This presentation provides a brief summary of the approach to investment taken by N-Trust Limited Independent Financial Advisers

3. Innovations in Finance Variable Maturity Strategy Implemented Eugene F. Fama With no prediction of interest rates, Eugene Fama develops a method of shifting maturities that identifies optimal positions on the fixed interest yield curve. “ The Information in the Term Structure,” Journal of Financial Economics 13, no. 4 (December 1984): 509-28. Multifactor Asset Pricing Model and Value Effect Eugene Fama and Kenneth French, University of Chicago Improves on the single-factor asset pricing model (CAPM). Identifies market, size, and “value” factors in returns. Develops the three-factor asset pricing model, an invaluable asset allocation and portfolio analysis tool. “ Common Risk Factors in the Returns on Stocks and Bonds,” Journal of Financial Economics 33, no. 1 (February 1993): 3-56. A Major Plan First Commits to Indexing New York Telephone Company invests $40 million in an S&P 500 Index fund. The first major plan to index. Helps launch the era of indexed investing. “ Fund spokesmen are quick to point out you can’t buy the market averages. It’s time the public could.” Burton G. Malkiel, A Random Walk Down Wall Street, 1973 ed. International Size Effect Steven L. Heston, K. Geert Rouwenhorst, and Roberto E. Wessels Find evidence of higher average returns to small companies in twelve international markets. “ The Structure of International Stock Returns and the Integration of Capital Markets,” Journal of Empirical Finance 2, no. 3 (September 1995): 173-97. The Size Effect Rolf Banz, University of Chicago Analyzed NYSE stocks, 1926-1975. Finds that, in the long term, small companies have higher expected returns than large companies and behave differently. Integrated Equity Eugene F. Fama and Kenneth R. French Increasing exposure to small and value companies relative to their market weights and integrating the portfolio across the full range of securities may reduce the turnover and transaction costs normally associated with forming an asset allocation from multiple components. “ Migration,” CRSP Working Paper No. 614, Center for Research in Security Prices, University of Chicago, February 2007. 5510.1 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 Nobel Prize Recognises Modern Finance Economists who shaped the way we invest are recognised, emphasising the role of science in finance. William Sharpe for the Capital Asset Pricing Model. Harry Markowitz for portfolio theory. Merton Miller for work on the effect of firms’ capital structure and dividend policy on their prices. Database of Securities Prices since 1926 Roger Ibbotson and Rex Sinquefield, Stocks, Bonds, Bills, and Inflation An extensive returns database for multiple asset classes is first developed and will become one of the most widely used investment databases. The first extensive, empirical basis for making asset allocation decisions changes the way investors build portfolios.

