FRIENDS LIFE INVESTMENT BOND RISK WARNINGS AND ADDITIONAL FUND CHARGES

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1 FRIENDS LIFE INVESTMENT BOND RISK WARNINGS AND ADDITIONAL FUND CHARGES The information shown in this document applies to the bonds listed below. The purpose of this document is to provide you with up to date information about the funds you have access to through your bond. We will send a copy to you each year with your yearly statement. The charges and expenses of the funds your bond is invested in can change, so it is important you review this information to ensure your selected funds remain appropriate for your needs. This document is applicable to customers with the following bonds: Capital Protected Distribution Bond (funds marked with # are available) Investment Bond (all funds shown are available) Trustee Bond (all funds shown are available). For more information about fund aims please refer to our Fund Factsheets. These are available from our website at or details of how to contact us can be found on page 16. Important information for Capital Protected Distribution Bond customers Since the Protected Date (10 February 2010), the capital protection on your Bond stopped. You now have access to a selection of funds, of which you can invest in up to 30 at any one time. The funds available under your Bond after the capital protection ended are marked with # in the tables on pages The funds you select will form your investment portfolio and should reflect your attitude to risk and investment aims. Important Information Please remember that the value of an investment is not guaranteed and can go down as well as up. You could get back less than you have paid in. An explanation of the risk warnings and risk ratings can be found in this document. Please remember that a bond is intended to be a medium to long-term investment, meaning at least five to ten years or more. Refer to your key features document for more information such as the aims, risks, minimum investment levels, tax treatment and product specific charges.

2 Risk warnings There are specific risks associated with investing in some funds, or types of funds. These risk warnings are explained below. Please note that not all of these factors apply to each fund and there is no direct relationship between the number of risk warnings and the risk ratings for a fund. Risk warning A Risk warning description Investment is not guaranteed: The value of an investment is not guaranteed and can go down as well as up. You could get back less than you have paid in. Price: At times, a fund may need to change the way its price is calculated to ensure that those moving into and out of the fund and existing unitholders/shareholders are treated fairly and are not disadvantaged by any large cashflows. Suspend trading: Fund managers have the ability, in certain circumstances, to suspend trading in their funds for as long as necessary. When this occurs we will need to delay the cashing in or switching of units in the relevant fund. You may not be able to access your money during this period. The circumstances in which we may delay a switch, withdrawal or transfer can include but are not limited to the following: if a large number of customers want to take money out of the same fund at the same time; if there are practical problems selling the assets in which a fund is invested; if the fund (or part of it) is managed by an external company, they may insist on a delay. Stock Lending: Where a fund is involved in the temporary transfer of securities, there is a risk that the borrower may not be able to return the security to its owner. This may have a negative effect on the performance of the fund. Derivatives: Most funds can invest in derivatives for the purpose of efficient portfolio management or risk reduction. For funds that also use derivatives for investment purposes we apply an additional risk warning due to the possible increase in the risk and of the fund. B C D E F Currency Risk: Where a fund invests in share classes or securities priced in currencies other than the fund s base currency, changes in exchange rates can contribute to the value of the investment going up or down. Emerging Markets: Where a fund invests in emerging markets, it is likely to be more volatile than one that invests in developed markets. These markets may not be as strictly regulated and securities may be harder to buy and sell than those in more developed markets. These markets may also be politically unstable which can result in the fund carrying more risk. Smaller Companies: Where a fund invests in the shares of smaller companies, these shares can be more volatile and may be harder to buy and sell than larger company shares which can result in the fund carrying more risk. Fixed Interest: Where a fund invests in fixed interest securities, such as corporate or government bonds, changes in interest rates can contribute to the value of the investment going up or down. If interest rates rise, the value is likely to fall. Bonds with a lower credit rating are known as sub-investment grade or junk bonds. These carry an increased risk that the issuer of the bond will be unable to continue the interest payments or return the capital at maturity. Specialist: Where a fund invests only in a specific or limited range of industry sectors, it may carry more risk than funds that invest across a broader range or variety of sectors. These funds can be more volatile and carry higher risk due to their lack of diversification. 2

