US Risk DisclaimerHYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS, SOME OF WHICH ARE DESCRIBED BELOW. NO REPRESENTATION IS BEING MADE THAT ANYACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN. IN FACT, THERE ARE FREQUENTLY SHARP DIFFERENCES BETWEEN HYPOTHETICALPERFORMANCE RESULTS AND THE ACTUAL RESULTS SUBSEQUENTLY ACHIEVED BY ANY PARTICULAR TRADING PROGRAMME.ONE OF THE LIMITATIONS OF HYPOTHETICAL PERFORMANCE RESULTS IS THAT THEY ARE GENERALLY PREPARED WITH THE BENEFIT OF HINDSIGHT. IN ADDITION,HYPOTHETICAL TRADING DOES NOT INVOLVE FINANCIAL RISK, AND NO HYPOTHETICAL TRADING RECORD CAN COMPLETELY ACCOUNT FOR THE IMPACT OF FINANCIAL RISK INACTUAL TRADING. FOR EXAMPLE, THE ABILITY TO WITHSTAND LOSSES OR TO ADHERE TO A PARTICULAR TRADING PROGRAMME IN SPITE OF TRADING LOSSES ARE MATERIALPOINTS WHICH CAN ALSO ADVERSELY AFFECT ACTUAL TRADING RESULTS. THERE ARE NUMEROUS OTHER FACTORS RELATED TO THE MARKETS IN GENERAL OR TO THEIMPLEMENTATION OF ANY SPECIFIC TRADING PROGRAMME WHICH CANNOT BE FULLY ACCOUNTED FOR IN THE PREPARATION OF HYPOTHETICAL PERFORMANCE RESULTS ANDALL OF WHICH CAN ADVERSELY AFFECT ACTUAL TRADING RESULTS.Simulated results presented in this presentation for Aspect Diversified are calculated by taking the historical market information available at the relevant point in time. Hypothetical trades relevant toeach current strategy are generated on the basis of this information. Positions are valued using the prevailing market prices at each point in time. Performance is calculated using these valuationsand subtracting fees of 2 per cent management and 20 per cent incentive, using standard methodology. Simulations are relevant to show the pattern of returns, but are not a forecast of futureperformance. There are many assumptions made, many of which may not prove to be accurate in actual trading. These figures are based on information believed to be accurate but have not beenaudited by a third party. Information is for illustrative purposes only. 3
Agenda• Aspect Capital• Introduction to Managed Futures• Portfolio Benefits: Important Source of Diversification• Skandia Global Futures Fund 4
Corporate overviewAspect is a systematic investment managerFounding• Aspect was founded in 1997 by Anthony Todd, Martin Lueck, Track Record: Jan 1982 to Apr 2012Michael Adam and Eugene Lambert Adam and Adam and Man acquire• Aspect Diversified began trading in December 1998 Lueck build Lueck remainder of computerised co-found AHL AHL trading model Aspect DiversifiedOwnership Aspect Trends launched Diversified launched• Aspects directors, employees and Employee Benefit Trust own Man acquire Aspect foundedapproximately 96% of the company 67% stake in by Todd, Lueck, Adam AHL and Lambert Jan-82 Jan-84 Jan-86 Jan-88 Jan-90 Jan-92 Jan-94 Jan-96 Jan-98 Jan-00 Jan-02 Jan-04 Jan-06 Jan-08 Jan-10 Jan-12Staffing• Aspect currently employs 141 peopleInvestment Programme• Aspect manages $6.8bn*, all in Managed Futures Source: Aspect Capital. *As at 1st May 2012. Note: Blended approximate performance track record of representative investment programmes implemented at Brockham Securities (1982 – 5 1987), AHL (1987 – 1998) and at Aspect Capital Limited (1998 – present). Past performance is not necessarily indicative of future results. Please see relevant risk disclaimer on pages 2, 3 and the appendix.
Agenda• Aspect Capital• Introduction to Managed Futures• Portfolio Benefits: Important Source of Diversification• Skandia Global Futures Fund 6
What is a Managed Futures investment? Long Term History Liquidity and Transparency – Track record for the sector – Access to opportunities in a stretches back to the 1970s broad range of liquid markets No Directional Bias Diversifying Returns – Ability to benefit from both – Performance uncorrelated rising and falling markets with stock and bond markets 7
Long term history Assets Under Management in Managed Futures Sector: 1980 to 2011 350 • Managed Futures is an investment 300 strategy with an established track recordAUM (US$ bn) 250 200 • The benefits of the strategy to a wide 150 range of investors has driven strong asset 100 growth 50 0 • Managed Futures is now amongst the largest absolute return strategies 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 2007 2008 2009 2010 2011 8Source: BarclayHedge.
