Investment Trust ISA and Savings Scheme Key features

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1 Investment Trust ISA and Savings Scheme Key features This is an important document. Please read it and keep for future reference.

2 The Financial Conduct Authority is a financial services regulator. It requires us, Standard Life, to give you this important information to help you to decide whether an ISA or Savings Scheme investment in one of our Investment Trusts is right for you. You should read this document carefully so that you understand what you are buying and then keep it safe for future reference. This Key Features Document is for UK residents only. Helping you decide This Key features document reflects the New ISA (NISA) rules from 1 July It will give you information on the main features, benefits and risks of the ISA and Savings Scheme. If you want further information about the ISA and Savings Scheme, please speak to your financial adviser in the first instance. You can also phone our customer helpline. Please see How to contact us on page 14. Although we will be happy to answer your questions, we can t give you financial advice. Some words within this document are capitalised. This means they are defined terms which are explained within the definitions section of the Terms and Conditions for the Investment Trust ISA and Savings Scheme ( Terms and Conditions ). This key features document should be read with the Terms and Conditions document (INTR62MF). 02/16 Investment Trust ISA and Savings Scheme

3 Contents Page Section 1 Its aims 04 Section 2 Your commitment 04 Section 3 Risks 04 Section 4 Question and Answers 05 Our range of Investment Trusts 10 Section 5 Other useful details 14 Investment Trust ISA and Savings Scheme 03/16

4 1. Its aims To give you the potential for capital growth, or income, or a combination of both. To give you access to your money by making one off withdrawals at any time. To offer tax efficient investments through an ISA. To allow you to choose from a range of investments to match your investment objectives. 2. Your commitment To invest a minimum initial lump sum payment of 1,000 or a minimum monthly payment of 100, except in respect of the Standard Life European Private Equity Trust PLC, for which the minimum monthly payment is 250. You should view your ISA or Savings Scheme as a medium to long term investment, which means it should usually be held for at least five years, although there is no fixed term. 3. Risks Any investment in an Investment Trust involves risk. Some of these risks are general, which means they apply to all Investment Trusts. Others are specific, which means they apply to individual Investment Trusts. The risks detailed here are the general risks that apply to all Investment Trusts. The risks specific to our individual Investment Trusts are detailed on pages 10 to 13. General risks applying to all Investment Trusts: The value of your investment and any income from it can go down as well as up. Your initial investment is not guaranteed and you may get back less than you invested. Past performance is not a guide to future returns. What you get back depends on future investment performance and our deductions and is not guaranteed. Investment Trusts are specialised investments and may not be appropriate for all investors. Investment Trusts are only suitable for investors capable of evaluating the risks and merits of such an investment and who have resources to bear any loss which may result from the investment. If you are in any doubt as to the suitability of this investment for you, please contact your financial adviser. The price at which you can buy and sell shares in an Investment Trust is not normally the same as the total value of an Investment Trust s assets (the net asset value). This is because the share price is affected by supply and demand for the shares in the market, as well as the net asset value of the Investment Trust. Shares in Investment Trusts may therefore trade at a discount or a premium to their net asset value. If shares are trading a discount, this means that the share price is less than the net asset value. If shares are trading at a premium, this means that the share price is more than the net asset value. The size of the discount or premium to the net asset value will depend on the supply and demand for the shares, market conditions, general sentiment and other factors. Investment Trusts can borrow money to finance further investments. This is known as gearing. The impact of gearing can be favourable or unfavourable depending on whether the market is moving upwards or downwards. If the market is moving upwards an Investment Trust that employs gearing would expect its net asset value and share price to increase more than the increase in the value of its underlying portfolio of investments. If the market is moving downwards an Investment Trust that employs gearing would expect its net asset value and share price to decrease more than 04/16 Investment Trust ISA and Savings Scheme

