Lowes Annual Performance Review 2024

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Structured Products Annual Performance Review 2024

Covering all UK intermediary distributed products that matured in 2023. A comprehensive review of structured product performance.

UK Structured Products Sector Maturity Analysis Covering all intermediary distributed retail products that matured in 2023

Contents Introduction to our analysis...........................................................................................................................3 Headline data.....................................................................................................................................................4 Lowes FTSE linked 2023 structured performance..............................................................................5 SP - The Stars.....................................................................................................................................................6 6 - year autocalls cap out................................................................................................................................7 Loss makers – first since 2021.....................................................................................................................8 20 years since first FTSE only autocall.....................................................................................................9 Time to call.........................................................................................................................................................10 Analysis and Annualised Performance 2023.........................................................................................11 Analysis and Annualised Performance by Product Shape - Autocall/Kick-Out Products.....12 Analysis and Annualised Performance by Product Shape - Growth Products.........................13 Analysis and Annualised Performance by Product Shape - Income Products.........................14 About Lowes Financial Management and Structured Products.....................................................15

Welcome to Lowes Financial Management’s Structured Products Annual Performance Review 2024, providing a thorough overview of the UK retail structured product sector covering all maturities that occurred in 2023. 2023 witnessed a shift in global headlines from the war in Ukraine to the Israeli/Palestinian conflict whilst making little more than passing references to various persistent struggles in other corners of the world, from Myanmar and Sudan to Ethiopia. The profound impact of these challenges on lives is something we can scarcely comprehend, and our hearts go out to those enduring such hardships. In the UK we have faced challenges like inflation, rising interest rates, and various domestic political matters. While these issues are comparatively trivial, they of course have personal significance and direct influence on our daily lives and investment portfolios. The FTSE 100 started 2023 continuing a rally that began in Q4 2022 and in February, for the first time ever the UK blue chip index surpassed the 8,000 mark. Lasting for just three days it then quickly returned to far more common mid 7,000 levels. With the average closing level of the FTSE over the year at 7,615.5, this did however prove sufficient to trigger a large number of positive structured product maturities. Whilst the headline level of maturities is marginally down from 2022, we are happy to reflect on yet another positive year for the retail sector. 629 plans matured throughout 2023 achieving an average annualised return of 6.51% across an average investment duration of 3.14 years. Of the 629 maturities in 2023, 608 returned positive results for investors, 15 returned capital only (notably including some which were linked to the FTSE 100 only) and 6 matured with a loss. These were the first negative maturities since 2021. This maturity analysis delves into these results in detail and we hope that you find the content of interest.

We also wish to reflect on another successful year of selected Lowes ‘Preferred’ plans. Of the 629 total maturities, 118 were identified as ‘Preferred’ at the time of launch. Unfortunately, three ‘Preferred’ plans matured realising losses. These three were noted as high-risk speculative investments that would be suitable only for a small portion of a diversified portfolio which, in these instances did not prove to be successful. Overall Lowes ‘Preferred’ plans gave investors average annualised returns of 6.54% over an average term of 3.87 years. Those Preferred plans that were linked solely to the FTSE 100 (and FTSE CSDI) returned 6.89% and did outperform the subsector by an average of 0.61%. Other plans that were exclusive to Lowes clients fared slightly better. Undoubtedly, 2023 was another positive year for the UK retail structured product sector demonstrating the continued strength of these investments and how they continue to offer good solutions for investors. Admittedly the year brought a few hiccups, however somewhat minor compared to the wider investment universe and it is important to reflect on over 96% of maturities having provided investors positive outcomes. Consistently good returns for investors have been provided, exactly how they were defined in the contracted terms. Structured products continue to perform as said on the tin with 2023 being another year of increased investor interest in what we have always believed to be an exceptional investment solution.

Notes

Lowes’ database is maintained with details of all structured products launched in the UK that are promoted through Independent Financial Advisers and other wealth managers. It does not include private placement trades or, products distributed solely through closed or, restricted channels. The ‘Stars’ are the relevant top performing plans in each sub-sector. Throughout this document, rounding to 2 decimal places has been applied.

