GEMs Portfolio

Portfolio Objectives
This portfolio seeks long term capital growth from investment in eight unit trusts. Four of these will be UK invested (each investing in a different sector), and four will invest overseas (one in North America, one in Japan, one in Europe, and one in the Far East, but excluding Japan). All sectors will be as defined by the Investment Management Association(IMA) or equivalent body. Funds will be chosen using the Minerva Rating system. This portfolio will be monitored closely, and changes will only be made under certain circumstances, for example if a collective investment fails to meet the standards of consistency required within that particular sector, or a change of Fund Manager for a collective investment may, in the view of Minerva, adversely affect the prospect of continued consistent performance.

About the Managers
Minerva Fund Managers have specialised in collective investments for the past nine years. Many investors in the UK, both private and institutional investors, buy the New Minerva Report, published by Minerva, to read Minerva's views, and to access the Minerva Ratings of the top funds. Minerva offer their services through professional Independent Financial Advisers.

Typical Client Profile
Someone who wishes to invest between £10,000 and £500,000 into a spread of collective investments. The client will be able to utilise their annual capital gains tax exemption.

Reasons for choosing the Minerva GEMs Portfolio

1. This a unique service which utilises the Minerva Rating system.
2. Experienced Fund Managers (over 55 years)
3. Potential for Capital Gains which utilise the annual exemption
4. Proven Track Record
5. 6 monthly Valuations and Report

Caveats:
The portfolio's value will fluctuate with movements of the various stock markets in which it invests.

Past performance does not guarantee future returns.

% Growth % Growth % Growth % Growth % Growth
1Y 31/03/2009 1Y 31/03/2008 1Y 30/03/2007 1Y 31/03/2006 1Y 31/03/2005
Name To 31/03/2010 To 31/03/2009 To 31/03/2008 To 30/03/2007 To 31/03/2006
Minerva GEMS Portfolio39.01-24.25-6.654.1630.87
IMA Balanced Managed35.73-21.28-5.155.2024.92
ABI UK - Balanced (up to 85% Equity) Managed-Life34.49-21.12-4.215.1320.71

This has been issued by Minerva Fund Managers Limited, Kelston View, Corston, Bath, BA2 9AH. Minerva Fund Managers Limited are regulated by the Financial Services Authority. Unit Trusts are intended as a long-term investment, because these investments can go down in value as well as up, so you may not get back the full amount invested. These investments are not suitable for everyone. If you have any doubt whether they are suitable for you, you should obtain expert advice. The past is not necessarily a guide to future performance. Remember, never invest more than you can afford to spare.