3 Risk warning G H I J K L M N O Risk warning description Derivatives: Where a fund uses derivatives for investment purposes, there may be an increase in the risk and of the fund. Some derivative investments also expose investors to counterparty or default risk where another party is unable to meet its obligations and pay what is due, which could result in the loss of the value of the derivative itself. Cash/Money Market Funds: These are not cash deposit accounts but invest in money market instruments and short-term bonds and can fall in value. In a low interest rate environment the charges applied to a cash fund may be greater than its return, so you could get back less than you have paid in. Physical Property: Where a fund invests in physical property, these properties are not easy to buy or sell. In exceptional circumstances, we may need to delay the cashing in or switching of units in the fund and you may not be able to access your money during this period. The value of properties held is generally a matter of the valuer s opinion rather than fact. Index-Linked: Where a fund invests in index-linked bonds, changes in inflation rates can contribute to the value of the investment going up or down. If inflation falls, the value is likely to fall. High Cash Levels: Due to the way some funds are managed there may be periods when they have large cash holdings. This can be a deliberate asset allocation decision or while suitable investment opportunities are researched and selected. A fund s growth potential may be less during this period. Reinsured Funds: Where a fund invests in an underlying fund operated by another insurance company through a reinsurance agreement, if the other insurance company were to become insolvent, you could lose some or all of the value of your investment in this fund. Ethical: Where a fund invests only in sectors and securities that meet its agreed ethical criteria, it may carry more risk than funds which are free from these restrictions. The ethical companies invested in can be involved in new and innovative technologies or new markets and can therefore have a higher risk profile than organisations involved in more mainstream activities. Alternative Investments: Where a fund invests in alternatives, it may carry more risk as these instruments are generally priced less regularly and may be harder to buy and sell than investments in more conventional asset classes. Alternatives include commodities, hedge funds, private equity, real estate investment trusts (REITS), venture capital and currencies. Convertible Bonds: Where a fund invests in convertible bonds, it will experience the risks associated with holding bonds until conversion at which point it will experience the risks associated with holding equities. To compensate for having additional value through the option to convert from a bond to an equity, a convertible bond typically has a coupon rate lower than that of a similar, non-convertible bond. The funds available can change at any time and further information about the listed funds, including their aims, performance statistics and asset splits, can be found in separate fund factsheets available for each individual fund at or call us on +44 (0) and we can send you a paper copy of the Fund Factsheet(s) you are interested in. 3

4 How do Friends Life rate the risks? Friends Life calculates its risks using historical performance data, based upon the methods set up by European Union rules. We also carry out further research using information from the fund s investment manager(s). We review each fund s risk rating annually and these may change over time. The timing of your investment decisions is very important and you should consult a financial adviser. Past performance is not a guarantee of future performance. Our risk ratings go from 1 to 7, with 1 being the lowest and 7 being the highest. As a point of reference, a fund with a risk rating of 4 (medium ) would typically experience the you would expect from a fund invested in a range of different investments (for example shares, property and bonds) without bias to a particular investment type. Our investment risk ratings The risk rating assigned to each fund will match one of the defined risk ratings, or investment approaches below: Risk rating Risk rating description 1 Lowest The historical performance of funds with this risk rating has typically experienced the lowest of all the funds Friends Life has rated. This means that these funds have the lowest potential for substantial changes in value compared with other Friends Life funds. 2 Low The historical performance of funds with this risk rating has typically experienced low compared with other funds Friends Life has rated. This means that these funds have a low potential for substantial changes in value compared with other Friends Life funds. 3 Low to Medium The historical performance of funds with this risk rating has typically experienced low to medium compared with other funds Friends Life has rated. This means that these funds have a low to medium potential for substantial changes in value compared with other Friends Life funds. 4 Medium The historical performance of funds with this risk rating has typically experienced medium compared with other funds Friends Life has rated. This means that these funds have a medium potential for substantial changes in value compared with other Friends Life funds. 5 Medium to High The historical performance of funds with this risk rating has typically experienced medium to high compared with other funds Friends Life has rated. This means that these funds have a medium to high potential for substantial changes in value compared with other Friends Life funds. 6 High The historical performance of funds with this risk rating has typically experienced high compared with other funds Friends Life has rated. This means that these funds have a high potential for substantial changes in value compared with other Friends Life funds. 7 Highest The historical performance of funds with this risk rating has typically experienced the highest of all the funds Friends Life has rated. This means that these funds have the highest potential for substantial changes in value compared with other Friends Life funds. 4