8. 5370.1 Source: Morningstar Workstation (IMA UK All Companies sector, only funds with 5 year history used, in GBP, net returns, Offer to Offer price). Source and Copyright © 2008 Morningstar Limited. All rights therein are reserved. (http://www.funds.morningstar.com) Whilst Dimensional uses all reasonable efforts to ensure that the information herein is accurate and up to date, no representations or warranties are given as to the reliability, accuracy, and completeness of the information. This material has been distributed by Dimensional Fund Advisors Ltd. which is authorised and regulated by the Financial Services Authority. Past performance is no guarantee of future results. This material is directed exclusively at professional customers as defined by the FSA. Do Winners Repeat? Subsequent Performance of Top 30 Funds Five-Year Period: January 1998-December 2002 Subsequent Period January 1998-December 2002 January 2003-December 2007 Fund Name Rank Quartile Rank Average Annual Total Return Rank Quartile Rank Average Annual Total Return GAM UK Diversified Inc 1 1 11.83 34 1 17.76 Rathbone Special Sits Inc 2 1 11.65 148 3 13.49 Solus UK Special Situations Inc 3 1 9.99 124 3 14.14 Fidelity Special Situations 4 1 8.86 15 1 19.93 Marlborough UK Equity Growth 5 1 7.74 225 4 9.68 Artemis Capital 6 1 7.56 41 1 17.21 St James’s Pl UK & Gen Pro Inc 7 1 7.16 195 4 12.7 Cavendish Opportunities Rtl 8 1 3.09 36 1 17.71 Merrill Lynch UK Spl Sits Inc 9 1 3.05 38 1 17.5 Norwich UK Growth 1 10 1 3 218 4 11.52 Jupiter UK Alpha 11 1 2.36 33 1 17.8 Marlborough Quantock UK A Inc 12 1 2.02 35 1 17.75 Schroder Recovery Inc 13 1 1.44 30 1 17.94 Investec UK Special Sits A Inc 14 1 1.37 95 2 14.8 Allianz RCM UK Mid Cap A 15 1 1.35 7 1 21.46 CS Alpha Growth R Inc 16 1 1.28 213 4 11.86 Family Asset Trust 17 1 1.24 204 4 12.37 AXA Framlington UK Growth Inc 18 1 1.16 129 3 14 Newton Income 19 1 1.15 61 2 15.88 Rathbone Income & Growth Inc 20 1 1.08 71 2 15.35 Insight Inv UK Discret Rtl 21 1 0.87 191 4 12.73 New Star UK Strat Cptl Acc 22 1 0.74 40 1 17.26 JPM UK Active 350 A Acc 23 1 0.36 179 4 12.87 Liontrust First Growth 24 1 0.31 86 2 14.98 Baillie Gifford Brit350 A Inc 25 1 -0.01 186 4 12.79 Invesco UK Growth Acc 26 1 -0.36 37 1 17.67 Rensburg UK Blue Chip Growth Inc 27 1 -0.38 162 3 13.32 Insight Inv UK Dymc Mgd Acc 28 1 -0.64 78 2 15.19 Allianz RCM UK Growth A 29 1 -0.72 160 3 13.33 Investec UK Blue Chip A Acc 30 1 -0.85 157 3 13.39 Top 30 Funds Average Return 2.92 15.15 All Funds Average Return -2.15 14.97 FTSE All-Share Index -2.27 15.4 Number of Funds 138 226 Number of Top 30 Funds > FTSE All Share Index 30 12 Number of All Funds > FTSE All Share Index 54 68

9. Do Winners Repeat? Subsequent Performance of Top 30 Funds Five-Year Period: January 1993-December 1997 Source: Morningstar Workstation (IMA UK All Companies sector, only funds with 5 year history used, in GBP, net returns, Offer to Offer price). Source and Copyright © 2008 Morningstar Limited. All rights therein are reserved. (http://www.funds.morningstar.com) Whilst Dimensional uses all reasonable efforts to ensure that the information herein is accurate and up to date, no representations or warranties are given as to the reliability, accuracy, and completeness of the information. This material has been distributed by Dimensional Fund Advisors Ltd. which is authorised and regulated by the Financial Services Authority. Past performance is no guarantee of future results. This material is directed exclusively at professional customers as defined by the FSA. 5370.1 Subsequent Period January 1993-December 1997 January 1998-December 2002 Fund Name Rank Quartile Rank Average Annual Total Return Rank Quartile Rank Average Annual Total Return New Star UK Strat Cptl Acc 1 1 23.83 22 1 0.74 Jupiter UK Growth 2 1 23.69 39 2 -1.36 Fidelity Special Situations 3 1 21.97 4 1 8.86 Fidelity UK Aggressive 4 1 21.15 65 2 -2.88 Marlborough UK Equity Growth 5 1 20.71 5 1 7.74 Rensburg UK Blue Chip Growth Inc 6 1 20.32 27 1 -0.38 Investec UK Alpha Acc 7 1 20.24 53 2 -2.09 Cavendish Opportunities Rtl 8 1 19.61 8 1 3.09 S&W UK Spec Situations Tr 9 1 19.59 136 4 -7.69 Schroder UK Select Growth Inc 10 1 19.3 134 4 -6.33 Investec UK Special Sits A Inc 11 1 18.72 14 1 1.37 Invesco UK Growth Acc 12 1 18.65 26 1 -0.36 Fidelity UK Growth 13 1 18.5 69 2 -2.95 Solus UK Special Situations Inc 14 1 18.48 3 1 9.99 Artemis Capital 15 1 18.47 6 1 7.56 Merrill Lynch UK Spl Sits Inc 16 1 18.1 9 1 3.05 Rathbone Special Sits Inc 17 1 18.07 2 1 11.65 Royal London UK Growth 18 1 17.97 74 3 -3.1 JPM Prem Equity Growth A Acc 19 1 17.95 45 2 -1.62 Martin Currie UK Growth A 20 1 17.81 77 3 -3.3 M&G UK Select A Acc 21 1 17.79 138 4 -9.47 Schroder Recovery Inc 22 1 17.75 13 1 1.44 Newton Income 23 1 17.36 19 1 1.15 Credit Suisse Fellowship Rtl 24 1 17.25 112 4 -4.5 GAM UK Diversified Inc 25 2 17.07 1 1 11.83 Std Lf UK Equity Growth Rtl Acc 26 2 16.95 67 2 -2.93 Resolution Balanced Growth Inc 27 2 16.73 109 4 -4.43 Allianz RCM UK Equity C Acc 28 2 16.45 42 2 -1.52 Allianz RCM UK Mid Cap A 29 2 16.32 15 1 1.35 Old Mutual UK Select Eq Acc 30 2 16.32 64 2 -2.86 Top 30 Funds Average Return 18.77 0.40 All Funds Average Return 15.45 -2.15 FTSE All-Share Index 16.63 -2.27 Number of Funds 98 138 Number of Top 30 Funds > FTSE All Share Index 27 19 Number of All Funds > FTSE All Share Index 27 54

