INVESTMENT BOND GUIDE. You can put more life in your money AXA: smarter investment solutions

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1 INVESTMENT BOND GUIDE You can put more life in your money AXA: smarter investment solutions

2 Investment Bond CONTENTS page Introducing our Investment Bond Investment Bond allocation rates and charges Your Investment options Your guide to risk Our Investment Bond Funds Investment Funds Facts When your Investment Bond is up and running Taking withdrawals from your Investment Bond Introducing our Distribution Funds Introducing our UK Corporate Bond Funds Tax and your Investment Bond This guide must be read in conjunction with the Key Features of the Investment Bond. 3

3 INTRODUCING OUR INVESTMENT BOND Investment Bond Introducing our Investment Bond What is our Investment Bond? Our Investment Bond is a life insurance investment bond for investing a lump sum of 5,000 or more. It isn t suitable if you are investing for a short period of time or if you need ready access to your cash. You should be willing to invest for at least five years. The value of your investment could go down as well as up and you could get back less than you invest. If you die we pay 101% of the Bond s value. The cost of providing 1% of life cover is relatively small and is included within our charges. What it can do Our Investment Bond can be used to: aim for capital growth; provide regular withdrawals (you need to be aware that there is a greater risk that the value of your investment may fall below its original value if you take regular withdrawals); or provide a combination of the above. Who can invest in it? How it works You invest in one or more of our range of investment funds. Each fund is divided into units. These rise and fall in value with market conditions. Each fund has a published unit price : this advises you what each unit of the fund is worth and is similar to a share price. You multiply this by the number of units you hold to get an idea of how much your Bond is worth. The Bond can give you an investment that is: professionally managed by experts; and varied, so you won t put all your eggs in one basket. Normally a large range of investments generates a huge amount of paperwork. In addition, it requires time, knowledge and expertise. Our Investment Bond can minimise both paperwork and the time involved. Anyone over the age of 18. You can invest alone or with another person, such as your husband or wife. At least one life insured on the policy must be under the age of 85. The bond is available on a single life or on a joint life basis. If you die, and there is another life insured, the Bond can keep running. 4

4 Investment Bond INVESTMENT BOND ALLOCATION RATES AND CHARGES Investment Bond allocation rates and charges There are two versions of the Bond: Your financial adviser can give you more information on each one. From time to time the actual terms offered may be different from those described below. Please refer to the enclosed personal illustration for details or speak to your financial adviser. Tiered Allocation This version has tiered allocation rates for higher initial investments. There is no initial charge but there is a higher yearly charge for the first three years. There is also an early cash-in charge for cashing-in all or part of your Bond in the first five years. The initial higher yearly charge is paid for by cancelling some units each month for the first three years. Step down yearly charge This version rewards those who invest for the longer term. The yearly charge is reduced after five years and then again after ten years. There is no initial charge when you invest but there is an early cash-in charge for cashing in all or part of your Bond in the first five years. Allocation Rates Investment Amount Tiered Allocation Step Down Yearly Charge Allocation rate Allocation rate 5,000 to 14, % 100% 15,000 to 24, % 100% 25,000 to 49, % 100% 50,000 to 149, % 100% 150,000 to 249, % 100% 250, % 100% Yearly Management Charge Unit Linked Funds* Tiered Allocation Step Down Yearly Charge Investment term Yearly Management Charge Investment term Yearly Management Charge First three years 2.35% First five years 1.65% Thereafter 1% Year six to ten 1% Thereafter 0.75% *Please note that certain funds may have higher charges. See Investment Fund Facts on page 12 for more details. The above are standard product terms, any special deal terms will differ. The figures also assume that full commission is paid to your financial adviser. 5

5 INVESTMENT BOND ALLOCATION RATES AND CHARGES Investment Bond Early cash-in charges An early cash-in charge will apply during the first five years, except if you die. Currently, early cash-in charges will not apply on regular withdrawals, including any distributions or payments from the Distribution, High Yield Distribution, UK Corporate Bond funds or their monthly alternatives, up to 7.5% a year of the value of the bond. However these charges will apply if you withdraw over 7.5% a year of the value of the bond. Year Tiered Allocation and Step Down Yearly Charge 1 9% 2 8% 3 6% 4 3% 5 1% % of amount cashed-in Market Value Reduction If the investment performance of the With Profits Funds is lower than that reflected in the bonuses we have already added, we may reduce the value of your units if you: decide to encash all or part of your plan; or switch out of the With Profits Fund or With Profits Income Fund. This is called a market value reduction (MVR). We make this change to protect other planholders so they do not lose out financially as a result of your actions. 6

