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                  01724 849481

                                                                                      Pantheon Financial Investments Ltd
                                                                                              Quarter 1 - 2011
                                                                                                         Issue no: 155

                    2   Introduction

                    3   ISA Portfolios

                    6   New Fund Launches

                    7   Fund & Managerial Changes

                    8   Pantheon Financial Management Ltd - Strategic Financial Planning Service

                    9 Sector Recommendations

                    14 Fund Supermarkets & DPM Service

                    15 Re-registration Form

                    16 Investing with Pantheon Financial Investments

                                               Authorised and regulated by the Financial Services Authority
    F   irst of all a Happy New Year and Best Wishes for a healthy, happy and prosperous 2011! Whilst the
        Government’s focus seems to be firmly on the implementation of a wide range of cuts and changes
    in response to the Spending Review we have been busily focussing our efforts on investment manager
    strategies to evaluate the impact of Government policies. Whilst there is a great deal of controversy
    surrounding many of the Coalition’s plans, some fund managers are rubbing their hands with glee believing
    that many areas of the market will benefit because the Government will have to outsource many services
    to the private sector to reduce costs. Companies who had become reliant on Government investment are
    mostly being avoided for now and valuations have fallen accordingly, some managers are watching these
    companies too to see if there are opportunities for long term gains amongst the undervalued.

    Rather unsurprisingly one of the key          As is usually the case at this time of year    I trust you find this edition of the
    changes to come from the Spending             our focus is very much towards the ISA         Newsletter helpful, as usual please
    Review is the rise in state pension age       season and with this in mind we have           do not hesitate to contact us with any
    to 66 by 2020. We have believed that the      yet again provided our ISA Portfolios          queries you may have.
    state pension situation has been under        for the 2010/2011 season on pages 4 to
    pressure for many years to the extent         5 for those of you who prefer to make
    that it is almost a relief to see the topic   your own decisions with a little technical
    being addressed at long last. However         guidance. As usual you can apply by
    with an ageing demographic only set to        the more traditional route of cheque
    further exacerbate the situation in years     and application form, please contact
    to come we believe this will not be the       us for the Key Features Documents and
    last alteration to the state pension. It      forms on 01724 849481or by emailing us
                                                                                                 Helen Richardson     Dip PFS
    is becoming more apparent with every          your request for a form at investments@
                                                  pantheonfinancial.co.uk. You can also
    passing year that building long term
    private retirement funds is more important    apply online via our website www.
    than ever before. However there has been      pantheonfinancialinvestments.co.uk.
    much press focus on the private pension       Naturally, anyone requiring more specific
    sector of late because there are a myriad     advice in this regard should contact us to
    of dreadfully performing pension funds        discuss our bespoke advisory service but
    out there, many of which have very high       please bear in mind that this is our busiest
    annual charges depleting returns where        time of year so time is of the essence if
    investors are lucky enough to have returns    you wish to receive recommendations for
    being generated! We introduced Richard        the current tax year.
    Grant, one of my fellow directors, in our
    Quarter 4 2010 Newsletter and we have         Finally some good news regarding the
    taken the opportunity to expand on the        FSCS (Financial Services Compensation
    areas of expertise he is able to advise on    Scheme), from 31st December 2010 the
    in this issue on page 8. One of Richard’s     limit on which consumers will be entitled
    areas of expertise is retirement planning     to bank deposit protection was raised to
    so if you would like to discuss your plans    €100,000 from just £50,000. Please seek
    with him please do contact us.                further information from your Bank or
                                                  Building Society.
    The material provided by the Pantheon Financial Investments Ltd newsletter is for general information only and does not
    constitute investment, tax, legal or other forms of financial advice. You should not rely on this information to make (or
    refrain from making) any decisions. Always obtain independent, professional advice for your own particular situation. This
    newsletter was written in December 2010; any later market events are not reflected. Quotations and opinions included
    within this newsletter do not necessarily reflect the views of Pantheon Financial Investments Ltd. We have no method of
    predicting future market movements nor can we realistically advise on market timing. The funds in this newsletter are not
    to be construed as ‘client specific advice’ as a completed Confidential Questionnaire for Private Clients” and a completed
    “Risk Profiling Questionnaire” are needed to offer specific advice. If a “Confidential Questionnaire for Private Clients” and
    “Risk Profiling Questionnaire” have not been completed and a client invests in funds mentioned in this newsletter then the
    basis of investment would be either ‘product specific advice’ or ‘execution only’ as appropriate.

    Past performance is no guarantee of future performance and unit prices and income can go down as well as up.
                                      ISA Portfolios 2011

For the 2010/2011 ISA season we have once again selected funds and created model portfolios for a range of risk
profiles and client objectives. Our ISA portfolios are designed to make the fund selection exercise less daunting
for those who are comfortable making the final decision themselves without receiving client specific independent
advice. Our portfolios are risk rated on a scale of one to ten, with one being the lowest degree of risk to your capital
and ten representing the highest degree of risk to your captial. Naturally you should remember that with all our
portfolios the price of units and the income from them (where relevant) can go down as well as up and your capital is
not guaranteed. These portfolios should only be used by those clients who feel sufficiently knowledgeable to make
their own investment decisions and deal with us on an execution only basis (where no advice is sought nor received).
Those investors requiring specific advice should contact us regarding our bespoke independent advisory service.

Our ISA portfolios can be purchased through either Cofunds or FundsNetwork either by application form and cheque
(telephone us for an application form on 01724 849481) or online at our website www.pantheonfinancialinvestments.
co.uk The minimum investment via Cofunds is £2,000 or £4,000 via FundsNetwork and for monthly savings the
minimum is £200 per month for Cofunds or £400 for FundsNetwork. Our usual high discounts apply to each purchase
thus vastly reducing initial charges and in some cases eliminating it altogether. Please see pages 9 to 13 for fund
descriptions of each selection within our portfolios.

