Premier Global DSR Fund - June 2010

Mike Jennings, Investment Manager

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A few terms explained

Absolute risk: where there is the possibility of either a loss, or no loss, but no chance of gain.

Relative performance: this is the performance of a security compared to a relevant index or relevant asset group – a way of comparing like with like.

Eurozone: made up of 16 European Union member states which have adopted the euro currency as their sole legal tender.

Price Earnings Ratio: the price/earnings ratio is a common measure of how expensive a stock is, calculated by dividing the share price by its earnings per share, effectively showing current investor demand for shares. The higher the P/E ratio, the more that the market is happy to pay for each unit of earnings. A high P/E usually suggests that high growth is anticipated in months ahead and confidence is high.

Liquidity: the ability to convert an asset to cash, quickly.
Volatility: refers to the frequency and severity with which the price of an investment goes up and down.

Performance data source: Financial Express Analytics, from 22.05.2010 to 28.05.2010, taken on a total return, bid to bid, sterling basis. Data taken on 15.06.2010. Past performance is not a guide to future returns. Global equity price earnings ratios sourced from Bloomberg, as at 10.06.2010.

This web-cast is for information purposes and expresses the opinion of the investment manager and does not constitute advice. Reference to any particular stock does not constitute a recommendation to buy or sell a stock. Persons who do not have professional experience in matters relating to investments should always speak with a financial adviser before making a decision. Details of the nature of the investments, the investment commitment required and fund specific risk warnings are described in the relevant Simplified Prospectus document which is available on request.