6 Investment Bond YOUR INVESTMENT OPTIONS Your investment options How AXA s Investment Bond range offers you choice Freedom to choose Freedom to choose isn t something all investment bond providers offer. Many companies only offer their own funds. AXA s fund range gives you more, much more. Three very different options for your investment. You might like the first option, and decide to stay there. That s funds managed by AXA Investment Managers UK (AXA IM UK). Or under option 2 we let external fund managers select individual holdings for particular funds. Alternatively, with option 3 you might like to leave most of the investment decisions to some of the most influential names in the business. It s all about choice: it s your investment, after all. Please note that certain funds within each option have additional fund related charges. Please see Investment Fund Facts on page 12 for more details. Please remember that the value of any such investments and any distributions or payments declared can fall as well as rise and is not guaranteed. You could get back less than you invest. Important information about AXA Partners fund range These funds invest in the underlying collective investment schemes (described as underlying funds ) operated by the investment companies shown. The AXA funds are not managed by the operator or manager of that scheme. Nor are they directly linked to the underlying funds as they may not be fully invested in the underlying funds. In particular our funds may hold cash for certain periods of time. The profiles described relate to the underlying fund. Investment in the AXA funds will be subject to the Fund Management charges under the AXA policy and not those applicable to the underlying funds. The underlying funds will, however, be subject to fees and expenses of operation which will affect the value of the AXA funds. The underlying funds will be managed and operated in accordance with their published scheme particulars and the regulations applicable to that type of investment. You can ask us for full details of the underlying funds. 7

7 YOUR INVESTMENT OPTIONS Investment Bond Option One: AXA Investment Managers UK Option Two: AXA Choice Option Three: AXA Partners You might like AXA to do all the investment work for you. AXA Investment Managers UK is based in the City of London. It is part of AXA Investment Managers, which operates from major centres around the world. Many of AXA IM UK s investment funds date back to the 1970s. There is a huge range of choice for Investment Bond clients. But we recognise that some customers feel that putting all their eggs in the AXA basket isn t for them. You may want to complement investments in AXA funds with investments from other leading fund managers. We recognise that no investment organisation can deliver good performance, year-in, year-out across all investment areas. AXA Multimanager decide the overriding sectors in which the funds will invest, and then we pass your money to specialist fund managers from outside of the AXA Group. These fund managers then choose the stocks within our prescribed sectors which they feel have the best potential. It s also true that no investment fund can deliver good performance year-in, year-out. That s why we created AXA Partners. To complement AXA s funds you will find a range of investment funds from some of the most respected names in specialist fund management. Each fund management organisation has a different style and each fund has been selected following a rigorous, disciplined process. They are: - Baillie Gifford - Framlington - Close Fund Management - Newton - JPMorgan Fleming Please note that certain funds within each option have additional fund related charges. See Investment Fund Facts on page 12 for more details. 8

8 Investment Bond YOUR GUIDE TO RISK Your guide to risk Make sure you understand what we mean by risk Your personal financial situation Before choosing the fund(s) to build your Investment Bond portfolio, you must think about your personal financial situation and your investment objectives. Make sure that the fund is right for you and you are comfortable with the level of risk. Your financial adviser will help you assess your financial situation, needs and attitude to risk. Our investment risk categories Our definition of risk is simply the risk to your capital after charges have been taken. By capital we mean the value in your chosen investment fund or funds. We have five risk categories: Protected, Highly Secure, Moderately Secure, Moderately Speculative and Speculative. Our investment fund risk grades We grade our funds on a scale of 1 to 10. The lowest level of risk is 1, the highest is 10. So funds graded at level 10 are more likely to experience sharp falls or rises in capital value over the short term than those at level 1. How accurate are the risk grades? They are simply a general guide. Unit prices will fall and rise in line with market movements. Of course, past performance is not a guide to the future. Unusual movements in investment markets especially over prolonged periods may mean the above risk categories may not prove to be accurate. Risk categories and grades We grade our investment funds on a scale of 1 to 10. The lowest level of risk is 1, the highest is 10. This is what each category means: 1 Protected 2 Highly Secure You need a high level of capital security for your Investment fund. Investment funds in this category are designed to make sure your fund is protected from fluctuations in capital value. You are prepared to experience the possibility of slight fluctuations in the value of your capital. 3&4 Moderately Secure 5 to 7 Moderately Speculative 8 to10 Speculative You fully appreciate the long term benefits of investing in shares and are prepared to experience variations in the value of your capital. You fully appreciate the capital growth potential that shares can provide. You are prepared to accept increased variations in the value of your capital that comes with share-based investments, both in the UK and overseas. You fully appreciate the significant growth potential that investments in this category offer, but also accept the real risk of large fluctuations in the value of your capital. This means that you could lose your capital invested. *Funds graded at level 8 or above are more likely to experience sharp falls or rises in capital value over the short term than those in level 1. 9

9 OUR INVESTMENT BOND FUNDS Investment Bond Our Investment Bond Funds Our investment fund range and risk essential questions answered How do I read the table? We have put the 49 funds into the categories shown based on our assessment of their risk. The suitability of any fund will depend on your personal circumstances and objectives. The Funds are: Category Protected Highly Secure Moderately Secure Grade With Profits With Profits* With Profits Income* Distribution Distribution High Yield Distribution Monthly Distribution Monthly High Yield Distribution Managed Funds Reserve Deferred Distribution Choice Higher Income AXA Baillie Gifford Managed Choice Income Managed UK Equity Funds Fixed Interest Funds Fixed Interest Index-Linked AXA Newton International Bond Monthly UK Corporate Bond UK Corporate Bond Geographical Funds Global Distribution Other Funds Cash AXA Close UK Escalator 100 Active Protector 80 Active Protector 80 Plus Extra Income Active Protector 70 Active Protector 70 Plus 10