When referring to quartiles, we mean the average of the best / worst 25% of all respective maturities. The annualised return is calculated using the total return over the holding period from the Strike Date to the Final Index Date. Past performance is not a guide to future performance. Investments of this nature carry risks to your capital. Errors and omissions accepted.

Ian Lowes Managing Director Lowes Financial Management

Headline Data

Lowes FTSE linked 2023 structured performance

Structured Product Maturities 2023 All Products Lowes ‘Preferred’ Plans Additional Exclusive to Lowes Clients Number of product maturities 629 118 13 Generated positive returns 608 114 13 Returned capital only 15 1 0 Lost capital 6 3 0 Average duration / term (years) 3.14 3.87 2 Average annualised returns All Capital-at-Risk Products 6.90% 6.54% 6.93% Upper quartile 10.08% 9.39% 7.23% Lower quartile 3.63% 2.61% 6.76% All Deposit Products 3.07% 4.61% - Upper quartile 4.81% 5.38% - Lower quartile 0.71% 3.93% - All Products 6.51% 6.28% 6.93% Upper quartile 9.91% 9.19% 7.23% Lower quartile 2.84% 2.16% 6.76%

The following table shows the results of the FTSE* linked structures maturing in 2023 that were most commonly held by Lowes clients. Most of these were designed with input from Lowes with many exclusively available to our clients.

Given that structured products offer pre-defined returns they are not specifically designed to out-perform the underlying to which they are linked but for Lowes ‘Preferred’ FTSE* linked structured products maturing in 2023 out-performance occurred in most instances.

Gain on net investment (%)

Plan Annualised Return (%)

Designed in cooperation with Lowes

Maturity Date 10-Jan 20-Feb 21-Feb 24-Feb 27-Feb 03-Mar 11-Apr 12-Apr 28-Apr 09-May 22-May 26-Jun 28-Jun 28-Jun 07-Jul 17-Jul 17-Jul 17-Jul 24-Jul 26-Jul 14-Aug 29-Aug 29-Aug 04-Sep 04-Sep 18-Sep 18-Sep 04-Oct 06-Oct 16-Oct 18-Oct 30-Oct 06-Nov 27-Nov 30-Nov 18-Dec 18-Dec 20-Dec

Term in force (Years)

Out-performance vs Index (%)

Counterparty

HSBC Bank

3 2 3 2 2 6 2 2 2 2 2 2 4 2 2 2 2 2 2 4 2 2 2 2 2 2 2 4 6 2 2 2 2 2 2 2 3 2

19.59

6.55 10.21

Morgan Stanley & Co.

21.5 24.3

1.35

Y Y Y Y Y Y Y Y Y Y Y Y Y Y

Goldman Sachs

16.55 -4.32 -7.39 50.43 5.79 2.70 0.32 6.10 7.62 9.00 40.19 12.52 12.38 8.82 7.96

7.51

Citigroup Barclays

14 15

6.76 7.23 7.94 8.60 6.32 7.22 8.75 6.48 9.00 6.76 6.76 8.80 6.99 6.76 6.76 6.90 6.29 6.98 6.76 7.23 6.76 8.39 6.76 7.34 6.02 6.76 6.76 8.39 6.76 7.23 6.76 7.19

Société Générale Morgan Stanley

58.2

BNP Paribas

14.9

Morgan Stanley Société Générale

13 15

Detailed analysis available on pages 11 to 14

Citigroup

18.3 13.4 41.2

Key Takeaways

Goldman Sachs

Citigroup

• Autocall/kick-out products made up the majority of all maturing products in 2023 (accounting for 72% of maturities) returning average annualised return of 7.14% over an average duration of 2.6 years. • The FTSE 100 continues to be the most prevalent underlying measure used, representing 74% of all maturities. • FTSE 100 linked autocalls are the most common shape, accounting for 52% of all maturities in the last year. These achieved an average annualised return of 6.85% over an average term of 2.6 years. • Notably 2023 witnessed the first FTSE 100 only linked capital at risk autocall plans to mature returning capital only since 2013. It does however remain that no FTSE 100 only linked capital at risk autocall has realised a loss.