5 the decrease in the value of its underlying portfolio of investments. Gearing can therefore provide an opportunity for greater growth in the net assets of an Investment Trust and greater appreciation in the value of its shares, but at the same time it increases the exposure of the Investment Trust and its shareholders to the risk of capital loss. The gearing strategy and the amount that can be borrowed are limited to an amount specified by the Investment Trust s independent board of directors. This is normally a percentage of the net asset value of the Investment Trust. The level of gearing employed may not be fixed and will vary over time depending on changes in assets, borrowings or structure. All of the Investment Trusts in our range can employ gearing. More information on the gearing policy of each of our Investment Trusts and the level of gearing employed is available in their Annual Report and Accounts, which you can download from the website: All of the Investment Trusts in our range can buy back and cancel their own shares, up to a certain percentage of the shares in issue as authorised by shareholders each year. Shares will only be bought back at a price below the prevailing net asset value, so there will be no dilution to the net asset value. However, buying back shares reduces the size of the Investment Trust and so the risk from gearing referred to above is increased. An Investment Trust may pay out income to shareholders in the form of dividends. Dividends will only be paid by an Investment Trust to the extent that it has profits available for that purpose, which will largely depend on the income that it receives on its portfolio of investments and the timing of these receipts. Accordingly, the amount of dividends payable by an Investment Trust may fluctuate and is not guaranteed. The value to you of current tax relief depends upon your own personal circumstances which may change in the future. Tax law and HM Revenue & Customs practise may change in the future to reduce the current favourable tax treatment of ISAs. Inflation will occur over the duration of your investment and if the returns on your investment are lower than the rate of inflation this will reduce what you could buy in the future. Some Investment Trusts invest in overseas investments, whose sterling value may be affected by movements in currency exchange rates. For example, if sterling strengthens against the currency in which the underlying investments are made, the net asset value of the Investment Trust can reduce and vice versa. 4. Question & Answers What are Investment Trusts? An Investment Trust is a Public Limited Company, quoted on the London Stock Exchange. Its aim is to increase capital and/or income for its shareholders by investing in shares of other companies, or in other asset classes such as bonds or property or a combination of the above. An Investment Trust has a fixed number of shares in issue, meaning that it is closed ended. Investment trusts can provide investors with access to professional fund management expertise, investment diversification and liquidity as shares in the Investment Trust can be bought and sold on the London Stock Exchange. Investment Trusts appoint an independent Board of non executive Directors to look after the interests of the shareholders. The Board in turn employs an Investment Manager who receives a fee for managing the assets of a trust this is the management fee. The Investment Trust issues interim and annual reports to all shareholders. What is a Savings Scheme? This is a way of investing in an Investment Trust without buying the shares directly via a stockbroker and therefore you save the cost of the stockbroking fees. It allows you to invest a lump sum or make monthly payments. Investment Trust ISA and Savings Scheme 05/16

