Investment Update - Outlook for 2009 SWIP Multi-Manager March 2009

1. Investment Update - Outlook for 2009SWIP Multi-ManagerMarch 2009

2. Outlook – Battling the Equity Bear • Corporate profits weak • Economic outlook poor • Limited liquidity • Valuations cheap • Markets looking for a base • 1932 again?

3. 2009 like 1932? Source: Bloomberg, Dow Jones Industrial Index.

4. Highly rated team Mark Harries Simon Wood Andrew Perham Natalie Burnard Lyndon Gill . Source: Citywire relating to the City Wire rating for the SWIP Multimanager Fund Managers as at 31 December 2009.

5. Outstanding performance 4 of 34 managers 7 of 52 managers 31 of 83 managers Consistently outperforming Source: Citywire 31 January 2004 to 31 January 2009.

6. SWIP Multi-Manager Diversity Fund Multi-Asset strategy Strategic asset allocation method Tactical overlay Multi-Manager approach Wealth preservation and real returns focus Targeting real returns

7. Multi-asset strategy Source: Datastream and Morningstar (total return in Sterling) as at 06 January 2009. You cannot predict the future

8. Strategic asset allocation Equities 34% Fixed Interest 33% Alternatives 33% • UK • International • Infrastructure • Hedge • Commercial Property • Commodities • Global Bonds • Corporate Bonds • Government Bonds • Index-Linked Bonds • Strategic Bonds • High Yield Bonds • Absolute Return Bonds Tried and trusted investment process Source: SWIP as at 31 December 2008.

9. Diversity current position Source: SWIP as at 30 January 2009.

10. Multi-Manager approach Julius Baer 19 Fund Management Houses 21 Funds M&G 300 Analysts Harris Alternatives POLAR CAPITAL PERMAL INVESTMENT MANAGEMENT SERVICES LIMITED Source: SWIP as at 31 December 2008.

11. Wealth preservation FTSE All Share Index SWIP Multi manager Diversity Fund Sources: Citywire, DataStream as at 31 December 2008, (please note that prior to December 2007 the fund referred to is the Cazenove MM Diversity Fund).

12. Real returns focus Source: Citywire and Morningstar, The figures show the fund performance achieved by the management team/manager between: 31/01/2006 to 31/01/2009 whilst managing the Cazenove MM Diversity Fund until December 2007 and the SWIP Multi Manager Diversity fund thereafter.

13. Opportunities in 2009 Equities Bonds Cash • Secure but low yield • US Corporate Bond Spreads widest since 1932 • Interest rates lower for longer? • Index-linked Bonds: no inflation? • Equity yields> Bond yields • Valuations Cheap Hedge Commercial Property Commodities • Hedge Funds at 31% • discounts to NAV • DFM & Continuation Votes • Returns to Fall Further • Rising Defaults • Tenant demand subdued • Falling Rents • Secular Bull Case • - Future inflation, weak $, • rise of Asia, supply side

14. Diversity Fund Highly rated team Outstanding fund managers Tried and tested investment process Wealth preservation and real returns focus Potential investors Investors wary of stock market volatility Ideal for clients particularly interested in capital preservation Clients that want steady returns over an investment cycle Diversity is a ‘core holding’ Summary

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16. Regulatory information and risk warnings This is for professional financial advisers only and should not be distributed to or relied on by retail clients. Until November 2007, the Cazenove Fund was managed by the individuals now forming SWIP's Multi Manager team. Performance figures shown for that fund demonstrate the capabilities of the new SWIP Multi Manager team, although there is no guarantee similar performance will be replicated at SWIP. The value of your investment is not guaranteed and can go down as well as up depending on investment performance. You may not get back the amount you invested. Past performance is not a guide to future performance. Funds may have holdings which are denominated in different currencies and may be affected by movements in exchange rates. Consequently, the value of your investment may rise or fall in line with exchange rates. Tax rules relating to  OEICs may change. Multi-manager funds can invest in a wide range of asset classes, including collective investment schemes, which they themselves invest in a range of other assets. These underlying assets are likely to vary from time to time but each category of asset (which may include, but shall not be limited to, hedge funds or property) has individual risks associated with them. Multi-manager funds and the Manager may not have control over the activities of any collective investment scheme or company invested in by Multi-manager funds. Managers of collective investment schemes and companies in which the Multi manager funds may invest may take undesirable tax positions, employ excessive leverage, or otherwise manage the collective investment schemes in a manner not anticipated by the Manager. Further details of the risks relating to the SWIP Multi-Manager Funds can be found in the Key Features Document which must be read before taking any investment decision. This is available at our website www.swip.com. SWIP Multi-Manager Funds Limited, Company No. 5582499. Registered Office in the United Kingdom at 10 Fleet Place, London, EC4M 7RH. Tel 020 7203 3000. SWIP Multi-Manager Funds Limited is authorised and regulated by the Financial Services Authority and is entered on their register under number 455821 (www.fsa.gov.uk/register). Scottish Widows Investment Partnership Limited, Company No. 794936. Registered Office in the United Kingdom at 10 Fleet Place, London, EC4M 7RH. Tel: 0131655 8500. Scottish Widows Investment Partnership Limited is authorised and regulated by the Financial Services Authority and is entered on their register under number 193707 (www.fsa.gov.uk/register).