• 629 retail plans matured throughout 2023, just five less than the previous year. • Over 96% of maturing plans returned positive returns for investors. • 15 out of the 629 returned capital only to investors. • 6 capital at risk plans realised a loss for investors’ in 2023, all of which were three-stock linked plans, deemed as higher risk, speculative investments. • 565 capital at risk structured investments matured in 2023, 11 more than the year before with an average annualised return of 6.90% over an average duration of 3.02 years, a marginal uplift from the previous year. • 64 structured deposits matured in 2023 returning an average annualised return of 3.07% over an average term of 4.19 years. Lowes ‘Preferred’ deposit maturities earned investors an average annualised return of 4.61% over an average of 4.01 years. • 118 Lowes Preferred plans matured in 2023, earning an average annualised return of 6.28% over an average of 3.87 years.

Credit Agricole Société Générale

14 14

Citigroup

18.4 14.5

Goldman Sachs

Citigroup

14 14

7.98 4.74

Société Générale Société Générale

30.6

28.91 8.93

Citigroup Barclays

14.5

9.73 9.57

Credit Agricole Goldman Sachs Société Générale Morgan Stanley Morgan Stanley Goldman Sachs

14 15 14

10.60 9.60

Y Y Y Y Y Y Y Y Y Y

17.5

7.22 3.72

32.8

29.21 42.38

Natixis

Société Générale Goldman Sachs

14 14

8.52 8.67

Morgan Stanley & Co.

17.5

16.90 12.44 9.08

Credit Agricole Société Générale

14 15 14

Citigroup

8.41

Morgan Stanley & Co. Morgan Stanley & Co.

15.6

10.86

7.51

4.52

6.56 7.05

Y Y

Credit Agricole

14.6

7.41

of which were FTSE-linked autocalls, which are shown separately in the right-hand column of the table above and on the following page.

The data table analysis on pages 11-14 cover the publicly available products distinguishing those that Lowes identified as ‘preferred’. They do not include the exclusive solutions available to Lowes clients, all

* Underlying index was the FTSE 100 or FTSE CSDI. The CSDI tracks the same shares in the same proportions as the FTSE 100 but accounts for dividends differently. The CSDI has been over 99% correlated with the FTSE 100.

6 -year autocalls cap out

SP-The Stars The best performing structured products of 2023

The total number of FTSE only, capital at risk autocalls to mature without gains in the UK retail space now stands at just thirteen – out of over 1,800 maturities, over two decades. The previous eight commenced just prior to the 2008 financial crisis. For those eight, if their maximum term had been seven years, only one would have failed to produce a gain. Whilst we won’t know until later in 2024 whether this would be the case this time round, we certainly know an extra year or two would have been welcome. The chart below plots the maturity trigger levels for the eight FTSE 100 linked autocalls that faced their final maturity in 2023, and the index performance over their duration. As can be seen, over the six-year period the index often came close to the annual maturity triggers points but not close enough. To us, this accentuates the benefit of extended maximum terms of 7 years or more for autocalls allowing for more opportunities to kick out with a positive result. We remain hopeful that in 2024 the market will be high enough for any autocalls approaching their final observation dates to trigger positive maturities but either way, 2023 witnessed the first capital at risk FTSE autocalls to not mature positively since 2013.