10 Investment Bond OUR INVESTMENT BOND FUNDS Can the table give me advice on choosing a fund? No. It is not designed to provide advice on the suitability of any of the funds for your personal situation. This table like the rest of this brochure is for information purposes only. Where can I get more information on each fund? See overleaf for more information on each of the funds listed. Important Information The charges for the plan you are considering could have an impact on the risk. The risk grades do not take account of our plan charges, some of which are met by cancelling units. If the growth of your selected fund(s) does not cover the plan charges, then this will reduce the value of your investment. Lower risk funds generally offer lower growth potential, whereas funds that carry a higher degree of risk offer the potential for greater growth. Moderately Speculative Speculative AXA Newton Managed Choice Growth Global Managed Choice Active Portfolio AXA Framlington UK Growth AXA JPMF Premier Equity Growth AXA Newton Higher Income Ethical AXA JPMF UK Dynamic UK Opportunities Higher Income UK Equity UK Tracker AXA JPMF Global Global Equity AXA Framlington American Growth AXA Newton Oriental AXA Framlington Health AXA Newton Continental Europe Europe Japan North America Pacific Property * Please note that the With Profits Funds are not always available for new investments. * For more information please ask your financial adviser. 11

11 INVESTMENT FUNDS FACTS Investment Bond Investment Funds Facts Make sure you know what each fund is designed to achieve This section covers important information on the investment funds we offer. Here you can find out who manages each fund, its aim and the fund related charges. There is also a short profile of each investment fund. Please note that as well as the initial charges that apply to the bond itself, some of the funds have additional charges. For your convenience, where additional fund related charges apply, these are listed at the bottom of the fund profile. Please refer to your illustration for details about charges for your bond. The charges listed are in addition to the standard charges for your bond as detailed on page 5. Some charges are made by cancelling units, others reduce the value of units. The funds are shown in alphabetical order, split between our risk categories. 12 General information on the AXA funds This guide should be read in conjunction with the Key Features of the Investment Bond and policy documentation. Copies are available on request. The funds available to any contract may change at any time. Investment is in accordance with the regulations applicable to unit linked funds. In investing and managing each fund AXA Investment Managers UK pay attention to any stated aim or objective of the fund but otherwise have full discretion in relation to management of fund s investments. Unit prices, which reflect the value of investments can go down as well as up and are not guaranteed. This means that you could get back less than you invest. Some of the funds investments may be held in foreign currency and the value of an investment can rise and fall in line with exchange rates. The funds may hold as much cash as the fund managers feel appropriate to their particular markets at any time. The funds may invest in whole or in part in authorised unit trusts or other collective investment vehicles with similar objectives. These collective investment vehicles may be operated by a member or associate of AXA. Please note that in adverse investment conditions we can refuse to move investments into or out of: 1) any unit-linked fund for up to one month; or 2) any fund which invests in property for up to six months. This could mean that you may not be able to cash in or switch your investment during this period. Afterwards, if you still want to move your investment, we use the value of the units as at the day the investment is actually moved. The With Profits Funds If you invest in the With Profits Fund and With Profits Income Fund, you are entitled to a share of the profits of AXA Sun Life plc. You receive your share of the profits as bonuses that are added to your bond. The amount available for bonuses is affected by several factors which include the cost of meeting any guarantees provided under new and existing polices in the With Profits Funds. We place with profits investments for new plans into our new With Profits Fund and With Profits Income Fund. But if you re paying into an existing plan, we will place any with profits investments into the fund your policy is currently invested in. If your plan started before 1 April 2001 this would be our old With Profits Fund. We normally add regular bonuses to your plan at least monthly by increasing the unit price. The regular bonus reflects the returns we expect to receive from the relevant assets of the With Profits Funds, while smoothing out any rise and fall in those returns. Please remember that future bonuses cannot be guaranteed as they come from profits we have not yet earned. We regularly review our bonus rates and may change them at any time. When the benefits are paid, we may also add: a terminal bonus; and reorganisation bonus if your plan started before April 2001.

12 Investment Bond INVESTMENT FUNDS FACTS Special Risk Factors Some funds carry particular risks because of the type of assets they invest in. Special risk rating A Currency Risks B Emerging Markets C Smaller Companies D Income Funds E Specialist Sector Funds F Property Definition Where a fund holds investments in a different currency to the fund, the value of the fund may rise and fall purely because of exchange rate fluctuations. Emerging Markets funds may be subject to large fluctuations in value and such funds are high risk. Such funds can offer the potential for greater returns over the long-term but this tends to be coupled with higher volatility. The price fluctuations of funds investing in smaller companies may be greater than the price fluctuations of funds investing in larger companies as investments relating to a smaller company may not be as easy to buy and sell. Where a fund is managed mainly to produce an income, part or all of the manager s annual management charge may be charged against the fund, rather than against the income. Please note that charging all or part of the annual management charge to the capital of the fund might boost income and the quoted yield, but may, therefore, constrain capital growth and could reduce the value of your investment. Investments in specialist sector funds, such as technology or healthcare, are considered to be higher risk due to their concentrated exposure to specific areas. Such funds can offer the potential for greater returns over the long-term but this tends to be coupled with higher volatility. Cash in, or switches from, funds investing in property may be deferred by up to six months in exceptional circumstances. This is to enable property to be sold if necessary. The value of properties held is generally a matter of the valuer s opinion and not fact. From time to time valuations are carried out by independent chartered surveyors. Protected Funds You need a high level of capital security for your Investment fund. Investment funds in this category are designed to make sure your fund is protected from fluctuations in capital value. Cash (AXA risk grade: 1) Aim: to provide customers with a secure, temporary home for their investments while longer-term strategies are determined. Profile: established in 1980, the fund consists of cash deposits in various institutions, which may include banks, building societies, discount houses and local authorities. Investments are also made in what are described as near cash instruments such as certificates of deposit, floating rate notes and Treasury Bills. The fund provides the assurance that your investment will not reduce in value after all charges have been taken. Highly Secure Funds You are prepared to experience the possibility of slight fluctuations in the value of your capital. AXA Close UK Escalator 100 (AXA risk grade: 2) Fund Manager: Close Fund Management Aim: the fund aims to provide investors with an exposure to some of the rise in the FTSE 100 share index coupled with protecting capital against falls. Product charges may reduce the value of your investment as units will be cancelled to meet our charges. Profile: the managers provide security by investing a significant proportion of the fund in assets, including cash, that are designed to protect the capital invested. Any capital growth comes from the fund 13