6 What is an ISA? ISAs are tax efficient savings vehicles that allow you to invest in one or more of the Investment Trusts available through Standard Life. They are available for investment by lump sums or regular monthly payments within limits set by the Government. There are two types of ISA, Stocks and Shares ISAs and Cash ISAs. This Key Features Document gives details of the Stocks and Shares ISA. You can invest the full yearly ISA allowance of 15,240 for the tax year 2015/16 into: a Stocks & Shares ISA; or a Cash ISA; or a Stocks & Shares ISA and a Cash ISA, split between any amounts you like up to a total of 15,240. Can I invest in an ISA or Savings Scheme? Savings Scheme You must be either 18 years or over on the date of investment or a company, partnership or trustee. You can apply jointly with up to three other persons to participate in the Savings Scheme. ISA You must be 18 years or over on the date of application, resident in the UK for tax purposes or be a Crown employee serving overseas (or the spouse of civil partner of such a person). You can only take out one ISA investing in the Stocks and Shares component each tax year. There is no restriction on how many Stocks and Shares ISAs an individual may eventually hold, taking out one new ISA per tax year. ISA investments must not be used as security for a loan. How flexible is my investment? You can make lump sum or regular monthly payments, or both. You can start, stop or vary your regular payments at any time. Lump sum investments must be made by cheque. Regular monthly payments are collected on the first Business Day of the month (as defined in the Terms & Conditions (INTR62MF)). You can invest lump sums from 1,000 or regular savings from 100 per month. The minimum regular monthly investment in the Standard Life European Private Equity Trust PLC is 250. You should request a transfer from your current ISA provider if you want to move an existing ISA to us. This will protect the tax benefits of the funds you ve built up so far in your ISA. If you withdraw money from your existing ISA, then reinvest into your new ISA rather than transferring, it will be treated as a new payment so you ll only be able to invest up to 15,240 for the tax year 2015/16. You can take a regular income or reinvest it to purchase additional shares. You can invest in one or more of our Investment Trusts. You can sell and switch an existing investment in an Investment Trust into another Investment Trust. Due to timing differences between the sale and purchase transactions, you may be temporarily uninvested or out of the market. For additional information please refer to your Terms & Conditions (INTR62MF). If you want to transfer the shares in your Investment Trust from your Savings Scheme to your ISA, you must sell and repurchase the shares. However if you want to transfer shares in your Investment Trust from your ISA to your Savings Scheme, this can be done by re-registration. If you transfer Investment Trusts from your ISA to your Savings Scheme, you ll cease to qualify for any tax advantages associated with the ISA in respect of those investments. For additional information please refer to your Terms & Conditions (INTR62MF). Re-registration is where an asset is currently registered to one person or nominee and the registrars are notified that it is now to be registered to another person or nominee. You can withdraw all or part of your investment at any time, subject to our investment limits. We do not accept applications over the telephone. What might I get back? You ll get back the value of your investment at the time of withdrawal. We will calculate the value of your investment on the first available Dealing Day (as defined in the Terms & Conditions) after we receive your instructions. 06/16 Investment Trust ISA and Savings Scheme

7 There is no guaranteed minimum amount. Factors that affect the value include the amount invested, the length of time the investment has been held, the performance of the Investment Trust, the charges and any income or withdrawals taken. Please refer to the specific Trust sections on pages for more information on the affect of charges on your investment. Can I take money out? Yes, you can withdraw all or part of your investment at any time, but this will lower the capital value. You can request a one off withdrawal at any time by sending a completed Sale Request Form, which is available from us. The shares will be sold weekly on the next available Dealing Day. ISAs only once money has been taken out, you cannot re invest it if you have already made the maximum investment allowed in the current tax year. We pay your withdrawal directly to your nominated bank and building society account within three Business Days after the Dealing Day, or by cheque if no bank or building society details are held for you subject to receipt by us of the funds. Where is my money invested? When you invest in one or more of the Investment Trusts, we ll buy shares based on the amount you invest less any initial charge. Please refer to the specific Investment Trust sections on pages for full details of our charges. Instructions to buy shares are placed weekly on the Dealing Day normally a Friday. Your Savings Scheme or ISA is opened on the next available Business Day following the end of the seven day cooling off period. Your initial investment monies will be invested on the next available Dealing Day following the end of the seven day cooling off period. Your investment will buy ordinary shares in our Investment Trusts and will be held in the name of BNY (OCS) Nominees Limited. Investment Trusts have a fixed number of shares in issue, the stock market price of which depends upon the interaction of supply and demand. The price may also reflect how well the Investment Trust s underlying assets are performing. The stock market price of a share may be higher or lower than the portion of the Investment Trust s assets which it represents. If the price is higher, the shares are said to be trading at a premium and, if it is lower, the shares are said to be trading at a discount. What happens to my money if I die? Your investment will continue and the value of the shares may rise or fall from day to day, but no other further investments can be made unless you have a Savings Scheme and there are surviving joint account holders. Once we have received all the necessary details from your legal personal representatives, we will calculate the value of your investment and transfer the proceeds to them. Alternatively, the shares may be transferred to another person provided we receive evidence of their identity as proof that they are entitled to receive them. For a Savings Scheme only, where there are joint account holders, on your death the surviving joint account holders will be the only persons to have a right to the assets held in the joint Savings Scheme. Any income generated after your death is held by us until we receive all the necessary details. On your death your account stops qualifying for the tax advantages of an ISA. If you die after 2 December 2014, your surviving spouse or civil partner will get an extra ISA allowance. This extra allowance will be the same as the amount in your ISA on the date you die. What are the charges? Please refer to the specific Investment Trust sections on pages for full details of our charges. Initial charge There is no initial charge. Annual management charge Details of the Annual Management Charges for each of the Investment Trusts are detailed in the relevant Investment Trust sections on pages Investment Trust ISA and Savings Scheme 07/16

