fund news fund launches fund closures other events fund objective chan e new objective old objective JPMF Europe Balanced JPMF Balanced

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1 fund news fund launches Gartmore Continental European Gartmore Emerging Markets Gartmore European Smaller Companies Dit Bondspezial Dit Euro Bond Total Return Skandia Skandia Skandia Fund Royal Royal Royal Royal Ireland Ireland Ireland Category Skandia Skandia US$ Skandia HK$ Skandia US$ Self Select May May May Self Select May May May Self Select May May May Self Select May May May Self Select May May May fund closures Merrill Lynch OST European# # Existing Fund holders will moved moved into Merrill Lynch IIF Continental European Growth Skandia Skandia Skandia Fund Royal Royal Royal Royal Ireland Ireland Ireland Category Skandia Skandia US$ Skandia HK$ Skandia US$ Self Select July July July other events JPMF Balanced becomes JPMF Europe Balanced Skandia Skandia Skandia Fund Royal Royal Royal Royal Ireland Ireland Ireland Category Skandia Skandia US$ Skandia HK$ Skandia US$ Self Select May May May fund objective chan e old objective JPMF Balanced The aim of the fund is to achieve long term capital appreciation and income by investing in a balanced portfolio, primarily of equities and debt securities throughout the world. new objective JPMF Europe Balanced The aim of the fund is to provide long-term capital growth and income by investing in a balanced portfolio, primarily of European equities and dept securities. A substantial part of the fund assets will be denominated in or hedged into Euros. international informer may 00

2 the skandia risk evaluator Every month in the international informer statistics, you can see the relative volatility of all the sectors available to international investors. The statistics will be updated quarterly to give you an up-to-date but realistic snapshot of how the sectors compare. The Risk Evaluator will help you match your client's risk needs as closely as possible when selecting funds, either for a new portfolio, or when reworking an existing portfolio. how does the evaluator work? We've taken the five-year volatility of every fund sector in the S&P Micropal offshore universe, and ordered the sectors in a chart according to volatility (low to high). We've then split the chart into ten segments to give each sector a score out of -where is the most stable and the most volatile. (See quarter 00 issue of international informer for a full explanation. This is available at for Royal Skandia advisers and for Skandia Ireland advisers.) Please note that this is an example of how the risk evaluator works. For actual sector codes, please refer to the fund performance pages. 0 Money Market USD Fixed Interest USD Money Market Global (Mgd Ccy) Global Fixed Interest USD Based Global Defensive Money Market GBP Global Fixed Interest GBP Based Property Share & RE UK Fixed Interest GBP Based Convertible UK Fixed Interest Global High Yield Hedge Event Driven Global Neutral Global Flexible Fixed Interest Europe Global Dynamic Equity UK Ecology Global Equity Global Equity USA Ethical Global Equity Europe Equity North America Finance Global Equity Asia Pacific Equity Europe Ex UK Equity Japan Energy Global Healthcare Global Equity Asia Pacific Ex Japan Smaller Companies UK Smaller Companies USA Equity Global Emerging Markets Equity Sweden Smaller Cos Asia Pacific Ex Japan Equity Hong Kong Equity Europe Emerging Markets Equity China (Greater) Equity ASEAN Equity China Equity Latin America Gold & Precious Metal TMT Global Equity Korea Equity Thailand Biotechnology Volatility Standard deviation is the absolute measure of volatility, and is the measure of the square root of the variance of the fund s returns from the mean over specified regular measurement periods - in this case five years to 0/0/00. international informer may 00

3 how to use indicator The Indicator provides investors with a -month stock market outlook from a selection of fund groups linked to Skandia. We provided the fund groups with an index as a benchmark for each sector and asked them how they think the index will perform over the next months. These views are not fund specific. We have asked the fund groups to provide an outlook for each sector as a whole. positive currency outlook If the Indicator shows a positive view for the US$, Euro or Yen, this represents a view of Sterling depreciating against that currency, which will have a positive impact on the returns from overseas investment. Example: = YEN 0 You, as an investor, buy Japanese shares costing YEN 0. After buying your shares, Sterling depreciates to = YEN 0, this means you only need YEN 0 to buy back your original. You have YEN 0 which divided by the exchange rate of /YEN 0 actually gives you.. If the fund group view for Japanese equities is positive and their outlook for the /YEN is positive, then the overall outlook for the UK investor into Japan is positive. This is because the positive currency outlook increases the returns to the investor from the equity investment. ne ative currency outlook If the Indicator shows a negative view for the US$, Euro or Yen, this represents a view of Sterling appreciating against that currency, which will have a negative impact on the returns from overseas investment. Example: = YEN 0 You, as an investor, buy Japanese shares costing YEN 0. After buying your shares, Sterling appreciates to = YEN, this means you will need YEN to buy back your original. You have YEN 0 which divided by the exchange rate of /YEN actually gives you 0.. If the fund group view for Japanese equities is positive but their outlook for the /YEN is negative, then the UK investor would need to exercise a degree of caution when considering the Japanese market. This is because currency movements could adversely affect the positive equity returns. indicator cate ories Equities - The outlook provided by the fund group for equities ignores the effect that currency movements can have on the market. For example, if the fund group believes the US outlook is positive, but believes the strength of Sterling will be a deterrent for UK investors, they will still show a positive outlook for the US market. Equities - The outlook for each equity market relates to a specific index in Sterling terms. Bonds - The outlook for each bond market relates to a specific index in Sterling terms. Currencies - The currency outlook provides an outlook for Sterlingbased investors. outlook uidelines a positive outlook the fund group believes the index they are using as a benchmark will rise in excess of % over the next months.! a neutral outlook the fund group believes the index they are using as a benchmark will have either a positive or negative movement of between 0% and %. a negative outlook the fund group believes the index they are using as a benchmark will fall in excess of % over the next months. international informer june 00

