Skandia investment group

Skandia Global Futures Fund Citywire Montreux 2012

For professional use only May 2012

This material has been prepared by Aspect Capital Limited which is authorised and regulated for investment management by the Financial Services Authority ("FSA") in the United Kingdom. This information has been prepared for circulation to investment professionals who are or would be classified as Professional Clients or Eligible Counterparties under the UK Financial Services Authority rules and who, if they are US residents or citizens, are or would be qualified as “Qualified Purchasers” under the US Investment Company Act 1940 and “Qualified Eligible Persons” under the US CFTC regulations, and is specifically not intended for any other persons including persons who are or would be classified as Retail Clients under the UK FSA rules. It is a confidential communication to, and solely for the use of such persons who, as set out above, are permitted to receive it. The information may be subject to verification or amendment and has been supplied for “information purposes only”. No representation or warranty is made, whether expressly or implied, by Aspect Capital Limited, its Directors or employees, as to the accuracy or completeness of the information provided. An investor in the Aspect investment programmes may lose all or substantially all of its investment. This information is neither an offer to sell nor a solicitation of any offer to buy an interest in any fund or other investment vehicle sponsored or managed by Aspect Capital Limited (each, an “Aspect Fund”). Any such offer, if made, would be made only by way of the final offering documents of such Aspect Fund and only in jurisdictions where, and to such persons to whom, such an offer would be lawful. Any decision to invest in an Aspect Fund should be made only on the basis of consideration of all of the final offering documents in respect of such Aspect Fund. Such final offering documents contain important information concerning risk factors and other material aspects of such Aspect Fund and must be read carefully before a decision to invest is made. This information must be accompanied or preceded by the final offering documents of the relevant Aspect Fund. In accepting receipt of the information contained herein all recipients will be taken to have agreed with Aspect Capital Limited not to distribute such information to any other person save (i) in accordance with the above restrictions, and applicable law and regulation and (ii) without making any changes which would make that information inaccurate or misleading. Important Performance Information Any index presenting the performance of hedge funds generally or a hedge fund sector may overstate performance and understate volatility because hedge funds generally or in the reported sector that have not performed well enough are often excluded from such an index. Performance by sector is intended to be indicative and to give an estimate of winning and losing components of the Programme. Gross performance attribution information is based on internal estimates of trading profits and losses and does not include management fees, cash or other expenses. Gross performance is based on information believed to be accurate. It has not been audited by a third party. All performance figures contained in this presentation that refer to the Aspect Diversified Fund will differ to the segregated accounts that trade the Aspect Diversified Programme. All data sourced from Aspect Capital Limited unless otherwise specified. Past performance is no indication of future performance. Investment Risks Any person making an investment in an Aspect Investment Fund must be able to bear the risks involved and must meet such Aspect Investment Fund’s suitability requirements. Some or all alternative investment programmes may not be suitable for certain investors. No assurance can be given that any Aspect Investment Fund’s investment objective will be achieved. Among the risks which Aspect Capital Limited wishes to call to the particular attention of persons receiving this brochure are the following: – Aspect Investment Funds are speculative and involve a substantial degree of risk – Aspect Investment Funds’ performance may be volatile – Redemptions may be made only infrequently and only if an investor provides prior written notice of its desire to redeem well in advance of the intended redemption date – Aspect Investment Funds are highly illiquid – There is no secondary market for the shares in Aspect Investment Funds and none is expected to develop – There are restrictions on transferring shares in an Aspect Investment Fund – An Aspect Investment Fund’s fees and expenses are significant. Trading profits must be greater than such fees and expenses to avoid loss of capital – Aspect Investment Funds are not required to provide periodic pricing or valuation information to investors with respect to their individual investments – Aspect Investment Funds are not subject to the same regulatory requirements as US. mutual funds – Trades executed for Aspect Investment Funds will take place on non-US and US markets – Aspect Investment Funds may be subject to conflicts of interest Please pay particular attention to the risk factors and conflicts of interests sections of each Aspect Investment Fund’s offering materials. Aspect is exempt from the requirement to hold an Australian financial services licence under the Corporations Act 2001 (Cth) and Aspect is authorised and regulated by the Financial Services Authority in the United Kingdom for investment management under the laws of the United Kingdom which differ from Australian laws. Aspect Capital Limited is a company registered in England and Wales under registered no. 3491169. Its registered office is at Nations House, 103 Wigmore Street, London W1U 1QS. ASPECT, ASPECT CAPITAL and the ASPECT CAPITAL device are registered trade marks of Aspect Capital Limited. © Aspect Capital Limited 2012. All rights reserved. Slide 17:Traditional portfolio is 60% MSCI World and 40% Barclays Global Aggregate. Enhanced portfolio allocates 20% to a representative account of the Aspect Diversified Strategy which is an investment fund traded pursuant to the Aspect Diversified Strategy ("Representative Account") from 12% of the equity allocation and 8% of the bonds allocation of the traditional portfolio.

