Protector Portfolio

Portfolio Objectives
This portfolio aims to offer a level of capital protection. This portfolio would normally be used in conjunction with another portfolio. The portfolio will be switched between a Cash Fund and a UK Index Fund. Switching will be determined by trading techniques developed by Minerva Fund Managers Limited, and endeavours to be in the Cash Fund when the UK market falls, and in the UK Index Fund when the UK market rises. If the indicators suggest that we are in a bull market, the neutral position will be fully invested in the UK Index Fund, and if in a Bear market, the neutral position will be invested in the Cash Fund.

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 has built up a sizable equity portfolio (£50,000 plus), and who likes the idea of reducing exposure to a market downturn without having to sell their investments.

Reasons for choosing the Minerva Protector Portfolio

1. Unique Service
2. Experienced Fund Managers (over 55 years)
3. Potential for above-average Capital Gains
4. Proven Track Record
5. 6 monthly Valuations and Report

Caveats:
There is no guarantee that the portfolio will be in the Cash fund when the market falls, and the Index fund when it rises. Investment decisions are made purely at the managers' discretion.

Investments made on a stand-alone basis (i.e. the investor does not have a portfolio to protect) should be considered as high risk and speculative.

Please note that the performance up to December 2007 was achieved using a UK Bear fund. This UK Fund is no longer available.

% 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
The Protector Portfolio35.31-29.8716.605.40-10.64
S&P 500 CR38.50-16.36-8.13-2.9619.48
Green Protector43.54-32.07-6.9613.0112.33
GEMS UK Equity Inc Protector38.14-28.55-7.5411.4614.52
GEMS Protector38.28-25.44-2.544.3821.04
FTSE 100 CR44.66-31.15-9.615.7621.87

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.