8 Other fees and expenses The total expenses of the Investment Trusts are deducted as they arise. There is no service charge made for administering the Savings Scheme or ISA. There is currently no stockbroker s commission on share dealings. How much will advice cost? You ll need to agree to pay your financial adviser for any services they provide you. For additional information please refer to your Terms & Conditions (INTR62MF). Can I transfer my ISA? ISAs You can instruct us to transfer an existing ISA with another ISA manager without the loss of any tax status. Current year s payments must be transferred in full. Your existing ISA manager will sell the investments in your ISA and transfer the proceeds to us. The sum we receive will be charged the initial charge for your chosen Investment Trust. You can transfer your Standard Life ISA to another ISA manager free of charge and without loss of tax status by instructing us through the ISA manager of your choice. You must transfer the current year s payments in full. What about tax? All ISA earnings, whether derived from income or capital growth or both, are exempt from UK personal Income Tax and Capital Gains Tax. You need not declare any income or capital gains to HM Revenue & Customs on your tax return. Income from your ISA will either be credited to your ISA gross or we will reclaim any tax that has been deducted and credit it to your ISA when we receive it from HM Revenue & Customs. Laws and tax rules may change in future. Income from shares and funds which are paid as a dividend will be received net with an associated tax credit. It is not possible to reclaim that tax credit. If your investment makes interest payments, and if the 20% rate at which tax is deducted from your interest payments is higher than your personal Income Tax rate, then you may claim the difference from HM Revenue & Customs. We deduct tax before any income is automatically re invested in your account or paid to you. Your liability to tax depends on your own personal circumstances. Dividend payments have an attaching tax credit, and, if your highest personal rate of Income Tax is the basic rate or lower rate, you ll have no further liability. Nil rate taxpayers cannot recover tax credits. Higher rate taxpayers will have further Income Tax to pay. Capital gains within Investment Trusts are exempt from Capital Gains Tax (CGT), but if you are invested in our Investment Trust via a Savings Scheme, you may have a personal liability to CGT when you cash in part or all of your investment. On your death the money in your investment will form part of your estate and may be liable to inheritance tax. Laws and tax rules may change in the future. The information here is based on our understanding in April Your personal circumstances also have an impact on tax treatment. If you are unclear about your tax position you should seek professional advice or information from your local tax office. Can I change my mind? You have the right to pre sale withdrawal (cooling off) in respect of certain investments you make. The cooling off period is seven days from the date of application. Your account will not be opened until the Business Day following the seven day cooling off period. If, during this cooling off period, you decide you do not want to invest in the Investment Trust, we will give you your money back. What happens if you change your mind? If you cancel within the seven day cooling off period, you ll get back the full amount invested. If you cash in after the cooling off period, you may get back less than you invested because: investment returns may be lower than illustrated, our charges may have changed. 08/16 Investment Trust ISA and Savings Scheme