Disclaimer

2

US Risk Disclaimer

HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICAL PERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAMME. ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION, HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK IN ACTUAL TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR TO ADHERE TO A PARTICULAR TRADING PROGRAMME IN SPITE OF TRADING LOSSES ARE MATERIAL POINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THE IMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAMME WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS AND ALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS. Simulated results presented in this presentation for Aspect Diversified are calculated by taking the historical market information available at the relevant point in time. Hypothetical trades relevant to each current strategy are generated on the basis of this information. Positions are valued using the prevailing market prices at each point in time. Performance is calculated using these valuations and subtracting fees of 2 per cent management and 20 per cent incentive, using standard methodology. Simulations are relevant to show the pattern of returns, but are not a forecast of future performance. There are many assumptions made, many of which may not prove to be accurate in actual trading. These figures are based on information believed to be accurate but have not been audited by a third party. Information is for illustrative purposes only.

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4

Agenda

• Aspect Capital

• Introduction to Managed Futures

• Portfolio Benefits: Important Source of Diversification

• Skandia Global Futures Fund

5

Corporate overview Aspect is a systematic investment manager Founding • Aspect was founded in 1997 by Anthony Todd, Martin Lueck, Michael Adam and Eugene Lambert

• Aspect Diversified began trading in December 1998

Ownership

• Aspect's directors, employees and Employee Benefit Trust own approximately 96% of the company

Staffing

• Aspect currently employs 141 people

Investment Programme

• Aspect manages $6.8bn*, all in Managed Futures

Source: Aspect Capital. *As at 1st May 2012. Note: Blended approximate performance track record of representative investment programmes implemented at Brockham Securities (1982 – 1987), AHL (1987 – 1998) and at Aspect Capital Limited (1998 – present). Past performance is not necessarily indicative of future results. Please see relevant risk disclaimer on pages 2, 3 and the appendix.

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Adam and Lueck build computerised trading model

Adam and Lueck co-found AHL

Man acquire 67% stake in AHL

Man acquire remainder of AHL

Aspect founded by Todd, Lueck, Adam and Lambert

Aspect Diversified launched

Aspect Diversified

Trends launched

Track Record: Jan 1982 to Apr 2012

6

Agenda

• Aspect Capital




7

What is a Managed Futures investment?

Long Term History

– Track record for the sector stretches back to the 1970s

Liquidity and Transparency

– Access to opportunities in a broad range of liquid markets

Diversifying Returns

– Performance uncorrelated with stock and bond markets

No Directional Bias

– Ability to benefit from both rising and falling markets

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AUM

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Long term history

Source: BarclayHedge.

• Managed Futures is an investment strategy with an established track record

• The benefits of the strategy to a wide range of investors has driven strong asset growth

