PRIVATE & CONFIDENTIAL [Addressee name] [Address line 1] [Address line 2] [Address line 3] [Address line 4] [City] [County] [Postcode] [Country]

Old Mutual House Portland Terrace Southampton SO14 7EJ United Kingdom T 0808 171 2583 www.oldmutualwealth.co.uk

Date: 11/09/2020

Dear Mr S Ample & Mrs S Ample Account number: XXXXXXXX

WE’RE UPGRADING THE TECHNOLOGY THAT POWERS YOUR INVESTMENTS

WHY ARE WE UPGRADING OUR TECHNOLOGY? Like most financial services companies, our business runs on online technology – it’s what enables us to buy and sell investments on your behalf, administer your account(s), and help your adviser to manage your investments.

More and more of our customers have told us they would like to have a wider choice and to be able to stay closer to their investments. Because of this, we’re going to upgrade our technology.

HOW DOES THE UPGRADE BENEFIT YOU? Three of your many new benefits are: Better online access, with a clearer view of your investments.

New investment options and products, plus additional ways for your adviser to manage and monitor yourinvestments.

The upgrade comes at no additional cost to you.

WHAT DO YOU NEED TO DO TO RECEIVE THE UPGRADE? You don’t need to do anything as we are handling this process for you. We are aiming to upgrade you over the period of 22–25 October, however, if COVID-19 affects our upgrade preparations, we will move this date to the end of November. We will only write to you again if the October date changes. Please see ‘What happens next’ and ‘Your October upgrade timeline’ below.

Legal Information at the end of the letter.

More information is on our Customer Support Hub: oldmutualwealth.co.uk/support

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WHAT DO YOU NEED TO KNOW ABOUT? • Because of some changes to the way we do things, we have updated your Terms and Conditions.

You don’t need to sign any additional paperwork and there is nothing else you need to do. Once the upgrade has taken place, your new Terms and Conditions will take effect. You can view and download a copy on our website at oldmutualwealth.co.uk/support, or you can contact us for a printed copy.

• If you would like more information or would like to review your investment options, please speak to your financial adviser. The options available to you will depend on the product(s) you hold, so please check your current Terms and Conditions for details of what you can do.

• To ensure customers’ investments are safely moved over to the new technology, we’ll be putting a temporary stop to online and telephone requests to switch funds or to top up an investment, make a withdrawal, or open a new investment, until the new system opens. We would encourage you to submit instructions before or after this period as this will ensure they are processed in the most timely manner. If you do need to send us an instruction during this time, you can still do so by post, as well as by email for fund switches, and we will process it as soon as the new system opens. Withdrawal and fund switch instructions will be reviewed to ensure you are not disadvantaged by any delay as a result of the restrictions. Please see ‘Your October upgrade timeline’ at the end of this letter or search ‘Online and telephone restrictions’ on our Customer Support Hub for more information.

• How distributions and rebates are reinvested back into your assets is changing and you may notice that some remain as cash within your account. Please search ‘rebates’ on our Customer Support Hub for more information.

[CONDITIONAL: clients WITH one of the conditionals in the ‘YOUR CHANGES’ section:

• At the end of this letter we’ve detailed some of the key changes that are relevant to your current investments, so it’s important you take a quick look at this. We have also enclosed a brochure describing some of the other changes to our services. We encourage you to read this so you can better understand how the changes affect you, including:]

[CONDITIONAL: clients WITHOUT one of the conditionals in the ‘YOUR CHANGES’ section:

• We have enclosed a brochure describing some of the key changes to our services. We encourage you to read this summary so you can better understand how the changes affect you, including:]

Change Brochure page

Search term on our Customer Support Hub

The timing of your quarterly statements will change and we may need to send you an interim statement after the upgrade. 13 ‘Statements’

After the upgrade, we will give you a new Customer Reference (sometimes also referred to as your ‘head account’) and new account number(s).

13 ‘Account numbers’

The way we apply your fees and charges will be different, however the rates we charge for managing your investments will not change. If we need to sell units to cover fees and charges we will sell enough to raise a cash balance to cover approximately 6 months’ worth.

11 and 12

‘Fees and charges’

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WHAT HAPPENS NEXT?

Please take time to read your new Terms and Conditions and the enclosed brochure.

WHERE CAN YOU GO TO FIND OUT MORE ABOUT THE UPGRADE? Please visit oldmutualwealth.co.uk/support for:

• Your new Terms and Conditions • Product and service enhancements • Upgrade roadmap • Questions and answers You can also speak to your financial adviser, who is aware of this change. Alternatively, you can call us on 0808 171 2583, Monday to Friday between 8am and 6pm but please remember we cannot provide investment advice.

