TRUSTEE INVESTMENT PLAN

TRUSTEE INVESTMENT PLAN FUND LIST JULY 08 This fund list details the funds available to the Trustee Investment Plan. Which funds can I access? The funds you can invest in are determined by the commencement date of your Trustee Investment Plan. Our funds are split into series on this basis. See below for details of which funds are available through your plan and overleaf for the annual Fund Management Charge (FMC) and Fund that are applicable. When did your Trustee Investment plan start? BEFORE 4 OCTOBER 00 You can select from funds. BETWEEN 4 OCTOBER 00 AND 5 APRIL 006 You can select from funds, however where there is a version of the same fund you must use the version. AFTER 5 APRIL 006 You can select from funds. How can I find out more about these funds? To find the latest fund factsheets with details of fund performance and where funds are invested, visit www.phoenixwealth.co.uk (except for the PW BirthStar Target Date funds. Factsheets for these funds can be obtained from www.birthstarfunds.co.uk) About this fund list There are three main fund ranges within our offering, denoted in this fund list by the symbols shown below: MS Managed Solutions: This range comprises the Phoenix Wealth Elite funds and the Architas Multi- Manager funds. TS Tailored Selection: This is an exclusive range of externally managed funds. We offer both active and passive funds within this range. SC Showcase Funds: If you re looking for something a little different for your portfolio, we include a small number of specialist funds to be part of Tailored Selection. These are our Showcase funds, designed to introduce you to some of the industry s best kept secrets. If our main fund ranges are not appropriate for you, we also offer a number of additional funds. These funds are shown without an MS or TS symbol next to them. Some of these funds may once have been part of Tailored Selection. The value of an investment can fall as well as rise and is not guaranteed. You could get back less than you invest. of

Asia Pacific excl. Japan Equities SC TS FC MS PW Aberdeen Asia Pacific Equity.8 -.5 0.0 Developed Market Equities SC TS FC MS PW Aquila Cn Pacific Rim Equity Index 0.40-0.40 Nil Developed Market Equities SC TS FC MS PW BlackRock Asia Special Situations.0 -.0 0.0 Emerging Market Equities SC TS FC MS PW Elite Asia Pacific.5 -.5 Nil Developed Market Equities SC TS FC MS PW Fidelity Asia.5 -.5 0.0 Developed Market Equities SC TS FC MS PW Fidelity Asia Pacific Opportunities.0 -.0 0.5 Developed Market Equities SC TS FC MS PW ishares Pacific ex Japan Equity Index 0.40-0.40 0.05 Developed Market Equities SC TS FC MS PW Newton Asian Income.5 -.5 0.0 Developed Market Equities SC TS FC MS PW Schroder Asian Income.0 -.0 0.0 Developed Market Equities Commodity/Energy SC TS FC MS PW BlackRock Gold & General.0 -.0 0.5 Other SC TS FC MS PW JPM Natural Resources.0 -.0 0.0 Other Deposit & Treasury SC TS FC MS PW AXA IM Cash Sterling Strategic p 0.40-0.40 0.05 Money Market Europe excl. UK Equities SC TS FC MS PW Aquila Cn European Equity Index 0.5-0.40 Nil Developed Market Equities SC TS FC MS PW AXA Framlington European.0 -.0 0.0 Developed Market Equities SC TS FC MS PW Barings Europe Select Trust.5 -.5 0.05 Developed Market Equities SC FC MS PW BlackRock Continental European.0 -.0 0.5 Developed Market Equities SC TS FC MS PW BlackRock Continental European Income.0 -.0 0.5 Developed Market Equities SC TS FC MS PW Elite European Equity.5 -.5 Nil Developed Market Equities SC TS FC MS PW Fidelity European.5 -.5 0.0 Developed Market Equities SC FC MS PW Janus Henderson European Selected Opps.0 -.0 0.0 Developed Market Equities SC TS FC MS PW ishares Continental European Equity Index 0.40-0.40 Nil Developed Market Equities SC TS FC MS PW Jupiter European.5 -.5 0.0 Developed Market Equities SC TS FC MS PW Lazard European Alpha.5 -.0 0.0 Developed Market Equities SC TS FC