• Managed Futures is now amongst the largest absolute return strategies

Assets Under Management in Managed Futures Sector: 1980 to 2011

9

Liquidity and transparency

- EUREX - LIFFE - LME - IDEM

- White Sugar - Gas Oil - Euribor - FTSE 100

- ICE LDN - MEFF - OMX

Markets Traded Including

European Exchanges

Japanese Exchanges


- TIFFE - TOCOM - TSE

- Japanese 10yr Gov ’ t Bond

- Euroyen - Platinum

Japanese Exchanges


- TIFFE - TSE

- Japanese 10yr Gov ’ t Bond

- Topix

Asia Pacific Exchanges


- HKFE - KFE - MDE - SIMEX

- Hong Kong Hang Seng Index

- Taiwanese MSCI Index

Asia Pacific Exchanges


- HKFE - MDE - SIMEX

- Hong Kong Hang Seng Index

- Taiwanese MSCI Index

Australian Exchange


- SFE - Australian SPI - 200 Index

- Australian 90 Day Bank Bills

Australian Exchange


- SFE - Australian SPI - 200 Index

- Australian 90 Day Bank Bills

United States Exchanges


- CBOT - CBOE - CME - COMEX - ICE - KCB - MGE - NYMEX

- Corn - Soya Beans - Silver - Crude Oil - US 10yr Treasury Notes - Eurodollar

United States Exchanges


- CBOT - CBOE - CME - COMEX - ICE - KCB - MGE - NYMEX

- Corn - Soya Beans - Silver - Crude Oil - US 10yr Treasury Notes - Eurodollar

Canadian Exchanges


- ICE Canada

- ME

- Canola - Canadian 10yr Gov ’ t Bond

Canadian Exchanges


- ICE Canada

- ME

- Canola - Canadian 10yr

Gov ’ t Bond

South African Exchange


- SAFEX - South African FTSE/JSE

South African Exchange


- SAFEX - FTSE/JSE Top 40 Index

Source: Aspect Capital. Note: Above is a selection of markets and exchanges used by the Aspect Diversified Strategy as of December 2011. Please note that the Skandia Global Futures Fund does not invest directly in these markets. This information may change over time.

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A source of diversifying returns

• Managed Futures have demonstrated strong absolute returns

• Managed Futures have provided positive returns in difficult market environments

Source: Aspect Capital, Datastream and Bloomberg. Indices: Managed futures: CISDM CTA Equal Weighted Index; Global equities: MSCI World; Global bonds: Barclays Global Aggregate. All data is as at end April 2012, except for the CISDM Index, which is at end of March 2012.

Note: The performance figures shown above refer to a representative account of the Aspect Diversified Strategy which account is an investment fund traded pursuant to the Aspect Diversified Strategy (“Representative Account”). The performance of the Representative Account will differ from the performance of the Skandia Global Futures Fund product and the performance figures shown above do not purport to be an indication of the potential returns of the Skandia Global Futures Fund product. Past performance is not necessarily indicative of future results. Please see relevant risk disclaimer on pages 2, 3 and the appendix.

-100%0%

100%200%300%400%500%600%700%800%900%

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Managed Futures Global EquitiesGlobal Bonds Aspect Diversified Strategy

Russian Crisis

Equity Bear Market

Credit Crisis

Managed Futures vs Global Bonds vs Global Equities: Jan 1990 to Apr 2012

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No directional bias

Source: Aspect Capital, Bloomberg.

• Managed Futures strategies have no directional bias

• Positions in all markets can be long or short

• Managed Futures can provide positive returns in both up and down markets

-10%

-8%

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8%

All S&P 500 QuartersUp S&P 500 QuartersDown S&P 500Quarters

Ret

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Stocks (S&P 500) Managed Futures (CISDM)

Average Quarterly Performance of Managed Futures Index vs S&P 500: Q1 1987 to Q1 2012

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Agenda

• Aspect Capital




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Trend following

Medium-term trend following has several attractive features: • Broad and rational hypothesis • Based on statistical analysis of price action • Applied across a wide range of timeframes • Signals adjust to unfavourable conditions • Low correlation of returns with underlying assets and other strategies

Systematically applied: • Financials and Commodities • 7 sectors and 120+ markets

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Hypothetical Trade in Changing Market Conditions

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D C

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Note: Simulated Data, please see relevant risk disclaimer on pages 2, 3 and the appendix.

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Current VaR Average VaR

Agriculturals 8% Bonds 17% Currencies 15%Energies 15% Interest Rates 12% Metals 14%Stock Indices 19%

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Global tactical asset allocation

• Short-term risk allocations systematically reflect market opportunities in a tactical manner

• A wide range of asset classes globally

• Long-term risk allocations ensure broad diversification

Source: Aspect Capital. Note: * As at 30th April 2012. Until July 2011 the Aspect Diversified Strategy had an allocation to the Stock Sectors strategy which is not shown here. Allocations are reviewed monthly and may change over time. The target risk allocation for the Skandia Global Futures Fund is identical to the target risk allocation shown above. † VAR (%) - 1 day Value at Risk at a 95% confidence level. Sector VaR figures shown are raw sector VaRs treating each sector in isolation. These will not sum to Strategy VaR as this methodology ignores correlations between sectors. VaR figures for the Skandia Global Futures Fund may not be identical to the average VaR figures shown above.

