1. Climate change Tom Zambon Introduction June 2009

2. Investment Briefing June 2009 Percent growth since last investment briefing in February February 2009 – Driving in the Fog… no clear direction Source: Lipper June 2009 – mist is clearing… -15 -5 5 15 25 35 45 55 Jan-09Feb-09Mar-09Apr-09May-09 Ashburton Chindia Equity Fund Ashburton European Equity Fund MSCI World CR GBP % Growth Past 4 months +45% +13% +3%

3. Investment Briefing June 2009 % GrowthYTD3 Years5 Years10 Years Multi Asset Funds Replica Sterling Asset Management-0.740.6422.2239.57 Sector Average1.91-7.9315.7516.25 Equity Funds Chindia Equity35.88--- Chindia Benchmark45.53--- European Equity11.15-24.3638.6513.54 MSCI Europe4.74-34.97-13.65-32.26 Americas Equity0.02-26.94-5.99-28.12 MSCI North America4.47-25.55-12.96-26.56 Asia Pacific Equity8.58-24.3121.1571.22 MSCI Pacific6.07-27.273.09-0.79 Sterling International Equity-9.10-21.4112.01-17.66 MSCI World CR GBP-6.02-14.875.78-18.73 Investment Performance - as at 31 May 2009 Source: Lipper

4. Investment Briefing June 2009 Renaming of Advanced Portfolio Funds Multi Asset Fund Range The Advanced Portfolio Funds were designed to generate capital growth within three different risk strategies – Lower, Moderate and Higher. Advanced Portfolio Lower Risk Funds The mandates have not changed but the Fund names are now industry standard: Multi Asset Cautious, Balanced and Aggressive Funds These Funds give you the flexibility to match your clients attitudes to risk to the appropriate Fund. Advanced Portfolio Moderate Risk Funds Advanced Portfolio Higher Risk Funds Multi Asset Cautious Funds Multi Asset Balanced Funds Multi Asset Aggressive Funds

5. Investment Briefing June 2009 Today’s Speakers Tristan Hanson Ashburton strategist Richard Robinson European Equity Fund Manager

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