date: Thu Jan 18 09:50:47 2007 from: Keith Briffa subject: Your investment suggestions to: "Carey, Gerald" Gerald thanks for these suggestions - in short , I am happy to accept them all . Please go ahead as per your original list ( ie including the Henderson fund ) . I would also be interested to know what interest rate any cash left on deposit with you would normally achieve. Thanks , and I very much look forward to meeting you. Best wishes Keith At 16:36 15/01/2007, you wrote: ___________________________________________________________________________________ From: Carey, Gerald Sent: 15 January 2007 16:33 To: 'k.briffa@uae.ac.uk' Subject: Re Your investments Dear Keith, I understand from Sarah you would like to receive my investment suggestions for the £37,439.97 balance currently held on the deposit account which accompanies your portfolio and Sarah suggested I should send these direct to you.I know that you are away until late on Wednesday and so I will not hear from you for a couple of days at the least. The 11 direct equity recommendations and 3 funds which James Rainbow put forward in his letter of 16 November ( which replaced his original proposals of 6 direct equities) are all good investments but I suggest a different list.As none of those equities or funds were subsequently purchased I am in a position to make a fresh set of recommendations for the cash ( I note you withdrew £3,000 in mid November from the original sum) and which I now have pleasure in doing. I suggest investing £35,000 and leaving the balance on deposit available for any particularly attractive investment opportunities which may present themselves.I propose making 7 investments.I suggest there should be considerable investment in funds(as opposed to individual equities) to achieve diversification of investment and spread of risk.A portfolio valued at about £50,000 should not have too much directly invested in individual shares.I am not sure if you are willing to invest in bond markets as well as equity markets but,if so,I strongly advise including a bond fund to lower the overall risk profile of your portfolio and to obtain the higher level of capital security offered by bonds relative to equity markets. I suggest investing £5,000 in each of Henderson Preference & Bond Fund,Axa Framlington Equity Income;Finsbury Growth &Income Trust; JP Morgan Fleming Mid Cap and National Grid in the UK and £5,000 in each of Gartmore European and Murray International Trust which invest in overseas equity markets. HENDERSON PREFERENCE & BOND FUND Invests in corporate bonds and preference shares issued by companies.The inclusion of the latter gives very modest scope for capital growth .The bonds element will usually change little in value.Price and gross yield 61.49p and 5.9%. AXA FRAMLINGTON EQUITY INCOME A large fund with a consistently good past growth record from investment in the UK equity market.The yield is slightly above that on the leading UK equity market indices.Price and gross yield 775.15p and 3.1%. FINSBURY GROWTH & INCOME TRUST Invests for growth in capital and income from the UK equity market.A good growth record.Price and gross yield 327p and 3.2%. JP MORGAN FLEMING MID CAP Specialises in investment in FTSE250 Index companies.These companies are pretty large and this tier of the equity market is outperforming the largest UK companies at present as measured by the FTSE100.Price and gross yield 715.5p and 2.0% NATIONAL GRID An integrated utility company quoted in the FTSE100 index.In our view the best value and best managed UK utility group.Price and gross yield 738p and 4.0%. GARTMORE EUROPEAN Invests across European equity markets in large companies.Good growth record.Price and gross yield 579p and 0.4%. MURRAY INTERNATIONAL TRUST Invests in the major equity markets on an international basis.Satisfactory performance record.Price and gross yield 636p and 3.15%. If you do not wish to include bonds,I will be pleased to put forward an alternative to the Henderson Fund? With regard Nokia in your ISA,mobile telecoms remains a highly competitive market in terms of the number of companies in the industry and regulators are involving themselves more and more in pricing etc which aggravates profit margin pressures.Profits warnings in the industry are not uncommon even now after years of struggle for the industry.However Nokia has long been one of the best companies in its industry and overall I suggest persevering for at least a little longer. I hope this e mail is helpful. Kind Regards. Gerald. Gerald Carey Divisional Director-Private Clients Tel:0845 213 3288 Fax:0845 213 3627 e mail:gerald.carey@brewin.co.uk Any views expressed in this e-mail message are those of the individual sender, except where the sender specifically states them to be the views of Brewin Dolphin Securities Ltd. This e-mail message and any attachment is intended only for and is confidential to the addressee. 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Registered in England. 2135876 15/01/2007 16:27:13 -- Professor Keith Briffa, Climatic Research Unit University of East Anglia Norwich, NR4 7TJ, U.K. Phone: +44-1603-593909 Fax: +44-1603-507784 [1]http://www.cru.uea.ac.uk/cru/people/briffa/