The final months of 2023 witnessed a handful of 6-year maximum term, capital at risk autocalls reach their final observation date. Whilst capital protection barriers were far from being breached, it became a question whether these investments would make or break and mature with significant gains, or just return capital to investors. November saw five such plans return capital only after the FTSE failed to close above the initial index level on each of their annual observation dates including the sixth anniversary. Unfortunately, the FTSE was unable elevate sufficiently to result in positive maturities. One of the plans in question had its final observation measure as the average closing price of the index over the final five days of the plan and ultimately missed out by just 5 index points. December then saw the fate of the two more plans that would either return capital only or benefit from six-years worth of snowballed coupons. The Santa rally in the FTSE 100 saw the index rise above the required level of 7,623 to trigger positive maturities for these two Investec plans, returning gains of 44.4% and 56.1% respectively.

Non-FTSE 100 Only Plan Tempo FTSE 100 FDEW Long Kick-Out Plan April 2020 - Option 3 Gain: 61.2% after three years (benefiting from Tempo’s stated terms or better pledge) Underlying link: FTSE 100 Fixed Dividend Equal Weight Custom Index Annualised return: 17.25%

FTSE 100 Kick Out Plan Mariana 10:10 Plan February 2019 (Option 3) Gain: 58.04% after four years Annualised return: 12.11% Deposit Plan Investec FTSE 100 Kick-Out Deposit Plan 83

FTSE 100 Growth Plan Société Générale UK Defensive Growth Plan (UK Four) Issue 17

Gain: 67% after six years Annualised return: 8.92% Income Plan Dura Capital 3 Year Conditional Income Kick Out Plan July 2022 Return: 12.6% after one year

FTSE 100 capital at risk autocalls with final observation dates Nov-Dec 2023 8000

7750

Gain: 24% after four years Annualised return: 5.51%

7500

SP-The Black Hole The worst performing structured product of 2023 Mariana - FTSE 3 Stock Dual Option Kick Out Plan July 2017 Returned 32.32% of original capital Annualised loss: -17.15%

7250

Covid crash

7000

6750

6500

03/11/2017

03/11/2018

03/11/2019

03/11/2020

03/11/2021

03/11/2022

03/11/2023

FTSE Strike

Observation 1

Obs 2

Obs 3

Obs 4

Final observation

20 years since first FTSE only autocall

returns with the comfort of inbuilt protection, shielding from multiyear drawdowns that had been experienced in the recent history. The following five years saw an explosion in autocall issuance around the world but in the UK retail space, just over 50 were brought to market, representing 7.6% of total issuance. The FTSE 100 was always the favoured underlying, accounting for over two thirds of the issued autocalls, with the majority of the rest utilising the FTSE together with another index. The chart below shows the evolution of autocalls over the past two decades becoming the structure of choice, replacing the previously dominant growth products. Since 2013 autocalls have consistently represented more than 60% of total issuance each year.

The sector saw a considerable milestone in 2023 with the twentieth anniversary of the issuance of the first autocall. Premier Asset Management’s FTSE 100 Growth Plan struck in July 2003, the plan offered a simple return of 8% for each year held, with the possibility for a triggered early maturity on the first anniversary the FTSE 100 was at or above its strike level. If the index was down and the plan was still live by its sixth and final anniversary, the investment would track the fall in the FTSE, but only if it had fallen by more than half during the term. Autocalls were a very welcome innovation to the structured product sector following the uncertain times the FTSE 100 faced following the dot-com bubble collapse in the early 2000’s. Investors were presented an opportunity to achieve equity-like

Evolution of autocalls since 2003

100 90 80 70 60 50 40 30 20 10 0

Loss makers – first since 2021

a very poor outcome with the investment suffering the impact of the substantial decline in the price of the worst performing of the three shares utilised; Vodafone. Not only was the share price below the relevant maturity trigger level on every occasion, it was also significantly below the 50% capital protection barrier at maturity. Whether the situation is partly blamed on one or more of a myriad of possible justifications, be it stagnating revenue and profits, Brexit, Covid-19, war in Europe, or something else altogether, the fact is that Vodafone shares fell to a 27 year low during the term of these autocalls. The results highlight that share linked plans are typically high risk and as such, often represent the best and the worst of all structured product maturities.