5 Charges The tables on pages 6 to 13 show any s that may be applicable to your investment in that fund. These charges are in addition to the Yearly Management Charge and any other product charges, which are described in your product literature (Key Features, Terms and Conditions and personal illustration). The charges shown are correct as at 31 December 2015, but please be aware that charges and fund expenses can change from time to time and this means that this document may not be 100% accurate all the time. Fund charges can vary depending on the funds chosen. If the growth of your selected fund(s) does not cover the charges, you will get back less than you invested. The Additional Yearly Fund Charge includes fund expenses. Fund expenses are the costs associated with running the investment funds that cannot be directly associated with the fund management process. They include costs such as: audit fees, depository/trust fees, price publication fees, custody fees and statutory accounts preparation fees. The charge is shown as % and per 1,000 invested in the table of funds included in this guide. Funds investing in property may incur specific expenses related to this activity. These expenses may be in addition to the Additional Yearly fund Charges shown in this document and are marked with a. External Funds When Friends Life adds funds to the External Funds range, we set up a mirror fund which invests in the same underlying external fund. The performance and unit price will not be the same. Friends Life will set the starting price of a fund, then the price of the mirror fund will evolve over time in a different way to the underlying external fund. The fund prices will evolve differently due to a number of factors which include the difference in charges applied to the funds, the time taken to buy or sell holdings in such investment funds which are managed externally, any deductions for Life taxation and the mirror fund may hold a greater amount of cash for certain periods of time. Cash held in the fund will reduce the potential for growth. The difference in unit prices will affect quoted performance of the mirror fund compared to the underlying external fund. Association of British Insurers (ABI) Sector classification Friends Life funds and (where applicable) the underlying funds they invest in, are classified into sectors, ensuring that funds operating similar investment strategies are grouped together and can be compared on a like for like basis. The sectors referred to in this document are taken from; the ABI, the Investment Management Association (IMA), or are based on specific fund universes defined by Financial Express (FE) such as FE Unit Trusts & Open Ended Investment Companies (FE UT & OEIC), FCA (Financial Conduct Authority) Offshore Recognised funds (FO) and Offshore Mutual funds (OM). 5