Our extensive research has allowed us to select the funds within our ISA portfolios based on our comprehensive
research criteria with past performance, amongst many other factors, being one of the criteria used for fund selection.
However, there are obviously no guarantees that our chosen funds will continue to perform well which is why it is
imperative that portfolios are reviewed regularly - fund managers may depart, corporate structures can alter and
there may be a whole host of reasons why the fund chosen in the first instance is no longer suitable. We do select
funds where we believe it is far more likely that fund managers will remain in situ and we are delighted again to
note that our ISA selections from last year continue to feature amongst our Sector Recommendations since they
have maintained a high enough standard to pass our fund selection criteria. We continually monitor our Sector
Recommendations to ensure that our chosen funds offer the greatest potential within the risk constraints appropriate
to their sectors.

                                               ISA Portfolios 2011

                    Balanced to Adventurous Growth
                    A balanced to adventurous portfolio will have a UK equity content combined with global equities and
                    additional asset classes to provide diversification and good prospects for capital growth. The key objective
                    is long-term capital appreciation combined with capital preservation. A balanced to adventurous investor
                    is willing to accept short-term volatility in order to achieve slightly higher returns.
    portfolio aim

                                                                                                 Risk Rating 6/10


                    Highly Speculative International Growth
                    A highly speculative portfolio will have a high UK and global equities content. The portfolio may also
                    include investment in potentially high-risk geographical and specialist market sectors. The key objective is
                    long-term capital appreciation. A highly speculative investor is willing to accept very high levels of short-
                    term volatility in order to increase the chance of considerably higher returns.
    portfolio aim

                                                                                                Risk Rating 10/10


                                              ISA Portfolios 2011

                Cautious Higher Income
                A cautious portfolio has a key objective over a long term period of capital preservation rather than
                appreciation, whilst also attempting to minimise short term volatility that may reduce investment returns.

                                                                                             Risk Rating 2/10
portfolio aim


                This portfolio represents a cautious alternative to with profits bonds and is ideal for those who are gradually
                reducing their with profits bond holdings each year to fund ISA purchases. With a few exceptions, we have
                been actively encouraging people to move away from languishing with profits funds in view of their poor
                returns, lack of transparency and changing asset allocation. Additionally, some life offices have reduced
                financial strength and there have been many funds closed to new business with assets left dwindling
                in funds with very little future prospects. We believe this portfolio offers greater prospects for superior
                returns for those investors prepared to take the degree of risk associated with it. Obviously there are no
                guarantees that this portfolio will outperform the performance of any with profits bond, since this is
                an entirely different structure where the price of units can go down as well as up and your capital is
                not guaranteed. However, valuations are explicit rather than implicit.

                                 New Fund Launches

    Jupiter Global Emerging Markets (GEM) Fund
                                   Initial charge:                           5.25%
                                   Annual management charge:                 1.5%
                                   Discount:                                 4.75% minimum
                                   Manager:                                  Kathryn Langridge

                        Jupiter has launched a new GEM fund which will be managed by Kathryn Langridge
                        who joined the group last year. Kathryn needs very little introduction as previous head
                        of International Equity products and Global Emerging Markets at Invesco Perpetual, she
                        has more than 27 years of experience in the investment industry. Jupiter believe that
                        Emerging Markets appear structurally sound, with lower levels of GDP generally, strong
                        liquid banking systems and powerful demographics to drive future wealth creation.
                        These factors combined provide the opportunity for strong investment growth from the
                        region with investment in emerging companies in countries such as Brazil, Russia, China,
                        India, Africa, Turkey and Chile. Kathryn’s management style, where she strives to avoid
                        overpaying for stocks, sees her employing a bottom up stock picking process with a macro
                        overlay. As such the portfolio is highly likely to deviate from standard industry benchmarks
                        and will typically hold between sixty and seventy stocks with a maximum position of 5%
                        per holding. Speaking of her views regarding how the West will view Emerging Markets
                        in the future Langridge said ‘In the wake of the financial crisis, emerging markets have
                        demonstrated sustained resilience, in marked constraints to the sluggish growth profile
                        of the developed world. This resilience is testament to the profound structural changes
                        that have taken place across emerging markets. As perceived risk lessens so investment
                        is likely to increase and capital inflows will rise. However there will be greater pressure on
                        emerging market companies to demonstrate improved levels of corporate governance
                        and on emerging market Governments and central banks to exercise credible, consistent
                        judgement in terms of monetary police and economic management’ (source: Jupiter
                        October 2010).

    M&G Income Multi Asset Fund
                                   Initial charge:                           4%
                                   Annual management charge:                 1.35%
                                   Discount:                                 3.5% minimum
                                   Manager:                                  Stephen Andrews

           This multi asset fund will be managed by Steven Andrews, who is also deputy fund manager of M&G
           Cautious Multi Asset fund and M&G Managed fund. Andrews will invest across the range of asset classes
           as and when he sees fit, according to market conditions with a global remit. The fund will aim to achieve
           a 4% yield which Andrews also hopes to increase over time, of his strategy he said ‘I believe the only way
           you can consistently and successfully deliver a growing income for investors while aiming to preserve their
           capital is through a multi asset framework’ (source: M&G October 2010).

                               Fund & Managerial Changes

 GAM Global Diversified is to be open to new investors for the first time in
 over four years. Managed by Andrew Green this fund was recently closed to
 new business in an effort to stem inflows and protect performance as well as
 managing fund liquidity. The fund is presently £508 million in size (source: GAM
 November 2010) and GAM are offering investors the opportunity to invest a
 further £50 million. Green is presently optimistic regarding the prospects for
 Japan saying ‘Valuations in the Japanese market have now reached record                GAM Global Diversified
 lows, most strikingly in bank stocks and we are optimistic that the market
 will begin to benefit from the initial moves by the authorities to curb the
 relentless yen rise.’ Of his recent increased exposure to cash he explained
 ‘Our fear is that corporate earnings prospects will weaken as we approach
 2011 due to continued consumer deleveraging and pressure on Governments
 around the world to neutralise highly accommodative fiscal policy.’