Liquidity and transparency European Exchanges Markets Traded Including Japanese Markets Traded - EUREX - ICE LDN - White Sugar Exchanges Including - LIFFE - MEFF - Gas Oil - LME - OMX - Euribor - TIFFE - Japanese 10yr Canadian Markets Traded - IDEM - FTSE 100 TSE - TOCOM Gov’t Bond Exchanges Including - Topix Euroyen Platinum - ICE - Canola Canada - Canadian 10yr - ME Gov’t Bond Gov t Bond Asia Pacific Markets Traded Exchanges Including - HKFE - Hong Kong - MDE KFE Hang Seng - SIMEX Index - Taiwanese MSCI IndexUnited States Markets Traded IncludingExchanges-CBOT - Corn- CBOE - Soya Beans Australian Markets Traded- CME - Silver Exchange Including- COMEX - Crude Oil - SFE - Australian SPI-200- ICE - US 10yr Treasury Notes Index- KCB - Eurodollar - Australian 90 Day- MGE Bank Bills- NYMEX South African Markets Traded Exchange Including - SAFEX - South African FTSE/JSE Top FTSE/JSE 40 IndexSource: Aspect Capital. 9Note: Above is a selection of markets and exchanges used by the Aspect Diversified Strategy as of December 2011. Please note that the Skandia Global Futures Fund doesnot invest directly in these markets. This information may change over time.
A source of diversifying returns Managed Futures vs Global Bonds vs Global Equities: Jan 1990 to Apr 2012 900% 800% Credit Crisis Russian Crisis 700% • Managed Futures haveCumulative Return 600% Equity Bear 500% Market demonstrated strong absolute 400% returns 300% 200% 100% • Managed Futures have provided 0% positive returns in difficult market -100% environments Dec-89 Dec-91 Dec-93 Dec-95 Dec-97 Dec-99 Dec-01 Dec-03 Dec-05 Dec-07 Dec-09 Dec-11 Managed Futures Global Equities Global Bonds Aspect Diversified Strategy Source: Aspect Capital, Datastream and Bloomberg. Indices: Managed futures: CISDM CTA Equal Weighted Index; Global equities: MSCI World; Global bonds: Barclays Global Aggregate. All data is as at end April 2012, except for the CISDM Index, which is at end of March 2012. Note: The performance figures shown above refer to a representative account of the Aspect Diversified Strategy which account is an investment fund traded pursuant to the Aspect Diversified Strategy (“Representative Account”). The performance of the Representative Account will differ from the performance of the Skandia Global Futures Fund product and the performance figures 10 shown above do not purport to be an indication of the potential returns of the Skandia Global Futures Fund product. Past performance is not necessarily indicative of future results. Please see relevant risk disclaimer on pages 2, 3 and the appendix.
No directional biasAverage Quarterly Performance of Managed Futures Index vs S&P 500: Q11987 to Q1 2012 8% • Managed Futures strategies have no 6% directional bias 4% 2%Return 0% • Positions in all markets can be long or -2% short -4% -6% -8% • Managed Futures can provide positive -10% returns in both up and down markets Down S&P 500 Up S&P 500 Quarters All S&P 500 Quarters Quarters Stocks (S&P 500) Managed Futures (CISDM) 11 Source: Aspect Capital, Bloomberg.
Agenda• Aspect Capital• Introduction to Managed Futures• Portfolio Benefits: Important Source of Diversification• Skandia Global Futures Fund 12
Trend followingMedium-term trend following has several Hypothetical Trade in Changing Market Conditionsattractive features: 5.0 115 4.5 C 4.0 D 113• Broad and rational hypothesis B Scaled Position 3.5 111• Based on statistical analysis of price action 3.0 Price 2.5 109• Applied across a wide range of timeframes 2.0• Signals adjust to unfavourable conditions 1.5 Price 107• Low correlation of returns with underlying 1.0 A Position 105assets and other strategies 0.5 0.0 103 Month Month Month Month Month Month 1 2 3 4 5 6Systematically applied: A: Responsiveness / Trend Identification B: Trend Capture• Financials and Commodities C: Risk Control D: Position Stability• 7 sectors and 120+ marketsNote: Simulated Data, please see relevant risk disclaimer on pages 2, 3 and the appendix. 13
Global tactical asset allocation Aspect Diversified Strategy Average VaR† and Range by SectorAspect Diversified Strategy Long-Term Risk Allocation* (Last 12 Months)* 1.2% 1.0% VaR (% NAV) 0.8% 0.6% 0.4% 0.2% 0.0% Agriculturals Metals Currencies Energies Stock Indices Bonds Interest Rates Agriculturals 8% Bonds 17% Currencies 15% Energies 15% Interest Rates 12% Metals 14% Current VaR Average VaR Stock Indices 19%• A wide range of asset classes globally • Short-term risk allocations systematically reflect market opportunities in a tactical manner• Long-term risk allocations ensure broad diversificationSource: Aspect Capital.Note: * As at 30th April 2012. Until July 2011 the Aspect Diversified Strategy had an allocation to the Stock Sectors strategy which is not shown here. Allocations are reviewed monthly and maychange over time. The target risk allocation for the Skandia Global Futures Fund is identical to the target risk allocation shown above. † VAR (%) - 1 day Value at Risk at a 95% confidencelevel. Sector VaR figures shown are raw sector VaRs treating each sector in isolation. These will not sum to Strategy VaR as this methodology ignores correlations between sectors. VaR 14figures for the Skandia Global Futures Fund may not be identical to the average VaR figures shown above.
