Neptune Investment Management

Delivering High Performance John Husselbee Chief Executive, North Fund Manager

Performance - top quartile performance objectives Conviction - high conviction investment approach Unconstrained - benchmark is peer group performance /cash Diversification extended – to embrace full range of asset classes, investment products and funds *Source: Neptune. As at 01/08/07 What has changed about MultiManager ?

A disciplined and robust investment process Reputation and experience Manager access Transparency Pricing Meeting client expectations What hasn’t changed?

Neptune has offered MultiManager for over 3 years Fund Manager with over 15 years MultiManager experience Combining Neptune’s proven asset allocation policy with a robust proprietary investment process, developed over 15 years Two MultiManager funds offering Growth & Income AUM of £80m+* Delivering top performance to investors *Source: Neptune. As at 01/08/07 Background to Neptune MultiManager

Launched in 2002, Neptune has built a strong reputation for delivering consistently high levels of performance across their fund range Neptune’s consistent success driven by strong sector views, proprietary research and unique, proven global view Neptune currently responsible for over £1.5bn AUM* Neptune’s core principles of high conviction investing and top quartile performance objectives are the drivers that set the Neptune MultiManager funds apart from their peers * Source: Neptune. As at 01/08/07 Neptune – building success from performance

Approach for these funds aligned to that of Neptune – high conviction with top quartile performance objectives No longer benchmark driven Zero weighting in the US for the past 3 years Substantial underweight and overweight positions Regulatory changes have allowed inclusion of closed ended and open ended funds as well as a plethora of new investment products and vehicles How have the returns been delivered?

Open-ended investment funds Closed-ended investment funds Exchange Traded Funds (ETF) REITs Structured Products Direct Gilts Derivative instruments *Source: Neptune. As at 01/08/07 Accessing a range of structures and products

Source:Lipper +18.3% +38.9% +24.9% +82% Additional Growth Opportunities

John Husselbee appointed 01/07/04 10 th pcl over 3 yrs. Growth of 79% vs sector average of 52%* Best in Sector 2006, awards from Lipper and Moneywise Neptune MultiManager Growth Source: : Lipper. 01/06/04-01/08/07. Bid to bid. Net income reinvested. Sterling returns *Source: Lipper. 01/07/04 – 01/07/07. Bid to bid. Net income reinvested. Ranked 16/308 in Global Growth Sector. Award winning growth

01/07/06 – 01/07/07 01/07/05 – 01/07/06 01/07/04 – 01/07/05 01/07/03 – 01/07/04 01/07/02 – 01/07/03 Value % PtlValue % PtlValue % PtlValue % PtlValue % Ptl Neptune MM Growth IMA Global Growth Neptune MultiManager Growth performance on a discrete basis Source: Lipper. Bid to bid. Net income reinvested. Shaded area denotes period prior to Neptune taking ownership Top quartile performance objective

High performance High conviction Upper end of the risk spectrum, when compared to the sector average Source: : Lipper Neptune MM Growth Global Growth Sector Average Risk and reward

Neptune MM Income moved to Cautious Managed from Global Growth sector on 01/07/05 Top performing fund over 3 year period* Neptune MultiManager Income Source: : Lipper. 01/06/04-01/08/07. Bid to bid. Net income reinvested. Sterling returns Sector change *Source: Lipper. 01/07/04 – 1/07/07..Bid to bid. Net income reinvested..Ranked 1/110 in Cautious Managed Sector. Top performer

01/07/06 – 01/07/07 01/07/05 – 01/07/06 01/07/04 – 01/07/05 01/07/03 – 01/07/04 01/07/02 – 01/07/03 Value % PtlValue % PtlValue % PtlValue % PtlValue % Ptl Neptune MM Income IMA Cautious Managed Neptune MultiManager Income performance on a discrete basis Source: Lipper. Bid to bid. Net income reinvested. Shaded area denotes period prior to Neptune taking ownership Exceeding expectations

High conviction approach At higher end of the risk spectrum relative to the peer group Target yield in excess of that offered by the MSCI World Source: Lipper Neptune MM Income Cautious Managed Sector Average Risk and reward

Important Information This document is issued by Neptune Investment Management Limited (“Neptune”) which is authorised and regulated by the Financial Services Authority. Neptune Funds are available to any persons that may be marketed to under the Financial Services and Markets Act (Promotion of Collective Investment Schemes) (Exemptions) Order Private customers should consult their Independent Financial Adviser or other authorised intermediary. Please check with your professional financial adviser as to whether such products are available in the country in which you are resident. None of our products are available to residents in the United States. The information and statistical data herein have been obtained from sources we believe to be reliable but in no way are warranted by us as to accuracy or completeness. We do not undertake to advise you as to any change of our views. This is not a solicitation or an offer to buy or sell. Neptune Investment Management Limited has produced this report for private circulation to professional and institutional clients only. The material is not intended for the use of private investors. All information and advice is given in good faith but without any warranty. Please remember that past performance should not be seen as a guide of future performance. The value of an investment and any income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested. Any past performance data that has not been shown is due to the information not being available. Neptune is not authorised to give investment advice and only provides information on Neptune products.

Neptune Investment Management END