6 1 Lowest Friends Life Fund FL Cash AL* A, E, H Deposit & Treasury 0.00% Lowest External Fund FL Architas Liquidity Net AL* # A, E, G, H Money Market 0.00% Lowest External Fund FL Deutsche Managed Sterling AL* A, E, H Money Market 0.03% Lowest External Fund FL JPM Sterling Liquidity AL* A, E, H Money Market 0.02% Low External Fund FL Architas MA Active Reserve AL A, B, C, D, E, N Specialist 0.83% Low to Medium Friends Life Fund FL Defensive Distribution AL # A, D, E, G, I, J, N, O Mixed Investment 0%-35% Shares 0.01% Low to Medium Friends Life Fund FL Fixed Interest AL # A, B, E, J, O Sterling Fixed Interest 0.00% Low to Medium Friends Life Fund FL Monthly Sterling Corporate Bond AL # A, E, G Sterling Corporate Bond 0.00% Low to Medium Friends Life Fund FL Reserve AL A, B, D, E, I, J, N, O Mixed Investment 0%-35% Shares 0.00% Low to Medium Friends Life Fund FL Sterling Corporate Bond AL # A, E, G Sterling Corporate Bond 0.04% Low to Medium External Fund FL Architas MA Active Moderate Income AL # A, B, C, D, E, N Mixed Investment 0%-35% Shares 0.68% Low to Medium External Fund FL Architas MA Passive Moderate AL A, B, C, D, E, G, N Specialist 0.21% Low to Medium External Fund FL Architas Multi-Manager Diversified Protector A, B, C, D, E, G, K, N Protected/Guaranteed 0.87% AL 3 Low to Medium External Fund FL Artemis Strategic Bond AL A, B, C, D, E, G Sterling Strategic Bond 0.32% Low to Medium External Fund FL AXA Sterling Strategic Bond AL A, B, E, G, J Sterling Fixed Interest 0.27% Low to Medium External Fund FL F&C MM Lifestyle Defensive AL A, B, C, D, E, G, N, O Mixed Investment 20%-60% Shares 1.40% *While investments in Cash/Money Market funds are lower risk relative to other investment categories, they do not totally guarantee your capital. Certain scenarios could cause some loss of capital, for example: If interest rates rise, the market value of certain types of instruments held in the fund will drop. If an organisation the fund invests in defaults, it could mean that only a proportion of the value of an investment is recovered. In very low interest rate environments the interest earned by certain instruments held by the fund could mean that fund growth is lower than fund and product charges applied. 6

7 3 Low to Medium External Fund FL Fidelity Extra Income AL A, B, C, E, G, J, O Sterling Strategic Bond 0.52% Low to Medium External Fund FL Fidelity Moneybuilder Income AL A, B, C, E, G, J, O Sterling Corporate Bond 0.24% Low to Medium External Fund FL Fidelity Strategic Bond AL A, B, C, E, G, J, O Sterling Strategic Bond 0.42% Low to Medium External Fund FL Henderson Fixed Interest Monthly Income AL A, B, E, G, O Sterling Strategic Bond 0.48% Low to Medium External Fund FL Henderson Sterling Bond AL A, E, G, O Sterling Corporate Bond 0.48% Low to Medium External Fund FL Invesco Perpetual Corporate Bond AL A, B, E, G Sterling Corporate Bond 0.54% Low to Medium External Fund FL Invesco Perpetual Global Bond AL A, B, C, E, G, N, O Global Fixed Interest 0.55% Low to Medium External Fund FL Investec Diversified Income AL A, B, C, D, E, G Mixed Investment 20%-60% Shares 0.46% Low to Medium External Fund FL Jupiter Corporate Bond AL A, B, C, E, O Sterling Corporate Bond 0.47% Low to Medium External Fund FL Jupiter Distribution AL A, B, C, D, E, O Mixed Investment 0%-35% Shares 0.45% Low to Medium External Fund FL M&G Gilt & Fixed Interest Income AL A, E, G UK Gilts 0.46% Low to Medium External Fund FL Old Mutual Corporate Bond AL A, B, E, G Sterling Corporate Bond 0.41% Low to Medium External Fund FL Schroder Absolute Return Bond AL A, B, C, E, G, N Specialist 0.44% Low to Medium External Fund FL Schroder MM Diversity AL A, B, C, D, E, K, N Mixed Investment 20%-60% Shares 1.00% Low to Medium External Fund FL Schroder UK Corporate Bond AL A, B, C, E, G, O Sterling Corporate Bond 0.35% Low to Medium External Fund FL SLI Invest Grade Corporate Bond AL A, E Sterling Corporate Bond 0.33% Medium Friends Life Fund FL Deferred Distribution AL # A, B, C, D, E, G, I, J, O Mixed Investment 20%-60% Shares 0.00% Medium Friends Life Fund FL Distribution AL # A, B, C, D, E, G, I, J, O Distribution 0.00% Medium Friends Life Fund FL Ethical Distribution AL # A, B, E, F, G, J, M Mixed Investment 20%-60% Shares 0.03%