4 indicatorjune 00 The views are Investment House views, they are not fund specific Negative Neutral Positive View not provided Positive shift Negative shift! -! " Equities Bonds Currencies UK UK Smaller Cos US US Smaller Cos Europe Japan Pacific ex Japan Emerging Markets Technology UK Government UK Corporate International /$ /Euro /Yen Aberdeen Allianz Global Investors Baring Britannic Credit Suisse DWS Fidelity F&C Framlington Gartmore Henderson HSBC INVESCO PERPETUAL Investec Jupiter JPMorgan Fleming M&G Merrill Lynch Morley Newton Old Mutual Schroders SG Asset Management Threadneedle!!!!!!!!!!!!!! "! " " "!! "! "!!!!! "! "!! " "!!!!! "! "!!!!!!!!!!!!!!!!!!!! "!!!!! "!!!!!!!!!!!!!!!!!!!! " " "!!!!!!!!!!!! "!!!!! "!!!!!!!!!!!! "!!! " "! " "!!!! "!!!! "! " "!!!!!!!!!!!!!!!!!!!! "!!!!!!!!!!!!! "!!!!!!!!!! "! "!!!! "!! Consensus View!!!!! "!!! Indices Monthly % Performance GBP Indices Monthly % Performance USD Indices Monthly % Performance EURO Indices Monthly % Performance HKD Source: Standard & Poor s Fund Services, /0/00 to /0/00, in currency shown against each fund, bid to bid, gross income reinvested. You should note that past performance is not a guide to future performance. 00 benchmarks and market movements percentage growth Equities UK - FTSE All Share UK Smaller Companies - Hoare Govett Smaller Companies Index US - S&P 00 US Smaller Companies - Russell 000 Europe - FTSE World Europe ex UK Japan - FTSE All World Japan Pacific ex Japan - FTSE World Pacific ex Japan Emerging Markets - S&P/IFCI Composite Technology - NASDAQ Months Year Years Years Years Bonds UK - Salomon Bros UK Government Bond Index UK Corporate - S&P UT Fd UK Corporate Bond Sector Average International - Salomon Bros World Government Bond Index Source: Standard & Poor s Fund Services, bid to bid, UK Sterling, gross income reinvested to /0/00. Past performance is not necessarily a guide to the future. While Standard & Poor s Fund Services and the Skandia Group have used all reasonable endeavours to ensure the accuracy of the above information, neither accept liability in the respect of the investment decisions of investors nor for any loss arising therefrom. international informer may 00

5 which route to choose? Making the right choice for your portfolio and then refining it and reshaping it over the years takes time, information and skill. Fund managers need to be selected and monitored to ensure they remain at the top of their game - and replaced when they do not. Skandia Investment Management offer the specialist services of 'managing the managers' and provide the flexibility for you to retain asset allocation decisions or delegate them to our specialist team. Self Select offers a choice of a wide range of fund managers and their funds. MultiMana er the use of external fund managers Skandia Investment Mana ement Manage the managers Select, monitor and de-select managers Blend skills within sectors Mana ed Investment Solutions Adviser delegates asset allocation to Skandia Asset Allocator Funds Adviser selects asset allocation from a range of sector solutions Self Select Skandia provides access to a wide range of fund managers and their funds You and your client are responsible for choice Comprehensive choice across asset types, geographic sectors, and leading fund managers whatever your need, our ran e of funds is structured to offer you the ri ht solution international informer june 00

6 skandia investment mana ement An increasing number of investors are looking for managed solutions with decisions outsourced to investment experts with the skills, resource and process to 'manage the managers'. For them we offer the dedicated expertise of our sister company Skandia Investment Management. Through its skills we create managed portfolios of world class fund managers, carefully constructed to maximise returns and minimise risk. Our research team monitors fund managers and applies exacting search criteria to identify the best managers in different sectors and with different styles. They use a disciplined process using the resources and years of expertise of one of the largest investment research teams in the UK. Having identified the best managers they blend their skills to create the best mix of investment style and process in each sector. And they monitor daily to make sure the selected managers remain the best. If their performance falls off, or their discipline wanes, then they are replaced. Investors know that their portfolios remain in the hands of today's stars - not yesterday's. mana er selection minimise risk maximise return mana er blendin mana er monitorin The skandia investment mana ement process Skandia builds portfolios to suit the most common investor objectives, and these are presented in three categories: Managed Growth Solutions Growth funds suited to a range of investor risk profiles - Cautious, Balanced and Aggressive. Managed Income Solutions* Funds constructed to produce an income. The income returns can be reinvested or taken as income if the product type allows. Asset Allocator Funds Funds covering specific investment sectors - among them are UK, Europe, US, and Far East. *Not currently available through Skandia Ireland. international informer june 00