                       Gartmore have suffered several high profile departures – Roger Guy, who was the head
                       of the firms European large cap team, is to leave the group and this follows the recent
 Gartmore              announcement that Dominic Rossie, Chief Investment Officer, will also be leaving. Gartmore
                       hit the headlines in 2010 when controversy resulted in the departure of one of their star
                       managers Guillaume Rambourg who is still allegedly subject to an FSA investigation.

  Jupiter have announced that Guy de Blonay, who is presently co manager of Jupiter Financial
  Opportunities, is to become lead manager of this flagship fund from 1st January 2011. Whilst we have
  a high regard for Guy’s stock picking skills this news does come as something of a blow since it means
  that legendary stock picker Philip Gibbs will no longer be co managing alongside de Blonay. Guy
  de Blonay joined Jupiter at the beginning of 2010 as co manager of Jupiter Financial Opportunities
  alongside Gibbs due to his previous track record managing New Star Global Financials during its
  heyday. Of the re structure Gibbs said ‘It has been an honour to have had such strong support from
  investors in the Jupiter Financial Opportunities fund for the past thirteen years but with the Jupiter
  Absolute Return Fund and Jupiter International Financials fund having attracted such significant
  assets since their launch and my continued responsibilities with the management of Jupiter Second          Jupiter
  Split, it is prudent to shortly hand the day to day management of the Jupiter Financial Opportunities
  fund to Guy. He has built a tremendous track record as a financials fund manager and has settled
  back into Jupiter extremely well and I am confident that his considerable investment skills will
  continue to add significant value for investors over the medium to long term.’ Whilst Jupiter have
  re assured investors that Gibbs will continue to retain oversight of all their financials’ portfolios we
  have placed this fund under review whilst we monitor any alterations de Blonay may make to the
  portfolio and the impact it will have on volatility and performance. Jupiter International Financials
  fund remains firmly placed amongst our Sector Recommendations under Gibbs’ management.

                              Martin Currie have merged their UK Growth fund into their Global fund in response
                              to their belief that UK investors have a reduced appetite for exposure to UK equities
                              whilst the trend for exposure to Global equities has continued. Furthermore
 Martin Currie                they explained that FTSE 100 Index companies do not always reflect UK centric
                              investment since, for example, ten companies within the Index have no UK based
                              operation and are considered to be UK stocks only by virtue of their listing in the UK.

Premier have removed veteran fund manager Bill Mott as the manager of their flagship
equity income funds, Income, Alpha Income and Monthly Income which were previously part
of the Credit Suisse stable of funds. In a move to bring management of their funds in house
they have hired ex Threadneedle manager Chris White to manage the funds. Whilst White
has previously managed equity funds for Threadneedle and Legg Mason he does not have                        Premier
anywhere near the length of experience that Mott has. We believe that this move is another
twist in the debacle that has surrounded the management of the ex Credit Suisse funds and
would feel far happier invested with alternative funds where managerial stability has been far
superior. Please see page 10 for our alternative equity income sector recommendations.

                       Pantheon Financial Management Ltd
                                Strategic Financial Planning Service
    Our clients will be familiar with our services and whilst those services remain popular we have noted an increasing desire (and
    need) from our clients to seek strategic financial planning advice on their wider affairs in addition to their investment portfolios.

    One of the main problems associated with providing independent financial planning (as opposed to pure investment planning),
    has been the unenviable reputation that the IFA sector has earned because of commission-hungry salesmen, offering little in the
    way of an ongoing and regular professional service to their clients. Ongoing strategic advice and a regular review service should
    be the mainstay of the financial planning process, something that has not gone unnoticed by our regulator, the Financial Services

    Our colleagues at Pantheon Financial Management Limited (PFML) have built a first class reputation for providing ongoing
    advice and services to their clients as independent financial planners and wealth management specialists. We introduced one of
    PFML’s Leeds based Directors, Richard Grant, in our Quarter 4 2010 Newsletter and would like to remind you that he is available
    to provide independent financial advice and investment solutions, thereby extending the range of services available to Pantheon
    Financial Investments Ltd (PFIL) clients.

    Richard and his team provide best advice to meet the financial requirements of individuals and corporate bodies (both directors
    and their staff), trustees of family trusts and pension schemes (and their membership).

    The PFML services that should be of particular interest to individuals (and trustees, where relevant) include:

                Retirement planning both in terms of saving for retirement and advice on the most appropriate way of
                securing pension benefits at retirement

                Investment planning (including offshore structures, where appropriate)

                Inheritance Tax and Capital Gains Tax planning

                Personal protection of wealth through, for example, life assurance and other relevant structures and

                Specialist services, such as long term care.

                Specialist investments where appropriate

    As stated, PFML’s focus is very much on providing personal advice and service tailored to a client’s needs rather than acting
    merely as transaction-based brokers. The key to the advisory services is for the adviser to have a clear understanding of the client,
    their aims, aspirations and objectives as well as a thorough understanding of their current financial position.

    The advisory process covers six stages:

            Stage 1:          identify the client’s needs and objectives.
            Stage 2:          gather personal and current financial information
            Stage 3:          prepare an analysis (in writing)
            Stage 4:          develop a plan of action and recommendations (in writing)
            Stage 5:          implement the client’s agreed personal plan
            Stage 6:          monitor progress through regular reviews and provide ongoing advice as circumstances

    One of the keys to the advisory process, and a clear distinction from the traditional way of providing financial advice, is Stage
    6 – the need to monitor progress and provide ongoing advice. The PFML service meets this need and is most definitely not
    just about the sale of financial products but also about developing a long term relationship to make sure that a client’s financial
    landscape continues to work the way they want it to and to be fully engaged in the advisory and investment management

    Tax efficiency is an important aspect of the financial planning process. Having previously qualified as a tax and trusts solicitor,
    Richard is well placed to take such matters into account. Richard and his team work closely with client’s existing professional
    advisers, where relevant, so as to ensure that the client derives the maximum benefit from the expertise available.

