Dear investor,

We do NOT tell you that our t1ps SF Smaller Companies Growth Fund is doing 'as well as it could do', we just try make sure that our fund WORKS.

Well managed funds are the ones that take time to invest and do their homework. We don't try to forecast where the market is going. We look at individual companies that are well managed and have good balance sheets. We buy into stocks that are traded at a big discount to their value. What makes as different is that our fund is managed from a long-term value creation perspective.

On 19/07/10 the SF t1ps Smaller Companies Growth Fund NAV was at 121.3398p.

We cannot be too pleased that the net asset value of the fund on a year-to-date basis is up by only 3.3% (Financial Express 01/07/2010). However, we will always take a long-term approach to investment. The wider market may take years to realise value that should be obvious today. Our approach is strictly bottom up: looking for great companies on an individual basis, seeking out value in growing UK-listed businesses using our wide network of contacts rather than trying in vain to follow macro-economic trends. Since our launch our net asset value has increased by 21.3% and for the same period of time (21/11/2007 - 19/07/2010) the best performers of our peer group have increased their value by approximately the same percentage so we are a high flyer but of course past performance is no guarantee of future success.

How can you invest?

Buying shares in the SF t1ps Smaller Companies Growth Fund is easy and shares in the Fund are eligible to be held in an ISA, Self Invested Personal Pension, and for inclusion in a non-stakeholder Child Trust Fund account too.

Simply visit our website at www.t1psim.com and download the forms. If you want a hard copy please email growthfund@t1psim.com indicating your full name and address.

The SF t1ps Smaller Companies Growth Fund provides expert management of your investment at a competitive price.

Benefit from our reduced fee of 2.5% and save more 50% (standard initial fee 5.25%).

It is also easy to transfer your existing ISA into units in the fund. We do all the hard work for you. Fill in the 'Transferring an existing ISA' section, on page 5 of the application form and send it back to the address on the form and we will do the rest of the work for you.

Simply visit our website at www.t1psim.com and download the forms. If you want a hard copy please email growthfund@t1psim.com indicating your full name and address.