7 royal skandia Sterling June 00 All percentage growth calculated to /0/00 Rolling discrete performance % over one year to end May CUMULATIVE DISCRETE RS ID Number skandia investment mana ement Months Months Year Years Years Launch Royal Skandia makes use of the skills of its sister company Skandia Investment Management Ltd (SIML) to select and monitor investment managers within the Skandia Investment Management funds. The funds are managed by Royal Skandia and are separate to the OEIC funds offered by SIML, although they may be invested wholly or partially through these funds. 0 MANAGED GROWTH SOLUTIONS Royal Skandia GBP Cautious* GLOBAL DYNAMIC Royal Skandia GBP Balanced* Royal Skandia GBP Aggressive* Royal Skandia USD Diversified Managed Launched: 0//00 MANAGED INCOME SOLUTIONS Royal Skandia GBP Bond Income* Royal Skandia GBP Equity Income* ASSET ALLOCATOR SOLUTIONS MONEY MARKET GBP Royal Skandia GBP Building Society Deposit Royal Skandia GBP Deposit Royal Skandia GBP UK Fixed Interest Blend* Launched 0/0/ FIXED INCOME GLOBAL STG BASED Royal Skandia GBP Global Fixed Interest Blend* Launched 0/0/ FIXED INCOME EURO Royal Skandia EUR Euro Bond* Royal Skandia GBP UK Equity Blend* Launched 0/0/ Royal Skandia GBP UK Index Tracker* Royal Skandia GBP European Equity Blend* Launched 0/0/ Royal Skandia GBP US Equity Blend* Launched 0/0/ Royal Skandia GBP US Index Tracker* Royal Skandia GBP Japanese Equity Blend* Launched 0/0/ EQUITY ASIA PACIFIC EXCLUDING JAPAN Royal Skandia GBP Far East Equity Blend* Launched 0/0/ EQUITY SWEDEN Royal Skandia SEK Swedish Equity* self select All the funds in the self select section are only available as unit linked life assurance funds via Royal Skandia Life Assurance Limited products. The performance of the Royal Skandia fund will not mirror the performance of the underlying fund because of the Royal Skandia fund charges, taxation adjustments (if appropriate) and the Royal Skandia investment process. MONEY MARKET GBP RS GBP M&G High Interest* Not Available on Standard & Poors PROPERTY SHARES & REAL ESTATE UK RS GBP Aberdeen Property Share* RS GBP Close Brothers Closepip* Launched: // RS GBP M&G Property* Launched: 0/0/ RS GBP New Star Property RS GBP Norwich Property* RS GBP Fidelity Moneybuilder Income* RS GBP Framlington Absolute Growth* RS GBP HSBC HAMIF Sterling Bond RS GBP M&G Offshore Corporate Bond* RS GBP M&G Offshore High Yield Corporate Bond* RS GBP Merrill Lynch Government Securities* RS GBP New Star Fixed Interest* RS GBP New Star High Yield Bond* RS GBP Threadneedle Strategic Bond Launched: // FIXED INCOME GLOBAL STG BASED RS GBP Baring Directional Global Bond Launched: 0/0/ RS GBP INVESCO GT Bond RS GBP Merrill Lynch IIF World Bond RS GBP Threadneedle Dollar Bond Launched // MONEY MARKET GLOBAL RS GBP Baring Currency Managed CONVERTIBLE UK RS GBP Artemis High Income* FIXED INCOME GLOBAL USD BASED RS USD Mellon Global Bond GLOBAL DEFENSIVE RS GBP DWS Managed Distribution* RS GBP Investec Cautious Managed* RS GBP New Star Managed Distribution* Not Available on Standard & Poors FIXED INCOME USD RS USD Baring US Plus Bond RS USD Franklin US Government FIXED INCOME GLOBAL HIGH YIELD RS USD Baring High Yield Bond EQUITY HEDGE RS USD Templeton Global Long-Short Launched: /0/ international informer june 00

