13. LWM Research Process 1. Multiple screens for global markets using value metrics designed to uncover classic value and turnaround stocks 2. Remaining companies assigned amongst analysts to eliminate unsuitable companies 3. Analysts write full reports on all remaining companies, eliminating those that emerge as unsuitable 4. Reports are presented and each member of the investment management team has the right to veto any company they deem unsuitable 5. Companies graded – only companies achieving a certain average grade are put forward for inclusion 6. Remaining companies sorted for diversification and only accepted if superior to existing portfolio holdings LWM Global Portfolio Stage 1 Stage 2 Stage 3 Stage 4 Stage 5 Stage 6