13 INVESTMENT FUNDS FACTS Investment Bond 14 investing in futures and options (which are types of derivative) that aim to produce growth from price rises in the shares of some of the UK s leading companies. These share prices can also fall. The protection applies on set quarter dates. Investment or encashment outside these dates may mean that the price you receive is lower than the protected unit price quoted for the next quarterly protection day. Please note that the current quarter days are third Fridays in March, June, September and December. Additional Charges: 0.36% pa This fund aims to provide a level of protection to your capital by locking in gains and offering a protected unit price on the next quarterly date. The value of your investment could be reduced if: (a) the growth in the unit price is less than our charges as we will cancel units to meet our charges over time, so you will have fewer units, or (b) the growth in the underlying fund is less than the additional fund management charges and tax charges for the underlying fund. Reserve (AXA risk grade: 2) Aim: long-term growth with a high level of capital security. Profile: established in 1989, this is a cautiously managed fund which invests in fixed interest, property and cash. The fund can also invest in UK shares. Special Risks: D & F. Moderately Secure Funds You fully appreciate the long term benefits of investing in shares and are prepared to experience variations in the value of your capital. Active Protector Funds (AXA risk grades: Active Protector 80 Funds 3 Active Protector 70 Funds 4) Aim: to achieve growth based on FTSE 100 Index performance whilst protecting at least 70% (Active Protector 70 funds) or 80% (Active Protector 80 funds) of the highest ever unit price. Profile: the funds invest in FTSE 100 Index assets and cash. The balance between these assets is monitored each working day to achieve the level of protection described. There are four Active Protector funds available these are: Active Protector 70 Additional Charges: 0.30% pa Active Protector 70 Plus Additional Charges: 0.30% pa Active Protector 80 Additional Charges: 0.30% pa Active Protector 80 Plus Additional Charges: 0.30% pa In normal stockmarket conditions, all four funds can provide the level of protection indicated. The Plus funds have an additional level of protection which aims to stop the fund falling below the protected price in extreme stockmarket conditions. Details of the risks of investing in the Active Protector Funds, including risks to the protection offered, can be found in the Key Features of the Investment Bond. AXA Baillie Gifford Managed (AXA risk grade: 4) Fund Manager: Baillie Gifford Aim: to achieve above average returns over the long-term. Profile: the fund invests in a balanced portfolio of UK and overseas equities and fixed income securities. The fund is diversified by holding different asset classes, by investing internationally, and by holding companies operating in a wide range of industries. Baillie Gifford believes that the selection of companies within a portfolio is the most important ingredient in producing above-average long-term performance. Additional Charges: 0.35% pa Special Risks: A, B, C & E. AXA Newton International Bond (AXA risk grade: 4) Fund Manager: Newton Aim: to maximise the total return from income and capital growth in the world bond markets. Profile: highly focused fund investing mainly in international government bonds. Uses a distinctive, thematic investment process with a proactive and committed approach to stock selection and currency management. Additional Charges: 0.35% pa Special Risks: A. Choice Higher Income Portfolio (AXA risk grade: 3) Fund Manager: AXA Multimanager Aim: to provide a higher level of income relative to prevailing interest rates. Profile: the fund may invest directly in individual securities managed by a variety of external investment mandates and through collective investment schemes. Initially, the Fund is likely to be invested totally in collective investment schemes and as the Fund develops the fund

