Citywire – ViennaEuropean Smaller Companies

31 March 2011

A Standard Life Investments presentation to

This communication is intended for investment professionals only and must not be relied on by anyone else.

2

Standard LifeInvestments European Smaller Companies Fund

Michael Geier Investment Director, Germany and Austria

Responsibilities Based in Frankfurt. Business development and client relationships with leading wholesale and institutional organisations in Germany and Austria.

Relevant Experience 17 years experience in the industry.

Professional Qualifications BA (Hons)

Ken Nicholson Investment Director – European Smaller Companies

Responsibilities Responsible for the management of the Pooled UK Equity Smaller Companies Fund, the Smaller Companies element of a managed fund and the European Smaller Companies Fund and Segregated Client Funds.

Relevant Experience 12 years experience at Standard Life Investments, 23 years experience in the industry.

Professional Qualifications MA (Hons), Postgraduate Degree in Accountancy, AIIMR, CFA charterholder

3

Standard LifeInvestments

Total assets €183.1bn†

By investor type:

€116.8bn Institutional

€66.2bn Retail

By asset class:

€60.7bn Equities

€78.8bn Fixed Income

€11.4bn Real Estate

€4.0bn Private Equity

€21.4bn Cash Management

€6.8bn Other (Mortgages & Loans)

† Includes strategies managed across a range of asset classes:

€12.3bn LDI Strategies

€10.6bn Absolute Return Strategies

Significant market presence

Standard Life Investments

Source: Standard Life Investments, 31 December 2010An exchange rate of £1:€1.167045 as at 31 December 2010 has been used

Equities33%

Fixed Income43%

Real Estate6%

Private Equity2%

Cash Management

12%

Other4%

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Standard LifeInvestments European Smaller Companies Fund

Standard Life IG SICAV European Smaller Cos A (MF) MSCI Europe Small Cap NR USD (IN)

Percentage Growth Total Return, Tax Default, In LC

3 Years From 29/02/2008 To 28/02/2011

Per

cent

age

Gro

wth

-60

-50

-40

-30

-20

-10

0

10

20

30

40

04/2008 07/2008 10/2008 01/2009 04/2009 07/2009 10/2009 01/2010 04/2010 07/2010 10/2010 01/2011

35.1

1.3

User may have modif ied the original chart and axis titles provided by Lipper.

Consistent Performance Through Market Crisis and Recovery

A Strong Performance Record

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Standard LifeInvestments European Smaller Companies Fund

European Smaller Companies SICAV Ratings:

AA Citywire (Germany)

A Standard & Poors

***** Morningstar

Lipper Germany 2011 - Equity Europe Small and Mid Cap best over 3 years

Lipper Nordics 2011 - Equity Europe Small and Mid Cap best over 3 years

Lipper UK 2011 - Equity Europe Small and Mid Cap best over 3 years

Der Traum der PerlenfischerEs ist der Traum vieler Kleinanleger: Eine noch unentdeckte Perle im Aktienuniversum früh finden - und dann satte Kursgewinne einstreichen, bevor der Rest der Welt erkennt, wie gut das Unternehmen wirklich ist. Tatsächlich gelingt so etwas extrem selten. Selbst Profis haben neben manchen guten immer wieder jede Menge schlechter Aktien im Portfolio, wie das aktuelle Morningstar-Rating von Fonds belegt, die Geld überwiegend in europäischen Nebenwerten anlegen. Im Schnitt schafften es die Manager, deren Aufgabe noch stärker als bei Standardwertefonds eigentlich darin besteht, Perlen zu entdecken, nicht, bessere Ergebnisse zu erzielen als der Gesamtmarkt. Immerhin konnten sich unter den Spitzenfonds einige in den vergangenen drei Jahren absetzen. Vier von ihnen schafften sogar zweistellige jährliche Renditen, in einem Vergleichsfeld, das seit Jahresbeginn 2008 pro Jahr nur um magere 2,5 Prozent zulegte. Die besten Aktienfonds mit Anlageschwerpunkt Nebenwerte Europa An der Spitze steht der Smaller Companies Fund von Standard Life Investments. Manager Ken Nicholson ist bescheiden genug zu sagen, dass er prinzipiell gar nicht viel anders mache als die Konkurrenz. Nur tat er dies zuletzt offensichtlichbesser.