    PFML is remunerated either by way of fees where consultancy advice is required and/or commissions. All remuneration is agreed
    in advance.

    If you would like to learn more about the services provided by PFML then please contact Richard Grant (richard.grant@
    pantheonfinancial.co.uk / 0113 2006200) or speak to your usual contact if you would like to discuss a referral to any of the PFML
    services in greater detail.
                                          Sector Recommendations

Please note this is a snapshot of sectors/funds available and does not reflect our full list of recommendations due to space restrictions.
Please contact us for specific queries on any funds not listed below. Investments in the funds can be achieved via a number of
different ‘wrappers’, including:

                                 ISAs                             SIPPs                            OEICs                           UTs

            Past performance is no guarantee of future performance and unit prices and income can go down as well as up

                                Initial                     ISA         OEIC / UT          M&G Recovery
Fund                                       AMC %                                           This fund primarily invests in a diversified range of companies that are out
                               Charge %                 Discount %     Discount %
                                                                                           of favour, in difficulty or whose future prospects are not fully recognised by
Artemis UK Growth                 5          1.5            4.5              4.5           the market. The sole aim of the fund is capital growth. The fund, launched
Artemis UK Special                                                                         in May 1969, is managed by Tom Dobell. The investment philosophy is
                                 5.25        1.5            4.75            4.75
Situations                                                                                 contrarian, they seek out companies that are unloved and undervalued by
                                                                                           the market but which they believe have excellent recovery potential. M&G
AXA Framlington UK
                                 5.25        1.5            4.75            4.75           commented that the seesawing between caution and optimism that has
Select Opportunities
                                                                                           come to typify stockmarkets this year was stronger than ever in November
* CF Walker Crips UK Growth       5          1.5            4.75            4.75           (source: M&G, November 2010).
Fidelity Special
                                  3.5        1.5             3                3
Situations                                                                                 M&G UK Growth
                                                                                           M&G UK Growth invests in a wide range of UK equities. The performance
Investec UK Special
                                  4.5        1.5            4.25            4.25           objective is to consistently outperform the IMA UK All Companies sector
                                                                                           average on a discrete calendar year basis. The portfolio consists of between
M&G Recovery (A)                  4          1.5            3.5              3.5           60 and 80 stocks and is split approximately equally between ‘core’ and
M&G UK Growth (A)                 4          1.5            3.5              3.5           ‘satellite’ stocks. The fund typically has at least 50% invested in large caps
                                                                                           and up to 20% invested in smaller companies. M&G UK Growth, launched in
Neptune UK Equity                 5          1.6             5                5            December 1968, has been managed by Garfield Kiff since December 2007.
Old Mutual UK Select Mid                                                                   M&G commented that November proved a volatile month in the equity
                                  4          1.5            3.6              3.6           markets (source: M&G, November 2010).

Artemis UK Growth – remains under review in view of long term under
performance. However, Tim Steer has now taken over management of the fund
and his performance to date has been most impressive.
Neptune UK Equity - has been placed under review due to managerial changes.


                                          AMC %
                                                          ISA         OEIC / UT             Jupiter High Income
                              Charge %                Discount %     Discount %             Jupiter High Income aims to achieve a rising income with prospects for long
                                                                                            term capital growth. The fund’s investment policy is to achieve its objective
 Investec Cautious
                                4.5        1.5            4.25            4.25              by investing principally in equities and high yielding convertible securities,
                                                                                            with some exposure to fixed interest securities, primarily in the UK. Anthony
 Investec Managed                                                                           Nutt has successfully managed this fund since its launch in January 1996.
                                4.5        1.25           4.25            4.25
 Distribution                                                                               As a director of Jupiter Unit Trust Managers Ltd and Jupiter Asset Manage-
 Jupiter High Income            5.25       1.5            4.75            4.75              ment, Anthony has a vested interest in the company and its funds. Jupiter
                                                                                            commented that since the main component of long-term equity returns
 Jupiter Merlin Income                                                                      comes via dividends and their growth, they believe holding fairly valued,
                                5.25       1.5            4.75            4.75
 Portfolio                                                                                  internationally diversified businesses paying good-quality dividends is ap-
                                                                                            propriate in a sluggish environment (source: Jupiter, Quarter 4 2010).

                                                 BEST OF SECTOR                    UNDER REVIEW / REMOVED
                                                   * ’These funds may not be available within the fund supermarkets
                                                                  AMC = Annual Management Charge

                                                            (A) refers to the type of share class of the fund

For each newsletter we review our selections, adding and removing funds as we see fit depending on various factors including
performance and managerial changes. You should also refer to the risk warnings on page 16 before proceeding with any investments.
If you require advice (no fees are charged for this service, unless preferred) you will still receive attractive discounts, please contact us for details
of our terms. If you would like to invest in a fund not listed above, please call us and we will advise what discount we can offer. It is likely to be a
full rebate if you do not require advice. All discounts are the same via Cofunds and FundsNetwork, unless otherwise stated. Cofunds minimum
investment is £500 per fund, FundsNetwork is £1,000. Please note that the above discounts may not apply to switches or ISA conversions.
Please contact us for clarification if you are uncertain about your transaction.