8 Sterling royal skandia June 00 All percentage growth calculated to /0/00 Rolling discrete performance % over one year to end May CUMULATIVE DISCRETE RS ID Number self select (continued) Months Months Year Years Years Launch RS GBP Balanced Fidelity Managed* RS GBP Balanced Gartmore Managed* RS GBP Sarasin GlobalSar Balanced* HEDGE EVENT DRIVEN RS USD Momentum AllWeather Liquidity* GLOBAL FLEXIBLE RS GBP Newton Global Managed* FIXED INCOME GLOBAL EMERGING MARKETS RS USD ABN AMRO Global Emerging Markets Bond* GLOBAL DYNAMIC RS GBP Aggressive INVESCO PERPETUAL Managed* RS GBP Aggressive New Star Managed* RS GBP Artemis Income* RS GBP Artemis UK Special Situations* RS GBP Fidelilty Special Situations* RS GBP Framlington UK Select Opportunities* RS GBP Gartmore UK Focus* RS GBP HSBC UK Growth* RS GBP HSBC UK Growth & Income* RS GBP INVESCO PERPETUAL High Income* RS GBP INVESCO PERPETUAL UK Equity* RS GBP Jupiter Income Trust* RS GBP Liontrust First Growth* RS GBP Liontrust First Income* RS GBP Liontrust First Large Cap* RS GBP M&G British Opportunities* RS GBP Merrill Lynch Offshore Sterling Trust UK* RS GBP New Star Higher Income* RS GBP New Star UK Alpha* RS GBP New Star UK Growth* RS GBP Schroder UK Alpha Plus* RS GBP Schroder UK Mid0* RS GBP SocGen UK Growth* RS GBP SocGen UK Income* HEALTHCARE GLOBAL RS GBP Fidelity Health Care RS USD Framlington FIP Health RS USD INVESCO GT Healthcare RS GBP Schroder Medical Discovery* ETHICAL GLOBAL RS GBP Henderson Industries of the Future* EQUITY GLOBAL RS GBP Aberdeen World Equity* RS USD Baring Leading Sectors RS GBP Fidelity Industrials RS GBP F&C Investment Trust* RS GBP First State Global Growth* RS GBP Framlington New Leaders* RS GBP INVESCO PERPETUAL International Equity* RS USD Investec Global Growth RS GBP Investec Global Strategic Value RS GBP Merrill Lynch Global Titans* RS GBP Newton Absolute Intrepid* RS GBP Sarasin EquiSar Global Thematic* RS USD Templeton Global RS GBP Baring Europe Select RS GBP Gartmore SICAV Pan European* ECOLOGY GLOBAL RS GBP Jupiter Ecology* EQUITY ASIA PACIFIC RS GBP JF Pacific Securities Royal Skandia GBP American* RS USD Franklin Mutual Beacon RS USD Franklin US Equity Launched: /0/ RS GBP JPMF America Equity RS GBP Threadneedle American Growth Launched // FINANCE GLOBAL RS GBP Fidelity Financial Services RS GBP Framlington Financial* ENERGY GLOBAL RS USD Merrill Lynch IIF New Energy* Royal Skandia fund names now indicate the currency the funds are denominated in. For example, Royal Skandia GBP Balanced Portfolio is denominated in Sterling. Royal Skandia s Multi-currency pricing system allows Royal Skandia to take the price of any of our funds and, by applying an exchange rate to it, produce equivalent prices in other currencies. Royal Skandia EIB/CIB products cannot access these prices and instead must invest directly into the base currency fund. Base currency funds marked with a tick () are available to EIB/ERB, CIB/CRB and MAB clients. * Not SFC authorised in Hong Kong, therefore these funds cannot be promoted to Hong Kong investors. RS Funds closed to new Personal Portfolio Bond business. Source: Standard & Poor s Fund Services, bid to bid, gross income reinvested. Figures in BOLD source Royal Skandia. Investors are reminded that past performance is no guarantee of future performance and that the price of units may fluctuate and returns are not guaranteed. The underlying fund may be denominated in a different currency. Investments may rise and fall in value purely on account of exchange rate fluctuations. These figures include all external fund management fees and Royal Skandia s Annual Management Charge, but do not include Product Charges. international informer june 00

9 royal skandia Sterling June 00 All percentage growth calculated to /0/00 Rolling discrete performance % over one year to end May RS ID Number self select (continued) CUMULATIVE DISCRETE Months Months Year Years Years Launch 0 EXCLUDING UK RS GBP Continental European* RS GBP Fidelity European* RS EUR Gartmore SICAV Continental European* RS USD Investec GS Continental European Equity RS EUR Lazard European Equity* RS USD Mellon Continental European Equity RS GBP Merrill Lynch Offshore Sterling Trust European RS GBP New Star European Growth RS GBP SocGen European Special Opportunities* EQUITY HONG KONG RS USD HSBC Hong Kong Equity SMALLER COMPANIES UK RS GBP Gartmore UK & Irish Smaller Companies* RS GBP INVESCO PERPETUAL UK Smaller Cos Equity* RS GBP Liontrust Intellectual Capital Trust* COMMODITIES & NATURAL RESOURCES RS GBP JPMF Natural Resources* RS GBP Fidelity Japan Special Situations* RS USD Mellon Japan Equity RS GBP Schroder Tokyo* EQUITY ASIA PACIFIC EXCLUDING JAPAN RS GBP First State Asia Pacific Leaders* RS GBP INVESCO GT Asia Enterprise EQUITY CHINA (GREATER) RS GBP JF Greater China SMALLER COMPANIES USA RS GBP Gartmore SICAV US Smaller Companies RS GBP Schroder US Smaller Companies* EQUITY GLOBAL EMERGING MARKETS RS GBP Baring Global Emerging Markets RS GBP First State Global Emerging Markets Leaders RS GBP INVESCO GT Developing Markets RS GBP JPMF Emerging Markets Investment Trust* RS GBP Templeton Emerging Markets EQUITY CHINA RS USD Aberdeen International China Opportunities RS USD HSBC Chinese Equity EQUITY ASEAN RS GBP INVESCO GT ASEAN EMERGING MARKETS RS GBP Baring Eastern Europe EQUITY INDIA RS USD HSBC GIF Indian Equity GOLD & PRECIOUS METALS RS GBP Merrill Lynch Gold & General* TECHNOLOGY GLOBAL RS USD Aberdeen Global Technology RS GBP Henderson Global Technology* RS GBP SocGen Technology* BIOTECHNOLOGY RS GBP Framlington Biotech* EQUITY KOREA RS GBP Baring Korea EQUITY THAILAND RS GBP JF Thailand Royal Skandia fund names now indicate the currency the funds are denominated in. For example, Royal Skandia GBP Balanced Portfolio is denominated in Sterling. Royal Skandia s Multi-currency pricing system allows Royal Skandia to take the price of any of our funds and, by applying an exchange rate to it, produce equivalent prices in other currencies. Royal Skandia EIB/CIB products cannot access these prices and instead must invest directly into the base currency fund. Base currency funds marked with a tick () are available to EIB/ERB, CIB/CRB and MAB clients. * Not SFC authorised in Hong Kong, therefore these funds cannot be promoted to Hong Kong investors. Source: Standard & Poor s Fund Services, bid to bid, gross income reinvested. Figures in BOLD source Royal Skandia. Investors are reminded that past performance is no guarantee of future performance and that the price of units may fluctuate and returns are not guaranteed. The underlying fund may be denominated in a different currency. Investments may rise and fall in value purely on account of exchange rate fluctuations. These figures include all external fund management fees and Royal Skandia s Annual Management Charge, but do not include Product Charges. international informer june 00

