Gary Potter and Rob Burdett

01 June, 2008

“Risk was rewarded again in May as the pattern of good month/bad month/good month continued. Within the rally, risk was rewarded, as we suggested it might last month, and the Nevsky Global Emerging Markets fund was our best performing holding rising 9.9 per cent. This was followed by Asia ex-Japan positions and then a little less predictably by Japan which finally looks as if it may be shaking off its pariah image. Whilst it is encouraging to see markets have a strong month, the volatility this year still leads us to pursue a balanced portfolio, albeit overweight the emerging areas of the equity markets.”

AMOUNT (E) FUND

15,000 15,000 Blackrock Absolute Alpha (UCITS III narrow long-short equity)

10,000 Findlay Park US Smaller Companies (quality value driven small and mid-cap)

10,000 Invesco Sterling Bond (flexible sterling fixed income)

10,000 Thames River Global Bond EUR (total return global short duration)

10,000 Thames River High Income EUR (active top-down/bottom up E-hedged)

8,000 Coupland Cardiff Japan (flexible absolute return-driven)

6,000 IVI European (intrinsic value-driven cash flow focus)

6,000 Nevsky Global Emerging Markets Fund (directional long-only equity)

5,000 Cazenove European (business cycle relative value)

5,000 JO Hambros Capital Management European Select Values (intrinsic value/special situations)

4,000 JO Hambro Capital Management Japan (value-driven mid-cap bias)

4,000 Rensburg UK Managers' Focus (focus fund pooling four managers' best ideas)

4,000 Veritas Asian Fund (real return Asian equity)

3,000 Old Mutual Dublin UK Select Smaller Cos (capacity limited UK small cap top-down/bottom up

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