UK Property Pension PDF Factsheet - FE Precision +Documents

1 31 May 2020 FACTSHEETP ension FundClerical medical UK PropertyThe extraordinary events of COVID-19 are having an impact on the Property market as surveyors aren t able to accurately value properties. This has resulted in fund managers suspending dealing in their Property funds to protect customers interests. As this fund invests in some of these suspended funds, we ve had to restrict withdrawals from and payments to our fund until the suspension is lifted. More details can be found using our Fund Changes link in the Fund Aims section of this following Property breakdown areas are on a 'Direct Property ' basis only: Top 5 Properties, Top 5 Tenants and RegionSector Breakdown (as at 31/03/2020)Regional Breakdown (as at 31/03/2020)The composition of asset mix and asset allocation may change at any time and exclude cash unless otherwise fund invests in assets that may at times be hard to sell.

2 This means that there may be occasions when you experience a delay or receive less than you might otherwise expect when selling your investment. Please see your plan s terms and conditions ( Policy Provisions ) for further information. The following Property breakdown areas are on a 'Direct Property ' basis only: Top 5 Properties, Top 5 Tenants and RegionFund AimThe fund aims to achieve long-term capital growth by investing mainly in UK properties. The core of the portfolio is concentrated on larger commercial and office properties whilst allowing for selective investment in residential and medium and small sized commercial and office properties with above average potential for growth.

3 Fund Changes Basic Fund InformationFund Launch Date05/01/1983 Fund Size UK Direct PropertyISINGB0002041365 MEX IDCMIPSEDOL0204136 Manager NameCameron MurrayManager Since25/11/2014 Top Properties (as at 31/03/2020)ENFIELD DISTRIBUTION PLACE, , YORK ROAD, FACTORY, , B&Q, MCDONALDS, Tenants (as at 31/03/2020)B&Q MOTORCYCLES BUILDING SUPPLIES 1 Quarterly Fund Manager ReviewIt has been a slow start to the year for UK Property , with transaction volumes quickly losing steam following the outcome of the December 2019 general election. According to the MSCI Monthly Index, total returns in January and February were at an All Property level (the latest data available) in both months.

4 That said, the performance figures are yet to reflect the significant impact of the Covid-19 pandemic and the economic disruption from containment measures put in place by the government. Lending against real estate assets is slowing dramatically and the issuance of new debt is grinding to a halt. Regulators are encouraging lenders to support existing distressed lenders first. This is set to put further downward pressure on transaction activity but we are yet to see this reflected in real estate valuations. While there are a handful of deals still under offer, this is likely the tail-end of what is practically achievable in this environment. Tenants are barring inspections and non-essential travel is being actively discouraged, let alone the impossibility of cross-border travel.

5 As such, the barriers to due diligence and proper asset appraisals are reducing liquidity across the market. Sellers, left with no other choice, are now pulling a large number of recently launched assets from the market. In tight pockets of resilient investible stock, including South East and London industrials, it would appear that buyers are still keen to conclude deals where due diligence has already been completed and at broadly prevailing pricing levels. Here, the structural drivers remain robust as periods of lockdown accentuate the shift to e-commerce and the importance of robust supply Murray 31/03/2020 The views, opinions and forecasts expressed in this document are those of the fund management house.

6 Investment markets and conditions can change rapidly and as such the views expressed should not be taken as statements of fact, nor should reliance be placed on these views when making investment PerformancePast performance is not a guide to future performance. Investment value and income from it may fall as well as rise, as a result of market and currency movements. This fund invests in assets that may at times be hard to sell. This means that there may be occasions when you experience a delay or receive less than you might otherwise expect when selling your investment. Please see your plan s terms and conditions ( Policy Provisions ) for further information.

7 You may not get back the amount originally Performance31/03/2019 - 31/03/202031/03/2018 - 31/03/201931/03/2017 - 31/03/201831/03/2016 - 31/03/201731/03/2015 - 31/03/2016 clerical medical UK UK Direct is shown as unavailable if prior to the launch of Performance30/04/2020 - 31/05/202029/02/2020 - 31/05/202031/05/2019 - 31/05/202031/05/2017 - 31/05/202031/05/2015 - 31/05/2020 clerical medical UK UK Direct : FE fundinfo as at 31/05/2020 Performance figures are in Sterling on a single pricing basis, with income (where applicable) reinvested net of UK tax and net of total annual fund charges. These figures do not include any initial charge or other product charge(s) that may be medical UK Property PensionABI UK Direct PropertyFund Rating InformationThe FE fundinfo Crown Rating relates to this fund.

8 However, the Morningstar ratings are based on the underlying fund. These are supplied by the respective independent ratings agencies and are the latest available at the time this Factsheet was issued. Past performance is not a reliable indicator of future InformationThe views, opinions and forecasts expressed in this document are those of the fund manager. Investment markets and conditions can change rapidly and as such the views expressed should not be taken as statement of fact, nor should reliance be placed on these views when making investment decisions. For further information contact your local sales office or phone Customer Services on 0345 030 6243 (Life and Pensions) 0345 300 2244 (OEIC).

9 Details are also available at all products have access to this fund, please refer to the relevant product literature. Full terms and conditions are available on request from us using the contact details provided. Charges, terms and the selection of funds we make available may change. Information on the general and specific risks associated with investing in this fund is available in the relevant fund guide, or KIID where applicable. We may change the investment approach rating for the fund. All information is sourced from Scottish Widows or the relevant fund management group unless otherwise Morningstar Rating-Morningstar Analyst Rating-FE fundinfo Crown Rating-Jun 15 Sep 16 Dec 17 Mar 19 Jun 200%10%20%30%01/06/2015 - 29/05/2020 Powered by data from FE fundinfoScottish Widows Limited.

10 Registered in England and Wales No. 3196171. Registered Office in the United Kingdom at 25 Gresham Street, London EC2V 7HN. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Financial Services Register number 2