FACTSHEET

31 August 2021 Life Fund Smaller Companies

Asset Allocation (as at 30/06/2021) This document is provided for the purpose of UK Equities 94.9% information only. This factsheet is intended for individuals who are familiar with investment Money Market 5.1% terminology. Please contact your financial adviser if you need an explanation of the terms used. This material should not be relied upon as sufficient information to support an investment decision. The portfolio data on this factsheet is updated on a quarterly basis.

Fund Aim The fund aims to achieve long-term capital growth through investing mainly in smaller companies, principally in the UK. Basic Fund Information Sector Breakdown (as at 30/06/2021) Fund Launch Date 01/05/1994 Industrials 31.7% Fund Size £4.3m Consumer Discretionary 20.4% Sector ABI UK Smaller Technology 10.3% Companies Financials 7.6% ISIN GB0002079209 Basic Materials 7.4% MEX ID CMUKSC Real Estate 7.2% SEDOL 0207920 Cash 5.1% Manager Name Iain Staples Consumer Staples 3.6% Manager Since 01/06/2021 Other 3.4% Healthcare 3.3% Top Ten Holdings (as at 30/06/2021) SCHRODER STERLING LIQUIDITY 4.4% FUND X INCOME Regional Breakdown (as at 30/06/2021) DISCOVERIE GROUP PLC ORDINARY 2.6% 5P PLC ORDINARY 1P 2.4% PLC 2.4% ORDINARY 5P XP POWER LIMITED ORDINARY 1P 2.4% GROUP PLC 2.3% ORDINARY 1P The composition of asset mix and asset allocation may change at any time and exclude cash NCC GROUP PLC GBP1 2.3% unless otherwise stated PLC ORDINARY 2.2% 50P ORDINARY 25P 2.2% GROUP PLC ORDINARY 2.5P 2.2% TOTAL 25.4%

Page 1 Past Performance Fund Rating Information 100% Overall Morningstar - Rating 75% Morningstar Analyst - Rating FE fundinfo Crown Rating 50% The FE fundinfo Crown Rating relates to this fund. However, the Morningstar ratings are 25% based on the underlying fund. These are supplied by the respective independent ratings agencies and are the latest available at the time this factsheet was issued. Past 0% performance is not a reliable indicator of future results.

Sep 16 Dec 17 Mar 19 Jun 20 Sep 21 Other Information 31/08/2016 - 31/08/2021 Powered by data from FE fundinfo The views, opinions and forecasts expressed SWIS Smaller Companies in this document are those of the fund manager. Investment markets and conditions ABI UK Smaller Companies can change rapidly and as such the views Past performance is not a guide to future performance. Investment value and income from it may expressed should not be taken as statement of fall as well as rise, as a result of market and currency movements. You may not get back the fact, nor should reliance be placed on these amount originally invested. views when making investment decisions. Discrete Performance For further information contact your local sales office or phone Customer Services on 0345 30/06/2020 - 30/06/2019 - 30/06/2018 - 30/06/2017 - 30/06/2016 - 030 6243 (Life and Pensions) 0345 300 2244 30/06/2021 30/06/2020 30/06/2019 30/06/2018 30/06/2017 (OEIC). Details are also available at Smaller Companies 33.4% -11.6% -8.6% 17.8% 26.0% www.clericalmedical.co.uk

ABI UK Smaller 42.1% -6.6% -6.3% 12.9% 31.7% Not all products have access to this fund, Companies please refer to the relevant product literature. Information is shown as unavailable if prior to the launch of fund. Full terms and conditions are available on request from us using the contact details Cumulative Performance provided. Charges, terms and the selection of funds we make available may change. 31/07/2021 - 31/05/2021 - 31/08/2020 - 31/08/2018 - 31/08/2016 - Information on the general and specific risks 31/08/2021 31/08/2021 31/08/2021 31/08/2021 31/08/2021 associated with investing in this fund is Smaller Companies 2.8% 3.9% 35.1% 16.2% 56.5% available in the relevant fund guide, or KIID where applicable. We may change the ABI UK Smaller 3.8% 5.6% 43.2% 31.6% 75.0% investment approach rating for the fund. All Companies information is sourced from Scottish Widows or Quartile 4 4 4 4 4 the relevant fund management group unless otherwise stated. Source: FE fundinfo as at 31/08/2021

Performance figures are in £ Sterling on a single pricing basis, with income (where applicable) reinvested net of UK tax and net of total annual fund charges. These figures do not include any initial charge or other product charge(s) that may be applicable.

Quarterly Fund Manager Review UK equities performed well in the second quarter, driven by the successful roll-out of Covid-19 vaccines, although beneath the strong headline figure the quarter was mixed. Markets were largely driven by lowly valued and economically sensitive sectors during April and May, continuing a trend in train since November which has beneficial to the UK. Amid improving sentiment global fund managers reported being “overweight” the country for the first time since 2014. Small and mid cap (SMID) equities outperformed during this phase. Among them were domestically and internationally exposed SMIDs set to benefit from recovering global and domestic economies. The UK economic outlook brightened considerably as GDP forecasts were upgraded while the Bank said it was to slow the pace of quantitative easing. The market, however, struggled over June amid a rise in Covid-19 infections and falling inflation expectations. Defensive large cap equities were very much in favour in June, a trend amplified as sterling fell against a very strong US dollar. The healthcare and consumer staples industries achieved a resilient performance over the month. While energy also performed well in June, in the main lowly valued and economically sensitive sectors did not. Financials performed poorly as market interest rates fell – the UK’s banks and insurance companies, which dominate the sector, typically benefit as rates rise, as they had in the first quarter of 2021 due to concerns about rising inflation. A number of the domestically focused areas which had performed very well on re-opening hopes also fell back quite sharply in June. This was partly due to concerns around the impact of the delta variant of Covid-19 on plans for the re-opening of the economy. Retailers and travel and leisure sectors performed poorly as the UK government delayed the date to further lift social distancing laws following a rise in Covid-19 infection levels.

Iain Staples 30/06/2021 The views, opinions and forecasts expressed in this document are those of the fund management house. Investment markets and conditions can change rapidly and as such the views expressed should not be taken as statements of fact, nor should reliance be placed on these views when making investment decisions.

Scottish Widows Limited. Registered in England and Wales No. 3196171. Registered Office in the at 25 Gresham Street, EC2V 7HN. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Financial Services Register number 181655. Page 2