June, July and September 2023 saw the first UK retail autocall products to mature with a loss in more than two years. In the preceding four years only 11 autocalls matured with a loss out of over 1000 maturities in total. The 11 loss making plans had baskets of shares as their underlying measure, as indeed did 2023’s loss-makers. The five negative performers in 2023 often returned around 32% of investors’ original capital. On the other side of the league table some of the highest returning autocalls are also share linked, demonstrating both sides of the risk reward coin. The potential reward for a successful maturity of these high risk, more speculative investments were double digit returns, for each year held. As it was, the acceptance of the risk on this occasion transpired in

2011

2017

2014

2013

2021

2012

2018

2015

2019

2016

2010

2007

2023

2022

2020

2003

2004

2008

2005

2009

2006

Autocall product

Growth product

Income product

The first autocall utilised BNP Paribas as the counterparty who remain an active participant in the sector today, alongside eight other Globally Systemically Important Banks. Whilst the risk of default may be very low, it is still a risk that needs to be acknowledged. With nine sector participants, significant counterparty diversification to mitigate default risk is possible and good practice.

Across all shapes of capital at risk autocalls the FTSE 100 has been the preferred underlying. To date over 1800 FTSE linked autocalls have matured with over 99% doing so positively, with average annualised returns of 7.64% over an average term of 2.2 years.

Analysis and Annualised Performance 2023

By Product Type

Capital at Risk

Structured Deposits

Structured Product Maturities

All products

Lowes ‘Preferred’ products

All products

Lowes ‘Preferred’ products

Number of product maturities

565

102

64 56

16 16

Number of products producing positive returns 552

Number of products returning capital only Number of products which lost capital

7 6

8 0

0 0

Average duration / term (years)

3.02

3.85

4.19

4.01

Average Annualised Returns

All products

6.90% 6.54% 10.08% 9.39%

3.07% 4.81% 0.71%

4.61% 5.38% 3.93%

Upper quartile Lower quartile

3.63%

2.61%

FTSE 100 and FTSE CSDI Indices Only*

Capital at Risk

Structured Deposits

Structured Product Maturities

All products

Lowes ‘Preferred’ products

All products

Lowes ‘Preferred’ products

Time to call

Number of product maturities

415

99 98

52 50

16 16

Number of products producing positive returns 408

Number of products returning capital only Number of products which lost capital

7 0

2 0

0 0

Twelve plans of this breed were issued (by strike date) in 2023 by three different providers utilising only Barclays or Credit Agricole as counterparties. The majority have five-year maximum terms, whilst one ten-year maximum has been seen as well as other variations such as semi-annual callable observations from the bank – essentially giving greater authority to the counterparty. The case remains that investors are committing to a five to ten-year maximum term but the bank can close out the contract on any callable observation date from the second onwards and are therefore likely to do so if interest rates have declined. In the meantime, investors secured an attractive rate of return, with no market risk, at a level that was unheard of just a year earlier. Whether these plans are your cup of tea or not, it is clear that the retail structured product sector continues to innovate to provide advisers and investors with more solutions for personal finances.

2023 witnessed the introduction of a new product shape in the form of Recallable Growth and Income plans, initially from MB Structured Investment followed closely by Meteor. Whilst issuer callable contracts are nothing new, to date the UK retail sector has only seen such contracts with an underlying index link, the position and trajectory of which would be a major factor in determining the issuer’s appetite to call the investment early. With the latest ‘Recallable’ plans the only significant determinant will be interest rates. The first of such plans to be issued in the retail space was MB’s Recallable Fixed Growth Plan August 2023, which offered a simple 7% per annum payment for each year it was in force, payable either at the 5th anniversary maturity date or on the 2nd, 3rd or 4th if called earlier at the issuer’s (Barclays) behest. It is important to appreciate that whilst not designed as capital at risk plans, these are not deposits but in fact structured as capital ‘protected’ plans and as such have capital at risk from counterparty failure.