MS PW Schroder European Alpha Income.0 -.0 0.0 Developed Market Equities SC TS FC MS PW Schroder European Recovery.5 -.5 0.5 Developed Market Equities SC FC MS PW Threadneedle European Select.0 -.0 0.5 Developed Market Equities Flexible Investment SC TS FC MS PW Architas MA Active Dynamic 0.65-0.65 0.95 Other SC TS FC MS PW Architas MA Active Growth 0.65-0.65 0.90 Other SC TS FC MS PW LF Odey Opus #.45 -.45 0.0 Developed Market Equities SC TS FC MS PW Elite Stockmarket Managed.00.5.5 Nil Other SC TS FC MS PW HC Verbatim Portfolio 7.5 -.5 0.70 Other SC TS FC MS PW HSBC World Selection Cautious Portfolio.0 -.0 0.5 Other SC TS FC MS PW Newton Multi-Asset Growth 0.75-0.85 0.05 Other Global Emerging Markets Equities of

SC TS FC MS PW Aberdeen Latin American Equity.5 -.5 0.5 Emerging Market Equities SC TS FC MS PW Aquila Cn Emerg Mkt Equity Index 0.55-0.55 0.05 Emerging Market Equities SC TS FC MS PW AXA Framlington Emerging Markets.0 -.0 0.5 Emerging Market Equities SC TS FC MS PW Elite Global Emerging Markets.5 -.5 Nil Emerging Market Equities SC TS FC MS PW Fidelity Emerging Markets.40 -.40 0.5 Emerging Market Equities SC TS FC MS PW GAM Star China Equity.0 -.0 0.5 Emerging Market Equities SC TS FC MS PW Goldman Sachs BRICs Equity Portfolio.5 -.5 0.5 Emerging Market Equities SC TS FC MS PW Janus Henderson Emerg Mkt Opps.5 -.0 0.5 Emerging Market Equities SC TS FC MS PW ishares Emerging Markets Equity Index 0.50-0.50 0.05 Emerging Market Equities SC TS FC MS PW JPM Emerging Markets Income.5 -.5 0.0 Emerging Market Equities SC TS FC MS PW Jupiter China.5 -.5 0.0 Emerging Market Equities SC TS FC MS PW Jupiter Global Emerging Markets.5 -.5 0.45 Emerging Market Equities SC TS FC MS PW Jupiter India.5 -.5 0.5 Emerging Market Equities SC TS FC MS PW Lazard Emerging Markets.5 -.5 0.05 Emerging Market Equities SC TS FC MS PW M&G Global Emerging Markets.5 -.5 0.5 Emerging Market Equities SC TS FC MS PW Newton Emerging Income.0 -.0 0.0 Emerging Market Equities SC TS FC MS PW Standard Life Inv EM Unconstrained.5 -.5 0.0 Emerging Market Equities Global Equities SC TS FC MS PW Aquila Cn Global Equity 50/50 Index 0.5-0.40 Nil Developed Market Equities SC TS FC MS PW Aquila Cn Global Equity 60/40 Index 0.0 0.5 0.40 Nil Developed Market Equities SC TS FC MS PW Aquila Cn Global Equity 70/0 Index 0.5-0.40 Nil Developed Market Equities SC TS FC MS PW Aquila Cn Overseas Consensus 0.40-0.40 Nil Developed Market Equities SC TS FC MS PW Aquila Cn World Ex UK Index 0.5-0.40 Nil Developed Market Equities SC TS FC MS PW Architas MA Blended Growth 0.60-0.60 0.55 Developed Market Equities SC TS FC MS PW Artemis Global Growth.0 -.0 0.0 Developed Market Equities SC TS FC MS PW AXA Framlington Global Thematics.0 -.0 0.0 Developed Market Equities SC FC MS PW BNY Mellon Long Term Global Equity.0 -.0 0.05 Developed Market Equities SC TS FC MS PW Elite Global Equity.5 -.5 Nil Developed Market Equities SC TS FC MS PW Elite International.5 -.5 Nil Developed Market Equities SC TS FC MS PW Fidelity Global Dividend.0 -.0 0.0 Developed Market Equities SC TS FC MS PW Fidelity Global Special Situations.5 -.5 0.0 Developed Market Equities SC TS FC MS PW HSBC Islamic Global Equity Index.00 -.00 Nil Developed Market Equities SC TS FC MS PW Invesco Perpetual Global Smaller Cos.5 -.5 0.0 Developed Market Equities SC TS FC MS PW Jupiter Ecology.5 -.5 0.05 Developed Market Equities SC TS FC MS PW M&G Global Dividend.5 -.5 0.5 Developed Market Equities SC TS FC MS PW M&G Global Leaders.5 -.5 0.5 Developed Market Equities SC TS FC MS PW M&G Global Themes.5 -.5 0.5 Developed Market Equities SC TS FC MS PW Morgan Stanley Global Brands.5 -.5 0.5 Developed Market Equities SC TS FC MS PW Newton Global Equity 0.60 0.75 0.85 0.05 Developed Market Equities SC TS FC MS PW Newton Global Income.5 -.5 0.05 Developed Market Equities SC TS FC MS PW Pictet Global Megatrend Selection.5 -.5 0.40 Developed Market Equities SC TS FC MS PW Schroder Global Equity Income.0 -.0 0.0 Developed Market Equities of