                                 Initial                   ISA        OEIC / UT    Artemis Income
     Fund                                   AMC %                                  Artemis Income aims to produce a rising income combined with the potential
                                Charge %               Discount %    Discount %
                                                                                   for capital growth from a portfolio primarily made up of investments in the UK
     Artemis Income               5.25        1.5         4.75          4.75       including ordinary shares, preference shares, convertibles and fixed interest
     * CF Walker Crips UK                                                          securities. Adrian Frost has managed Artemis Income since 1st January 2002.
                                    5         1.5         4.75          4.75       Artemis commented that the fund weighting outside of the UK rose as a result
     Equity Income
                                                                                   of a number of stock specific decisions (source: Artemis, Quarter 4 2010).
     Invesco Perpetual High
                                    5         1.5           5             5
                                                                                   Invesco Perpetual High Income
     Invesco Perpetual                                                             This multi-cap fund aims to achieve a higher level of income with the potential
                                    5         1.5           5             5
     Income                                                                        for capital growth by investing primarily in companies listed in the UK. Neil
     Jupiter Income                 5         1.5          4.5           4.5       Woodford, a veteran of the industry, also manages Invesco Perpetual Income.
                                                                                   Neil commented that they believe that current market conditions offer the
     Neptune Income                 5         1.6           5             5
                                                                                   opportunity to invest in quality growth companies that are profoundly
     Newton Higher Income           4         1.5           4             4        undervalued (source: Invesco Perpetual, December 2010).
     Rathbone Income               5.5        1.5         4.75          4.75
     Schroder Income                                                               Neptune Income
                                  5.25        1.5           5             3        Neptune Income aims to produce a higher level of income, increasing at
                                                                                   least in line with inflation, from a managed portfolio chiefly invested in UK
     Standard Life UK Equity                                                       equities and fixed interest stocks, although with some overseas exposure.
                                    4         1.5           4             4
     High Income                                                                   Robin Geffen, Managing Director and Chief Investment Officer of Neptune,
     Threadneedle UK Equity                                                        has managed this fund since its launch in December 2002. Robin commented
                                  3.75        1.5         3.25          3.25       that their outlook is for a steady global recovery helped by strong growth
                                                                                   in emerging markets, hence they are overweight in international growth
     Threadneedle UK Equity                                                        companies (source: Neptune, November 2010).
                                  3.75        1.5         3.25          3.25
     Alpha Income

     Rathbone Income - has been placed under review in response to performance     Threadneedle UK Equity Income
     concerns, although there has been some improvement of late.                   Threadneedle UK Equity Income aims to achieve an above average rate of
                                                                                   income combined with prospects for capital growth. The fund invests primarily
     Schroder Income Maximiser - has been placed under review due to managerial    in UK equities and may, however, invest in other securities, such as convertibles
     changes.                                                                      and gilts. This fund, launched in September 1985, has been managed by Leigh
                                                                                   Harrison since February 2006. He commented that looking ahead they are
                                                                                   confident that the market can make good progress in the coming months,
                                                                                   although sentiment remains fragile and there will be volatility along the way
                                                                                   (source, Threadneedle November 2010).


                                 Initial                   ISA        OEIC / UT    Jupiter Merlin Worldwide Portfolio
     Fund                                    AMC %                                 Jupiter Merlin Worldwide Portfolio aims to achieve long term capital growth
                                Charge %               Discount %    Discount %
                                                                                   by investing in unit trusts, OEICs, and other regulated collective schemes
     Artemis Global Growth         5.25        1.5          5             5
                                                                                   across several management groups. The underlying funds are invested in
     Investec Global Free                                                          international equities and fixed interest stocks across a wide geographical area.
                                   4.5         1.5         4.25         4.25
     Enterprises                                                                   This fund is managed by Peter Lawery, John Chatfeild-Roberts and Algy Smith-
                                                                                   Maxwell. This three man team joined Jupiter in March 2001 from Lazard Asset
     Jupiter Merlin
                                   5.25        1.5         4.75         4.75       Management where they had successfully managed similar portfolios. They
     Worldwide Portfolio
                                                                                   commented that with the exception of using recent cash flows to add to their
     M&G Global Basics (A)          4          1.5         3.5           3.5       favoured managers and strategies, they have made no significant changes to
     M&G Global Leaders (A)         4          1.5         3.5           3.5       the portfolios over the past month (source: Jupiter, November 2010).

     Neptune Global Equity          5         1.75          5             5
                                                                                   M&G Global Basics
     Investec Global Free Enterprises - has been placed under review in response   M&G Global Basics aims to achieve long term capital growth through investing
     to performance concerns.                                                      wholly or mainly in companies around the world operating in basic industries
                                                                                   (‘primary’ and ‘secondary’ industries) and also in companies that service these
     Artemis Global Growth - has been placed under review in view of short term    industries. Launched in February 1973, this fund has been managed by Graham
     performance concerns although volatility appears stable.                      French since July 1995. M&G commented that during a month in which investor
                                                                                   confidence ebbed and flowed, the biggest contributors to performance were
                                                                                   those companies that reported upbeat stock-specific news. (source: M&G,
                                                                                   November 2010).


                          Initial               ISA       OEIC / UT   Artemis UK Smaller Companies has been placed under review due to a short
Fund                                AMC %
                         Charge %           Discount %   Discount %   term spike in volatility along with performance concerns
Artemis UK Smaller
                            5        1.5       4.5          4.5
Marlborough Special
                            5        1.5        4            4
Situations *


                                    AMC %
                                                ISA     OEIC / UT      Newton Global Higher Income
                         Charge %           Discount % Discount %      Newton Global Higher Income aims to achieve increasing annual
                                                                       distributions together with long term capital growth from investing
Newton Global Higher
                             4        1.5        4           4         predominantly in global equities. The fund has a disciplined investment
                                                                       process with strict buy and sell criteria and has been managed by
Ignis Argonaut                                                         James Harries since its launch in November 2005. James commented
                            5.25      1.5       4.5          4.5
European Income                                                        they continue to combine a core of stocks whose fortunes should be
                                                                       relatively independent of the economic cycle, with exposure to a balance
                                                                       of securities appropriate for a wide range of potential outcomes (source:
                                                                       Newton, Quarter 4 2010).