Average duration / term (years)

3.08

3.78

3.95

4.01

Average Annualised Returns

All products

6.63% 7.25%

3.49% 4.81% 1.85%

4.61% 5.38% 3.93%

Upper quartile Lower quartile

9.13%

9.44%

4.23% 5.29%

Non-FTSE 100 / CSDI Indices Only

Capital at Risk

Structured Deposits

Structured Product Maturities

All products

Lowes ‘Preferred’ products

All products

Lowes ‘Preferred’ products

Number of product maturities

150

3 0 0 3 6

Number of products producing positive returns 144

6 6 0

- - - - - - -

Number of products returning capital only Number of products which lost capital

0 6

Average duration / term (years)

2.86

5.25

Average Annualised Returns

All products

7.66% -17.04%

1.25% 4.20% 0.00%

Upper quartile Lower quartile

11.80% 2.46%

- -

*The FTSE CSDI measures the performance of the same 100 shares in the same weightings as the FTSE 100 but accounts for dividends differently. The two are over 99% correlated – we have therefore grouped the two underlyings together for the purpose of the review.

Analysis and Annualised Performance by Product Shape - Autocall/Kick-Out Products

Analysis and Annualised Performance by Product Shape - Growth Products

By Product Type

Capital at Risk

Structured Deposits

Capital at Risk

Structured Deposits

Structured Product Maturities

All products

Lowes ‘Preferred’ products

All products

Lowes ‘Preferred’ products

All products

Lowes ‘Preferred’ products

All products

Lowes ‘Preferred’ products

Number of product maturities

420

76 72

16 16

Number of product maturities

37 35

22 22

28 23

Number of products producing positive returns 410

Number of products producing positive returns Number of products returning capital only

- - - - - - -

Number of products returning capital only Number of products which lost capital

5 5

3 0

0 0

2 0

0 0 6

5 0

Number of products which lost capital

Average duration / term (years)

2.49

3.15

4.15

4.01

Average duration / term (years)

5.81

4.15

Average Annualised Returns

All products

7.41%

6.66%

3.69% 5.13% 1.68%

4.61% 5.38% 3.93%

All products

5.89% 6.31%

2.33% 3.95% 0.13%

Upper quartile Lower quartile

10.45% 9.75% 4.23% 2.42%

Upper quartile Lower quartile

8.34%

8.19%

2.46% 3.36%

FTSE 100 and FTSE CSDI Indices Only*

Capital at Risk

Structured Deposits

Capital at Risk

Structured Deposits

Structured Product Maturities

All products

Lowes ‘Preferred’ products

All products

Lowes ‘Preferred’ products

All products

Lowes ‘Preferred’ products

All products

Lowes ‘Preferred’ products

Number of product maturities

300

73 72

16 16

Number of product maturities

35 33

22 22

20 20

Number of products producing positive returns 295

Number of products producing positive returns Number of products returning capital only

- - - - - - -

Number of products returning capital only Number of products which lost capital

5 0

2 0

0 0

2 0

0 0 6

0 0

Number of products which lost capital

Average duration / term (years)

2.46

3.03

3.97

4.01

Average duration / term (years)

5.92

3.8

Average Annualised Returns

All products

7.17%

7.63%

3.72% 5.10% 1.89%

4.61% 5.38% 3.93%

All products

5.67% 7.89% 2.17%

6.31% 8.19% 3.36%

3.14% 4.05% 1.93%

Upper quartile Lower quartile

9.47% 9.82%

Upper quartile Lower quartile

5.04%

6.15%

Non-FTSE 100 / CSDI Indices Only

Capital at Risk

Structured Deposits

Capital at Risk

Structured Deposits

Structured Product Maturities

All products

Lowes ‘Preferred’ products

All products

Lowes ‘Preferred’ products

All products

Lowes ‘Preferred’ products

All products

Lowes ‘Preferred’ products

Number of product maturities

120 115

3 0 0 3 6

3 2

Number of product maturities

2 2 0 0 4

8 3 5 0 5

Number of products producing positive returns Number of products returning capital only

