1. Presentation of Lincoln Far East Unit Trust Quarter 1 – Update Meeting Presented by Fiona Barwick Director of Regional Research Nigel Bliss Senior Portfolio Manager 24 April 2008 For Professional Advisers only

2. STYLE SUMMARY  A value approach, emphasising yield and future real growth of dividends  Rigorous dividend discount analysis applied consistently across all markets, all sectors and all securities  Analysis of central best and worst case analysis on all stocks and all markets  Extensive worldwide research with an emphasis on company visits

3. DEFENSIVE CHARACTERISTICS 1ST JULY 1999 TO 31ST MARCH 2008

4. RISK-REWARD COMPARISON 1ST JULY 1999 TO 31ST MARCH 2008

5. EQUITY MARKET PERFORMANCE Source: MSCI for AC Asia Pacific ex-Japan Index Local Market Return (%)1 st Quarter, 2008 Currency Change vs. GBP (%) GBP Return (%) Australia-15.14.1-11.6 China-23.80.3-23.6 Hong Kong-19.00.3-18.8 India-25.7-1.6-26.9 Indonesia-8.32.2-6.3 Korea-8.1-5.3-13.0 Malaysia-12.33.6-9.2 New Zealand-16.52.3-14.6 Pakistan13.2-1.611.4 Philippines-16.5-17.4 Singapore Free-11.44.6-7.3 Taiwan-1.46.95.5 Thailand-3.57.23.4 AC Asia Pacific ex JP-14.91.5-13.6

6. PERFORMANCE REPORT Fund 1 MSCI AC Asia Pacific Ex-Japan Index Net Div. RI 2 UK RPI (%) Quarter 1, 2008-5.5-13.6N/A 1 Year10.312.31.3 3 Year (annualised)14.020.62.6 5 Year (annualised)19.722.72.7 7 Year (annualised)14.013.12.6 Since inception 3 (annualised) 14.111.62.4 1 Fund performance is net of fees. 2 Performance prior to 1 st June 1999 measured against the MSCI Asia Pacific Index Gross Divedends Re-invested 3 Inception date: 1 st August 1998

7. LINCOLN FAR EAST UNIT TRUST PERFORMANCE SUMMARY QUARTER 1, 2008 Performance Contribution % CurrencyMarketStock Selection Portfolio Total Return PortfolioEx JapanFundEx-JapanFundEx-Japan +2.5+1.5-11.0-14.8+4.2-5.5-13.6 Performance Attribution % Relative Currency Contribution Relative Market Contribution Stock Selection Relative Return +1.0+4.2 +9.4

8. COUNTRY REAL RETURNS 31ST MARCH 2008 Estimated “real” annualised market returns (%) sterling Australia5.7 New Zealand7.0 Hong Kong6.8 Singapore6.6 Korea5.5 Taiwan6.4 China5.5 India5.1 Malaysia5.9 Thailand5.8 Source: MSCI for AC Asia Pacific ex-Japan Index

9. SECTOR ALLOCATION Lincoln Far East Unit Trust % MSCI AC Asia Pacific ex Japan % Consumer Discretionary8.95.6 Consumer Staples9.75.1 Energy1.37.8 Financials27.432.6 Health Care1.11.3 Industrials7.411.7 Information Technology13.212.2 Materials4.913.4 Telecommunications Services15.47.5 Utilities9.02.8 Source: Mondrian Investment Partners Limited/MSCI for AC Asia Pacific ex-Japan Index

10. SUMMARY PORTFOLIO CHARACTERISTICS 31ST MARCH 2008 Source: Mondrian Investment Partners Limited/MSCI for AC Asia Pacific ex-Japan Index