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31 August 2021 Pension Fund SW European Equity Dividend Fund Pension (Series 1)

Asset Allocation (as at 31/08/2021) This document is provided for the purpose of German Equities 18.8% information only. This factsheet is intended for individuals who are familiar with investment French Equities 12.9% terminology. Please contact your financial Swiss Equities 11.6% adviser if you need an explanation of the terms used. This material should not be relied upon International Equities 11.0% as sufficient information to support an Equities 10.3% investment decision. The portfolio data on this Finnish Equities 9.9% factsheet is updated on a quarterly basis. Spanish Equities 9.0% Swedish Equities 7.9% Fund Aim Belgian Equities 4.5% Allianz describe their fund's aim as follows: To generate capital growth in the long term.The Norwegian Equities 4.1% fund invests at least 75% of the fund's assets directly or using derivatives in equities and Sector Breakdown (as at 31/08/2021) equivalent securities of companies which the Financials 27.1% fund manager believes achieve an adequate dividend return and which are located in an Materials 13.8% EU-member state, Norway or Iceland. Up to Health Care 13.3% 20% of the fund's assets may be invested in Industrials 11.0% companies located in an emerging market. The Utilities 9.4% fund may also invest in other equities and equivalent securities. Consumer Discretionary 9.3% Consumer Staples 7.0% Basic Fund Information Energy 5.4% Series 1 Unit Launch 14/11/2016 Communications 2.3% Date Other 1.4% Fund Size ÂŁ0.6m Sector ABI including UK Regional Breakdown (as at 31/08/2021) Equities ISIN GB00BYPFXM05 MEX ID SWYZF SEDOL BYPFXM0 Manager Name Joerg de Vries Hippen, Gregor Rudolph-Dengel Manager Since 10/03/2009, 01/10/2016 Top Ten Holdings (as at 31/08/2021) ALLIANZ SE-REG 4.0% NOVARTIS AG-REG 3.9% TOTALENERGIES SE 3.3% MUENCHENER RUECKVER AG-REG 3.2% FORTUM OYJ 3.2% ALLIANZ CASH FACILITY FD-I3 3.1% VINCI SA 3.0% 2.7% INDUSTRIA DE DISENO TEXTIL 2.7% UPM-KYMMENE OYJ 2.6% The composition of asset mix and asset allocation may change at any time and exclude cash TOTAL 31.7% unless otherwise stated

Page 1 Past Performance Fund Rating Information 100% Overall Morningstar - Rating Morningstar Analyst - Rating 50% FE fundinfo Crown Rating

The FE fundinfo Crown Rating relates to this fund. However, the Morningstar ratings are 0% based on the underlying fund. These are supplied by the respective independent ratings agencies and are the latest available at the Nov 16 Feb 18 May 19 Aug 20 Sep 21 time this factsheet was issued. Past 14/11/2016 - 31/08/2021 Powered by data from FE fundinfo performance is not a reliable indicator of future SW Allianz European Equity Dividend Pension Series 1 results. ABI Europe including UK Equities Other Information The views, opinions and forecasts expressed Discrete Performance in this document are those of the fund 30/06/2020 - 30/06/2019 - 30/06/2018 - 30/06/2017 - 30/06/2016 - manager. Investment markets and conditions 30/06/2021 30/06/2020 30/06/2019 30/06/2018 30/06/2017 can change rapidly and as such the views expressed should not be taken as statement of SW Allianz European 18.7% -11.8% -1.9% 4.4% - fact, nor should reliance be placed on these Equity Dividend Fund views when making investment decisions. Pension (Series 1) Scottish Widows ABI Europe including 28.5% -2.8% 0.6% 4.4% 29.3% 69 Morrison Street UK Equities Edinburgh EH3 1HL Information is shown as unavailable if prior to the launch of fund. Not all products have access to this fund, Cumulative Performance please refer to the relevant product literature. Full terms and conditions are available on 31/07/2021 - 31/05/2021 - 31/08/2020 - 31/08/2018 - 31/08/2016 - request from us using the contact details 31/08/2021 31/08/2021 31/08/2021 31/08/2021 31/08/2021 provided. Charges, terms and the selection of SW Allianz European 1.7% 1.7% 22.0% 5.8% - funds we make available may change. Equity Dividend Fund Information on the general and specific risks Pension (Series 1) associated with investing in this fund is available in the relevant fund guide, or KIID ABI Europe including 3.6% 6.9% 31.2% 28.5% 62.5% where applicable. We may change the UK Equities investment approach rating for the fund. All Quartile 4 4 4 4 - information is sourced from Scottish Widows or the relevant fund management group unless Source: FE fundinfo as at 31/08/2021 otherwise stated.

Quarterly Fund Manager Review European equities rallied strongly over the quarter while sentiment buoyed by hopes of a swift economic recovery because of accelerating vaccine roll- out and falling COVID-19 infection levels allowed restrictions to be eased. Corporate earnings growth was also supportive, with earnings almost doubling on a year-on-year basis in the first quarter. At a sector level, almost all sectors advanced, led by consumer staples, technology and real estate companies. Utilities was the only sector to lose ground over the quarter. While service sector activity saw the fastest rate of expansion since July 2007 and manufacturing remained at the record high reached in May, supply chains were coming under increasing pressure as well as showing a record rise in manufacturers’ raw material costs and the steepest increase in service sector costs since July 2008. The strategy lagged the broader European equity market as represented by the MSCI Europe over the course of the quarter mainly caused by the high exposure to Financials. Moreover the overweight in Utilities and the underweight in Consumer Staples hurt. Stock selection detracted across all sectors illustrating the low market preference for higher dividend stocks in the second quarter. Selection mainly detracted within Financials (overweight Muenchner Rueck, Storebrand, IG, Score and Allianz), Consumer Discretionary (not holding LVMH) and Industrials. On single stock level, the overweight in , Kuehne & Nagel, and Partners Group as well as not holding Volkswagen, Prosus, HSBC and Prudential led to positive contributions. Negative impacts resulted from the overweight in Energy company Totalenergies and electric utility companies Enel and beside the already mentioned. The environment for equity investments remains favourable overall. While US growth momentum seems to be approaching its peak, the area is probably still some months away from this turning point. With a strong cyclical recovery of the global economy and vaccination campaigns well underway in major economies, an increasing number of companies in Europe are prepared to reinstate or even increase dividends. As governments and central banks remain reluctant to come back to austerity measures and roll back from loose monetary conditions quickly, dividend investing will once again play a more prominent role for investors seeking stable income.

Joerg de Vries Hippen, Gregor Rudolph-Dengel 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 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 181655. Page 2