10. Do Winners Repeat? Subsequent Performance of Top 30 Funds Five-Year Period: January 1988-December 1992 Source: Morningstar Workstation (IMA UK All Companies sector, only funds with 5 year history used, in GBP, net returns, Offer to Offer price). Source and Copyright © 2008 Morningstar Limited. All rights therein are reserved. (http://www.funds.morningstar.com) Whilst Dimensional uses all reasonable efforts to ensure that the information herein is accurate and up to date, no representations or warranties are given as to the reliability, accuracy, and completeness of the information. This material has been distributed by Dimensional Fund Advisors Ltd. which is authorised and regulated by the Financial Services Authority. Past performance is no guarantee of future results. This material is directed exclusively at professional customers as defined by the FSA. 5370.1 Subsequent Period January 1988-December 1992 January 1993-December 1997 Fund Name Rank Quartile Rank Average Annual Total Return Rank Quartile Rank Average Annual Total Return Newton Income 1 1 16.44 23 1 17.36 Artemis Capital 2 1 15.52 15 1 18.47 Invesco UK Growth Acc 3 1 14.83 12 1 18.65 AXA General Inc 4 1 14.34 75 4 13.68 Std Lf UK Equity Growth Rtl Acc 5 1 13.88 26 2 16.95 Threadneedle UK Select 1 6 1 13.38 72 3 13.72 Old Mutual UK Select Eq Acc 7 1 13.16 30 2 16.32 Norwich UK Equity 1 8 1 13.15 73 3 13.69 NFU Mutual UK Growth 9 1 12.74 36 2 15.66 AXA UK Growth R 10 1 12.7 64 3 14 Threadneedle UK Gth & Inc 1 11 1 12.58 89 4 12.5 S&W UK Equity Grwth Tr 12 1 12.4 90 4 12.41 Fidelity UK Growth 13 1 12.34 13 1 18.5 Threadneedle UK Fund 1 14 1 12.11 70 3 13.74 Threadneedle UK Oseas Earns 2 15 1 12.1 96 4 11.03 SLTM UK Eqty General 16 2 11.94 80 4 13.52 L&G (Ba) MM UK Core 17 2 11.64 55 3 14.67 SWIP UK Advantage A Inc 18 2 10.93 56 3 14.58 L&G Equity E Inc 19 2 10.84 66 3 13.96 Resolution Balanced Growth Inc 20 2 10.69 27 2 16.73 Credit Suisse UK Grth & Inc R 21 2 10.54 76 4 13.68 L&G (Ba) MM UK Alpha 22 2 10.48 68 3 13.93 TU British 23 2 10.15 37 2 15.62 CF Canlife Growth 24 2 10.13 32 2 16.14 F&C UK Equity 1 Acc 25 2 10.12 58 3 14.31 British Life UT 26 2 9.96 83 4 13.33 Allianz RCM UK Equity C Acc 27 2 9.92 28 2 16.45 Invesco UK Opportunities Inc 28 2 9.68 85 4 12.89 Lincoln Growth 29 2 9.65 88 4 12.51 CF Canlife General Inc 30 2 9.62 86 4 12.84 Top 30 Funds Average Return 11.93 14.73 All Funds Average Return 8.89 15.45 FTSE All-Share Index 14.78 16.63 Number of Funds 62 98 Number of Top 30 Funds > FTSE All Share Index 3 6 Number of All Funds > FTSE All Share Index 3 27