14 Investment Bond INVESTMENT FUNDS FACTS manager will use a strategy of the combination of both external investment mandates and collective investment schemes to achieve the Fund's objective. The Fund may also invest in transferable securities, money market instruments, warrants, cash and deposits. Additional Charges: 0.55% pa Special Risks: A& D. Choice Income (AXA risk grade: 4) Fund Manager: AXA Multimanager Aim: to achieve an above-average level of income and to maintain capital over the medium to long term. Profile: the fund aims to attain this objective through actively managed investments in equity and fixed-income portfolios managed by top fund managers who run, on behalf of the AXA Choice Income Fund, specially tailored retail and institutional investments. The fund will invest primarily in the UK, although up to 20% of the fund s assets may be invested overseas. Additional Charges: 0.40% pa Special Risks: A, C, D & E. Deferred Distribution (AXA risk grade: 3) Aim: long-term growth from a combination of income and capital growth. Profile: developed from the Distribution Fund. Its asset mix is broadly similar, focusing on top quality UK holdings. This fund does not aim to produce an income, but focuses on making money grow by immediately reinvesting any income its assets produce. Special Risks: C & E. Distribution (AXA risk grade: 3) Aim: to provide twice-yearly distributions in May and November which over the medium term exceed the interest generated by the highest rate Building Society accounts. The fund also aims to provide some capital growth. Profile: the fund invests in UK securities, such as shares, fixed interest securities, convertible bonds and index-linked gilts. Special Risks: D & E. Extra Income (AXA risk grade: 3) Aim: to achieve a high level of income and maintenance of capital over the medium to long term. Profile: the fund will invest principally in fixed interest securities in the UK and Europe, but will also have the ability to invest in shares in both UK and Europe which may provide both income and the potential for capital growth. Additional Charges: 0.26% pa Special Risks: A, C & E. Fixed Interest (AXA risk grade: 3) Aim: long-term growth from a combination of income and capital growth. Profile: the fund invests mainly in UK Government stock and other sterling denominated fixed interest securities. Index-linked securities and non-sterling bonds may be held with any foreign currency exposure hedged back to sterling. Special Risks: A& D. Global Distribution (AXA risk grade: 4) Aim: long term growth from a combination of income and capital growth. Profile: the fund invests in equities from the US, UK, Europe, Japan and the Far East. It also invests in index-linked government bonds from around the world Additional Charges: 0.05% pa Special Risks: A, C, D & E. High Yield Distribution (AXA risk grade: 3) Aim: to provide twice yearly distributions in February and August which over the medium term exceed the interest generated by the highest rate Building Society accounts. Profile: the fund invests in a portfolio of UK shares identified as higher yield. It also invests in fixed interest and property. Special Risks: C, D, E & F. 15

15 INVESTMENT FUNDS FACTS Investment Bond Index-Linked (AXA risk grade: 3) Aim: long-term capital growth which at least keeps pace with inflation from a combination of income and capital growth. Profile: the fund invests almost entirely in indexlinked Gilts and other index-linked stocks but may invest in UK fixed interest stocks, and index-linked bonds of other governments. Special Risks: A& D. Managed (AXA risk grade: 4) Aim: long-term growth from a globally diversified portfolio of securities and UK property. Profile: established in 1980, the fund is composed of a professionally managed mix of holdings in the UK and overseas. This approach to investment means that the fund enjoys the benefits of a very wide range of assets, spreading risk across hundreds of individual holdings. Special Risks: A, E & F. Monthly Distribution (AXA risk grade: 3) Aim: to provide monthly payments, which over the medium term exceed the interest generated by the highest rate Building Society accounts. The Fund also aims to provide some capital growth. Profile: the fund invests in the Distribution Fund, which invests in UK securities, such as shares, fixed-interest securities, convertible bonds and index-linked gilts. Special Risks: D & E. Monthly High Yield Distribution (AXA risk grade: 3) Aim: to provide monthly payments, which over the medium term exceed the interest generated by the highest rate Building Society accounts. Profile: the fund invests in the High Yield Distribution Fund, which invests in a portfolio of UK shares identified as higher yield. It also invests in fixed interest and property. Special Risks: C, D, E & F. Monthly UK Corporate Bond (AXA risk grade: 3) Aim: the fund aims to provide long-term returns and monthly payments by compounding current income and any capital growth. Profile: the fund invests in the UK Corporate Bond Fund. The portfolio will consist of primarily Investment-grade fixed-interest investments, mainly sterling-denominated corporate bonds. Additional Charges: 0.05% pa Special Risks: D. UK Corporate Bond (AXA risk grade: 3) Aim: the fund aims to provide long-term returns by compounding current income and any capital growth. Profile: the portfolio will consist of primarily investment grade fixed interest investments, mainly Sterling denominated corporate bonds. Additional Charges: 0.05% pa Special Risks: D. With Profits & With Profits Income (AXA risk grade: 3) Aim: long-term growth from a combination of income and capital growth. Profile: these funds invest in a wide spread of different investments, including shares and property. Additional Charges: 0.20% pa Special Risks: A& F. 16