9 What about income and cash balances? Your investment will buy shares on the first Dealing Day after your payment has been collected. All money received from you is intended for the purchase of shares on the next Dealing Day. Until this money is invested, it will be held in a sterling client money account operated by the Bank of New York Mellon (International) Limited. Interest will not be paid on money held in this account. We may not be able to invest your entire subscription in shares in an Investment Trust. If this happens we will hold any residual cash balances in the client money account mentioned above. Any income received from an Investment Trust will automatically be amalgamated with any residual cash balance, monthly payments or subsequent investments and used to buy more shares which will be held in your Investment Trust ISA or Savings Scheme, unless you have elected to receive an income. How will I know how my investment is doing? You can contact our Customer Information Team on We will not issue certificates of holding(s). Information about our share prices net asset values, yields, discount/premium and latest dividend information is available on our website: Copies of the latest Report and Accounts will be sent to you. They can also be downloaded from our website or requested through our Customer Information Team. Lump sum investments When we receive your application form and cheque, we ll send a letter acknowledging this. Regular monthly payments You ll receive a letter acknowledging your application form. This will confirm the amount of your monthly payment and the date on which your first payment will be taken. We will send you statements twice a year showing the value of your investments, cash balances and recent transactions. The effect of charges and expenses Some Investment Trusts may deduct part or all of their management charge from capital which increases distributable income at the expense of capital, which will either be eroded, or future growth constrained. You ll normally have to pay Government stamp duty on your purchase. Your investment return will also be affected by other charges. You ll find full details on the effect of charges and expenses for your particular investment on the relevant trust section (pages 10-13). Standard Life reserves the right to increase charges on our Investment Trusts in the future. Our Investment Trusts also have to pay certain expenses, which are deducted directly from the assets of the Trust. These may include the Managers fees, Directors fees, Audit Fees and other Administration fees including the cost of producing the Annual and Interim Reports. These expenses relate to the ongoing administration of the Investment Trusts. They may increase and decrease regularly as a percentage of the fund value, sometimes significantly. You can find out more about the additional charges and expenses relating to your Investment Trusts in their Annual Reports & Accounts, which can be downloaded from our website: or by contacting the Customer Information Team (please see How to contact us on page 14). You should also note that Investment Trust shares are priced in the market and the price will vary depending upon whether you are buying or selling shares. The difference between the two is called the spread. The spread varies from day to day according to the number of shares being purchased and their availability on the market. The selling price of the share must rise by more than this amount (together with the amount of charges and Government stamp duty) before you ll be able to realise your shares at a profit. A typical spread, based on figures as at 6 April 2015, has been included in the calculations for the tables in the relevant Trust sections on pages Dealing costs are not included. Government stamp duty is included as part of the spread where applicable. Getting advice If you wish to obtain advice on the Standard Life ISA and/or Savings Scheme then you should contact a financial adviser. They will provide you with details about the cost of advice. Investment Trust ISA and Savings Scheme 09/16