SC TS FC MS PW Schroder Global Healthcare.5 -.5 0.5 Developed Market Equities SC FC MS PW Schroder ISF Global Recovery.0 -.0 0.5 Developed Market Equities SC TS FC MS PW Threadneedle Global Select.0 -.0 0.5 Developed Market Equities SC TS FC MS PW Vanguard FTSE Dev World Ex-UK Equity Index 0.40-0.40 Nil Developed Market Equities Global Fixed Interest SC TS FC MS PW ishares Overseas Corporate Bond Index 0.40-0.40 Nil Fixed Interest SC TS FC MS PW ishares Overseas Government Bond Index 0.40-0.40 Nil Fixed Interest SC TS FC MS PW Newton International Bond 0.60 0.75 0.85 0.05 Fixed Interest SC TS FC MS PW Old Mutual Global Strategic Bond.5 - - 0.5 Fixed Interest SC TS FC MS PW Standard Life Inv Global Index Linked 0.95-0.95 0.0 Fixed Interest Global High Yield SC TS FC MS PW AXA US Short Duration High Yield Bond.0 -.0 Nil Fixed Interest PW Investec Emerg Mkt Local Currency Debt.0 -.0 0.5 Fixed Interest SC TS FC MS PW Investec Emg Mkts Blended Debt.0 -.0 0.0 Fixed Interest Global Property SC TS FC MS PW ishares Global Property Securities Equity Index 0.50-0.50 Nil Property SC TS FC MS PW Schroder Global Cities Real Estate.0 -.0 0.5 Property Japan Equities SC TS FC MS PW Aquila Cn Japanese Equity Index 0.40-0.40 Nil Developed Market Equities SC TS FC MS PW AXA Framlington Japan.05 -.05 0.0 Developed Market Equities SC TS FC MS PW Baillie Gifford Japanese 0.90 -.00 0.00 Developed Market Equities SC TS FC MS PW Elite Japan.5 -.5 Nil Developed Market Equities SC TS FC MS PW Invesco Perpetual Japan.5 -.5 0.0 Developed Market Equities SC TS FC MS PW ishares Japan Equity Index 0.40-0.40 Nil Developed Market Equities SC TS FC MS PW Jupiter Japan Income.0 -.0 0.5 Developed Market Equities SC TS FC MS PW Man GLG Japan CoreAlpha.0 -.0 0.5 Developed Market Equities SC TS FC MS PW Schroder Tokyo.5 -.5 0.5 Developed Market Equities Mixed Investment 0-5 Shares SC TS FC MS PW 7IM AAP Moderately Cautious 0.95-0.95 0.5 Other SC TS FC MS PW Architas MA Active Moderate Income 0.65-0.65 0.60 Other SC TS FC MS PW Architas MA Blended Reserve 0.60-0.60 0.0 Other SC TS FC MS PW AXA IM Defensive Distribution 0.75-0.75 Nil Other SC TS FC MS PW Elite Defensive Managed 0.75-0.85 Nil Other MS PW Elite Extra Defensive Managed 0.90-0.90 Nil Other SC TS FC MS PW Jupiter Distribution.0 -.0 0.5 Other Mixed Investment 0-60 Shares SC TS FC MS PW 7IM AAP Balanced 0.95-0.95 0.5 Other SC TS FC MS PW Architas MA Active Intermediate Income 0.65-0.65 0.60 Other SC TS FC MS PW Architas MA Blended Moderate 0.60-0.60 0.5 Other SC TS FC MS PW AXA IM Distribution 0.75-0.75 Nil Other SC TS FC MS PW AXA IM Ethical Distribution 0.75-0.75 0.05 Other SC FC MS PW AXA Lifetime Distribution 0.75-0.75 Nil Other SC TS FC MS PW LF Miton Cautious Multi-Asset.0 -.0 0.05 Other 4 of

SC TS FC MS PW Elite Cautious Managed 0.75-0.85 Nil Other SC TS FC MS PW Elite Extra Cautious Managed 0.90-0.90 Nil Other SC TS FC MS PW Fidelity Multi-Asset Strategic.0 -.0 0.60 Other SC TS FC MS PW HC Verbatim Portfolio 4.5 -.5 0.65 Other SC FC MS PW Janus Henderson Cautious Managed.0 -.0 0.0 Other SC TS FC MS PW Invesco Perpetual Distribution.5 -.5 0.5 Other SC TS FC MS PW Investec Cautious Managed 0.95-0.95 0.0 Other SC TS FC MS PW Kames Ethical Cautious Managed.05 -.05 0.05 Other Mixed Investment 40-85 Shares SC TS FC MS PW 7IM AAP Moderately Adventurous 0.95-0.95 0.5 Other SC TS FC MS PW Architas MA Active Progressive 0.65-0.65 0.75 Other SC TS FC MS PW Architas MA Blended Intermediate 0.60-0.60 0.40 Other SC TS FC MS PW Architas MA Blended Progressive 0.60-0.60 0.45 Other SC TS FC MS PW AXA Framlington Managed Balanced.0 -.0 0.05 Other SC TS FC MS PW Baillie Gifford Managed 0.50 0.75 0.85 0.05 Other SC TS FC MS PW Elite Balanced Managed.00 -.0 Nil Other SC TS FC MS PW HC Verbatim Portfolio 5 Growth.5 -.5 0.65 Other SC TS FC MS PW HC Verbatim