8 4 Medium Friends Life Fund FL Global Distribution AL # A, B, C, D, E, G, I, J, O Specialist 0.01% Medium Friends Life Fund FL High Yield Distribution AL # A, B, D, E, I, J, N, O Distribution 0.00% Medium Friends Life Fund FL Index Linked AL # A, B, E, J, O UK Index Linked Gilts 0.00% Medium Friends Life Fund FL Managed AL A, B, C, D, E, I, J, N, O Mixed Investment 40%-85% Shares 0.00% Medium Friends Life Fund FL Monthly Distribution AL # A, B, C, D, E, G, I, J, O Distribution 0.00% Medium Friends Life Fund FL Monthly High Yield Distribution AL # A, B, D, E, I, J, N, O Distribution 0.00% Medium Friends Life Fund FL Property AL A, B, I UK Direct Property 0.00% Medium External Fund FL Aberdeen Multi-Manager Cautious Managed A, B, C, D, E Mixed Investment 20%-60% Shares 1.39% Portfolio AL 4 Medium External Fund FL Architas MA Active Intermediate Income AL # A, B, C, D, E, N Mixed Investment 40%-85% Shares 0.71% Medium External Fund FL Architas MA Active Progressive AL # A, B, C, D, E, N Mixed Investment 40%-85% Shares 0.80% Medium External Fund FL Architas MA Passive Intermediate AL A, B, C, D, E, G, N Specialist 0.22% Medium External Fund FL Architas MA Passive Progressive AL A, B, C, D, E, G, N Specialist 0.23% Medium External Fund FL Architas Multi-Manager Diversified Protector A, B, C, D, E, G, K, N Protected/Guaranteed 1.06% AL 4 Medium External Fund FL Aviva Investors Property Trust AL A, B, D, E, F, G, I, K, N UK Direct Property 0.45% Medium External Fund FL AXA Framlington Managed Balanced AL A, B, C, D, E, J, K Mixed Investment 40%-85% Shares 0.27% Medium External Fund FL AXA Global High Income AL A, B, E, G Global High Yield 0.28% Medium External Fund FL F&C MM Lifestyle Balanced AL A, B, C, D, E, G, N, O Mixed Investment 40%-85% Shares 1.38% Medium External Fund FL F&C MM Lifestyle Cautious AL A, B, C, D, E, G, N, O Mixed Investment 40%-85% Shares 1.38% Medium External Fund FL Henderson Cautious Managed AL A, B, D, E, J Mixed Investment 20%-60% Shares 0.60% Medium External Fund FL Henderson UK Property AL A, B, C, E, F, G, I, K, N UK Direct Property 0.58% Medium External Fund FL HSBC Open Global Distribution AL A, B, C, D, E, N Mixed Investment 20%-60% Shares 1.20% Medium External Fund FL HSBC Open Global Property AL A, B, C, D, F, I, N Global Property 1.15% Medium External Fund FL HSBC World Selection Balanced Portfolio AL A, B, C, D, E, N Mixed Investment 40%-85% Shares 0.73% Medium External Fund FL Invesco Perpetual Distribution AL A, B, D, E, G Mixed Investment 20%-60% Shares 0.61% Medium External Fund FL Invesco Perpetual Monthly Income Plus AL A, B, D, E, G Sterling Strategic Bond 0.59% Medium External Fund FL Investec Cautious Managed AL A, B, D, E, J, N Mixed Investment 20%-60% Shares 0.52% Medium External Fund FL Jupiter High Income AL A, B, C, D, E, O Mixed Investment 40%-85% Shares 0.73%