- - - - - - -

Number of products producing positive returns Number of products returning capital only

- - - - - - -

0 5

Number of products which lost capital

0 6

Number of products which lost capital

Average duration / term (years)

2.54

Average duration / term (years)

Average Annualised Returns

All products

8.03% -17.04% 3.37%

All products

9.79%

0.30% 1.05% 0.00%

Upper quartile Lower quartile

12.16% 2.53%

- -

Upper quartile Lower quartile

- -

About Lowes Financial Management & Structured Products

Analysis and Annualised Performance by Product Shape - Income Products

Over the last two decades we have published details of over 8,500 product reviews, whilst identifying which of these we ‘Preferred’ and as such, prepared to utilise in client portfolios. We have used our sector knowledge to help bring to the market new product shapes, such as the Mariana 10:10 Plan which influenced significant improvements to other new issues across the sector. We also manage the Lowes UK Defined Strategy Fund, an innovative UCITS fund of structured investment strategies, which draws upon our unrivalled experience and structured investment selection success. The Fund provides an easy way to invest across multiple structured investment strategies, with no more than 10% credit exposure to anyonebank.Itisavailableonmanymajorinvestment platforms. To access further information visit www.UKDSF.com.

Lowes, established in 1971 are independent, chartered financial planners and investment managers with a broad variety of expertise across all aspects of wealth management. As independent financial advisers, we assess the whole investment space to ensure that our advice is individually tailored to our clients’ financial goals. In doing so, we consider alternative as well as familiar investments and retirement solutions. Our expertise in the structured product sector is widely acknowledged and respected. We have been evaluating all new entries to the retail market for more than twenty years, during which time we have played a significant role in helping to educate the wider adviser community about the sector, whilst helping to shape it for better investor outcomes, by championing good product design and governance and warning against some of the less desirable, historic sector additions.

By Product Type

Capital at Risk

Structured Deposits

Structured Product Maturities

All products

Lowes ‘Preferred’ products

All products

Lowes ‘Preferred’ products

Number of product maturities

107 106

4 4 0 0

2 2 0 0

Number of products producing positive returns Number of products returning capital only

- - - - - - -

Number of products which lost capital

Average duration / term (years)

4.1

5.25

5.5

Average Annualised Returns

All products

5.25% 5.58% 2.96%

Upper quartile Lower quartile

7.14%

6.56%

- -

3.25% 5.26%

FTSE 100 and FTSE CSDI Indices Only*

Capital at Risk

Structured Deposits

Structured Product Maturities

All products

Lowes ‘Preferred’ products

All products

Lowes ‘Preferred’ products

Number of product maturities

79 79

4 4 0 0

1 1

Number of products producing positive returns Number of products returning capital only

- - - - - - -

0 0

0 0 6

Number of products which lost capital

Average duration / term (years)

4.1

5.25

Average Annualised Returns

All products

5.01% 5.58% 3.44%

Upper quartile Lower quartile

6.36% 6.56% 3.71% 5.26%

- -

Call: 0191 281 8811 Email: enquiry@Lowes.co.uk Visit: www.Lowes.co.uk Say hello...

Non-FTSE 100 / CSDI Indices Only

Capital at Risk

Structured Deposits

Structured Product Maturities

All products

Lowes ‘Preferred’ products

All products

Lowes ‘Preferred’ products

Address:

Lowes Financial Management, Fernwood House, Clayton Road, Newcastle upon Tyne, NE2 1TL

Number of product maturities

28 27

1 1

Number of products producing positive returns Number of products returning capital only

- - - - - - -

0 0 5

Number of products which lost capital

- -

Average duration / term (years)

4.11

Average Annualised Returns

All products

5.93% 8.36% 2.69%

- - -

2.47%

Upper quartile Lower quartile

- -

Lowes Financial Management Ltd is authorised and regulated by the Financial Conduct Authority

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