                          Initial               ISA     OEIC / UT      Neptune European Opportunities
Fund                                AMC %                              Neptune European Opportunities aims to generate capital growth by
                         Charge %           Discount % Discount %
                                                                       investing predominantly in a concentrated portfolio of securities selected
Henderson European                                                     from European markets, excluding the UK. This fund, launched in November
                           5.25      1.5       4.75         4.75
Growth                                                                 2002, has been managed by Rob Burnett since May 2005. Rob commented
Jupiter Emerging                                                       that they continue to focus on telecommunications and consumer staples,
European                   5.5       1.5        5            5         whilst retaining a defensive cash position (source: Neptune, November
Opportunities                                                          2010).
Jupiter European
                           5.25      1.5        4.5         4.5
Special Situations
Neptune European
                            5        1.75       5            5
Schroder European
                           5.25      1.5        5            3
Alpha Plus


                          Initial               ISA     OEIC / UT      Artemis Strategic Bond
Fund                                AMC %                              Artemis Strategic Bond aims to achieve a total return by investing
                         Charge %           Discount % Discount %
                                                                       predominantly in fixed income markets but may selectively invest in
Artemis Strategic Bond     5.25      1.25      4.75         4.75
                                                                       other markets and asset classes as determined by the manager’s strategy
Fidelity Moneybuilder                                                  from time to time. It will invest in all types of bonds from government to
                            0         0.8        0            0
Income                                                                 corporate bonds from investment grade AAA rated bonds to C rated bonds.
                                                                       This fund, launched in June 2005, is managed by James Foster and Alex
Invesco Perpetual
                            5         1          5            5        Ralph. They commented that investors appear to be happier to support
Corporate Bond
                                                                       good companies, rather than uncertain governments (source: Artemis,
Invesco Perpetual                                                      November 2010).
                            5        1.25        5            5
Monthly Income Plus
M&G Strategic                                                          Invesco Perpetual Corporate Bond
                            3         1          2            2
Corporate Bond                                                         Invesco Perpetual Corporate Bond aims to achieve a high level of overall
                                                                       return, with reasonable security of capital by investing primarily in fixed
                                                                       interest securities. Paul Causer and Paul Read jointly manage this fund. They
                                                                       commented that in terms of strategy, they continue to prefer corporate
                                                                       over government bonds (source: Invesco Perpetual, December 2010).

                                                                       M&G Strategic Corporate Bond
                                                                       M&G Strategic Corporate Bond is invested primarily in sterling denomi-
                                                                       nated investment grade debt but the fund manager enjoys considerable
                                                                       freedom to invest in other debt instruments. Up to 20% of the portfolio may
                                                                       be invested in higher yielding corporate bonds, government debt, convert-
                                                                       ibles and preference stocks, as well as money market instruments and for-
                                                                       eign bonds. Richard Woolnough manages the fund. M&G commented that
                                                                       providing additional funding to technically insolvent countries may not
                                                                       solve the debt crisis (source: M&G November 2010).


                                              AMC %
                                                           ISA        OEIC / UT     JPM Natural Resources
                                 Charge %              Discount %    Discount %     JPM Natural Resources aims to provide capital growth over the long term
                                                                                    by investing primarily in the shares of companies throughout the world
      Black Rock Merrill Lynch
                                     5         1.75         4             3         engaged in the production and marketing of commodities. Ian Henderson
      Gold & General
                                                                                    has managed this fund since October 2000. JPM commented that despite
      JPM Natural                                                                   the positive rise in the oil price over the year, they continue to find the
                                    4.25       1.5         3.75          2.75
      Resources                                                                     sector lacks strong fundamentals support, and they continue to focus on
                                                                                    exploration companies as offering better value creation opportunities
     Black Rock Merrill Lynch Gold & General – we have placed this fund under       (source: JPM, November 2010).
     review since Graham Birch, the lead manager, has now left. Evy Hambro has
     taken over and we shall continue to monitor performance under his process.


                                              AMC %
                                                           ISA     OEIC / UT        M&G American
                                 Charge %              Discount % Discount %        M&G American aims to achieve long term capital growth through investment
                                                                                    in North American securities. It may also invest in Canada, and in companies
      M&G American (A)              4          1.5          3.5           3.5
                                                                                    which are listed, registered or trading within North America. This fund has
      Neptune US Opportunities      5          1.75          5             5        been managed by Aled Smith since December 2004 who also manages
                                                                                    their Global Leaders fund. M&G commented that Aled took the opportunity
                                                                                    to top up a number of stocks following weak performances (source: M&G,
                                                                                    November 2010).

                                    Initial                  ISA     OEIC / UT      Artemis Strategic Assets
      Fund                                     AMC %                                The aim of the Artemis Strategic Assets fund is to achieve long–term growth
                                   Charge %              Discount % Discount %
                                                                                    through investment in a portfolio of UK and international assets. The fund
      Artemis Strategic Assets       5.25        1.5        4.75          4.75
                                                                                    will take a broadly ‘multi-asset’ approach with the intention to perform well
      Henderson Multi-Manager                                                       when markets are favourable, and preserve capital when markets are poor.
                                         5       1.5        4.75          4.75
      Active                                                                        William Littlewood has managed this fund since its launch in May 2009.
      Jupiter Merlin Growth                                                         William commented that he expects markets will begin to price in some
                                     5.25        1.5        4.75          4.75      form of European quantitative easing. This would be helpful to equities in
                                                                                    the short run (source: Artemis, November 2010).
      Neptune Balanced                   5       1.6            5           5

                                                                                    Jupiter Merlin Growth Portfolio
                                                                                    Jupiter Merlin Growth Portfolio is a ‘fund of funds’, which invests in a wide
                                                                                    range of other Unit Trusts and OEICs from various investment groups in an
                                                                                    aim to achieve long term capital growth with a core investment in the UK
                                                                                    but also a significant degree of global diversification. This fund is managed
                                                                                    by Peter Lawery, John Chatfeild Roberts and Algy Smith Maxwell. They
                                                                                    commented that with the exception of using recent cash flows to add to
                                                                                    their favoured managers and strategies, they have made no significant
                                                                                    changes to the portfolios over the past month (source: Jupiter, November