9 4 Medium External Fund FL Jupiter Merlin Growth AL A, B, C, D, E, N, O Flexible Investment 1.54% Medium External Fund FL Jupiter Merlin Income AL A, B, C, D, E, N, O Mixed Investment 20%-60% Shares 1.37% Medium External Fund FL M&G European Corporate Bond AL A, B, E, G Global Fixed Interest 0.51% Medium External Fund FL M&G Feeder of Property AL A, B, E, F, G, I, K UK Direct Property 0.94% Medium External Fund FL Margetts Providence Strategy AL A, B, C, D, E, J, K, O Mixed Investment 20%-60% Shares 1.55% Medium External Fund FL Margetts Select Strategy AL A, B, C, D, E, K Mixed Investment 40%-85% Shares 1.61% Medium External Fund FL Newton International Bond AL # A, B, C, E, G, J, K Global Fixed Interest 0.42% Medium External Fund FL Newton Multi Asset Diversified Return AL A, B, C, D, E, G, J, K, N Mixed Investment 20%-60% Shares 0.67% Medium External Fund FL Newton Multi Asset Growth AL # A, B, C, D, E Flexible Investment 0.50% 5.00 Friends Life Fund FL Asia Pacific ex Japan Equities AL # A, B, C, D, G Asia Pacific Excluding Japan 0.07% 0.70 volatlity Friends Life Fund FL Global Equities AL A, B, C, D, G Global Equities 0.04% 0.40 Friends Life Fund FL Global Managed AL A, B, C, D, E, G, J, O Flexible Investment 0.04% 0.40 Friends Life Fund FL Higher Income AL # A, B, D UK Equity Income 0.00% 0.00 Friends Life Fund FL North America Equities AL # A, B, D, G North America 0.03% 0.30 Friends Life Fund FL UK Equity AL A, B, D UK All Companies 0.00% 0.00 Friends Life Fund FL UK Tracker AL A, D UK All Companies 0.08% 0.80 External Fund FL Architas MA Active Dynamic AL # A, B, C, D, E, N Flexible Investment 1.07% External Fund FL Architas MA Active Growth AL # A, B, C, D, E, N Flexible Investment 1.03% External Fund FL Artemis Income AL A, B, C, D, E, G, O UK Equity Income 0.60% 6.00 External Fund FL Artemis UK Select AL A, B, C, D, E, G UK All Companies 0.65% 6.50 External Fund FL Artemis UK Special Situations AL A, B, C, D, G UK All Companies 0.63%

10 volatiltiy External Fund FL AXA Framlington UK Select Opportunities AL A, D UK All Companies 0.66% 6.60 External Fund FL Baillie Gifford American AL A, B, D North America 0.39% 3.90 External Fund FL Baillie Gifford Managed AL # A, B, C, D, E, G Mixed Investment 40%-85% Shares 0.34% 3.40 External Fund FL F&C MM Lifestyle Growth AL A, B, C, D, E, G, N, O Flexible Investment 1.44% External Fund FL F&C Responsible UK Equity Growth AL A, D, F, M UK All Companies 0.74% 7.40 External Fund FL Fidelity Special Situations AL A, B, C, D, G UK All Companies 0.75% 7.50 External Fund FL Fidelity Wealthbuilder AL A, B, C, D, E, G Global Equities 1.14% External Fund FL Franklin Mutual Shares AL A, B, C, D, E, O North America Equities 0.63% 6.30 External Fund FL Henderson Global Equity Income AL A, B, C, D, E, O Global Equities 0.62% 6.20 External Fund FL Invesco Perpetual High Income AL A, B, C, D, N UK Equity Income 0.72% 7.20 External Fund FL Invesco Perpetual Income & Growth AL A, B, D UK All Companies 0.87% 8.70 External Fund FL Invesco Perpetual Income AL A, B, C, D, N UK Equity Income 0.71% 7.10 External Fund FL Investec UK Special Situations AL A, D, E, G UK All Companies 0.65% 6.50 External Fund FL Jupiter Ecology AL A, B, C, D, F, M Global Equities 0.69% 6.90 External Fund FL Jupiter Income AL A, B, D, E UK Equity Income 0.76% 7.60 External Fund FL Margetts Greystone Global Growth AL A, B, C, D, E, K, N, O Global Equities 1.67% External Funds FL Margetts Venture Strategy AL A, B, C, D, K Flexible Investment 1.82%

