New generation funds

How the With-Profits Cautious Stakeholder fund has performed to 31 March 2012

(All returns shown include a deduction of 1% a year for the annual management charge. Fund launched 30 September 2002.)

The estimated growth rate (EGR) which applied for the 12 months up until 31 March 2011 was: 6.0%

The EGR that applies from 1 April 2012 is currently under review.

The actual rates of return of the underlying investments in the fund were:

• for the 12 months to 31 March 2012: 4.9%
• since launch to 31 March 2012 (% a year): 6.1%

The smoothed unit price of the fund changed by:

• for the 12 months to 31 March 2012: 5.3%
• since launch to 31 March 2012 (% a year): 5.8%

Please note: Past performance is no guide to future performance. The value of this investment can fall as well as rise for a number of reasons, for example market and currency movements. You may get back less than originally invested.

On 31 March 2012, the With-Profits Cautious Stakeholder fund was invested as shown below.

		Bonds and fixed interest	58.4%
		UK equities	32.7%
		Overseas equities	7.6%
		Cash	1.3%

These figures may not add up to exactly 100% due to roundings.

This information is purely factual reporting and should not be relied on in isolation for decision-making purposes.

How the With-Profits Growth Stakeholder fund has performed to 31 March 2012

(All returns shown include a deduction of 1% a year for the annual management charge. Fund launched 30 September 2002.)

The Estimated Growth Rate (EGR) which applied for the 12 months up until 31 March 2011 was: 7.0%

The EGR that applies from 1 April 2012 is currently under review.

The actual rates of return of the underlying investments in the fund were:

• for the 12 months to 31 March 2012: 0.5%
• since launch to 31 March 2012 (% a year): 7.2%

The smoothed unit price of the fund changed by:

• for the 12 months to 31 March 2012: 3.5%
• since launch to 31 March 2012 (% a year): 6.9%

Please note: Past performance is no guide to future performance. The value of this investment can fall as well as rise for a number of reasons, for example market and currency movements. You may get back less than originally invested.

On 31 March 2012, the With-Profits Growth Stakeholder fund was invested as shown below.

		UK equities	69.9%
		Overseas equities	16.4%
		Bonds and fixed interest	12.9%
		Cash	0.8%

These figures may not add up to exactly 100% due to roundings.

This information is purely factual reporting and should not be relied on in isolation for decision-making purposes.

How the With-Profits Cautious Pension fund has performed to 31 March 2012

(All returns shown include a deduction of 1% a year for the annual management charge. Fund launched 30 September 2002.)

The Estimated Growth Rate (EGR) which applied for the 12 months up until 31 March 2011 was: 6.0%

The EGR that applies from 1 April 2012 is currently under review.

The actual rates of return of the underlying investments in the fund were:

• for the 12 months to 31 March 2012: 4.9%
• since launch to 31 March 2012 (% a year): 6.1%

The smoothed unit price of the fund changed by:

• for the 12 months to 31 March 2012: 5.3%
• since launch to 31 March 2012 (% a year): 5.9%

Please note: Past performance is no guide to future performance. The value of this investment can fall as well as rise for a number of reasons, for example market and currency movements. You may get back less than originally invested.

On 31 March 2012, the With-Profits Cautious Pension fund was invested as shown below.

		Bonds and fixed interest	58.4%
		UK equities	32.7%
		Overseas equities	7.6%
		Cash	1.3%

These figures may not add up to exactly 100% due to roundings.

This information is purely factual reporting and should not be relied on in isolation for decision-making purposes.

How the With-Profits Growth Pension fund has performed to 31 March 2012

(All returns shown include a deduction of 1% a year for the annual management charge. Fund launched 30 September 2002.)

The Estimated Growth Rate (EGR) which applied for the 12 months up until 31 March 2011 was: 7.0%

EGR that will apply from 1 April 2012 is currently under review.

The actual rates of return of the underlying investments in the fund were:

• for the 12 months to 31 March 2012: 0.5%
• since launch to 31 March 2012 (% a year): 7.2%

The smoothed unit price of the fund changed by:

• for the 12 months to 31 March 2012: 3.3%
• since launch to 31 March 2012 (% a year): 7.0%

Please note: Past performance is no guide to future performance. The value of this investment can fall as well as rise for a number of reasons, for example market and currency movements. You may not get back the amount originally invested.

On 31 March 2012, the With-Profits Growth Pension fund was invested as shown below.

		UK equities	69.9%
		Overseas equities	16.4%
		Bonds and fixed interest	12.9%
		Cash	0.8%

These figures may not add up to exactly 100% due to roundings.

This information is purely factual reporting and should not be relied on in isolation for decision-making purposes.

How the With-Profits Cautious Life fund has performed to 31 March 2012

(All returns shown include a deduction of 1% a year for the annual management charge. Fund launched 30 September 2002.)

The Estimated Growth Rate (EGR) which applied for the 12 months up until 31 March 2011 was: 5.0%

The EGR that applies from 1 April 2012 is currently under review.

The actual rates of return of the underlying investments in the fund were:

• for the 12 months to 31 March 2012: 5.2%
• since launch to 31 March 2012 (% a year): 5.7%

The smoothed unit price of the fund changed by:

• for the 12 months to 31 March 2012 : 5.3%
• since launch to 31 March 2012  (% a year): 5.4%

Please note: Past performance is no guide to future performance. The value of this investment can fall as well as rise for a number of reasons, for example market and currency movements. You may get back less than originally invested.

On 31 March 2012, the With-Profits Cautious Life fund was invested as shown below.

		Bonds and fixed interest	62.3%
		UK equities	32.7%
		Overseas equities	7.5%
		Cash	-2.5%

These figures may not add up to exactly 100% due to roundings.

This information is purely factual reporting and should not be relied on in isolation for decision-making purposes.

How the With-Profits Growth Life fund has performed to 31 March 2012

(All returns shown include a deduction of 1% a year for the annual management charge. Fund launched 30 September 2002.)

The Estimated Growth Rate (EGR) which applied for the 12 months up until 31 March 2011 was: 6.0%

The EGR that applies from 1 April 2012 is currently under review.

The actual rates of return of the underlying investments in the fund were:

• for the 12 months to 31 March 2012: 2.0%
• since launch to 31 March 2012 (% a year): 6.6%

The smoothed unit price of the fund changed by:

• for the 12 months to 31 March 2012: 3.9%
• since launch to 31 March 2012 (% a year): 6.2%

Please note: Past performance is no guide to future performance. The value of this investment can fall as well as rise for a number of reasons, for example market and currency movements. You may get back less than originally invested.

On 31 March 2012, the With-Profits Growth Life fund was invested as shown below.

		UK equities	69.9%
		Overseas equities	16.8%
		Bonds and fixed interest	16.5%
		Cash	-3.2%

These figures may not add up to exactly 100% due to roundings.

This information is purely factual reporting and should not be relied on in isolation for decision-making purposes.