1. Investors in Values
LWM Consultants Ltd.
Standard Life GARS Fund
Investment summary

2. Fund overview
• Launched: 29 January 2008
2008 2009 2010 2011 Annualised
Return
-0.62% 19.18% 10.49% 2.67% 8.14%

3. Fund manager update
• During the 3rd quarter of 2011, fund returned 1.2%
against benchmark of 0.3%
• In the worst quarter for risky assets since 2008 credit
crunch, fund saw a positive healthy return (despite
the core equity and credit positions)
• Negative returns from equity positions were largely
mitigated by strong performance from positions in
DAX and Eurostoxx variance
• Duration strategy main positive for the fund
performance in the 3rd quarter, as well as,
preference for US dollar to Euro

4. Fund manager - outlook
• Expect a variable and protracted recovery in
global markets
• Additional regulation of financial firms may serve to
reduce credit risk, and allow fund to exploit high
relative spread
• Credit positions, form an important part of the
portfolio
• Well positioned to take advantage of banks and
growth prospects in emerging markets

5. Independent view -
trustnet
• Amassed £8bn in less than 3 ½ years
• Outperformed the average fund in its sector by
18.19%
• One of the few funds to break even in 2009, 2010
and so far 2011
• Invests across a diverse range of derivatives,
currencies, equities, commodities and much more
• Very few absolute return funds have this kind of
expertise in so many areas
• Team approach with 20 investment professionals as
part of the team

6. Any questions?
Source: Morningstar for performance, Standard Life Fund Manager Update
and Trustnet.
You should note that past performance is not a reliable indicator of future
returns and the value of your investments can fall as well as rise.
LWM Consultants Ltd is an appointed representative of Sense Network
Limited, which is authorised and regulated by the Financial Services
Authority. Registered in England and Wales under Company Number
07408315. Registered Office: St John’s Court Whiteladies Road Bristol BS8 2QY