11 volatlity External Fund FL Newton Global Equity AL A, B, C, D Global Equities 0.59% 5.90 External Fund FL Newton UK Income AL A, B, D UK Equity Income 0.32% 3.20 External Fund FL Schroder European Alpha Plus AL A, B, C, D, E Europe Excluding UK 0.65% 6.50 External Fund FL Schroder European Opportunities AL A, B, C, D Europe Excluding UK 0.64% 6.40 External Fund FL Schroder Income AL A, B, D UK Equity Income 0.73% 7.30 External Fund FL Schroder Income Maximiser AL A, B, D, G UK Equity Income 0.58% 5.80 External Funds FL Schroder Tokyo AL A, B, D Japan 0.66% 6.60 External Fund FL Schroder UK Smaller Companies AL A, D UK Smaller Companies 0.84% 8.40 External Fund FL Schroder US Mid Cap AL A, B, D North America 0.68% 6.80 External Funds FL Stewart Investors Asia Pacific Leaders AL A, B, C, D Asia Pacific Excluding Japan 0.53% 5.30 External Fund FL Threadneedle Global Select AL A, B, C, D, E Global Equities 0.68% High volatlity Friends Life Fund FL Japan Equities AL # A, B, D, G Japan 0.07% High External Fund FL AXA Framlington American Growth AL # A, B, C, D North America 0.62% High External Fund FL AXA Framlington Financial AL A, B, C, D, F Specialist 0.60% High External Fund FL AXA Framlington Health AL # A, B, C, D, F Specialist 0.89% High External Fund FL AXA Framlington UK Growth AL A, D UK All Companies 0.68% High External Fund FL AXA Framlington UK Smaller Companies AL A, D UK Smaller Companies 0.69% High External Fund FL Baillie Gifford UK Equity Alpha AL A, D UK All Companies 0.27% High External Fund FL BlackRock UK Smaller Companies AL A, D UK Smaller Companies 0.76% High External Fund FL Fidelity American AL A, B, D North America 0.74% High External Fund FL Fidelity European AL # A, B, C, D Europe Excluding UK 0.85% High External Fund FL Fidelity Global Property AL A, B, C, D, F, N Global Property 1.01%

12 6 High External Fund FL Henderson European Growth AL A, B, D, E, O Europe Excluding UK 0.61% High External Fund FL Henderson European Selected Opportunities AL A, B, D Europe Excluding UK 0.62% High volatiltiy External Fund FL Henderson US Growth AL A, B, D, K North America 0.72% High External Funds FL Invesco Perpetual Asian AL A, B, C, D Asia Pacific Excluding Japan 0.61% High External Fund FL Investec American AL A, B, D, E, G, J North America 0.62% High External Fund FL Investec Global Strategic Equity AL A, B, C, D, G Global Equities 0.61% High External Fund FL JPM UK Equity Growth Fund AL A, B, D, E UK All Companies 0.74% High External Fund FL Jupiter European AL A, B, C, D Europe Excluding UK 0.90% High External Fund FL Jupiter Financial Opportunities AL A, B, C, D, F Specialist 0.70% High External Fund FL Jupiter UK Growth AL A, D UK All Companies 0.84% High External Fund FL Newton UK Equity AL A, B, D UK All Companies 0.67% High volatlity External Fund FL Schroder Global Cities Real Estate AL A, B, C, D, E, F, G, N Global Property 0.62% High volatlity External Fund FL Schroder UK Alpha Plus AL A, B, D, E UK All Companies 0.73% High External Fund FL Schroder UK Opportunities AL A, D UK All Companies 0.74% High volatlity External Fund FL Schroder US Smaller Companies AL A, B, D North America 0.75% Highest Friends Life Fund FL Europe ex UK Equities AL # A, B, C, D, G Europe Excluding UK 0.06% Highest External Fund FL Allianz Emerging Markets Equity AL A, B, C, D Global Emerging Markets 0.74% Highest External Fund FL AXA Framlington Biotech AL A, B, C, D, F Specialist 0.80% Highest External Funds FL AXA Framlington Emerging Markets AL A, B, C, D Global Emerging Markets 0.73% Highest External Fund FL AXA Framlington European AL A, B, D Europe Excluding UK 0.60% Highest External Fund FL AXA Framlington Global Technology AL A, B, C, D, F Specialist 0.59% Highest External Funds FL BlackRock Gold & General AL A, B, C, D, F, N Commodity & Energy 0.79% Highest External Funds FL Fidelity Emerging EMEA AL A, B, C, D, G Global Emerging Markets 0.90% Highest External Fund FL Fidelity European Opportunities AL A, B, C, D Europe Excluding UK 0.91% Highest External Funds FL First State Global Resources AL A, B, C, D, F, N Commodity & Energy 0.64% Highest External Funds FL Henderson China Opportunities AL A, B, C, D Global Emerging Markets 0.64% Highest External Funds FL Henderson Emerging Markets Opportunities AL A, B, C, D Global Emerging Markets 0.71% Highest External Funds FL Invesco Perpetual Japan AL A, B, D Japan 0.71%