                                                                                    Neptune Balanced
                                                                                    Neptune Balanced aims to generate a positive total return from investment
                                                                                    predominantly in equities and bonds, with a view to attaining top quartile
                                                                                    performance amongst the relevant peer group. Although this fund would
                                                                                    be regarded as one of the old style balanced managed funds it may be
                                                                                    aggressively positioned towards speculative areas such as global emerging
                                                                                    markets and Japan. Robin Geffen has managed Neptune Balanced since
                                                                                    its launch in December 1998. As Managing Director and Chief Investment
                                                                                    Officer of Neptune, Robin Geffen’s interests are closely aligned with those
                                                                                    of his unit holders. Robin commented that the Fund is currently focusing on
                                                                                    high quality stocks in the developed world and the unrivalled investment
                                                                                    potential of the emerging markets (source: Neptune, November 2010).


                                   Initial                  ISA     OEIC / UT       Jupiter International Financials
      Fund                                    AMC %                                 Jupiter International Financial is a relatively new launch from veteran of
                                  Charge %              Discount % Discount %
                                                                                    the Financials sector – Philip Gibbs. This fund aims to achieve long term
      Jupiter Financial
                                    5.25        1.5         4.75          4.75      capital growth via a range of investments in financial and financial related
                                                                                    companies globally. Jupiter commented that their focus remains on
      Jupiter International                                                         attractively priced growth in emerging markets while being selective about
                                    5.25        1.25        4.75          4.75
      Financials                                                                    their exposure to Western economies (source: Jupiter, Quarter 4 2010).

      Jupiter Financial Opportunities - we have placed this fund under review due
      to managerial changes.


                                    Initial                   ISA          OEIC / UT       Aberdeen Asia Pacific and Japan
      Fund                                      AMC %                                      Aberdeen Asia Pacific and Japan aims to provide consistent above average
                                   Charge %               Discount %      Discount %
                                                                                           capital growth over the medium to long term from investment in a balanced
      Aberdeen Asia Pacific
                                      4.25       1.75           4              4           portfolio of quality investments in Asia and the Pacific Basin, including
      and Japan
                                                                                           Japan. The Asian Equities Team manages this fund, headed by Hugh Young
                                                                                           who is based in Singapore. Aberdeen’s team commented that most Asian
                                                                                           stockmarkets continued to rise in October, buoyed by upbeat corporate
                                                                                           results and the prospect of the next round of quantitative easing in the US
                                                                                           (source: Aberdeen, November 2010).


                                                AMC %
                                                              ISA         OEIC / UT         First State Asia Pacific Leaders
                                   Charge %               Discount %     Discount %         First State Asia Pacific Leaders aims to achieve long-term capital growth.
                                                                                            The Fund invests in large and mid capitalisation equities in the Asia Pacific
      Aberdeen Asia Pacific           4.25       1.75           4              4
                                                                                            region (excluding Japan, including Australasia). The fund is managed by
      First State Asia Pacific                                                              Angus Tulloch and Alastair Thompson. They commented that the portfolio
                                      4.0         1.5           3              3
      Leaders                                                                               is conservatively positioned and maintains a large position in a gold mining
                                                                                            company as a hedge against further currency debasement (source: First
                                                                                            State, Quarter 4 2010).


                                            AMC %
                                                      ISA     OEIC / UT                     Aberdeen Emerging Markets
                                   Charge %       Discount % Discount %                     Aberdeen Emerging Markets aims to provide long term capital growth
      Aberdeen Emerging                                                                     from direct or indirect investment in emerging stock markets worldwide
                                      4.25        1.5           4              4            or companies with significant activities in emerging markets. This fund,
                                                                                            launched in January 1995, is managed by the Global Emerging Markets
                                                                                            Team which is headed by Devan Kaloo with input from Hugh Young.
                                                                                            Aberdeen commented that developing economies continued to grow
                                                                                            in the third quarter, although the pace of expansion moderated (source:
                                                                                            Aberdeen, December 2010).


                                    Initial                    ISA         OEIC / UT
      Fund                                      AMC %
                                   Charge %                Discount %     Discount %
      Allianz BRIC Stars                4         1.75           4              4


                                    Initial                     ISA         OEIC / UT
      Fund                                       AMC %
                                   Charge %                 Discount %     Discount %
      M&G Property Portfolio            5          1.5           4                 4
      Threadneedle UK
                                        5          1.5           4                 4


                                    Initial                     ISA         OEIC / UT
      Fund                                       AMC %
                                   Charge %                 Discount %     Discount %
      BlackRock UK
                                        5         1.75          4.5             4.5
      Absolute Alpha

1. You agree that the information we hold about you can be held on computer and/or paper files, and may be used by us, or any other company within the Pantheon Financial
Ltd group, to provide you with independent financial advice.
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                       Re-registration and Fund Supermarkets
     We have always advocated building a diverse portfolio as a prudent way to spread risk. However, when it comes to dealing
     with all the paperwork this involves it is a strategy that can soon lead to a proliferation of letters, brochures and statements
     sporadically throughout the year. As your investment portfolio is spread more widely, to diversify risk, so the mountain
     of paperwork increases and keeping up with tracking your portfolio takes up a vast amount of time. Therefore, although
     diversification is a key element of a well balanced portfolio, holding numerous investments does complicate administration
     which can become confusing - a simplified administration process would no doubt be a welcome change. Re-registering
     your fund with us, in conjunction with our chosen fund supermarkets, allows you to centralise the administration, providing
     a single valuation through which to track and monitor your holdings.