10 US Dollar royal skandia June 00 All percentage growth calculated to /0/00 Rolling discrete performance % over one year to end May CUMULATIVE DISCRETE RS ID Number skandia investment mana ement Months Months Year Years Years Launch Royal Skandia makes use of the skills of its sister company Skandia Investment Management Ltd (SIML) to select and monitor investment managers within the Skandia Investment Management funds. The funds are managed by Royal Skandia and are separate to the OEIC funds offered by SIML, although they may be invested wholly or partially through these funds. MANAGED GROWTH SOLUTIONS Royal Skandia USD Cautious GLOBAL DYNAMIC Royal Skandia USD Balanced Royal Skandia USD Aggressive Royal Skandia USD Diversified Managed Launched: 0//00 MANAGED INCOME SOLUTIONS Royal Skandia GBP Bond Income*+ Royal Skandia GBP Equity Income*+ ASSET ALLOCATOR SOLUTIONS MONEY MARKET USD Royal Skandia USD Deposit FIXED INCOME GLOBAL STG BASED Royal Skandia GBP Global Fixed Interest Blend* Launched 0/0/ Royal Skandia GBP UK Fixed Interest Blend Launched 0/0/ FIXED INCOME EURO Royal Skandia EUR Euro Bond Royal Skandia GBP UK Equity Blend* Launched 0/0/ Royal Skandia GBP UK Index Tracker* Royal Skandia GBP US Equity Blend* Launched 0/0/ Royal Skandia GBP US Index Tracker* Royal Skandia GBP European Equity Blend* Launched 0/0/ Royal Skandia GBP Japanese Equity Blend* Launched 0/0/ EQUITY ASIA PACIFIC EXCLUDING JAPAN Royal Skandia GBP Far East Equity Blend* Launched 0/0/ EQUITY SWEDEN Royal Skandia SEK Swedish Equity* self select All the funds in the self select section are only available as unit linked life assurance funds via Royal Skandia Life Assurance Limited products. The performance of the Skandia fund will not mirror the performance of the underlying fund because of the Skandia Life fund charges, taxation adjustments (if appropriate) and the Royal Skandia investment process. 0 FIXED INCOME USD RS USD Baring US Plus Bond RS USD Franklin US Government FIXED INCOME GLOBAL USD BASED RS USD Baring Directional Global Bond Launched: 0/0/ RS USD INVESCO GT Bond RS USD Mellon Global Bond RS USD Merrill Lynch IIF World Bond MONEY MARKET GLOBAL RS USD Baring Currency Managed EQUITY HEDGE RS USD Templeton Global Long-Short Launched: /0/ HEDGE EVENT DRIVEN RS USD Momentum AllWeather Liquidity* FIXED INCOME GLOBAL STG BASED RS GBP Threadneedle Dollar Bond Launched: // MONEY MARKET GBP RS GBP M&G High Interest* GLOBAL DEFENSIVE RS USD Cautious Investec Managed* RS GBP New Star Managed Distribution* FIXED INCOME GLOBAL HIGH YIELD RS USD Baring High Yield Bond FIXED INCOME GLOBAL EMERGING MARKETS RS USD ABN AMRO Global Emerging Markets Bond* PROPERTY SHARES & REAL ESTATE UK RS GBP Aberdeen Property Share* RS USD Close Brothers Closepip Launched: //00 RS GBP M&G Property Launched: 0/0/00 RS GBP New Star Property RS GBP Norwich Property* RS GBP Fidelity Money Builder Income* RS GBP Framlington Absolute Growth* RS GBP HSBC HAMIF Sterling Bond RS GBP M&G Offshore Corporate Bond* RS GBP M&G Offshore High Yield Corporate Bond* RS GBP New Star Fixed Interest* RS GBP New Star High Yield Bond* RS GBP Threadneedle Strategic Bond Launched: /0/ Further fund performance information available from international informer june 00

