SABB

The S&P Growth Fund, which was offered on March 17^th, 2003 and expires on March 19^th, 2007, is designed to provide investors with capital security of 100% at maturity and capture potential growth from the S&P500 Index.

After three years the S&P Growth Fund is designed to offer investors:

• A minimum of 100% capital back.
• A maximum of 100% capital back PLUS a return up to 108% (maximum of 3% per month).
• PLUS lock-in feature if total growth reaches 15% or 30%.

The S&P Growth Fund is a three-year investment. At the end of the investment term investors should receive their capital back in full PLUS a potential additional growth based on the performance of the S&P500 Index. The Fund will also lock in growth if the sum of the monthly growth reaches 15% or 30%, which could ensure your minimum return even if the market subsequently falls.

Each month the S&P 500 Index performance is measured and recorded. The maximum level of growth applied each month is 3%. There is no maximum limit to how far the index can fall in any monthly period.

Please be aware that investors need to hold their investment in SCGF for the full three-year term. Investors are not allowed to redeem in early.