Aspect Diversified Strategy Average VaR† and Range by Sector (Last 12 Months)* Aspect Diversified Strategy Long-Term Risk Allocation*

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Diversified returns

• A source of absolute returns from a broad range of asset classes

• Commodities and financials markets are important at different times

• Managed Futures strategies have no directional bias

Source: Aspect Capital. *As at 30th April 2012. Until July 2011 the Aspect Diversified Strategy had an allocation to the Stock Sectors strategy which is not shown here.

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40%

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Agriculturals Bonds Currencies EnergiesInterest Rates Metals Stock Indices

(Gross Estimated) Aspect Diversified Strategy Performance by Sector

*

-100%-80%-60%-40%-20%

0%20%40%60%80%

100%

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Global Equities Global Bonds

-100%-80%-60%-40%-20%

0%20%40%60%80%

100%

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Tactical asset allocation: important correlation effects

• Low correlation of returns with underlying assets and other strategies means that returns are diversifying

• Short-term correlations are dynamic and vary depending on directional market opportunities

Source: Aspect Capital, Datastream. Indices used: Global Equities: MSCI World; Global Bonds: Barclays Global Aggregate; Emerging Market Equities: MSCI Emerging Markets; Commodities: DJ UBS Commodity Index (TR); Property: GPR 250 PSI Global; Hedge Funds: DJ CS Hedge Fund Index; Private Equity: LPX Buyout Index.

Note: The performance figures shown above refer to a representative account of the Aspect Diversified Strategy which account is an investment fund traded pursuant to the Aspect Diversified Strategy (“Representative Account”). The performance of the Representative Account will differ from the performance of the Skandia Global Futures Fund product and the performance figures shown above do not purport to be an indication of the potential returns of the Skandia Global Futures Fund product Past performance is not necessarily indicative of future results. Please see relevant risk disclaimer on pages 2, 3 and the appendix.

Correlation between Investment Sectors and Aspect Diversified Strategy: Jan 1999 to Apr 2012

Rolling 12 Month Correlation Between Aspect Diversified Strategy, Equities and Bonds: Jan 1999 to Apr 2012

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-35%

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-5%

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Traditional Portfolio Enhanced Portfolio0%

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Traditional Portfolio Enhanced Portfolio0%

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5%

6%

7%

Traditional Portfolio Enhanced Portfolio

Source: Aspect Capital, Datastream

Note: Please refer to additional information related to portfolio construction on page 2. These results are based on simulated or hypothetical performance results that have certain limitations. Unlike the results shown in an actual performance record, these results do not represent actual trading. Performance of the Managed Futures allocation is after fees and expenses. Past performance is not necessarily indicative of future results. Please see important risk disclaimer on pages 2, 3 and the appendix.

Managed Futures can improve the characteristics of most traditional portfolios

• Returns are improved

• Volatility is reduced

• Maximum drawdowns can be lowered

Managed Futures: portfolio benefits

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Annualised Volatility: Jan 1999 to Apr 2012 Maximum Drawdown: Jan 1999 to Apr 2012 Annualised Returns: Jan 1999 to Apr 2012

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Agenda

• Aspect Capital




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Skandia Global Futures Fund: overview

The Skandia Global Futures Fund is a Dublin-registered UCITS-compliant fund

• Provides access to Aspect Diversified via an unfunded total return swap • Swap reflects performance of an approved index, the Aspect Diversified Trends Index

The Skandia Global Futures Fund aims to deliver superior solutions to challenges of:

• Tracking error • Costs • Transparency • Liquidity • Counterparty risk • Simplicity

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Conclusion

Well-Established Strategy

• Leading global investors allocate to Managed Futures

Liquidity

• Access to 120+ highly liquid markets globally

No Directional Bias

• Systematically exploits trends – rising and falling

Diversifying Returns

• Portfolio enhancement from non-correlated returns, even at small allocations

Experienced Manager and Partnership • Aspect Capital has a proven track record in Managed Futures • Managed Futures is the sole focus of Aspect Capital • Partnership with Skandia provides straightforward access in UCITS compliant form