11 royal skandia US Dollar June 00 All percentage growth calculated to /0/00 Rolling discrete performance % over one year to end May CUMULATIVE DISCRETE RS ID Number self select (continued) Months Months Year Years Years Launch CONVERTIBLE UK RS GBP Artemis High Income* RS USD Balanced Fidelity Managed* RS USD Balanced Gartmore Managed* RS GBP Sarasin GlobalSar Balanced* GLOBAL FLEXIBLE RS GBP Newton Global Managed* GLOBAL DYNAMIC RS USD Aggressive INVESCO PERPETUAL Managed* HEALTHCARE GLOBAL RS GBP Fidelity Health Care RS USD Framlington FIP Health RS USD INVESCO GT Healthcare RS GBP Schroder Medical Discovery RS GBP Artemis Income* RS GBP Artemis UK Special Situations* RS GBP Fidelity Special Situations* RS GBP Framlington UK Select Opportunities* RS GBP Gartmore UK Focus* RS GBP HSBC UK Growth* RS GBP HSBC UK Growth & Income* RS GBP INVESCO PERPETUAL High Income* RS USD INVESCO PERPETUAL UK Equity* RS GBP Jupiter Income Trust* RS GBP Liontrust First Growth* RS GBP Liontrust First Income* RS GBP Liontrust First Large Cap* RS GBP M&G British Opportunities* RS USD Merrill Lynch Offshore Sterling Trust UK RS GBP New Star Higher Income* RS GBP New Star UK Alpha* RS GBP New Star UK Growth* RS GBP Schroder UK Alpha Plus* RS GBP Schroder UK Mid0* RS GBP SocGen UK Growth* RS GBP SocGen UK Income* EQUITY GLOBAL RS GBP Aberdeen World Equity* RS USD Baring Leading Sectors RS GBP Fidelity Industrials RS USD Foreign & Colonial Investment Trust* RS GBP Framlington New Leaders* RS GBP First State Global Growth RS USD INVESCO PERPETUAL International Equity* RS USD Investec Global Growth RS USD Investec Global Strategic Value RS GBP Merrill Lynch Global Titans* RS USD Newton Absolute Intrepid* RS GBP Sarasin EquiSar Global Thematic* RS USD Templeton Global* ETHICAL GLOBAL RS GBP Henderson Industries of the Future* Royal Skandia GBP American* RS USD Franklin Mutual Beacon RS USD Franklin US Equity Launched: /0/ RS USD JPMF America Equity RS GBP Threadneedle American Growth Launched: // ECOLOGY GLOBAL RS GBP Jupiter Ecology* EQUITY ASIA PACIFIC RS USD JF Pacific Securities FINANCE GLOBAL RS GBP Fidelity Financial Services RS GBP Framlington Financial RS USD Baring Europe Select RS USD Gartmore SICAV Pan European ENERGY GLOBAL RS USD Merrill Lynch IIF New Energy EXCLUDING UK Royal Skandia GBP Continental European* RS GBP Fidelity European* RS EUR Gartmore SICAV Continental European RS USD Investec GS Continental European Equity RS EUR Lazard European Equity* RS USD Mellon Continental European Equity RS GBP Merrill Lynch Offshore Sterling Trust European RS GBP New Star European Growth RS GBP SocGen European Special Opportunities* Royal Skandia fund names now indicate the currency the funds are denominated in. For example, Royal Skandia GBP Balanced Portfolio is denominated in Sterling. Royal Skandia s Multi-currency pricing system allows Royal Skandia to take the price of any of our funds and, by applying an exchange rate to it, produce equivalent prices in other currencies. Royal Skandia EIB/CIB products cannot access these prices and instead must invest directly into the base currency fund. Base currency funds marked with a tick () are available to EIB/ERB, CIB/CRB and MAB clients. * Not SFC authorised in Hong Kong, therefore these funds cannot be promoted to Hong Kong investors. Source: Standard & Poor s Fund Services, bid to bid, gross income reinvested. Figures in BOLD source Royal Skandia. Investors are reminded that past performance is no guarantee of future performance and that the price of units may fluctuate and returns are not guaranteed. The underlying fund may be denominated in a different currency. Investments may rise and fall in value purely on account of exchange rate fluctuations. These figures include all external fund management fees and Royal Skandia s Annual Management Charge, but do not include Product Charges. international informer june 00

12 US Dollar royal skandia June 00 All percentage growth calculated to /0/00 Rolling discrete performance % over one year to end May CUMULATIVE DISCRETE RS ID Number self select (continued) Months Months Year Years Years Launch EQUITY HONG KONG RS USD HSBC Hong Kong Equity RS USD JF Hong Kong RS GBP Fidelity Japan Special Situations* RS USD Mellon Japan Equity RS GBP Schroder Tokyo COMMODITIES & NATURAL RESOURCES RS GBP JPMF Natural Resources* EQUITY ASIA PACIFIC EXCLUDING JAPAN RS GBP First State Asia Pacific Leaders* RS USD INVESCO GT Asia Enterprise EQUITY CHINA (GREATER) RS USD JF Greater China SMALLER COMPANIES UK RS GBP Gartmore UK & Irish Smaller Companies* RS GBP INVESCO PERPETUAL UK Smaller Cos Core* RS GBP Liontrust Intellectual Capital Trust* SMALLER COMP ASIA PAC EXC JAP RS USD Jardine Fleming Eastern Smaller Comp SMALLER COMPANIES USA RS USD Gartmore SICAV US Smaller Companies RS GBP Schroder US Smaller Companies* EQUITY GLOBAL EMERGING MARKETS RS USD Baring Global Emerging Markets RS GBP First State Global Emerging Markets Leaders* RS USD INVESCO GT Developing Markets RS USD JPMF Emerging Markets Investment Trust* RS USD Templeton Emerging Markets EQUITY CHINA RS USD Aberdeen International China Opportunities RS USD HSBC Chinese Equity EQUITY ASEAN RS USD INVESCO GT ASEAN EMERGING MARKETS RS USD Baring Eastern Europe EQUITY INDIA RS USD HSBC GIF Indian Equity GOLD & PRECIOUS METALS RS GBP Merrill Lynch Gold & General* TECHNOLOGY GLOBAL RS USD Aberdeen Global Technology RS USD Henderson Global Technology* RS GBP SocGen Technology* EQUITY KOREA RS GBP Baring Korea BIOTECHNOLOGY RS GBP Framlington Biotech* EQUITY THAILAND RS USD JF Thailand Royal Skandia fund names now indicate the currency the funds are denominated in. For example, Royal Skandia GBP Balanced Portfolio is denominated in Sterling. Royal Skandia s Multi-currency pricing system allows Royal Skandia to take the price of any of our funds and, by applying an exchange rate to it, produce equivalent prices in other currencies. Royal Skandia EIB/CIB products cannot access these prices and instead must invest directly into the base currency fund. Base currency funds marked with a tick () are available to EIB/ERB, CIB/CRB and MAB clients. * Not SFC authorised in Hong Kong, therefore these funds cannot be promoted to Hong Kong investors. Source: Standard & Poor s Fund Services, bid to bid, gross income reinvested. Figures in BOLD source Royal Skandia. Investors are reminded that past performance is no guarantee of future performance and that the price of units may fluctuate and returns are not guaranteed. The underlying fund may be denominated in a different currency. Investments may rise and fall in value purely on account of exchange rate fluctuations. These figures include all external fund management fees and Royal Skandia s Annual Management Charge, but do not include Product Charges. international informer june 00