Portfolio 5 Income.5 -.5 0.50 Other SC TS FC MS PW HC Verbatim Portfolio 6.5 -.5 0.70 Other SC TS FC MS PW HSBC World Selection Balanced Portfolio.0 -.0 0.5 Other SC TS FC MS PW HSBC World Selection Dynamic Portfolio.0 -.0 0.5 Other SC TS FC MS PW Premier Multi-Asset Growth & Income.5 -.5 0.95 Other Money Market SC TS FC MS PW Blackrock Inst Sterling Liquidity p 0.40-0.40 Nil Money Market SC TS FC MS PW JPM Sterling Liquidity p 0.40-0.40 0.05 Money Market SC TS FC MS PW Money Market p 0.0 0.40 0.40 Nil Money Market North America Equities SC TS FC MS PW AllianceBernstein Concentrated US Equity.5 -.5 0.05 Other SC TS FC MS PW Aquila Cn US Equity Index 0.5-0.40 Nil Developed Market Equities SC TS FC MS PW AXA Framlington American Growth.0 -.0 0.05 Developed Market Equities SC TS FC MS PW Elite North American Equity.5 -.5 Nil Developed Market Equities SC TS FC MS PW Fidelity American.5 -.5 0.0 Developed Market Equities SC TS FC MS PW ishares North American Equity Index 0.40-0.40 Nil Developed Market Equities SC TS FC MS PW JPM US.0 -.0 0.5 Developed Market Equities SC TS FC MS PW JPM US Equity Income.0 -.0 0.0 Developed Market Equities SC TS FC MS PW JPM US Select.0 -.0 0.5 Developed Market Equities SC TS FC MS PW M&G North American Dividend.5 -.5 0.5 Developed Market Equities SC TS FC MS PW Schroder US Mid Cap.0 -.0 0.5 Developed Market Equities SC TS FC MS PW Threadneedle American Select.0 -.0 0.0 Developed Market Equities SC TS FC MS PW Threadneedle Pensions North Amer Eq 0.6-0.7 0.05 Developed Market Equities Protected/Guaranteed Funds 5 of

SC TS FC MS PW Architas MM Diversified Protector 70.0 -.0 0.70 Other SC TS FC MS PW Architas MM Diversified Protector 80.0 -.0 0.50 Other SC TS FC MS PW Architas MM Diversified Protector 85.05 -.05 0.65 Other Specialist SC TS FC MS PW Aberdeen Target Return Bonds 0.95-0.95 0.5 Other SC TS FC MS PW Aquila Cn Consensus Managed 0.5 0.0 0.0 Nil Other SC TS FC MS PW Architas Diversified Global Income 0.70-0.70 0.80 Other SC TS FC MS PW Architas Diversified Real Assets 0.65-0.65 0.55 Other SC TS FC MS PW Architas MA Active Reserve 0.45-0.45 0.0 Other SC TS FC MS PW Architas MA Passive Dynamic 0.55-0.55 0.0 Other SC TS FC MS PW Architas MA Passive Growth 0.55-0.55 0.5 Other SC TS FC MS PW Architas MA Passive Intermediate 0.55-0.55 0.0 Other SC TS FC MS PW Architas MA Passive Moderate 0.55-0.55 0.0 Other SC TS FC MS PW Architas MA Passive Progressive 0.55-0.55 0.0 Other SC TS FC MS PW Architas MA Passive Prudent 0.55-0.55 0.0 Other SC TS FC MS PW Architas MA Passive Reserve 0.55-0.55 0.0 Other SC TS FC MS PW Architas MM Monthly High Income 0.60-0.60 0.5 Other SC TS FC MS PW AXA Framlington Biotech.0 -.0 0.05 Developed Market Equities SC TS FC MS PW AXA Framlington Financial.0 -.0 0.0 Other SC TS FC MS PW AXA Framlington Global Technology.5 -.5 0.0 Developed Market Equities SC TS FC MS PW AXA Framlington Health.5 -.5 0.05 Developed Market Equities SC TS FC MS PW AXA IM Global Distribution 0.75-0.75 0.05 Other SC TS FC MS PW BirthStar TD 0-5 0.80-0.80 Nil Other SC TS FC MS PW BirthStar TD 06-0 0.80-0.80 Nil Other SC TS FC MS PW BirthStar TD 0-5 0.80-0.80 Nil Other SC TS FC MS PW BirthStar TD 06-0 0.80-0.80 Nil Other SC TS FC MS PW BirthStar TD 0-5 0.80-0.80 Nil Other SC TS FC MS PW Birthstar TD 06-40 0.80-0.80 Nil Other SC TS FC MS PW BirthStar TD 04-45 0.80-0.80 Nil Other SC TS FC MS PW Birthstar TD 046-50 0.80-0.80 Nil Other SC TS FC MS PW BirthStar TD 05-55 0.80-0.80 Nil Other SC TS FC MS PW BirthStar TD 06-65 0.80-0.80 Nil Other SC TS FC MS PW BirthStar TD 07-75 0.80-0.80 Nil Other SC TS FC MS PW BirthStar TD 08-85 0.80-0.80 Nil Other SC TS FC MS PW BlackRock UK Absolute Alpha.0 -.0 0.0 Other SC TS FC MS PW Elite Diversified Market 0.45-0.45 Nil Other SC TS FC MS PW Elite Diversified Market 0.45-0.45 Nil Other SC TS FC MS PW Elite Diversified Market 4 0.45-0.45 Nil Other SC TS FC MS PW Elite Diversified Market 5 0.45-0.45 Nil Other SC TS FC MS PW Elite Diversified Market 6 0.45-0.45 Nil Other SC TS FC MS PW First State Global Listed Infrastructure.0 -.0 0.05 Other 6 of

