This document is issued by Miton Asset Management Ltd who are authorised & regulated by The Financial Services Authority

Introduction

The Special Situations Fund

• Martin Gray – Fund Manager

• Roger Clarke – Offshore Sales Director

• Who are Miton Asset Management?

•The Special Situations Fund

• Investment Philosophy and Process

• Performance & Awards

Who are Miton?

• Subsidiary of UK AIM listed company (Midas Capital)

• Global Tactical Asset Allocation Specialists

• Managing global portfolios since 1979

• Assets under management and advice of US$ 4,2

• Offices in UK, Hong Kong, South Africa & Guernsey

• Distributed throughout Europe, Middle East and Asia Pacific, South Africa

Special Situations Philosophy

• A Balanced Managed Multi Asset Fund

• Global tactical asset allocation specialists

• Utilise multi manager, multi asset approach – Fund of Funds.

• Focus on absolute not relative returns

• Not constrained by benchmarks

• Not Index based

• Aims to produce positive returns, whilst managing downside risk.

• Available in GBP US$ & Yen

Macro- Economic ResearchGlobal Influences determining the asset class:

Cash/ Equities/ Bonds/ Commodities/ Property/ Alternative Strategies

Macro- Economic ResearchGlobal Influences determining the asset class:

Cash/ Equities/ Bonds/ Commodities/ Property/ Alternative Strategies

Investment Process

‘Asset Allocation More Important Than Fund

Selection’Fund

Selection

Geographical ExposureWhich are the favoured Financial Markets

Market Cap BiasOften determined by

sector bias

Sector BiasIncreasing Globalisation of economies

makes this a vital exercise

TECHNICALFUNDAMENTAL

90 % ofReturns

10 % ofReturns

Asset Allocation

As at 31.05.08

Alternative Strategies8.88%

Global Bonds8.57%

Cash31.23%

US0.65%Asia

11.62%

Emerging Markets

2.57%

Japan8.72%

UK7.05%

Resources8.17%

Zeros7.37%

Property5.52%

Risk Reward Analysis

CF Miton Special Situations Portfolio. Since Launch 26.12.97 Risk / Return Scattergram to 30.4.08.

*Source Lipper Hindsight

0

50

100

150

200

250

0 0.2 0.4 0.6 0.8 1 1.2 1.4

Special Situations

Balanced Sector

% G

RO

WT

H

RISK

YTD 5.5% in excess of sector

1 Year 13.4% in excess of sector

3 Years 18% in excess of sector

5 Years 71.6% in excess of sector

Bear market 2000-2003 25.7% in excess of the sector

since launch151.7% in excess of the sector

Discrete Annual Returns

*Source: Lipper Hindsight as at 30.4.08 since launch 31.12.96

-30

-20

-10

0

10

20

30

40

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008

CF Miton Special Situations IMA Balanced Sector

Awards

2008: 2008: CF Miton Special Situations CF Miton Special Situations Top 10 Consistent UK Funds

2008: 2008: CF Miton Special Situations CF Miton Special Situations Daily Telegraph Top Dozen Fund Managers

of the Decade

2007: 2007: CF Miton Special SituationsCF Miton Special Situations Lipper Global Mixed Asset GBP Short listed

2006:2006: CF Miton Special Situations CF Miton Special Situations Investment Week Asset Allocator Award

CF Miton Special SituationsCF Miton Special Situations Lipper Global Mixed Asset GBP Short listed

CF Miton Special SituationsCF Miton Special Situations Moneywise Pension Top Balanced Managed Fund

CF Miton Special SituationsCF Miton Special Situations Investment Week Asset Allocator Award Winner

CF Miton Special SituationsCF Miton Special Situations Lipper Global Mixed Asset GBP Balanced

2005:2005: CF Miton Special SituationsCF Miton Special Situations Investment Week Asset Allocator Award

CF Miton Special SituationsCF Miton Special Situations IMA Balanced Sector 1st over 1 yr, 3ys, 5yrs

CF Miton Special SituationsCF Miton Special Situations Lipper Mixed Asset Balanced GBP 3 Yrs Winner

20042004:: CF Miton Special Situations CF Miton Special Situations Lipper Balanced Sector 1Year Winner

Special Situations – Key Points

• An award winning multi asset managed fund

• 10 yr + track record

• Manages downside as well as capturing upside

• Annualised return of 17.99% in GBP over 5 yrs and 10.65%pa over 10 yrs

• Available in GBP US$ & Yen

• Sales Support throughout Asia & Middle East

• UK or Guernsey domiciled funds

Mark Dampier Money Marketing

“..It is refreshing to meet a group that not only wants to make money for its clients but also wants to manage downside risk”

Important Information

This document has been issued by Miton Asset Management limited which is authorised and regulated by the Financial Services Authority and is registered in England No.01949322. Its registered office is at 82 Saint John Street, London EC1M 4JN. This document does not constitute an offer or invitation to any person. This document is for information only; the information and opinions contained have been compiled or arrived at from sources believed to be reliable and given in good faith but no representation is made as to their accuracy, completeness or correctness The opinions contained in this document are subject to change and are not to be interpreted as investment advice. Miton Asset Management limited, its directors, officers, employees and their associates may have a holding in the Fund as well as in the securities referred to herein. The value of investments and the income from them may vary and you may realise less than the sum invested. Tax assumptions may change and you should rely on your own tax advisor when considering your personal circumstances. The fund may have exposure to securities denominated in currencies other than sterling; changes in exchange rates may have an adverse impact upon the fund’s performance. The investment may not be suitable for all recipients of this publication and any doubts regarding this should be addressed to your financial advisor. The current prices, details of the fund holdings and the simplified prospectus, which contains details of the risks and charges of the fund , can be obtained at www.mitonam.com or by telephoning 0118 952 8900.