13 royal skandia Hong Kong Dollar June 00 All percentage growth calculated to /0/00 Rolling discrete performance % over one year to end May CUMULATIVE DISCRETE RS ID Number skandia investment mana ement Months Months Year Years Years Launch Royal Skandia makes use of the skills of its sister company Skandia Investment Management Ltd (SIML) to select and monitor investment managers within the Skandia Investment Management funds. The funds are managed by Royal Skandia and are separate to the OEIC funds offered by SIML, although they may be invested wholly or partially through these funds. MANAGED GROWTH SOLUTIONS Royal Skandia GBP Cautious* Royal Skandia USD Cautious GLOBAL DYNAMIC Royal Skandia GBP Balanced* Royal Skandia USD Balanced Royal Skandia GBP Aggressive* Launched: 0/0/ Royal Skandia USD Aggressive Royal Skandia USD Diversified Managed Launched: 0// MANAGED INCOME SOLUTIONS Royal Skandia GBP Bond Income* Royal Skandia GBP Equity Income* ASSET ALLOCATOR SOLUTIONS MONEY MARKET HKD Royal Skandia HKD Deposit FIXED INCOME GLOBAL STG BASED Royal Skandia GBP Global Fixed Interest Blend Launched 0/0/ Royal Skandia GBP UK Fixed Interest Blend Launched 0/0/ Royal Skandia GBP UK Equity Blend Launched 0/0/ Royal Skandia GBP UK Index Tracker* Royal Skandia GBP US Equity Blend Launched 0/0/ Royal Skandia GBP US Index Tracker* Royal Skandia European Equity Blend* Launched 0/0/ Royal Skandia GBP Japanes Equity Blend* Launched 0/0/ EQUITY ASIA PACIFIC EXCLUDING JAPAN Royal Skandia GBP Far East Equity Blend* Launched 0/0/ EQUITY SWEDEN Royal Skandia SEK Swedish Equity* self select All the funds in the self select section are only available as unit linked life assurance funds via Royal Skandia Life Assurance Limited products. The performance of the Skandia fund will not mirror the performance of the underlying fund because of the Skandia Life fund charges, taxation adjustments (if appropriate) and the Royal Skandia investment process. FIXED INCOME USD RS USD Baring US Plus Bond+ RS USD Franklin US Government FIXED INCOME GLOBAL USD BASED RS USD Baring Directional Global Bond Launched: 0/0/00 RS USD INVESCO GT Bond RS USD Mellon Global Bond EQUITY HEDGE RS USD Templeton Global Long-Short Launched: /0/00 HEDGE EVENT DRIVEN RS USD Momentum AllWeather Liquidity* FIXED INCOME GLOBAL STG BASED RS GBP Threadneedle Dollar Bond Launched: /0/00 MONEY MARKET GBP RS GBP M&G High Interest* GLOBAL DEFENSIVE RS USD Cautious Investec Managed* RS GBP New Star Managed Distribution* FIXED INCOME GLOBAL HIGH YIELD RS USD Baring High Yield Bond FIXED INCOME GLOBAL EMERGING MARKETS RS USD ABN AMRO Global Emerging Markets Bond* PROPERTY SHARES & REAL ESTATE UK RS GBP Aberdeen Property Share* RS GBP Close Brothers Closepip Launched //00 RS GBP M&G Property* Launched: 0/0/00 RS GBP New Star Property RS GBP Norwich Property* RS GBP Fidelity Money Builder Income* RS GBP Framlington Absolute Growth* RS GBP HSBC HAMIF Sterling Bond RS GBP M&G Offshore Corporate Bond* RS GBP M&G Offshore High Yield Corporate Bond * RS GBP Merrill Lynch Government Securities* RS GBP New Star Fixed Interest* RS GBP New Star High Yield Bond* RS GBP Threadneedle Strategic Bond Launched // international informer june 00