Diversified returns(Gross Estimated) Aspect Diversified Strategy Performance by Sector 40% • A source of absolute returns from a 30% broad range of asset classes 20% Gross Return 10% • Commodities and financials markets are 0% important at different times -10% -20% * • Managed Futures strategies have no 2001 2002 2003 2004 2005 2008 2009 2010 2011 1999 2000 2006 2007 2012 directional bias Agriculturals Bonds Currencies Energies Interest Rates Metals Stock Indices Source: Aspect Capital. *As at 30th April 2012. Until July 2011 the Aspect Diversified Strategy had an allocation to the Stock Sectors strategy which is not shown here. 15
Tactical asset allocation: important correlation effects Correlation between Investment Sectors and Aspect Diversified Rolling 12 Month Correlation Between Aspect Diversified Strategy: Jan 1999 to Apr 2012 Strategy, Equities and Bonds: Jan 1999 to Apr 2012 100% 100% 80% 80% 60% 60% 40% 40% Correlation 20% 20% 0% 0% -20% -20% -40% -40% -60% -60% -80% -80% -100% -100% Emerging Market Property Global Equities Private Equity Commodities Hedge Funds Global Bonds Dec-99 Dec-00 Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Equities Global Equities Global Bonds • Low correlation of returns with underlying • Short-term correlations are dynamic and assets and other strategies means that vary depending on directional market returns are diversifying opportunitiesSource: Aspect Capital, Datastream.Indices used: Global Equities: MSCI World; Global Bonds: Barclays Global Aggregate; Emerging Market Equities: MSCI Emerging Markets; Commodities: DJ UBS Commodity Index (TR); Property: GPR250 PSI Global; Hedge Funds: DJ CS Hedge Fund Index; Private Equity: LPX Buyout Index.Note: The performance figures shown above refer to a representative account of the Aspect Diversified Strategy which account is an investment fund traded pursuant to the Aspect Diversified Strategy(“Representative Account”). The performance of the Representative Account will differ from the performance of the Skandia Global Futures Fund product and the performance figures shown above donot purport to be an indication of the potential returns of the Skandia Global Futures Fund product Past performance is not necessarily indicative of future results. Please see relevant risk disclaimer on 16pages 2, 3 and the appendix.
Managed Futures: portfolio benefits Annualised Returns: Jan 1999 to Apr 2012 Annualised Volatility: Jan 1999 to Apr 2012 Maximum Drawdown: Jan 1999 to Apr 2012 7% 12% 0% 6% -5% 10% -10% 5% 8% -15% 4% 6% -20% 3% -25% 4% 2% -30% 2% 1% -35% 0% 0% -40% Traditional Portfolio Enhanced Portfolio Traditional Portfolio Enhanced Portfolio Traditional Portfolio Enhanced Portfolio Managed Futures can improve the characteristics of most traditional portfolios • Returns are improved • Volatility is reduced • Maximum drawdowns can be loweredSource: Aspect Capital, DatastreamNote: Please refer to additional information related to portfolio construction on page 2. These results are based on simulated or hypothetical performance results that have certain limitations. Unlike theresults shown in an actual performance record, these results do not represent actual trading. Performance of the Managed Futures allocation is after fees and expenses. Past performance is not 17necessarily indicative of future results. Please see important risk disclaimer on pages 2, 3 and the appendix.