External Recognition & Ratings

A Growing Reputation for Excellence in the Asset Class

Börse Online 31-Jan-11

Standard Life IG SICAV European Smaller Cos A (MF) MSCI Europe Small Cap NR USD (IN)

Percentage Growth Total Return, Tax Default, In LC

3 Years From 29/02/2008 To 28/02/2011

Per

cent

age

Gro

wth

-60

-50

-40

-30

-20

-10

0

10

20

30

40

04/2008 07/2008 10/2008 01/2009 04/2009 07/2009 10/2009 01/2010 04/2010 07/2010 10/2010 01/2011

35.1

1.3

User may have modif ied the original chart and axis titles provided by Lipper.

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Standard LifeInvestments European Smaller Companies Fund

Process and Portfolio Construction

A Proven Process Based on an Unconstrained, Bottom-Up Approach

• High alpha / unconstrained approach

• Concentrated 40-50 stock portfolio

• Sizeable universe - >1,000 companies in >16 countries

• Purely bottom-up, stock-picking approach

• Three stage process – idea generation, idea validation, portfolio construction

• FTSE Developed Europe Small Cap Index benchmark

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Standard LifeInvestments European Smaller Companies Fund

Company Country Description %

ASOS Consumer Services United Kingdom 3.30

Hargreaves Lansdown Financials United Kingdom 2.96

Yoox SpA Consumer Services Italy 2.94

BEKAERT Industrials Belgium 2.61

PROSIEBEN SAT1 MEDIA Consumer Services Germany 2.55

Sulzer Industrials Switzerland 2.55

FLSmidth & Co. Industrials Denmark 2.52

Software Technology Germany 2.51

Jeronimo Martins Consumer Services Portugal 2.51

Jungheinrich Industrials Germany 2.51

Top 10 holdings

Source: Standard Life Investments, 28 February 2011

Market Cap Splits €

1bn - 2bn26%

2bn - 3bn7%

3bn- 4bn17%

4bn - 5bn3%

>5bn7%

Cash €6%

<500m18%

500m - 1bn16%

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Standard LifeInvestments

Geographic Distribution Sector Breakdown

Source: Standard Life Investments, 28 February 2011

European Smaller Companies Fund

Cash €6%Utilities

2%

Technology12%

Oil & Gas5%

Industrials34%

Health Care1%

Financials6%

Consumer Services19%

Consumer Goods9%

Basic Materials6%

Austria 2%

Belgium 3% Denmark

3% Finland 6%

France7%

Germany 11%

Ireland4%

Italy5%

Portugal3%

Netherlands5%

Switzerland12%

United Kingdom31%

Turkey2%

Cash €6%

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Standard LifeInvestments The Wonder of Small Caps

Internet Inflection Theme

Persistency of Growth Underestimated by Market

Source: Datastream, 23 March 2011

M A M J J A S O N D J F M A M J J A S O N D J F M200

400

600

800

1000

1200

1400

1600

1800

2000 Asos

M A M J J A S O N D J F M A M J J A S O N D J F M4

5

6

7

8

9

10 Yoox

M A M J J A S O N D J F M A M J J A S O N D J F M10

15

20

25

30

35

40 Seloger

M A M J J A S O N D J F M A M J J A S O N D J F M150

200

250

300

350

400

450

500

550

600

650 Hargreaves Lansdown

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Standard LifeInvestments The Wonder of Small Caps