14 Hong Kong Dollar royal skandia June 00 All percentage growth calculated to /0/00 Rolling discrete performance % over one year to end May CUMULATIVE DISCRETE RS ID Number self select (continued) Months Months Year Years Years Launch CONVERTIBLE UK RS GBP Artemis High Income* RS USD Balanced Fidelity Managed* RS USD Balanced Gartmore Managed* RS GBP Sarasin GlobalSar Balanced* GLOBAL FLEXIBLE RS GBP Newton Global Managed* GLOBAL DYNAMIC RS USD Aggressive INVESCO PERPETUAL Managed* HEALTHCARE GLOBAL RS GBP Fidelity Health Care RS USD Framlington FIP Health RS USD INVESCO GT Healthcare RS GBP Schroder Medical Discovery RS GBP Artemis Income* RS GBP Artemis UK Special Situations* RS GBP Fidelity Special Situatons* RS GBP Framlington UK Select Opportunities* RS GBP Gartmore UK Focus* RS GBP HSBC UK Growth* RS GBP HSBC UK Growth & Income* RS GBP INVESCO PERPETUAL High Income* RS GBP Jupiter Income Trust* RS GBP Liontrust First Growth* RS GBP Liontrust First Income* RS GBP Liontrust First Large Cap* RS GBP M&G British Opportunities* RS GBP Merrill Lynch Offshore Sterling Trust UK RS GBP New Star Higher Income* RS GBP New Star UK Alpha* RS GBP New Star UK Growth* RS GBP Schroder UK Alpha Plus* RS GBP Schroder UK Mid0* RS GBP SocGen UK Growth* RS GBP SocGen UK Income* EQUITY GLOBAL RS GBP Aberdeen World Equity* RS USD Baring Leading Sectors* RS GBP Fidelity Industrials RS GBP First State Global Growth* RS GBP Framlington New Leaders* RS USD Investec Global Growth RS USD Investec Global Strategic Value RS GBP Merrill Lynch Global Titans* RS GBP Newton Absolute Intrepid* RS GBP Sarasin EquiSar Global Thematic RS USD Templeton Global ETHICAL GLOBAL RS GBP Henderson Industries of the Future* Royal Skandia GBP American* RS USD Franklin Mutual Beacon RS USD Franklin US Equity Launched: /0/ RS USD JPMF America Equity RS GBP Threadneedle American Growth Launched /0/ EQUITY ASIA PACIFIC RS USD JF Pacific Securities ECOLOGY GLOBAL RS GBP Jupiter Ecology* FINANCE GLOBAL RS GBP Fidelity Financial Services RS GBP Framlington Financial* RS GBP Baring Europe Select ENERGY GLOBAL RS USD Merrill Lynch IIF New Energy EXCLUDING UK RS GBP Continental European* RS GBP Fidelity European* RS EUR Gartmore SICAV Continental European RS USD Investec GS Continental European Equity RS EUR Lazard European Equity* RS USD Mellon Continental European Equity RS GBP Merrill Lynch Offshore Sterling Trust European RS GBP New Star European Growth RS GBP SocGen European Special Opportunities* EQUITY HONG KONG RS USD HSBC Hong Kong Equity RS USD JF Hong Kong international informer june 00

15 RS ID Number 0 0 royal skandia June 00 self select (continued) RS GBP Fidelity Japan Special Situations* RS USD Mellon Japan Equity RS GBP Schroder Tokyo All percentage growth calculated to /0/00 CUMULATIVE Hong Kong Dollar Rolling discrete performance % over one year to end May DISCRETE Months Months Year Years Years Launch COMMODITIES & NATURAL RESOURCES RS GBP JPMF Natural Resources* EQUITY ASIA PACIFIC EXCLUDING JAPAN RS GBP First State Asia Pacific Leaders* RS USD INVESCO GT Asia Enterprise EQUITY CHINA (GREATER) RS USD JF Greater China SMALLER COMPANIES UK RS GBP Gartmore UK & Irish Smaller Companies* RS GBP INVESCO PERPETUAL UK Smaller Cos Core* RS GBP Liontrust Intellectual Capital Trust* SMALLER COMP ASIA PAC EXC JAP RS USD Jardine Fleming Eastern Smaller Companies SMALLER COMPANIES USA RS GBP Schroder US Smaller Companies* EQUITY GLOBAL EMERGING MARKETS RS GBP First State Global Emerging Markets Leaders* RS GBP Baring Global Emerging Markets EQUITY CHINA RS USD Aberdeen International China Opportunities RS USD HSBC Chinese Equity EQUITY ASEAN RS USD INVESCO GT ASEAN EMERGING MARKETS RS USD Baring Eastern Europe EQUITY INDIA RS USD HSBC GIF Indian Equity GOLD & PRECIOUS METALS RS GBP Merrill Lynch Gold & General* TECHNOLOGY GLOBAL RS USD Aberdeen Global Technology RS GBP Henderson Global Technology* RS GBP SocGen Technology* EQUITY KOREA RS GBP Baring Korea BIOTECHNOLOGY RS GBP Framlington Biotech* EQUITY THAILAND RS USD JF Thailand Royal Skandia fund names now indicate the currency the funds are denominated in. For example, Royal Skandia GBP Balanced Portfolio is denominated in Sterling. Royal Skandia s Multi-currency pricing system allows Royal Skandia to take the price of any of our funds and, by applying an exchange rate to it, produce equivalent prices in other currencies. Royal Skandia EIB/CIB products cannot access these prices and instead must invest directly into the base currency fund. Base currency funds marked with a tick () are available to EIB/ERB, CIB/CRB and MAB clients. * Not SFC authorised in Hong Kong, therefore these funds cannot be promoted to Hong Kong investors. Source: Standard & Poor s Fund Services, bid to bid, gross income reinvested. Figures in BOLD source Royal Skandia. Investors are reminded that past performance is no guarantee of future performance and that the price of units may fluctuate and returns are not guaranteed. The underlying fund may be denominated in a different currency. Investments may rise and fall in value purely on account of exchange rate fluctuations. These figures include all external fund management fees and Royal Skandia s Annual Management Charge, but do not include Product Charges. international informer june 00