Agenda• Aspect Capital• Introduction to Managed Futures• Portfolio Benefits: Important Source of Diversification• Skandia Global Futures Fund 18
Skandia Global Futures Fund: overviewThe Skandia Global Futures Fund is a Dublin-registered UCITS-compliant fund • Provides access to Aspect Diversified via an unfunded total return swap • Swap reflects performance of an approved index, the Aspect Diversified Trends IndexThe Skandia Global Futures Fund aims to deliver superior solutions to challenges of: • Tracking error • Costs • Transparency • Liquidity • Counterparty risk • Simplicity 19
ConclusionWell-Established Strategy • Leading global investors allocate to Managed FuturesLiquidity • Access to 120+ highly liquid markets globallyNo Directional Bias • Systematically exploits trends – rising and fallingDiversifying Returns • Portfolio enhancement from non-correlated returns, even at small allocationsExperienced Manager and Partnership • Aspect Capital has a proven track record in Managed Futures • Managed Futures is the sole focus of Aspect Capital • Partnership with Skandia provides straightforward access in UCITS compliant form 20
Product design Aspect Capital has constructed the Index which is representative of a Managed Futures strategy Fund Investor Agriculturals Agriculturals Bonds Subscription Redemption & Bonds Performance Currencies Currencies Fund Energies Energies Administrator Interest Rates Interest Rates Citi Fund Services (Ireland) Limited Metals Metals Stock Indices Stock Indices Subscription Redemption & Performance Aspect Skandia Swap Global Futures Fund Diversified Counterparty Trends Index Index Performance Index Performance Index Calculation Agent Custodian Investment Manager Unfunded Total Return Swap Quintillion Limited - Collateral held in pledge account at custodian Citibank Aspect Capital Limited International plc - Daily reset - Investment Management Index Sponsor and Index - Collateral management Manager - Cash management* Aspect Capital LimitedSource: SIG. 21 21*Cash:Equivalent to approximately 100% of NAV is invested in money market funds, T-Bills and other similar instruments.
Skandia Global Futures Fund – key factsInception Date 1st November 2011Fund Currency USDInvestment Advisor Aspect CapitalLiquidity DailyAMC 2% retailPerformance Fee 20%Available Share Classes A Class - I Class ISIN Bloomberg Sedol WKN Valoren Skandia Global Futures IE00B6SRG396 SKGFUAU B6SRG39 A1JNTT 14270715 Fund 22Source: Skandia Investment Group as at 30th April 2012.
Aspect diversified: track recordTrack Record of Aspect Diversified: Dec 1998 to Apr 2012 Key Statistics (as at 30 April 2012) 400 NAV per Share $361.57* 350 Return for Month to Date -0.85%*Growth of USD100 300 Return for Year to Date 1.62%* 250 200 Return for Last 12 Months 1.98%* 150 Annualised Volatility since Inception 16.49% 100 Volatility for Last 12 Months 12.69% 50 Dec-98 Apr-00 Dec-02 Apr-04 Dec-06 Apr-08 Dec-10 Apr-12 Aug-01 Aug-05 Aug-09 Margin to Equity 14.79% CARR since Inception 10.05%*Source: Aspect CapitalNote: *Estimated performance. The performance figures shown above refer to a representative account of the Aspect Diversified Strategy which account is an investment fund traded pursuant to theAspect Diversified Strategy (“Representative Account”). The performance of the Representative Account will differ from the performance of the Skandia Global Futures Fund product and the 23performance figures shown above do not purport to be an indication of the potential returns of the Skandia Global Futures Fund product. Past performance is not necessarily indicative of futureresults. Please see relevant risk disclaimer on pages 2, 3 and the appendix.
Aspect diversified: 2012 performance attribution (Gross Estimated) Aspect Diversified Performance Attribution Best sectors Best instruments by Sector: YTD Sector Contribution* Instrument Contribution* 4% Energies 3.72% Natural Gas 1.71%Estimated Contribution 3% 2% Interest Rates 1.12% Euribor 0.87% 1% Reformulated Agriculturals 0.51% 0.80% Gasoline 0% Worst sectors Worst instruments -1% Sector Contribution* Instrument Contribution* -2% Metals -1.10% USD / JPY -0.64% Stock Indices Metals Agriculturals Currencies Energies Bonds Interest Rates Bonds -0.73% Zinc -0.57% Stock Indices -0.17% H-Shares Index -0.45% Source: Aspect Note: *Estimated performance. The performance figures shown above refer to a representative account of the Aspect Diversified Strategy which account is an investment fund traded pursuant to the Aspect Diversified Strategy (“Representative Account”). The performance of the Representative Account will differ from the performance of the Skandia Global Futures Fund product and the performance figures shown above do not purport to be an indication of the potential returns of the Skandia Global Futures Fund product. Past performance is not necessarily indicative of future 24 results. Please see relevant risk disclaimer on pages 2, 3 and the appendix.