SC TS FC MS PW HC Verbatim Portfolio.5 -.5 0.55 Other SC TS FC MS PW Jupiter Financial Opportunities.5 -.5 0.5 Other SC TS FC MS PW Jupiter Global Convertibles.5 -.5 0.0 Other SC FC MS PW Newton Real Return.0 -.0 0.05 Other PW Premier Multi-Asset Absolute Return.5 -.5 0.55 Other SC TS FC MS PW RWC Global Convertibles.5 -.5 0.5 Other SC FC MS PW Schroder European Equity Absolute Return.0 -.0 0.5 Other SC FC MS PW Standard Life Inv GARS.5 -.5 0.0 Other SC TS FC MS PW Standard Life Inv Global Inflation Linked Bond 0.95-0.95 0.0 Fixed Interest SC FC MS PW Stewart Investors Asia Pacific Leaders.5 -.0 0.05 Developed Market Equities SC TS FC MS PW Threadneedle Absolute Return Bond 0.95-0.95 0.05 Other Sterling Corporate Bond SC TS FC MS PW AXA Sterling Corporate Bond 0.95-0.95 0.05 Fixed Interest SC TS FC MS PW AXA Sterling Credit Short Duration Bond 0.80-0.80 Nil Fixed Interest SC TS FC MS PW Fidelity MoneyBuilder Income 0.90-0.90 0.0 Fixed Interest SC TS FC MS PW Invesco Perpetual Corporate Bond.00 -.05 0.5 Fixed Interest SC TS FC MS PW ishares Corporate Bond Index 0.40-0.40 Nil Fixed Interest SC TS FC MS PW Kames Ethical Corporate Bond 0.95-0.95 0.05 Fixed Interest SC TS FC MS PW Kames Investment Grade Bond.05 -.05 0.05 Fixed Interest SC TS FC MS PW Kames Sterling Corporate Bond.00 -.00 0.05 Fixed Interest SC FC MS PW M&G Corporate Bond 0.90 0.95.05 0.5 Fixed Interest SC TS FC MS PW Old Mutual Corporate Bond.05 -.05 0.5 Fixed Interest Sterling Fixed Interest SC TS FC MS PW AXA Sterling Strategic Bond 0.95-0.95 Nil Fixed Interest SC TS FC MS PW Elite Bond.00 -.00 Nil Fixed Interest SC TS FC MS PW Fixed Interest 0.0 0.40 0.50 0.05 Fixed Interest SC TS FC MS PW Vanguard UK Short-Term Inv Grade Bond 0.40-0.40 Nil Fixed Interest Sterling High Yield SC TS FC MS PW AXA IM Global High Income 0.95-0.95 0.05 Fixed Interest SC TS FC MS PW AXA Pan European High Yield Bond 0.95-0.95 0.5 Fixed Interest Sterling Long Bond SC TS FC MS PW Aquila Cn Over 5 Year Corporate Bond 0.40-0.40 Nil Fixed Interest SC TS FC MS PW Aquila Cn Over 5 Year Gilt 0.5-0.40 Nil Fixed Interest Sterling Strategic Bond SC TS FC MS PW Architas Multi-Manager Strategic Bond 0.60-0.60 0.5 Fixed Interest SC TS FC MS PW Artemis Strategic Bond 0.95-0.95 0.0 Fixed Interest SC TS FC MS PW AXA Framlington Managed Income 0.95-0.95 0.0 Fixed Interest SC FC MS PW BlackRock Fixed Income Global Opps 0.95-0.95 0.0 Fixed Interest SC TS FC MS PW Janus Henderson Preference & Bond.00 -.05 0.0 Fixed Interest SC TS FC MS PW Invesco Perpetual Monthly Income Plus.5 -.5 0.0 Fixed Interest SC TS FC MS PW Kames Strategic Bond.05 -.05 0.05 Fixed Interest SC TS FC MS PW M&G Optimal Income.0 -.0 0.5 Fixed Interest 7 of

SC TS FC MS PW M&G UK Inflation Linked Corporate Bond.05 -.05 0.5 Fixed Interest UK All Companies SC TS FC MS PW Architas Multi-Manager UK Equity 0.60-0.60 0.60 UK Equities SC TS FC MS PW Artemis UK Special Situations.0 -.0 0.05 UK Equities SC TS FC MS PW AXA Framlington UK Growth 0.75-0.75 0.0 UK Equities SC TS FC MS PW AXA Framlington UK Mid Cap.0 -.0 0.0 UK Equities SC TS FC MS PW AXA Framlington UK Select Opportunities.5 -.0 0.0 UK Equities SC TS FC MS PW BlackRock UK Special Situations.0 -.0 0.5 UK Equities SC TS FC MS PW Elite UK Equity.5 -.5 Nil UK Equities SC TS FC MS PW Fidelity Special Situations.5 -.40 0.0 UK Equities SC FC MS PW Franklin UK Mid Cap.0 -.0 0.05 UK Equities SC TS FC MS PW Invesco Perpetual High Income.5 -.0 0.5 UK Equities SC TS FC MS PW Invesco Perpetual Income.0 -.0 0.5 UK Equities SC TS FC MS PW Investec UK Special Situations.0 -.0 0.0 UK Equities SC TS FC MS PW ishares UK Equity Index 0.0 0.5 0.40 Nil UK Equities SC TS FC MS PW Jupiter UK Growth.0 -.0 0.5 UK Equities SC TS FC MS PW Kames Ethical Equity.0 -.0 0.05 UK