16 Investment Bond INVESTMENT FUNDS FACTS Moderately Speculative Funds You fully appreciate the capital growth potential that shares can provide. You are prepared to accept increased variations in the value of your capital that comes with share-based investments, both in the UK and overseas. AXA Framlington American Growth (AXA risk grade: 7) Fund Manager: Framlington Aim & Profile: the fund aims to achieve capital growth through investment, principally in the US, Canadian and Mexican large and medium sized companies which show above average profitability, management quality and growth. Additional Charges: 0.45% pa Special Risks: A& E. AXA Framlington UK Growth (AXA risk grade: 5) Fund Manager: Framlington Aim: the fund aims to achieve capital growth by investing in large and medium sized UK companies which show above average profitability, management quality and growth. Profile: the fund looks across the UK stock market investing in growth companies at a reasonable price. Additional Charges: 0.71% pa Special Risks: C & E. AXA JPMF Global (AXA risk grade: 6) Fund Manager: JPMorgan Fleming Asset Management Aim: to provide capital growth over the long term by investing throughout the world in any economic sector. Profile: the fund invests throughout the world in any sector of industry and commerce. The fund mainly invests in blue chip companies. Additional Charges: 0.74% pa Special Risks: A, B, C & E. AXA JPMF Premier Equity Growth (AXA risk grade: 5) Fund Manager: JPMorgan Fleming Asset Management Aim: to provide long-term capital growth through investment in stocks and shares. Profile: the fund is managed using a rigorous and disciplined investment process that attempts to add value by focusing on the best growth and value stocks. The fund currently invests mainly in a portfolio of UK equities. Additional Charges: 0.77% pa Special Risks: C & E. AXA Newton Continental European (AXA risk grade: 7) Fund Manager: Newton Aim: to achieve capital growth from a carefully selected portfolio of continental European equities. Profile: the fund invests on a global thematic basis with a focused portfolio of around 50 predominantly blue chip European Stocks. Additional Charges: 0.49% pa Special Risks: A, C & E. AXA Newton Higher Income (AXA risk grade: 5) Fund Manager: Newton Aim: to achieve long term capital growth primarily through the reinvestment of increasing income. Profile: the fund will invest in high yielding equities with strong cash flow and dividend growth. Additional Charges: 0.35% pa Special Risks: C & D. AXA Newton Managed (AXA risk grade: 5) Fund Manager: Newton Aim: to maximise the total return from income and capital growth from a portfolio of UK, EC and international securities. Profile: the main focus is on long-term growth themes and the fund then tries to identify value within these themes. Additional Charges: 0.37% pa Special Risks: A, B, C & E. Choice Active Portfolio (AXA risk grade: 5) Fund Manager: AXA Multimanager Aim: to maximise capital and income returns through investment in a range of assets, although up to 100% could be invested in equities. Profile: the fund may invest directly in individual securities managed by a variety of external mandates and through collective investment schemes. Initially, the fund is likely to be invested totally in collective investment schemes and as the fund develops, the fund manager will use a strategy of the combination of both external investment mandates and collective investment schemes to achieve the fund's objective. The fund may also invest in transferable securities, money market instruments, warrants, cash and deposits. Additional Charges: 0.65% pa Special Risks: A, B, C & E. 17

17 INVESTMENT FUNDS FACTS Investment Bond Choice Growth (AXA risk grade: 6) Fund Manager: AXA Multimanager Aim: to achieve capital growth over the medium to long term. Profile: the fund aims to attain this objective through actively managed investments in equity portfolios managed by top fund managers who run, on behalf of the AXA Choice Growth Fund, specially tailored retail and institutional investments. The fund will invest at least 50% of its assets in the UK, with the balance being invested overseas. Additional Charges: 0.40% pa Special Risks: A, C & E. Ethical (AXA risk grade: 5) Aim: medium to long term capital growth Profile: established in 1998, the fund invests in a carefully selected portfolio of companies which aim to or already satisfy a number of predetermined ethical criteria. The fund sets out to achieve a realistic balance between meeting ethical criteria and achieving the best possible investment returns. Additional Charges: 0.20% pa Special Risks: A, C & E. Europe (AXA risk grade: 7) Aim: to provide capital growth by investing in a wide spread of European shares, excluding the UK. Profile: established in 1986, the fund primarily consists of continental European shares identified as having significant growth potential. Additional Charges: 0.09% pa Special Risks: A, B, C & E. Global Equity (AXA risk grade: 6) Aim: to achieve capital growth from a wide spread of global shares. Profile: established in 1980, the fund invests in shares on a global basis, including the UK. Additional Charges: 0.07% pa Special Risks: A, B, C & E. Global Managed (AXA risk grade: 5) Aim: long-term growth from a globally diversified portfolio of securities and UK property. Profile: established in 1989, this is a managed fund which normally invests in UK and overseas shares. At least 80% of the fund is normally in equities and more than 50% of the fund is in sterling assets. Additional Charges: 0.08% pa Special Risks: A, B, C & E. Higher Income (AXA risk grade: 5) Aim: long-term growth from both income and capital. Profile: the fund consists of UK shares identified as higher yield, which - in very simple terms - means they aim to produce attractive dividend income which is reinvested in the fund. Special Risks: C & E. Japan (AXA risk grade: 7) Aim: to provide long-term capital growth. Profile: established in 1984, the fund invests primarily in Japanese shares, but can also invest in other assets. Additional Charges: 0.10% pa Special Risks: A, C & E. North America (AXA risk grade: 7) Aim: to provide long-term capital growth. Profile: established in 1980, the fund invests in North American company shares. The fund invests primarily in the US, but may also invest in Canada. Additional Charges: 0.07% pa Special Risks: A, C & E. Pacific (AXA risk grade: 7) Aim: to provide long-term capital growth. Profile: established in 1984, the fund invests throughout the Far East region, excluding Japan. Additional Charges: 0.11% pa Special Risks: A, B, C & E. 18

