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SCOTTISH WIDOWS PLC

SCOTTISH WIDOWS LIMITED (3196171) CONSOLIDATED FINANCIAL STATEMENTS. SCOTTISH WIDOWS LIMITED. (Formerly Clerical Medical Investment Group Limited). ANNUAL REPORT. AND. FINANCIAL STATEMENTS. 31 DECEMBER 2015. Member of Lloyds Banking Group plc 1. SCOTTISH WIDOWS LIMITED (3196171) CONSOLIDATED FINANCIAL STATEMENTS. CONTENTS. Company Information 3. Group Strategic Report 4-8. Directors' Report 9-11. Independent Auditors' Report to the Member of SCOTTISH WIDOWS Ltd 12-13. Consolidated Statement of Comprehensive Income for the year ended 31 December 2015 14. Balance Sheets as at 31 December 2015 15. Statements of Cash Flows for the year ended 31 December 2015 16.

SCOTTISH WIDOWS LIMITED (3196171) CONSOLIDATED FINANCIAL STATEMENTS 5 GROUP STRATEGIC REPORT (CONTINUED) Corporate reorganisation During the year, a corporate restructuring exercise transferred ownership of the Company from SW Funding plc (previously Scottish

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