Equities SC TS FC MS PW Liontrust UK Growth.5 -.0 0.5 UK Equities SC TS FC MS PW M&G Recovery.0 -.0 0.5 UK Equities SC TS FC MS PW Newton UK Equity 0.75-0.85 0.05 UK Equities SC TS FC MS PW Old Mutual UK Alpha.0 -.0 0.0 UK Equities SC TS FC MS PW Old Mutual UK Mid Cap.0 -.0 0.0 UK Equities SC TS FC MS PW Rathbone Income.0 -.0 0.05 UK All Companies SC TS FC MS PW Schroder UK Alpha Plus.5 -.0 0.5 UK Equities SC TS FC MS PW Schroder UK Mid 50.5 -.0 0.5 UK Equities SC MS PW Threadneedle UK.0 -.0 0.05 UK Equities UK Direct Property SC TS FC MS PW Aviva Investors Property ~.0 -.5 0.0 Property SC TS FC MS PW Janus Henderson UK Property ~.0 -.0 0.5 Property SC TS FC MS PW L&G UK Property ~.5 -.5 0.05 Property SC TS FC MS PW M&G Property Portfolio ~.0 -.0 0.60 Property SC TS MS PW Threadneedle UK Property ~.5 -.5 0.5 Property UK Equity Income SC TS FC MS PW Artemis Income.0 -.0 0.05 UK Equities FC MS PW AXA Framlington Blue Chip Equity Income.05 -.05 0.0 UK Equities SC TS FC MS PW AXA Framlington Monthly Income.0 -.0 0.0 UK Equities SC FC MS PW LF Woodford Equity Income.0 -.0 Nil UK Equities SC TS FC MS PW Fidelity Enhanced Income.5 -.5 0.0 UK Equities SC TS FC MS PW Jupiter Income.5 -.5 0.0 UK Equities SC TS FC MS PW MI Chelverton UK Equity Income.0 -.0 0.5 UK Equities SC TS FC MS PW Schroder Income Maximiser.0 -.0 0.5 UK Equities SC TS FC MS PW Schroder UK Alpha Income.0 -.0 0.5 UK Equities 8 of

SC TS FC MS PW Standard Life Inv UK Equity High Income.0 -.0 0.0 UK Equities SC FC MS PW Threadneedle UK Equity Income.0 -.0 0.0 UK Equities SC TS FC MS PW Vanguard FTSE UK Equity Income Index 0.40-0.40 Nil UK Equities UK Gilt SC TS FC MS PW Allianz Gilt Yield 0.75-0.80 0.05 Fixed Interest SC TS FC MS PW ishares UK Gilts All Stocks Index 0.40-0.40 Nil Fixed Interest SC TS FC MS PW M&G Gilt & Fixed Interest Income 0.95-0.95 0.5 Fixed Interest UK Index Linked Gilts SC TS FC MS PW Aquila Cn Over 5 Year Index Linked Gilt 0.5-0.40 Nil Fixed Interest SC TS FC MS PW AXA Sterling Index Linked Bond 0.0 0.40 0.50 0.00 Fixed Interest SC TS FC MS PW ishares Index Linked Gilt Index 0.40-0.40 Nil Fixed Interest UK Smaller Companies SC TS FC MS PW Artemis UK Smaller Companies.0.5.5 0.0 UK Equities SC TS FC MS PW AXA Framlington UK Smaller Companies.5 -.5 0.0 UK Equities SC TS FC MS PW BlackRock UK Smaller Companies.5 -.5 0.5 UK Equities SC TS FC MS PW Franklin UK Smaller Companies.5 -.5 0.0 UK Equities 9 of

Important Notes The value of an investment can fall as well as rise and is not guaranteed. You could get back less than you invest. Many funds invest in shares or other assets which are designated in a different currency to the fund. Some underlying funds can also be denominated in a different currency. Where there are currency differences, prices may fall and rise purely as a result of exchange rate fluctuations. You have the flexibility to switch between Phoenix Wealth funds at any time currently free of charge, though Phoenix Wealth reserves the right to impose a charge in future. We also reserve the right to refuse any switch request and/or limit the number of switches. Please note that there may be an indefinite delay for disinvestments from funds where Phoenix Wealth is unable to realise the assets immediately. For further details, please see your Terms & Conditions or Policy Provisions. Please refer to the Key Features Document for more information about the Investment Bond, such as the aims and risks, minimum investment levels and the tax treatment. You should be able to hold an investment for the medium term (at least 5 years) to the long term (over 0 years). Key to symbols v This fund may have a performance fee charged by the underlying fund manager. For more information please see our Performance Fees leaflet, available on request. Please note emerging markets tend to be more volatile than established stockmarkets, which can result in large fluctuations in the