On behalf of the upgrade team, I would like to thank you for your continued custom, and trust that you will find the changes to your service beneficial.

Yours sincerely

Steven Levin CEO, Old Mutual Wealth

Did you know?

All our correspondence is available in a number of alternative formats, to best suit you. These include: • Braille or Moon (a recognised system of raised shapes, similar to the print alphabet) • Audio documents - CD, MP3, cassette or WAV, which is an uncompressed audio file for your PC • Translation services – these are available in any language • Clear and large print or coloured text and/or paper (in any colour) • Print in font type ‘OpenDyslexic’ – this is a recommended typeface to help readers with dyslexia

If you are interested in any of these methods, please let us know and we can arrange to send your future correspondence in the format of your choice.

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YOUR OCTOBER UPGRADE TIMELINE

Forms for the above transactions will be available from 12 October on our Customer Support Hub at www.oldmutualwealth.co.uk/support.

If COVID-19 affects our upgrade preparations, we will move your upgrade to the end of November and we will write to you again to confirm your November upgrade timeline.

www.oldmutualwealth.co.uk

Please be aware that calls and electronic communications may be recorded for monitoring, regulatory and training purposes and records are available for at least five years. Old Mutual Wealth is the trading name of Old Mutual Wealth Limited which provides an Individual Savings Account (ISA), Junior ISA (JISA) and Collective Investment Account (CIA) and Old Mutual Wealth Life & Pensions Limited which provides a Collective Retirement Account (CRA) and Collective Investment Bond (CIB). Old Mutual Wealth Limited and Old Mutual Wealth Life & Pensions Limited are registered in England and Wales under numbers 1680071 and 4163431 respectively. Registered Office at Old Mutual House, Portland Terrace, Southampton SO14 7EJ, United Kingdom. Old Mutual Wealth Limited is authorised and regulated by the Financial Conduct Authority. Old Mutual Wealth Life & Pensions Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Their Financial Services register numbers are 165359 and 207977 respectively. VAT number 386 1301 59. 220-0302

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YOUR CHANGES

We’ve highlighted below some of the key changes you’ll see after we upgrade our technology. For more information, please visit our dedicated Customer Support Hub: oldmutualwealth.co.uk/support

<CONDITIONAL FOR CLIENTS WITH A DD SET UP> YOUR DIRECT DEBIT WILL CONTINUE AND YOU DON’T NEED TO DO ANYTHING, BUT THERE WILL BE A SLIGHT CHANGE TO THE REFERENCE NUMBER

Why are we telling you this? You currently make a payment to us using Direct Debit (this could be a regular amount you pay into your investment).

What do you need to know? You may notice a new reference number after our name on your bank statement; this will be your new Customer Reference with us. There is no need for you to complete a new Direct Debit instruction as we will contact your bank/ building society to let them know about the changes. Everything will be updated automatically and you will continue to enjoy benefits of the Direct Debit Guarantee.

<CONDITIONAL FOR NATURAL INCOME CIA/ISA CLIENTS> WE'LL PAY YOUR INCOME AS SOON AS WE RECEIVE IT, SO YOU MAY RECEIVE SMALLER, MORE FREQUENT PAYMENTS Why are we telling you this? Because you’re receiving payments from us into your bank account, based on the interest and dividends paid by some of the funds you’re invested in (sometimes called ‘natural income’ or the ‘income option’).

What do you need to know? In future, we’ll pay you any natural income after we receive it from the fund manager (usually within a week), rather than accumulating it and paying it to you as a lump sum at the frequency you’ve chosen. This means you are likely to receive more frequent income payments and you’ll get your money sooner.

What will you see that’s different? • You’re likely to see a greater number of smaller payments coming into your bank account, rather than

receiving fewer larger amounts. • In addition, you might receive a one-off lump sum when we move you to the new system, which is a

payment of all the outstanding income we’ve received for you up to that point since your last payment.

<CONDITIONAL FOR ALL CRA CLIENTS> TO GIVE YOU GREATER CONTROL, YOU MAY SEE MORE THAN ONE ACCOUNT THAT MAKES UP YOUR PENSION Why are we telling you this? Because you have a Collective Retirement Account (CRA), which may be separated into two or more separate sub-accounts after the upgrade, or at some point in the future.