10 Our range of Investment Trusts The Investment Manager of the Investment Trusts, with the exception of the Standard Life European Private Equity Trust PLC, is Standard Life Investments (Corporate Funds) Limited. The Investment Manager of the Standard Life European Private Equity Trust PLC is SL Capital Partners LLP. The Investment Managers, together with Standard Life Savings (the ISA/Shareplan Administrator), offer a flexible way to diversify your portfolio. Standard Life Equity Income Trust plc Specialist risks associated with this Trust High Income Where an Investment Trust seeks high levels of income, this can result in the Investment Trust foregoing the potential for future capital growth to meet its income objective. This may also involve investing in higher-yielding securities, such as bonds, which are subject to credit risk and interest rate risk as well as market price risk. Charges to Capital Investment Trusts may deduct part or all of their investment management and borrowing costs from capital. This increases the amount of income available for distribution but is at the expense of capital growth. This investment trust deducts 70% of its investment management and borrowing costs from capital. Subscription Shares Subscription shares offer the right to purchase ordinary shares at specific future dates at predetermined subscription prices. If subscription share rights are exercised and ordinary shares are purchased at a subscription price which is less than the prevailing net asset value, this will cause a dilution to the net asset value per share as more shares have been issued at a lower price. This will impact all existing ordinary shareholders. This Investment Trust has subscription shares in issue. Investment objective The investment objective of the Standard Life Equity Income Trust plc is to provide shareholders with an above average income from their equity investment, while also providing real growth in capital and income. The Trust will typically hold stocks. The Trust may also hold a proportion in fixed interest stocks to supplement income, or to provide stability when the outlook for the UK equity market is less optimistic. Important Trust Information Trust Charges Annual Management Charge: 0.65% Other Expenses: 0.34% Plan Charges Initial Charge: Nil Stamp Duty: 0.5% Annual ISA & Savings Scheme Charge: Nil Website address: Charges and Expenses Illustration This table shows the effect of charges and expenses on an ISA investment of 10,000, assuming growth of 5.0% a year, and on a Savings Scheme investment assuming growth of 4.5% a year. Initial spread including stamp duty: 1.33% ISA Savings Scheme At the end of year Effect of deductions to date What you might get back at 5% At the end of year Effect of deductions to date What you might get back at 4.5% , , , , , , , ,650 13,800 The last line of the table shows that over 10 years the effect of total charges and expenses on a lump sum investment into an ISA could amount to 1,730 if income is re invested and the effect of total charges and expenses on a lump sum investment into a Savings Scheme could amount to 1,650 if income is re invested. Putting it another way, this would have the same effect as bringing investment growth in an ISA from 5.00% a year down to 3.8% and in a Savings Scheme from 4.5% down to 3.3%. 10/16 Investment Trust ISA and Savings Scheme

11 Standard Life UK Smaller Companies Trust plc Specialist risks associated with this Trust Smaller Companies Investment in smaller companies is generally considered higher risk as their share prices tend to change more rapidly (up or down) than the share prices of larger companies. The shares of smaller companies may also be harder to sell as they may trade infrequently and/or in low volumes. Charges to Capital Investment Trusts may deduct part or all of their investment management and borrowing costs from capital. This increases the amount of income available for distribution but is at the expense of capital growth. This investment trust deducts 75% of its investment management and borrowing costs from capital. Investment objective The investment objective of the Standard Life UK Smaller Companies Trust plc is to achieve long term capital growth by investment in UK quoted smaller companies. The Trust invests in an actively managed portfolio of smaller companies in the UK equity market. The Trust is designed to produce long term capital growth and outperformance of the Hoare Govett Smaller Companies Index (excluding Investment Trusts). Important Trust Information Trust Charges Annual Management Charge: 0.85% Other Expenses: 0.35% Plan Charges Initial Charge: Nil Stamp Duty: 0.5% Annual ISA & Savings Scheme Charge: Nil Website address: Charges and Expenses Illustration This table shows the effect of charges and expenses on an ISA investment of 10,000, assuming growth of 5.0% a year, and on a Savings Scheme investment assuming growth of 4.5% a year. Initial spread including stamp duty: 0.80% ISA Savings Scheme At the end of year Effect of deductions to date What you might get back at 5% At the end of year Effect of deductions to date What you might get back at 4.5% , , , , , , ,950 14, ,860 13,600 The last line of the table shows that over 10 years the effect of total charges and expenses on a lump sum investment into an ISA could amount to 1,950 if income is re invested and the effect of total charges and expenses on a lump sum investment into a Savings Scheme could amount to 1,860 if income is re invested. Putting it another way, this would have the same effect as bringing investment growth in an ISA from 5.00% a year down to 3.7% and in a Savings Scheme from 4.5% down to 3.2%. Investment Trust ISA and Savings Scheme 11/16

