1. WARWICK BUTCHART ASSOCIATES Investment Matters David Ithier Warwick Butchart Associates Ltd Authorised and Regulated by the Financial Services Authority

3. A small private company, well known and highly regarded.

4. Clients include private individuals, pension funds, companies, trusts and charities.

6. Experienced small team of advisers, each with a specialised knowledge.

10. Our personal service provides clients with a person and a team to deal with – rather than a large bureaucratic organisation.

13. WARWICK BUTCHART ASSOCIATES Our Investment Approach We specialise in collective investment funds to provide diversification, spread risk and keep running costs low. We do not invest directly in shares or bonds. We provide advice to clients - and do not act on a discretionary basis without their knowledge.

14. WARWICK BUTCHART ASSOCIATES Our Investment Approach We select a wide range of different funds There are around 3000 funds and 1400 managers to choose from. We look for an investment culture and a record that stands up to quantitative and qualitative appraisal.

15. WARWICK BUTCHART ASSOCIATES Our Investment Approach We undertake comprehensive quantitative financial performance analysis. We do considerable qualitative research - dozens of meetings each year with UK and international investment fund managers, strategists, analysts, and economists. We undertake frequent reviews.

16. WARWICK BUTCHART ASSOCIATES A spread of different asset classes - UK and International - can provide diversification, lower volatility and reduce correlation and risk. Equities – Large Cap’ - Mid Cap’ - Small Cap’. Gilts, Corporate Bonds, High Yield Bonds. Various management styles - Value, Growth, Thematic, Focus, Flexible. Our Investment Approach

17. WARWICK BUTCHART ASSOCIATES Our Investment Approach We use a wide range of different funds because: No single investment company or group has been able to consistently demonstrate outperformance over the full range of asset classes and sectors. There are many different strategies, styles, biases and distortions - and economists and fund managers rarely concur with each other.

18. WARWICK BUTCHART ASSOCIATES 45 40 35 30 25 % Outperformance by Individual Event Champion 20 15 10 5 0 110m Hurdles Long Jump PoleVault High Jump 100m Shot Put 400m Discus Javelin Event 1500m Olympic Champion 9.87s 8.55m 21.29m 2.35m 43.84s 13.00s 69.30m 5.90m 90.17m 3’32.07'' 49.55m Decathlete Champion 10.48s 7.77m 15.91m 2.21m 46.41s 13.87s 5.10m 67.03m 4’17.87'' Our Investment Approach Specialists achieve better results Source: Sydney 2000

19. WARWICK BUTCHART ASSOCIATES HM Treasury Consultation Paper on the “Sandler Proposals” Feb. 2003 Asset allocation is generally agreed to be the most critical element in determining long-run investment performance. The primary means of limiting risk should therefore be to set appropriate diversification regulations for asset allocation. In practice, this means setting a maximum level of equity exposure.

20. WARWICK BUTCHART ASSOCIATES Our Investment Approach - Using funds from many investment companies

21. WARWICK BUTCHART ASSOCIATES Reward Equities Property High Yield Bonds Risk Investment asset allocation

22. WARWICK BUTCHART ASSOCIATES Warwick Butchart Associates Truly independent, totally professional. Specialist investment and financial planning advisers. Tel: 01242 584144 www.warwickbutchart.co.uk

23. WARWICK BUTCHART ASSOCIATES Regulation Warwick Butchart Associates Ltd is authorised and regulated by the Financial Services Authority. The value of shares or units in unitised products - and the income from them - may fall as well as rise, and investors may not get back the amount originally invested, particularly if investments are encashed in the early years. Changes in rates of currency exchange may have an adverse effect on the value or price of any investments denominated in or exposed to a foreign currency. Unlike a building society account, capital invested in such products is not guaranteed. Past performance is not necessarily a guide to future performance. Levels and bases of, and relief from, taxation are subject to change, and the value of any tax benefits will depend on the individual circumstances of the investor. We have expressed our own views and opinions in this presentation, which is based on our current understanding of current legislation and Inland Revenue practice, which may be subject to change. Please note that the Financial Services Authority does not regulate National Savings products, Buildings Society Savings and Deposit Accounts. Further information can be obtained from us. Information provided is not a recommendation to purchase, or advice on the merits of purchasing any particular investment, and should not be relied on as such. Information provided is derived from sources believed to be reliable, but no responsibility for its completeness or accuracy is accepted.