Is it possible to improve performance by taking the following SQL:
    SELECT t1.ID, t1.NAME, t2.SubName, t2.RefValue
    FROM Table1 as t1
    CROSS APPLY
    (
      SELECT Top 1 t2.SubId, t2.SubName, t3.RefValue
      FROM table2 as t2
      INNER JOIN table3 as t3
      ON t2.SubId = t3.SubId
      ORDER BY LastUpdated desc
    ) as t2
And rewriting it so that it looks like this:
SELECT t1.ID, t1.NAME, t2.SubName, t3.RefValue
FROM Table1 as t1
CROSS APPLY
(
  SELECT Top 1 t2.SubId, t2.SubName 
  FROM table2 as t2
  ORDER BY LastUpdated desc
) as t2
INNER JOIN table3 as t3
ON t2.SubId = t3.SubId