12 Standard Life Investments Property Income Trust Limited Specialist risks associated with this Trust Property Where an Investment Trust holds direct property assets, these property assets may be less liquid in nature and difficult to sell. The valuation of direct property assets can display significant levels of volatility. Valuations of direct property assets are estimates based on a valuer s opinion and these estimates may not be achieved when a property is sold. Investment objective The investment objective of the Standard Life Investments Property Income Trust Limited is to provide an attractive level of income together with the prospect of income and capital growth from investing in a diversified UK commercial property portfolio. The Trust invests in the three principal UK commercial property sectors; office, retail (including leisure) and industrial, although it may also invest in other commercial property such as hotels, nursing homes and student housing. Limited development and investment in co investment vehicles is permitted (maximum 10% of the portfolio). Important Trust Information Trust Charges Annual Management Charge: 0.75% Other Expenses: 1.21% Plan Charges Initial Charge: Nil Stamp Duty: 0% Annual ISA & Savings Scheme Charge: Nil Website address: Charges and Expenses Illustration This table shows the effect of charges and expenses on an ISA investment of 10,000, assuming growth of 5.0% a year, and on a Savings Scheme investment assuming growth of 4.5% a year. Initial spread including stamp duty: 1.04% ISA Savings Scheme At the end of year Effect of deductions to date What you might get back at 5% At the end of year Effect of deductions to date What you might get back at 4.5% , , , , ,310 11, ,280 11, ,040 13, ,890 12,600 The last line of the table shows that over 10 years the effect of total charges and expenses on a lump sum investment into an ISA could amount to 3,040 if income is re invested and the effect of total charges and expenses on a lump sum investment into a Savings Scheme could amount to 2,890 if income is re invested. Putting it another way, this would have the same effect as bringing investment growth in an ISA from 5.0% a year down to 2.9% and in a Savings Scheme from 4.5% down to 2.4%. 12/16 Investment Trust ISA and Savings Scheme

13 Standard Life European Private Equity Trust PLC SL Capital Partners LLP is the Investment Manager of the Standard Life European Private Equity Trust PLC. Specialist risks associated with this Trust Exchange Rates Where an Investment Trust invests in assets which are valued in currencies other than the investment Trust s base currency, movements in exchange rates may cause the value of your investment to increase or decrease. Charges to Capital Investment Trusts may deduct part or all of their investment management and borrowing costs from capital. This increases the amount of income available for distribution but is at the expense of capital growth. This investment trust deducts 90% of its investment management and borrowing costs from capital. Private Equity Investment in private equity is generally considered higher risk as the underlying companies that the Investment Trust is investing in are not publicly traded and may therefore be difficult to realise. Investment objective The investment objective of the Standard Life European Private Equity Trust PLC is to achieve long term capital growth through investment in a diversified portfolio of private equity funds investing predominantly in Europe. Private equity is a broad term for any investment involving shares in a private company. It offers investors the opportunity to share in the development of companies, with the potential for rates of growth that are typically superior to those available from listed equity investments. Important Trust Information Trust Charges Annual Management Charge: 0.80% Other Expenses: 0.19% Plan Charges Initial Charge: Nil Stamp Duty: 0.5% Annual ISA & Savings Scheme Charge: Nil Website address: Charges and Expenses Illustration This table shows the effect of charges and expenses on an ISA investment of 10,000, assuming growth of 5.0% a year, and on a Savings Scheme investment assuming growth of 4.5% a year. Initial spread including stamp duty: 1.89% ISA Savings Scheme At the end of year Effect of deductions to date What you might get back at 5% At the end of year Effect of deductions to date What you might get back at 4.5% , , , , , , ,810 14, ,730 13,700 The last line of the table shows that over 10 years the effect of total charges and expenses on a lump sum investment into an ISA could amount to 1,810 if income is re invested and the effect of total charges and expenses on a lump sum investment into a Savings Scheme could amount to 1,730 if income is re invested. Putting it another way, this would have the same effect as bringing investment growth in an ISA from 5.0% a year down to 3.8% and in a Savings Scheme from 4.5% down to 3.3%. Investment Trust ISA and Savings Scheme 13/16

