard.thomson@swip.com Tel: 212 827 3101 Cell: 203 508 2400 Ketul Nandani Christian Elsmark Fax: 212 557 9460 Northern Europe Asia-Pacific E-mail: deborah.laberge@swip-us.com On maternity leave; See above contact details contact C Elsmark above Client Services Client Services Client Services Cristina Ponce Richard Thomson Lauren Miller Relationship Manager Head, International Relationship Manager Tel: +44 20 7203 3485 Tel: +44 20 7203 3445 Tel: 212 827 3102 E-mail: cristina.ponce@swip.com E-mail: richard.thomson@swip.com E-mail: lauren.miller@swip-us.com 35
  • 36. Important information Important information This material is intended for Professional or Institutional Clients only and is not suitable for Retail Clients. The distribution of this material and the offering of shares in a Fund or Strategy is not for use within certain countries or with respect of any person(s) where such use would be restricted or prohibited by local laws. Note 1: Information is provided on representative funds, strategies and/or portfolios provided in this document which are only for sale in certain jurisdictions. Each portfolio would be tailored to a client’s requirements as set out in a portfolio mandate or offering document. Investment markets and conditions can change rapidly and as such the views expressed should not be taken as statements of fact nor should be placed on these views when making investment decisions. The value of an investment can go up and down and investors may not receive back money they invested. Past performance is not a guide to future performance. A fund may have holdings which are denominated in different currencies and may be affected by movements in exchange rates. Consequently, the value of your investment may rise or fall in line with exchange rates. Smaller companies may be less well established and carry a higher degree of risk than larger companies. The information contained in this document has been derived from sources which we consider to be reasonable and appropriate. It may also include our views and expectations, which cannot be taken as fact. Investment markets can change rapidly and the views expressed should not be taken as statements of fact, nor relied upon when making investment decisions. This publication only contains brief information on the Fund or representative Strategy. A Prospectus or offering document provide detailed information as well as the risks of investing and should always be read before making any investment. More general information is available on our website www.swip.com or email international@swip.com. This does not constitute an offer or solicitation by anyone in any jurisdiction in which such an offer is not authorised or to any person to whom it is unlawful to make such an offer or solicitation. Persons interested in making an investment should always seek advice from an appropriate professional adviser and inform themselves of, and observe, all applicable laws and regulations (including tax and foreign exchange control requirements) of any jurisdiction relevant to their acquisition. Scottish Widows Investment Partnership Limited (SWIP) is registered in England and Wales, Company No. 794936. Registered Office is at 33 Old Broad Street, London EC2N 1HZ, UK. Tel: +44 (0)131 655 8500. SWIP is authorised and regulated in the UK by the Financial Services Authority and is entered on their register under number 193707 (www.fsa.gov.uk). Calls may be recorded and monitored to help improve customer service and for training purposes. 36