date: Thu Jan 18 09:50:47 2007
from: Keith Briffa <k.briffa@uea.ac.uk>
subject: Your investment suggestions
to: "Carey, Gerald" <Gerald.Carey@brewin.co.uk>

   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

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   --
   Professor Keith Briffa,
   Climatic Research Unit
   University of East Anglia
   Norwich, NR4 7TJ, U.K.

   Phone: +44-1603-593909
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