price of the units in these funds. u From time to time valuations of property within this fund are carried out by independent chartered surveyors. The value of the property in the fund is a matter of the valuer s opinion rather than fact. ~ The unit price is based on whether we are experiencing an overall investment into the fund (by all our investors combined) or an overall disinvestment from the fund. When there is a change from investment into the fund to disinvestment from the fund there may be a significant reduction in the unit price from the previous day s price (and a significant increase in the unit price when the change is the other way). This is due to the high dealing costs involved in buying and selling property. All transactions in the fund on a particular day are effected at the same unit price, irrespective of whether you are buying or selling units. s While investments in these funds are lower risk relative to other investment categories, they do not guarantee total security of capital because certain scenarios can arise resulting in a reduction in the value of your investment. These scenarios include: i ii iii Charges If interest rates rise, the current market value of certain types of instruments held in the fund will drop. A counterparty defaults leading to only a proportion of the value of an investment being recovered. In very low interest rate environments, interest rates earned can be lower than the charges applied to your investment. The Fund are determined by the external fund managers and vary frequently. They are in addition to the Fund Management Charge, are deducted from the underlying fund on a daily basis and are reflected in the unit price. If the fund manager changes their Fund, the Fund included in the unit price will be updated more frequently than our literature is reprinted and they may be different to those which appear on your illustration. Phoenix Wealth reviews and updates Fund annually (or more frequently if notified by the fund manager). Please note all Fund shown in this fund list are rounded to the nearest 0.05 and are correct as at 0 June 08. In addition to the fund charges shown in this document, product charges and advice charges may also be applicable. Please see the Charges leaflet (available on request) for details of product charges. Your financial adviser will be able to tell you about any advice charges. We may increase the Fund Management Charge if there is an unexpected increase in the costs we incur in providing the Policy or the management of the fund and our Actuary considers such an increase to be reasonable. Any increase necessary will be fair, reasonable and in proportion to the increase in costs we incur. w Please note that these funds do not aim to protect all of the investment nor do they guarantee any of the investment. This means that you could get back less than invested. There are circumstances where the protection could fail. # Investors should expect this fund to experience periods of significantly greater volatility (tendency of a fund s price to vary) than other funds in its sector. 0 of

The circumstances that could lead to such an increase in our costs are changes in tax rules, legislation or regulatory requirements or other legitimate cost increases associated with the provision of the Policy such as unexpected increases in staff or overhead costs, or in the underlying fund manager s charges. If we increase the Fund Management Charge on a fund in which you have units we will give you the following notice: i Where the increase is being made by us due to a change in the underlying fund manager s charges, we shall endeavour to give you no less than 0 days notice. If we are unable to give you 0 days notice, we will give you as much notice as is reasonably practicable. ii In all other circumstances we will give you no less than 0 days notice of the increase. Where a Phoenix