What do you need to know? Before you begin taking money from your pension, it is known as ‘uncrystallised’ money. When you set aside money from your pension to provide you with an income, that set-aside portion of money is known as ‘crystallised’ money. For tax reasons, uncrystallised and crystallised savings are treated as separate ‘pots’. At the moment both of these ‘pots’ are managed together as one so, for example, both your uncrystallised and crystallised money must have the same fund choice.

In future, to allow you and your adviser to manage the funds in these pots separately, they’ll be set up as separate sub-accounts, under your main Customer Reference. In some instances, such as where you have transferred retirement savings to us from another provider, you may be given more than one crystallised sub-account, meaning you could have three or more sub-accounts within your pension.

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What will you see that’s different? If your CRA holds both uncrystallised and crystallised money, when you log in to our online Customer Centre, or you look at your statement, you’ll see your CRA as two or more separate sub-accounts: i.e. housing your separated uncrystallised and crystallised money. You’ll be able to see the value and fund selection for each account separately. In some scenarios, for example, if you have fully crystallised your entire pension, or you are using our tax-efficient regular income facility, then one of these accounts may show a zero value; this is because your retirement savings are safely held in your other accounts. • You’ll see any new pension contributions going into your uncrystallised sub-account. • You’ll see any income you take coming out of your crystallised sub-account(s). If you have more than one

crystallised sub-account, you may have the option to merge some or all of these together in future. • If you currently have uncrystallised money or you are taking money from your account via flexi-access

drawdown, we send you an annual statement or flexi-access drawdown statement. Where relevant you will continue to receive these documents annually, but the timing will now be based on the anniversary of the first account you opened with us. This may mean that you receive an interim statement around the time of the upgrade depending on when your new anniversary date falls.

<CONDITIONAL FOR ALL CLIENTS WHO HAVE REBALANCING> YOUR INVESTMENTS WILL ALWAYS BE REBALANCED AT YOUR CHOSEN FREQUENCY Why are you telling me this? Because you have instructed us to automatically rebalance the funds you hold back to the specific percentage weightings you previously chose to invest in.

What do I need to know? • We will continue to rebalance your chosen funds as instructed but we will group your funds into a

portfolio to do so. • We will always rebalance this portfolio even if the funds’ proportions have only changed slightly,

whereas we only used to rebalance if one of your fund’s proportions had changed by 2% or more.

What will I see that’s different? When you log in to view your investment online, you’ll see the name of the portfolio we’ve set up for your rebalancing. You just need to click into it to see your individual funds. You’ll see this portfolio name on your quarterly statements too. Only advisers will be able to set up new rebalancing instructions in future.

<CONDITIONAL FOR ALL DD PAYERS WHO PAY THEIR ADVISER AN INITIAL FEE>

YOUR REGULAR PAYMENTS WILL BE FULLY INVESTED AND YOUR FINANCIAL ADVISER'S FEES WILL BE DEDUCTED SEPARATELY Why are you telling me this? Because you’re paying your financial adviser a fee out of your regular payment into your investment.

What do I need to know? • In future, rather than deducting your financial adviser’s fees from your regular payment, we’ll take it

from your total investment later on, using any cash in your investment first, then selling units in your funds if there is not enough cash. After the technology upgrade your financial adviser’s fees from your regular payment will be given an end date and will last for a maximum of two years.

What will I see that’s different? You’ll see the full amount you pay to us being invested into your account, so when you look at your quarterly statement, the amount invested will be higher than before. Your financial adviser will still be paid the same amount – just in a different way – and you will see an additional transaction when we pay them their fee.

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<CONDITIONAL FOR ALL DD PAYERS WHO PAY THEIR ADVISER A PERCENTAGE INITIAL FEE> YOUR FINANCIAL ADVISER’S FEES WILL BE A CLEAR, FIXED AMOUNT OF YOUR REGULAR INVESTMENT

Why are you telling me this? Because you pay your financial adviser a fee based on a percentage of your regular investment amount.

What do I need to know? • In future, the only option will be to pay your financial adviser a fixed amount. • We’ll set up their fee as a fixed amount based on the most recent amount that has been paid to them

from your account. • If you want us to change the amount of your adviser’s fee at any time, you or your adviser will need to

let us know.

What will I see that’s different? If your regular investment increases or decreases, then the fee to your adviser will stop.