18 Investment Bond INVESTMENT FUNDS FACTS Property (AXA risk grade: 5) Aim: to achieve long-term capital growth. Profile: established in 1980, the fund invests in commercial properties such as shops and offices. It achieves its growth from rental income and increases in property values. The value of properties held in the Property Fund is generally a matter of a valuer s opinion and not fact. From time to time valuations within this fund are carried out by independent chartered surveyors. Special Risks: D & F. UK Equity (AXA risk grade: 5) Aim: long-term growth from UK shares. Profile: the shares of large, successful and well-managed UK companies form the backbone of a top quality portfolio of investments. Additional Charges: 0.09% pa Special Risks: C & E UK Tracker (AXA risk grade: 5) Fund Manager: administered by AXA IM UK, currently managed by Barclays Global Investment Ltd Aim: the fund s aim is to achieve a capital return as close as practically possible to the FTSE UK All-Share Index. Profile: the fund aims to track the FTSE UK All-Share Index, which measures the performance of every company listed on the London Stock Exchange. Investments may not necessarily be made into every company on the Exchange, but the spread of companies and the amount of money invested in each of them is designed so that the fund should track the performance of the whole Index. Special Risks: C & E. Speculative Funds You fully appreciate the significant growth potential that investments in this category offer, but also accept the real risk of large fluctuations in the value of your capital. This means that you could lose your capital invested. AXA Framlington Health (AXA risk grade: 9) Fund Manager: Framlington Aim: the fund aims to achieve capital growth by investing in healthcare, medical services and medical product companies worldwide. Profile: the fund manager invests subject to ethical guidelines. Investment will be in producers of pharmaceuticals, biotechnology firms, medical device and instrument manufacturers, distributors of healthcare products, care providers and managers, and other healthcare service companies. Additional Charges: 1.01% pa Special Risks: A, C & E. AXA JPMF UK Dynamic (AXA risk grade: 8) Fund Manager: JPMorgan Fleming Asset Management Aim: the fund s aim is to maximise long term capital growth by investing primarily in UK equities. Profile: the fund is designed for investors looking for aggressive exposure to the UK stockmarket. It focuses purely on maximising capital growth and is not restricted by benchmarks or confined by size, sector, or style. The fund managers take care to diversify the portfolio by never holding less than 50 stocks and exposure to any one sector is limited to 35% of the total fund value. Additional Charges: 0.79% pa Special Risks: C & E. AXA Newton Oriental (AXA risk grade: 8) Fund Manager: Newton Aim: to achieve capital growth by investing in Asian and Pacific markets including Australia and New Zealand but excluding Japan. Profile: a concentrated portfolio of blue chips largely focused on North Asia. Emphasis on companies that are restructuring. Additional Charges: 0.46% pa Special Risks: A, B, C & E. UK Opportunities (AXA risk grade: 8) Aim: the fund s aim is to achieve capital growth over the medium to long term. Profile: the fund will invest primarily in shares of quoted UK companies. The fund will hold a relatively concentrated portfolio chosen on the outlook for those particular companies rather than on a thematic or sector basis. Additional Charges: 0.08% pa Special Risks: C & E. 19

19 WHEN YOUR INVESTMENT BOND IS UP AND RUNNING Investment Bond When your Investment Bond is up and running How do I check the progress of my Investment Bond? Each year we will send you a valuation statement. In addition, you can phone us and receive a valuation over the phone (as long as you have completed your security form). If you select to take withdrawals, including distributions or payments, you will receive a statement showing how much you will receive and on what date. Is there a minimum amount I must keep in my Investment Bond? Yes. The Investment Bond must have a minimum cash-in value of 1 for it to stay in force. Can I make extra investments? Yes. Extra investments of at least 2,000 can normally be made at any time. All extra investments are treated separately for charging purposes. They are not added to the Investment Bond s total investment for charging purposes. The maximum age of the (younger) life insured cannot be more than 84 years when making an extra investment. Can I switch funds? Yes. There is currently no switch charge. How is a switch made? Your units will be cancelled and their value will be used to buy units in the new fund or funds you choose. What happens if I cash in the Investment Bond early? Before cashing in your investment, please contact your financial adviser. Remember that the Investment Bond is designed to be held for five years or more. If you cash it in in the early years, there is an early cash-in charge and you could receive back less than you have paid in. The actual amount is calculated as a percentage of the cashed-in units, and is shown on your personal illustration. None of these charges apply if you die. What happens if I die? If you die while your Investment Bond is in force we will pay 101% of your Bond s value. Under current law, setting your Bond up under an appropriate trust will normally make sure that any lump-sum benefits we pay will be free of inheritance tax. However, you will not be able to benefit from the Bond yourself and the amount you have invested will be a gift for inheritance tax purposes. 20

20 Investment Bond TAKING WITHDRAWALS FROM YOUR INVESTMENT BOND Taking withdrawals from your Investment Bond How do I take withdrawals? You can take regular withdrawals from your Bond: monthly; every three months; every six months; or yearly. Up to 7.5% of the value of the Bond can be taken each year without incurring an early surrender penalty. This 7.5% includes any regular withdrawals and any distributions or payments from the Distribution, High Yield Distribution, UK Corporate Bond funds or their monthly alternatives. The 7.5% allowance cannot be rolled over to subsequent years. Any withdrawal over 7.5% cannot be paid regularly and must be requested separately. Please note that the regular withdrawals you could receive from the Investment Bond are very different from the interest you get from a building society account. For legal and tax purposes, any regular withdrawals are considered to be a withdrawal of capital, and are subject to special income tax rules for calculating and assessing the amount of any income tax liability that may arise on a chargeable gain. Please see the next page for more details on taxation. How do I cash in my Bond? You send us your Plan Document(s) and any other necessary documents that prove your ownership. What if I only need to cash in some of my policies under my Bond? Follow the same arrangements for fully cashing in your Bond. There is a minimum payment of currently 250, otherwise the same terms, conditions and charges apply. An early cash-in charge would apply if you cash in some of the policies under your Bond in the first five years. Also, please note that if you are invested in the With Profits Fund a market value reduction may apply. 21