Wealth fund invests in units in another Phoenix Wealth fund, we will ensure that there is no duplication of the Fund Management Charge. Multi-Manager Fund Charges Phoenix Wealth Architas Funds The Fund for all Phoenix Wealth Architas Funds include the Fund and FMC for all the underlying funds within the Architas fund. Phoenix Wealth Elite Funds The Fund for an Elite fund will always be nil as they are included in the annual FMC. The asset classes outlined in this fund list relate to different types of investment held. Each asset class has different characteristics based on its level of risk. There are different types of risk that can have an effect on the performance of your investment over time. These asset classes are provided by evalue. For more details speak to your financial adviser. Name Money Market Property Fixed Interest UK Equity Developed Market Equities Description Deposit based investments that pay interest held with institutions such as banks and building societies. Commercial property such as offices, warehouses and shops. Investments that pay a fixed income such as bonds offered by governments or corporations. Shares in companies listed on the UK Stock Exchange. Shares in companies listed on stock exchanges outside the UK. The countries involved will have high standards of control and regulation, such as the US, Europe and Australia. The FMC also includes the annual FMC for all the underlying funds within the Elite fund. Unit Prices Our unit price is determined by the price at which the underlying assets/fund can be bought or sold. An underlying fund price reflects whether the underlying fund is buying or selling assets. Underlying assets typically have a higher price when being bought rather than sold. Consequently, our unit price may fall or rise purely as a result of sales or purchases of assets of the fund or an underlying fund. The valuation date for the unit price used for the purchase and sale of units depends on the dealing cycle for each fund. Dealing cycles for each fund may be subject to change. For details of current dealing cycles please see our Individual Pension Funds Fund Dealing Guide, available on request. Emerging Market Equities Other Shares in companies listed on stock exchanges outside the UK. The countries involved will generally be fast growing and may have a less mature market structure for the trading of stocks and shares. Multi asset funds or funds that are not within the categories above. of

FURTHER INFORMATION Be part of the Phoenix Wealth story Financial Adviser For more information on your Phoenix Wealth product and the options available to you, please speak to your financial adviser. Please note that financial advisers use a variety of different ways to charge you for their services and you will be liable for any charges incurred. Please ask your financial adviser for full details of these charges. If you do not have a financial adviser and would like to speak to one in your area, you can visit phoenixwealth.co.uk or unbiased.co.uk CONTACT US If you would like more information about your Phoenix Wealth product, please: Call us on 045 9 999 Available 8.0am 5.0pm, Monday to Friday. As part of our commitment to quality service and security, telephone calls may be recorded. Email us at customerservices@phoenixwealth.co.uk Please be aware that emails are not secure as they can be intercepted, so think carefully before sharing personal or confidential information in this way. Write to us at Phoenix Wealth, Unit Linked Life & Pensions, PO Box 9, Peterborough, PE TP. Visit us here phoenixwealth.co.uk Please visit our website to view our fund factsheets. Phoenix Life Limited, trading as Phoenix Wealth, is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Phoenix Life Limited is registered in England No. 0669 and has its registered office at: Wythall Green Way, Wythall, Birmingham, B47 6WG. PH_INV0008 July 08