<CONDITIONAL FOR CRA CLIENTS WITH PHASED INVESTMENT> YOUR PHASED INVESTMENT INSTRUCTION WILL BE FUNDED FROM CASH WITHIN YOUR PENSION AND YOU MAY RECEIVE SOME CORRESPONDENCE ABOUT THIS Why are we telling you this? Because you have a ‘phased investment’ instruction in place on your Collective Retirement Account. This means that when you add money to your pension, we hold the money in cash and then invest it gradually (sometimes referred to as ‘drip-feeding’) into your chosen funds.

What do you need to know? Your phasing instruction will remain in place and will continue unaffected. There is nothing you need to do, other than be aware of the two points below.

What does this mean for you? • We are making some changes to the way we fulfil your phasing instruction. Your money will be held in

cash within your pension, rather than the BlackRock Cash fund, before we invest it. This is because as part of the technology upgrade, you’ll automatically benefit from being able to hold cash in your pension.

• You may receive several pieces of automatically generated correspondence from us (either confirmation letters or contract notes) mentioning the BlackRock Cash fund, whilst we make the changes. Please be assured that you do not need to take any action and there are no additional costs or charges; we will ensure that your phasing instruction remains in place and continues unaffected.

<CONDITIONAL FOR WEALTHSELECT CLIENTS NOT INVESTED IN THE MANAGED PORTFOLIO SERVICE> YOU CAN CONTINUE TO HOLD YOUR WEALTHSELECT FUNDS BUT THEY WILL BE CLOSED TO NEW INVESTMENT AFTER THE TECHNOLOGY UPGRADE Why are we telling you this? Because you are currently invested in our WealthSelect funds directly and not through our Managed Portfolio Service.

What do you need to know? In future, it will only be possible to make new investments into the WealthSelect fund range through our Managed Portfolio Service. You can continue to hold your existing investments and there is nothing you need to do, other than be aware of the points below.

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What does this mean for you? • You can continue to hold your WealthSelect funds in your account and will be able to sell units in the

funds or make withdrawals as required. • If you currently pay a regular amount into the funds via Direct Debit, this can continue as normal. • You will not be able to invest any additional lump sums into the WealthSelect funds or increase your

payments into them. This means you will need to make a new fund choice from our extensive SelfSelect fund range for any additional investments that you make.

• If you wish, you can instruct us to switch your investments into other funds either now or in the future. If you wish to switch funds now, before the upgrade, you will need to switch your entire holding out of the WealthSelect funds, into alternative funds in our SelfSelect range. However, once your accounts have been moved to the upgraded technology, you can hold funds from both ranges at the same time.

• If you wish to invest in WealthSelect funds in the future by taking advantage of our Managed Portfolio Service, please speak to your financial adviser.

<CONDITIONAL FOR CLIENTS WITH A CIB > INTRODUCING CASH FOR CERTAIN TRANSACTIONS IN THE COLLECTIVE INVESTMENT BOND What do you need to know? We are introducing cash within your bond for certain transactions (known as transactional cash). This can hold small amounts of money to facilitate the payment of fees and charges, reducing the need to sell assets each time.

What does this mean for you? • Where today we use the default cash fund (currently the Blackrock Cash fund) for a number of

transactions, some of these will now use this transactional cash. For example: - If you receive rebates from fund managers that are less than our reinvestment minimum of

£1, these will be held in transactional cash. - When funds in your bond generate income (also known as distributions) you will have the

option to hold these in transactional cash, or to reinvest them back into your funds (as happens today).

Other transactions will continue to use the Blackrock Cash Fund, including the phased investment option, if you have selected this within your bond. You will not be able to choose to invest in cash within your bond, but at any time you will be able to make one-off withdrawals from it, or to move that cash into other assets.

www.oldmutualwealth.co.uk Please be aware that calls and electronic communications may be recorded for monitoring, regulatory and training purposes and records are available for at least five years. Old Mutual Wealth is the trading name of Old Mutual Wealth Limited which provides an Individual Savings Account (ISA), Junior ISA (JISA) and Collective Investment Account (CIA) and Old Mutual Wealth Life & Pensions Limited which provides a Collective Retirement Account (CRA) and Collective Investment Bond (CIB). Old Mutual Wealth Limited and Old Mutual Wealth Life & Pensions Limited are registered in England and Wales under numbers 1680071 and 4163431 respectively. Registered Office at Old Mutual House, Portland Terrace, Southampton SO14 7EJ, United Kingdom. Old Mutual Wealth Limited is authorised and regulated by the Financial Conduct Authority. Old Mutual Wealth Life & Pensions Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Their Financial Services register numbers are 165359 and 207977 respectively. VAT number 386 1301 59. 220-0302

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