13 7 Highest External Funds FL JPM Emerging Markets AL A, B, C, D, E Global Emerging Markets 0.60% Highest External Funds FL JPM Natural Resources AL A, B, C, D, E, F, N Commodity & Energy 0.75% Highest External Fund FL Jupiter European Special Situations AL A, B, C, D Europe Excluding UK 0.78% Highest External Funds FL Schroder Global Emerging Markets AL A, B, C, D, E, O Global Emerging Markets 0.69% 6.90 Funds closed to new investments for the Capital Protected Distribution Bond, Investment Bond and Trustee Bond The following funds are closed to new investments and switches. Risk rating Fund type Fund name Risk warnings ABI Sector 2 Low Friends Life Fund FL Active Protector 80 AL A, G, K Protected/Guaranteed 0.30% Low to Medium Friends Life Fund FL Active Protector 70 AL A, G, K Protected/Guaranteed 0.30% High External Fund FL Stewart Investors Global Emerging Markets Leaders AL A, B, C, D Specialist 0.57% 5.70 With Profits The following funds are closed to new investments. Fund type Fund name ABI Sector Friends Life Fund Friends Life FLC With Profits** With Profits 0.20% 2.00 Friends Life Fund Friends Life FLC With Profits Income** With Profits 0.20% 2.00 **For the with-profits fund, the figure shown is not a fund-related charge, but reflects the effect of deductions which cover commission, expenses and other adjustments. Please note that if you switch out of the with-profits fund then a Market Value Reduction can apply, or a final bonus may be added. For more information please see the Investment and Trustee Plan Booklet or speak to your financial adviser. The Friends Life FLC With Profits Fund is available for switching for policies taken out before December We manage our with profits business according to our Principles and Practices of Financial Management (PPFM). We also have a shortened version of this document our guide to how we manage our with profits business. Each year we will produce a short report on how we have complied with the PPFM. This will be available from the end of June the following year. You can get copies of any of these from our website or by contacting us, details of how to contact us can be found on page

14 How to get more information Our website can provide you with information: Or you can call us on: +44 (0) As part of our commitment to quality service telephone calls may be recorded. Or you can write to us at: Friends Life PO Box 582 Bristol BS34 9FX United Kingdom If you need to discuss your options further, you should talk to a financial adviser. You can find details of financial advisers in your area by visiting Friends Life, PO Box 582, Bristol BS34 9FX. Telephone number Friends Life Limited An incorporated company limited by shares and registered in England and Wales, number Registered office: Pixham End, Dorking, Surrey RH4 1QA. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Telephone calls may be recorded. Friends Life is a registered trade mark of the Friends Life group. AIBSRCHGFA

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