Engineering Success

Global Niche Market Leaders

Source: Datastream, 23 March 2011

M A M J J A S O N D J F M A M J J A S O N D J F M100

150

200

250

300

350 Bodycote

M A M J J A S O N D J F M A M J J A S O N D J F M80

100

120

140

160

180

200

220

240

260

280

300 Burckhardt

M A M J J A S O N D J F M A M J J A S O N D J F M200

400

600

800

1000

1200

1400

1600

1800

2000 Renishaw

M A M J J A S O N D J F M A M J J A S O N D J F M50

60

70

80

90

100

110

120

130

140

150 Sulzer

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Standard LifeInvestments The Wonder of Small Caps

Pockets of Excellence – Global Niche Leaders

Source: Datastream, 22 March 2011

Danish Expertise in Enzymes and Food Technology

M A M J J A S O N D J F M A M J J A S O N D J F M350

400

450

500

550

600

650

700

750

800

850

Novozymes

M A M J J A S O N D J F M A M J J A S O N D J F M100

200

300

400

500

600

700

Danisco

M A M J J A S ON D J F M A M J J A S ON D J F M95

100

105

110

115

120

125

130

Chr Hansen

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Standard LifeInvestments Success in Austria

Exploiting Opportunities in 'Value' and 'Growth at Right Price' Names

Source: Datastream, 18 March 2011

2007 2008 2009 2010 20110

5

10

15

20

25

30

35

40

45

50

55

Wienerberger

Buy

03/07/09

Sell

31/08/09

+79% return

Andritz

2007 2008 2009 2010 201110

20

30

40

50

60

70

Buy

18/02/10

+62% return to date

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Standard LifeInvestments Outlook

• Plenty of opportunities in European small and mid cap

• Asset class remains under-researched

• Many companies report ‘boom’ conditions supporting good profits outlook

• Companies in good financial shape - restructuring, reduced debt and positive cash flows

• Valuations no longer bargain-basement but reasonable still

• Positive technicals with equity allocations growing and increased corporate activity

Boom Conditions Support Euro Small Cap Outlook

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Standard LifeInvestments

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Appendix

Standard LifeInvestments

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Standard LifeInvestments

Geographic Distribution Sector Breakdown

Source: Standard Life Investments, 28 February 2011

FTSE Small Cap Developed Europe

Oil & Gas7%

Industrials31%

Health Care4%

Financials20%

Consumer Services13%

Consumer Goods10%

Utilities1%

Basic Materials7%Technology

6%

Telecommunications1%

United Kingdom32%

Switzerland10%

Sweden6% Spain

3%

Italy5%

Germany 10%

Ireland2%

Portugal1%

Norway5%

Netherlands4%

Greece 1%

France10%

Finland 4%

Austria 2% Denmark

2%

Belgium 3%

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Standard LifeInvestments

The information shown relates to the past. Past performance is not a guide to the future. The value of investment can go down as well as up.

For full details of the fund's objective, policy, investment and borrowing powers and details of the risks investors need to be aware of please refer to the full prospectus which can be found on www.standardlifeinvestments.com

Any data contained herein which is attributed to a third party ("Third Party Data") is the property of (a) third party supplier(s) (the “Owner”) and is licensed for use by Standard Life**. Third Party Data may not be copied or distributed. Third Party Data is provided “as is” and is not warranted to be accurate, complete or timely. To the extent permitted by applicable law, none of the Owner, Standard Life** or any other third party (including any third party involved in providing and/or compiling Third Party Data) shall have any liability for Third Party Data or for any use made of Third Party Data. Past performance is no guarantee of future results. Neither the Owner nor any other third party sponsors, endorses or promotes the fund or product to which Third Party Data relates.

**Standard Life means the relevant member of the Standard Life group, being Standard Life plc together with its subsidiaries, subsidiary undertakings and associated companies (whether direct or indirect) from time to time."

Standard Life Investments Limited is registered in Scotland (SC123321) at 1 George Street, Edinburgh EH2 2LL.The Standard Life Investments group includes Standard Life Investments (Mutual Funds) Limited, SLTM Limited, Standard Life Investments(Corporate Funds) Limited, SL Capital Partners LLP and AIDA Capital Limited.

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