Investors in Values

LWM Consultants Ltd.

Standard Life GARS FundInvestment summary

Fund overview• Launched: 29 January 2008

2008 2009 2010 2011 Annualised Return

-0.62% 19.18% 10.49% 2.67% 8.14%

Fund manager update• During the 3rd quarter of 2011, fund returned

1.2% against benchmark of 0.3%• In the worst quarter for risky assets since 2008

credit crunch, fund saw a positive healthy return (despite the core equity and credit positions)

• Negative returns from equity positions were largely mitigated by strong performance from positions in DAX and Eurostoxx variance

• Duration strategy main positive for the fund performance in the 3rd quarter, as well as, preference for US dollar to Euro

Fund manager - outlook

• Expect a variable and protracted recovery in global markets

• Additional regulation of financial firms may serve to reduce credit risk, and allow fund to exploit high relative spread

• Credit positions, form an important part of the portfolio

• Well positioned to take advantage of banks and growth prospects in emerging markets

Independent view - trustnet

• Amassed £8bn in less than 3 ½ years• Outperformed the average fund in its sector by

18.19%• One of the few funds to break even in 2009, 2010

and so far 2011• Invests across a diverse range of derivatives,

currencies, equities, commodities and much more• Very few absolute return funds have this kind of

expertise in so many areas• Team approach with 20 investment professionals

as part of the team

Any questions?

Source: Morningstar for performance, Standard Life Fund Manager Update and Trustnet.

You should note that past performance is not a reliable indicator of future returns and the value of your investments can fall as well as rise.

LWM Consultants Ltd is an appointed representative of Sense Network Limited, which is authorised and regulated by the Financial Services Authority. Registered in England and Wales under Company Number 07408315. Registered Office: St John’s

Court Whiteladies Road Bristol BS8 2QY