21 INTRODUCING OUR DISTRIBUTION FUNDS Investment Bond Introducing our Distribution Funds Pioneering and popular Three facts about our distribution funds: We pioneered the distribution investment concept and have led its development in the financial services sector for over a quarter of a century. Today there is an entire investment league table Standard & Poor s Distribution Bond sector based on our original investment principles. We currently market six distribution funds that can be invested in through our Investment Bond. Together, they have more than 7 billion under management (on 1 February 2005). What is a 'Distribution' Fund? This type of investment fund has been developed by AXA* for over 25 years. Our original Distribution Fund was started in July It was designed to generate payments to investors called distributions twice a year. You can either take the distributions or reinvest them. Like the value of the fund, the distributions can rise and fall and are not guaranteed. (* AXA s first Distribution Fund was started on 2 July 1979 by Sun Life Assurance Society, now part of AXA.) Our Distribution family of funds Each of our distribution funds has a delicately-balanced structure of shares, gilts and other holdings. Please note that the value of gilts can fall as well as rise in the same way as shares. For our Distribution Fund and Deferred Distribution Fund, the largest proportion of the gilts is composed of UK Index-linked gilts, which offer UK inflation-beating returns if held to their redemption dates. For the High Yield Distribution Fund the largest proportion of the gilts is in UK Fixed Interest securities. This aims to achieve a higher level of income than the Distribution Fund. For the Global Distribution Fund, UK Index-linked gilts are supported by inflation-proof bonds from the US and Europe. AXA Investment Managers UK has a very strong equity research capability and each company we invest in is thoroughly checked. This means that most of the funds shares are from high quality, well-managed companies with good dividend records. Please remember that previous company performance is not a guide to how the company will perform in the future. 22

22 Investment Bond INTRODUCING OUR DISTRIBUTION FUNDS Our Monthly Distribution funds Our Monthly Distribution Fund and Monthly High Yield Distribution Fund invest in the units of the underlying Distribution Fund or High Yield Distribution Fund. These monthly funds are specifically designed to pay a monthly amount based on the half-yearly distributions of the underlying funds. When the underlying Distribution Fund and/or High Yield Distribution Fund declares the half-yearly distribution, this distribution is paid into the monthly funds where it is held in cash assets within the AXA Cash Fund. One sixth of this distribution amount will be paid to you straight away, with the remaining five amounts being paid to you shortly after the 17th of each month. You should be aware that the monthly amounts may vary from one month to the next. This is because the cash assets can earn interest, but are also subject to fund management charges. Consequently, the total of the six amounts could be less than half-yearly distribution. We will send you a statement every month informing you of your monthly amount. Please remember that the value of the investments in the funds and the income that is produced from them can fall as well as rise and is not guaranteed. You may get back less than you invest. This may be due to market fluctuations or, for funds that invest overseas, due to fluctuating exchange rates or both. If you take regular withdrawals, you need to be aware that the value of your investment may fall below its original value, especially at times when investment growth is low or when the level of withdrawals is higher than the growth of your fund after charges. If you take regular withdrawals from the Monthly Distribution Fund or the Monthly High Yield Distribution Fund part of your initial investment will be used to provide the monthly withdrawals. This will continue until the first half-yearly distributions from the Distribution Fund or High Yield Distribution Fund are received. This is likely to reduce the underlying value of your Investment Bond below the amount you originally invested. 23

23 INTRODUCING OUR UK CORPORATE BOND FUNDS Investment Bond Introducing our UK Corporate Bond Funds Our UK Corporate Bond Fund mainly invests in Sterling denominated Corporate Bonds and also has some holdings in Government Bonds and cash. The Fund issues payments every quarter, on the 31 March, 30 June, 30 September and 31 December, which can be taken or re-invested. If you choose to take payments, we will send you a statement every quarter informing you of the payment amount. Our Monthly UK Corporate Bond Fund invests in the units of the underlying UK Corporate Bond Fund. The Fund is specifically designed to spread the quarterly payments over a three-month period, providing a monthly payment. When the underlying UK Corporate Bond Fund declares the quarterly payment, this is paid into the monthly fund where it is held in cash assets within the AXA Cash Fund. One third of this payment amount will be paid to you straight away, with the remaining two amounts being paid to you shortly after the last day of each month. You should be aware that the payment amounts may vary from one month to the next. This is because the cash assets can earn interest, but are also subject to fund management charges. Consequently, the total of the three monthly amounts could be less than the quarterly payment. We will send you a statement every month informing you of the payment amount. Please remember that the value of the investments in the funds and the income that is produced from them can fall as well as rise and is not guaranteed. You may get back less than you invest. This may be due to market fluctuations or, for funds that invest overseas, due to fluctuating exchange rates or both. If you take regular withdrawals, you need to be aware that the value of your investment may fall below its original value, especially at times when investment growth is low or when the level of withdrawals is higher than the growth of your fund after charges. If you take regular withdrawals from the Monthly UK Corporate Bond Fund, part of your initial investment will be used to provide the monthly withdrawals. This will continue until the first quarterly payment from the UK Corporate Bond Fund is received. This is likely to reduce the underlying value of your Investment Bond below the amount you originally invested. 24

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