Appendix & important informationThe opinions expressed should not be relied upon as indicating any guarantee of return from an investment in such a strategy. Theinformation contained in this document is for illustrative purposes only and should not be viewed as a recommendation to buy or sellstocks.(Past performance is not a reliable guide to future performance. The value of investments and the income derived thereof may godown as well as up. Skandia Global Funds plc may be affected by changes in currency exchange rates. You may not get back theamount originally invested.)Investment involves risk. Past performance is no guarantee of future results. The value of investments and any income from them can godown as well as up and investors may not get back the amount originally invested. Exchange rate changes may cause the value ofoverseas investments to rise or fall. The Skandia Global Futures Fund may enter into one or more financial derivative instrument(s) in theform of swaps which allow variable exposure of the Fund to the Aspect Diversified Trends Index. The return of this arrangement may beparticularly volatile. While the use of derivatives can be beneficial, derivatives can also involve risks different from, and in certain cases,greater than, the risks presented by more traditional investments.The CISDM CTA Equal Weighted Index is published by Morningstar and represents the actual performance of a broad equally-weightedbasket of commodity trading advisors.The material is for the use of professional investors only, and should not be communicated to retail investors in the UK.For more information regarding Skandia Global Futures Fund, performance history and investment risks, please contact your local SkandiaGlobal Funds representative. 25
Important disclosure informationFor professional use only - not for onward distribution.Past performance is not a reliable guide to future performance. The value of investments and the income derived thereof may godown as well as up. Skandia Global Funds plc may be affected by changes in currency exchange rates. You may not get backthe amount originally investedSkandia Global Futures Fund is a sub fund of Skandia Global Funds plcIssued by Skandia Investment Group ("SIG") SIG is the marketing brand name of Skandia Global Funds plc, an investment company with variable capital established as an umbrella fund with segregatedliability between sub-funds which is authorised and regulated by the Central Bank of Ireland pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities)Regulations 2011, as amended. Registered in Ireland under registration number 271517. Registered office: Arthur Cox Building, Earlsfort Terrace, Dublin 2, Ireland.Skandia Global Funds plc has not been registered under the United States Investment Company Act of 1940, as amended, nor the United States Securities Act of 1933, as amended. None of the sharesmay be offered or sold, directly or indirectly in the United States or to any US Person. A US Person is defined as (a) any individual who is a citizen or resident of the United States for federal income taxpurposes; (b) a corporation, partnership or other entity created or organized under the laws of or existing in the United States; (c) an estate or trust the income of which is subject to United States federalincome tax regardless of whether such income is effectively connected with a United States trade or business.Shares in Skandia Global Funds plc are sold by a prospectus only. The prospectus contains complete information on risk factors and fees that may apply and should be read carefully before investing.The prospectus and simplified prospectus are available free of charge in paper form at:Austria: Erste Bank der oesterreichischen Sparkassen AG, 1010 Wien, Petersplatz 7, AustriaGermany: Skandia Portfolio Management GmbH, Kaiserin-Augusta-Allee 108, 10553 Berlin, GermanyFrance: BNP Paribas Securities Services, 66 rue de la Victoire, 75009 Paris, FranceHong Kong: Skandia Global Funds (Asia Pacific) Limited, 24th Floor, Henley Building, 5 Queens Road, Central Hong KongLuxembourg: BNP Paribas Securities Services, Luxembourg Branch, 33 rue de Gasperich, L-5826, Grand Duchy of LuxembourgSpain: Allfunds Bank, C/ La Estafeta 6, Edificio 3, 28109 Alcobendas, Madrid, Spain. Registered with the CNMV numer 301, the 17 October 2002.Switzerland: First Independent Fund Services Ltd, Klausstrasse 33, 8008 Zurich, SwitzerlandTaiwan: Galaxy Securities Investment Consulting Enterprise, 33F., No.66, Sec. 1, Zhongxiao W. Rd., Zhongzheng Dist., Taipei City 100, Taiwan (R.O.C.)United Kingdom: Skandia Investment Management Limited, Skandia House, Portland Terrace, Southampton, SO14 7EJ, United KingdomOther: Skandia Global Funds plc, c/o CitiBank Europe Plc, 1 North Wall Quay, Dublin 1, IrelandThis publication does not form part of the prospectus relating to Skandia Global Funds plc and is not, and should not be construed as an offer, invitation or solicitation to subscribe for shares in SkandiaGlobal Funds plc. It is the responsibility of any person in possession of this publication to observe all applicable laws and regulations of any relevant jurisdiction with regard to the sales and investment inSkandia Global Funds plc.IM0105120106031201 26