14 5.Other useful details How to contact us Please remember that your financial adviser will normally be your first point of contact. You can call our Customer Information Team on You can obtain a duplicate copy of the Report and Accounts by writing to us at the address below. There may be a charge for this. Standard Life Savings Limited PO Box Brentwood CM14 9NP Savings Scheme/ISA Administration Standard Life Savings Limited PO Box Brentwood CM14 9NP Savings Scheme/ISA Manager The Head Office of Standard Life Savings is at Standard Life House 30 Lothian Road Edinburgh EH1 2DH How will any complaint be dealt with? If you have a complaint about any aspect of our service or administration, please write to the address below. Where you receive advice from a financial adviser, they should recommend a product that is suitable for you. You have a legal right to redress if, at any time, it is shown that you have bought a recommended product that was not suitable for your needs at that time. Any redress would be decided by the Financial Ombudsman Service. If you are not satisfied with our response you can write to: Financial Ombudsman Service Exchange Tower Harbour Exchange Square London E14 9SR Telephone: E mail: ombudsman.org.uk Website: Complaining to the Ombudsman will not affect your legal rights. Unless expressly agreed in writing between us otherwise, we will treat you as a retail client under FCA Rules. Being a retail client does not necessarily mean you ll be eligible to refer any complaints about us to the Financial Ombudsman Service or be entitled to compensation under the Financial Services Compensation Scheme if Standard Life group cannot meet its obligations to you. If you wish to contact the FCA their address is: The Financial Conduct Authority 25 The North Colonade Canary Wharf London E14 5HS 14/16 Investment Trust ISA and Savings Scheme

15 Law The Terms and Conditions are governed by the law of Scotland. Compensation The Financial Services Compensation Scheme (FSCS), established under the Financial Services and Markets Act 2000, has been set up to provide protection to consumers if authorised financial services firms are unable, or likely to be unable, to meet claims against them. Investment business, such as Stocks & Shares ISAs and mutual funds, are normally covered up to a maximum limit of 50,000 for each asset provider. This limit would apply if the asset provider were to default. For UK deposit accounts, you are normally entitled to claim up to 85,000, and this limit will take into account any private accounts you may hold with that institution. When switching funds, during any delay your money will be held in one of our bank accounts which are provided by Bank of New York Mellon (International) Limited. Bank of New York Mellon (International) Limited will be the deposit holder for that money. You may be entitled to compensation from the FSCS if Bank of New York Mellon (International) Limited cannot meet its obligations. For further information on the compensation available under the FSCS please check their website or call the FSCS on Please note only compensation queries should be directed to the FSCS. If you have any further questions, you can speak to your financial adviser or contact us directly. You can also find more information at Order execution policy We operate an Order Execution policy. This policy sets out how we will carry out Dealing Instructions, including the price we obtain for you when executing a Dealing Instruction. Full details of our Order Execution Policy may be found at or are available by contacting us. Please see the section titled How to Contact Us on page 14. About Standard Life Standard Life Assurance Limited s (SLAL) product range includes pensions and investments. SLAL is on the Financial Services Register, the registration number is Standard Life Savings Limited is a wholly owned subsidiary of SLAL. Standard Life Savings Limited is on the Financial Services Register, the registration number is Standard Life Savings Limited is the ISA Manager for SLAL. Investment Trust ISA and Savings Scheme 15/16

16 Pensions Savings Investments Insurance Find out more If you d like more information on the products or services within this literature, or if there s anything more we can help you with, just call us on this number or visit our website. Call us on (Mon Fri, 9am to 5pm). Calls may be monitored and/or recorded to protect both you and us and help with our training. Call charges will vary. Products provided by subsidiaries of Standard Life plc or other specified providers. Standard Life Savings Limited is registered in Scotland (SC180203) at Standard Life House, 30 Lothian Road, Edinburgh EH1 2DH. Standard Life Savings Limited is authorised and regulated by the Financial Conduct Authority. INTR17MF Standard Life

ISA and Investment Funds Key Features

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