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Agriculturals

Bonds

Currencies

Energies

Interest Rates

Metals

Stock Indices

Fund Investor

Fund

Administrator

Citi Fund Services (Ireland) Limited

Skandia Global Futures Fund

Swap

Counterparty

Aspect

Diversified

Trends Index

Redemption & Performance

Subscription

Redemption & Performance

Subscription

Investment Manager

Aspect Capital Limited - Investment Management

- Collateral management

- Cash management*

Index Calculation Agent

Quintillion Limited Unfunded Total Return Swap

- Collateral held in pledge account at custodian

- Daily reset Index Sponsor and Index

Manager

Aspect Capital Limited

Aspect Capital has constructed the Index which is representative of a Managed Futures strategy

Agriculturals

Bonds

Currencies

Energies

Interest Rates

Metals

Stock Indices

Index Performance Index Performance

Custodian

Citibank International plc

Product design

Source: SIG. *Cash:Equivalent to approximately 100% of NAV is invested in money market funds, T-Bills and other similar instruments.

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Skandia Global Futures Fund – key facts

Inception Date 1st November 2011

Fund Currency USD

Investment Advisor Aspect Capital

Liquidity Daily

AMC 2% retail

Performance Fee 20%

Available Share Classes A Class - I Class

ISIN Bloomberg Sedol WKN Valoren

Skandia Global Futures Fund

IE00B6SRG396 SKGFUAU B6SRG39 A1JNTT 14270715

Source: Skandia Investment Group as at 30th April 2012.

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Aspect diversified: track record

Key Statistics (as at 30 April 2012)

NAV per Share $361.57*

Return for Month to Date -0.85%*

Return for Year to Date 1.62%*

Return for Last 12 Months 1.98%*

Annualised Volatility since Inception 16.49%

Volatility for Last 12 Months 12.69%

Margin to Equity 14.79%

CARR since Inception 10.05%*

Track Record of Aspect Diversified: Dec 1998 to Apr 2012

Note: *Estimated performance. The performance figures shown above refer to a representative account of the Aspect Diversified Strategy which account is an investment fund traded pursuant to the Aspect Diversified Strategy (“Representative Account”). The performance of the Representative Account will differ from the performance of the Skandia Global Futures Fund product and the performance figures shown above do not purport to be an indication of the potential returns of the Skandia Global Futures Fund product. Past performance is not necessarily indicative of future results. Please see relevant risk disclaimer on pages 2, 3 and the appendix.

Source: Aspect Capital

-2%

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Aspect diversified: 2012 performance attribution

Note: *Estimated performance. The performance figures shown above refer to a representative account of the Aspect Diversified Strategy which account is an investment fund traded pursuant to the Aspect Diversified Strategy (“Representative Account”). The performance of the Representative Account will differ from the performance of the Skandia Global Futures Fund product and the performance figures shown above do not purport to be an indication of the potential returns of the Skandia Global Futures Fund product. Past performance is not necessarily indicative of future results. Please see relevant risk disclaimer on pages 2, 3 and the appendix.

Source: Aspect

Worst sectors

Sector Contribution*

Metals -1.10%

Bonds -0.73%

Stock Indices -0.17%

Best sectors

Sector Contribution*

Energies 3.72%

Interest Rates 1.12%

Agriculturals 0.51%

Best instruments

Instrument Contribution*

Natural Gas 1.71%

Euribor 0.87%

Reformulated Gasoline 0.80%

Worst instruments

Instrument Contribution*

USD / JPY -0.64%

Zinc -0.57%

H-Shares Index -0.45%

(Gross Estimated) Aspect Diversified Performance Attribution by Sector: YTD

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Appendix & important information The opinions expressed should not be relied upon as indicating any guarantee of return from an investment in such a strategy. The information contained in this document is for illustrative purposes only and should not be viewed as a recommendation to buy or sell stocks. (Past performance is not a reliable guide to future performance. The value of investments and the income derived thereof may go down as well as up. Skandia Global Funds plc may be affected by changes in currency exchange rates. You may not get back the amount originally invested.)