11. Do Winners Repeat? Subsequent Performance of Top 30 Funds Five-Year Period: January 1983-December 1987 Source: Morningstar Workstation (IMA UK All Companies sector, only funds with 5 year history used, in GBP, net returns, Offer to Offer price). Source and Copyright © 2008 Morningstar Limited. All rights therein are reserved. (http://www.funds.morningstar.com) Whilst Dimensional uses all reasonable efforts to ensure that the information herein is accurate and up to date, no representations or warranties are given as to the reliability, accuracy, and completeness of the information. This material has been distributed by Dimensional Fund Advisors Ltd. which is authorised and regulated by the Financial Services Authority. Past performance is no guarantee of future results. This material is directed exclusively at professional customers as defined by the FSA. 5370.1 Subsequent Period January 1983-December 1987 January 1988-December 1992 Fund Name Rank Quartile Rank Average Annual Total Return Rank Quartile Rank Average Annual Total Return M&G Recovery A Inc 1 1 33.86 36 3 9.05 Fidelity Special Situations 2 1 33.57 43 3 8.58 Merrill Lynch UK Spl Sits Inc 3 1 33.13 56 4 3.92 Rathbone Special Sits Inc 4 1 32.88 62 4 -10.56 Aberdeen UK Mid Cap A Inc 5 1 29.75 55 4 3.99 Fidelity Growth + Income 6 1 28.52 35 3 9.16 Investec UK Special Sits A Inc 7 1 28 50 4 7.19 Henderson UK Equity A 8 1 27.83 37 3 8.93 Family Charities Ethical 9 1 27.26 32 3 9.52 L&G (Ba) MM UK Core 10 1 26.53 17 2 11.64 Credit Suisse UK Grth & Inc R 11 2 25.73 21 2 10.54 Allianz RCM UK Equity C Acc 12 2 25.62 27 2 9.92 L&G (Ba) 500 Trust Inc 13 2 24.46 54 4 4.51 TU British 14 2 24.3 23 2 10.15 CF Canlife Growth 15 2 24.14 24 2 10.13 SWIP UK Opportunities A 16 2 24.06 38 3 8.93 Schroder Recovery Inc 17 2 23.94 48 4 7.77 Lincoln Growth 18 2 23.64 29 2 9.65 Santander N&P UK Growth 19 2 22.51 46 3 8.22 SLTM UK Eqty General 20 2 22.21 16 2 11.94 SWIP UK Advantage A Inc 21 3 22.18 18 2 10.93 M&G UK Select A Acc 22 3 22.12 44 3 8.48 JPM Prem Equity Growth A Acc 23 3 21.96 60 4 -1.88 Threadneedle UK Select 1 24 3 21.87 6 1 13.38 British Life UT 25 3 21.76 26 2 9.96 Threadneedle UK Gth & Inc 1 26 3 21.62 11 1 12.58 Pru UK Growth Trust Inc 27 3 20.56 52 4 6.53 M&G UK Growth A Acc 28 3 20.44 41 3 8.71 F&C UK Equity 1 Acc 29 3 20.05 25 2 10.12 SW UK Select Growth A Acc 30 3 20.04 42 3 8.66 Top 30 Funds Average Return 25.15 8.02 All Funds Average Return 23.18 8.89 FTSE All-Share Index 23.05 14.78 Number of Funds 40 62 Number of Top 30 Funds > FTSE All Share Index 18 0 Number of All Funds > FTSE All Share Index 18 3

12. Total Return on Northern Investment Group Portfolios Bid:Bid, weekly line chart since start of data, 28 Feb 2006 from UK UT and OEICs universe. Rebased in Pounds Sterling

13. Performance of Fidelity MoneyBuilder UK Index Fund Source: Trustnet 14/04/2009 Past Performance is no guarantee of future returns. The value of units can go down as well as up. 1y 3y 5y 12m-24m 24m-36m 36m-48m 48m-60m FIDELITY MONEYBUILDER UK INDEX ACC -30.1 -26.3 +5.1 -7.2 +13.7 +27.2 +12.2 UK ALL COMPANIES -29.3 -27.5 +3.9 -9.8 +13.8 +27.3 +12.6 FTSE ALL SHARE INDEX -29.5 -26.2 +7.5 -7.3 +12.9 +29.2 +12.8