Investment involves risk. Past performance is no guarantee of future results. The value of investments and any income from them can go down as well as up and investors may not get back the amount originally invested. Exchange rate changes may cause the value of overseas investments to rise or fall. The Skandia Global Futures Fund may enter into one or more financial derivative instrument(s) in the form of swaps which allow variable exposure of the Fund to the Aspect Diversified Trends Index. The return of this arrangement may be particularly volatile. While the use of derivatives can be beneficial, derivatives can also involve risks different from, and in certain cases, greater than, the risks presented by more traditional investments. The CISDM CTA Equal Weighted Index is published by Morningstar and represents the actual performance of a broad equally-weighted basket of commodity trading advisors. The material is for the use of professional investors only, and should not be communicated to retail investors in the UK. For more information regarding Skandia Global Futures Fund, performance history and investment risks, please contact your local Skandia Global Funds representative.

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For professional use only - not for onward distribution. Past performance is not a reliable guide to future performance. The value of investments and the income derived thereof may go down as well as up. Skandia Global Funds plc may be affected by changes in currency exchange rates. You may not get back the amount originally invested Skandia Global Futures Fund is a sub fund of Skandia Global Funds plc Issued by Skandia Investment Group ("SIG") SIG is the marketing brand name of Skandia Global Funds plc, an investment company with variable capital established as an umbrella fund with segregated liability between sub-funds which is authorised and regulated by the Central Bank of Ireland pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011, as amended. Registered in Ireland under registration number 271517. Registered office: Arthur Cox Building, Earlsfort Terrace, Dublin 2, Ireland. Skandia Global Funds plc has not been registered under the United States Investment Company Act of 1940, as amended, nor the United States Securities Act of 1933, as amended. None of the shares may be offered or sold, directly or indirectly in the United States or to any US Person. A US Person is defined as (a) any individual who is a citizen or resident of the United States for federal income tax purposes; (b) a corporation, partnership or other entity created or organized under the laws of or existing in the United States; (c) an estate or trust the income of which is subject to United States federal income tax regardless of whether such income is effectively connected with a United States trade or business. Shares in Skandia Global Funds plc are sold by a prospectus only. The prospectus contains complete information on risk factors and fees that may apply and should be read carefully before investing. The prospectus and simplified prospectus are available free of charge in paper form at: Austria: Erste Bank der oesterreichischen Sparkassen AG, 1010 Wien, Petersplatz 7, Austria Germany: Skandia Portfolio Management GmbH, Kaiserin-Augusta-Allee 108, 10553 Berlin, Germany France: BNP Paribas Securities Services, 66 rue de la Victoire, 75009 Paris, France Hong Kong: Skandia Global Funds (Asia Pacific) Limited, 24th Floor, Henley Building, 5 Queen's Road, Central Hong Kong Luxembourg: BNP Paribas Securities Services, Luxembourg Branch, 33 rue de Gasperich, L-5826, Grand Duchy of Luxembourg Spain: Allfunds Bank, C/ La Estafeta 6, Edificio 3, 28109 Alcobendas, Madrid, Spain. Registered with the CNMV numer 301, the 17 October 2002. Switzerland: First Independent Fund Services Ltd, Klausstrasse 33, 8008 Zurich, Switzerland Taiwan: Galaxy Securities Investment Consulting Enterprise, 33F., No.66, Sec. 1, Zhongxiao W. Rd., Zhongzheng Dist., Taipei City 100, Taiwan (R.O.C.) United Kingdom: Skandia Investment Management Limited, Skandia House, Portland Terrace, Southampton, SO14 7EJ, United Kingdom Other: Skandia Global Funds plc, c/o CitiBank Europe Plc, 1 North Wall Quay, Dublin 1, Ireland This publication does not form part of the prospectus relating to Skandia Global Funds plc and is not, and should not be construed as an offer, invitation or solicitation to subscribe for shares in Skandia Global Funds plc. It is the responsibility of any person in possession of this publication to observe all applicable laws and regulations of any relevant jurisdiction with regard to the sales and investment in Skandia Global Funds plc. 06031201

Important disclosure information

IM01051201

Skandia investment group

Economy & Finance

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