     Re-registering your investments into a single account offers you the following advantages:

               Centralised administration of your portfolio in one place providing a single valuation of your
          *    funds
               No need to sell and buy back in the majority of cases, so you are never out of the market while
          *    re-registration takes place
                Switches between funds are effected at only 0.25% initial charge and all internal switch transactions
          *     are completed within 48 hours (any exceptions will be detailed in the key features document)
                Internet functionality for those requiring it including valuations, geographical allocation and asset
          *     allocation tools

     If you re-register your holdings your funds will continue to be managed in exactly the same way, by the same fund manager
     – it is simply the administration of the fund that changes. The management of your portfolio will become much easier and
     the paperwork will be significantly reduced.

     Should you wish to re-register your investments please complete the Stage One Re-registration form on page 15 and we
     shall then pre populate the relevant applications forms for you and return them to you along with the relevant Key Features
     document and Simplified Prospectus.

        Discretionary Portfolio Management (DPM) Services
     Investors often reach a stage where they no longer wish to be involved in the management of their investment portfolios,
     either because of the ever increasing administrative burden or perhaps due to frail health or simply a general desire to
     hand the task over to a professional. In these circumstances we are able to offer a more bespoke service in conjunction
     with our chosen discretionary fund management services. In this way you are able to remove the stress of managing your
     own money whilst maintaining the relationship we have already established safe in the knowledge that your fund manager
     is managing your portfolio for you whilst we are monitoring the DPM service to ensure that it continues to maintain the
     highest standards available in the market.

     These services offer a more cohesive and active approach to the investment of your portfolio since you have your own
     individual fund manager who is responsible for your portfolio, tailored to your own specific needs and risk profile. The aim
     of your manager is to capture gains on the upside whilst insulating the portfolio from downside risk by investing in the most
     appropriate asset class depending on market conditions. The portfolio is actively managed, your fund manager allocates
     to sectors and asset classes as and when he sees fit allowing for far quicker reactions to market movements – if the fund
     manager believes that markets are going to be in a mostly downward trajectory it can be moved to pure cash within a
     matter of transactions. In addition to the ability to move to cash discretionary managers can employ the use of notes and
     derivatives to protect from market downsides in a far greater capacity than is available to a portfolio of collective funds
     held individually. Although your capital and the returns on it cannot be guaranteed, at the beginning of any given year the
     nature of some of the underlying instruments used does mean that the managers are able to anticipate average returns,
     within a certain range, based on certain market and asset assumptions. Your annual CGT allowance can be automatically
     utilised as well as annual ISA allowances.

     Historically these services had very high minimum entry levels but in view of our position within the market we have
     been able to negotiate far lower entry levels for our clients. We have thoroughly researched this area and would not be
     recommending the use of our chosen DPMs if we did not believe that the additional benefits can outweigh the additional
     costs. Whilst reviewing this space we have chosen DPMs who share our ethos for providing a bespoke, personal service
     which can be closely monitored by us to ensure that your portfolio continues to meet with your needs and objectives. We
     have selected companies where you can enjoy the support of institutional quality investment administration with twice
     yearly valuations and reports.

     If you are interested in exploring this option further please do not hesitate to contact us.

           Stage 1 Re-registration Form
Please circle which supermarket you would like to re-register with:
                                                                                                 FundsNetwork / Cofunds
Move all your fund investments to ONE account! This will reduce the amount of paperwork you currently receive,
provide you with ONE valuation statement, reduce costs and give you the information necessary to CONTROL your
portfolio. Please list below all your ISA/PEP and/or Unit Trust/OEIC investment that have not already been re-registered
and return to Pantheon Financial Investments (Apps), FREEPOST, Woodfield House, Doncaster Road, Scunthorpe,
North Lincolnshire DN15 7BR. We can then print the necessary transfer forms and send to you for your review and
Personal Details – Please complete this section in full in block capital letters
 Full Name                                                                      Title
 Current Address                                                                Time at current address*

 Email Address                                                                  Male/Female
 National Insurance Number                                                      Date of Birth
 Daytime Telephone Number                                                       Existing Cofunds/FundsNetwork No:
*If at current address less than two years, please supply previous address and time there. If more than one previous address in the last
two years, please provide full details including the time at each address on a separate sheet and staple securely to this form.

ISA (including Nee PEP & Nee Mini) Investments – please complete in block capitals
                                                                  Account            ISA          Unit Type       Tick if     Tick if
       Fund Manager                     Fund Name                No / Plan       (Nee PEP &        ACC or        current     saving
                                                                 reference        Nee Mini)         INC         tax year     monthly
 Eg. Fidelity International Ltd    Eg. Fidelity Special Sits        12345               ISA          INC

Unit Trusts/OEICs outside an ISA/PEP Wrapper – Please complete in block capitals
                                                                                           Account                          Unit Type
                                                                 Account NO /                                   No of
       Fund Manager                     Fund Name                                        designation if                      ACC or
                                                                Plan Reference                                  Units
                                                                                          applicable                          INC
 Eg. Fidelity International Ltd      Fidelity Special Sits            56789                                      ALL          ACC

Please photocopy this form if you require additional space

                Investing with Pantheon Financial Investments Ltd
     Risk Warnings
     •       Past performance is no guarantee of future performance and unit prices and income can go down as well as up.
     •       If you have any doubt about the suitability of any of these investments you should contact us.
     •       Pantheon Financial Investments Ltd will make every effort to ensure that investment money is forwarded to the investment institution within
             48 hours of receipt. It may be the case that due to unforeseen circumstances delays occur which are out of our control. Pantheon Financial
             Investments Ltd does not accept any responsibility in these circumstances.
     •       Taxation reliefs, levels and bases can change in the future and the contents of this newsletter refer to our understanding of
             current taxation legislation.
     •       For execution only transactions you may not have any rights to cancellation or withdrawal once the investment is made and you will not be
             afforded the protection of the Financial Services and Markets Act 2000 in relation to the suitability of the transaction.
     •       Initial and annual charges may be deducted from units bought.
     •       Withdrawing income from any investment may erode the capital and you may not get back the full amount invested.
     •       These investments are for the medium to long term and should not be considered if you require the invested monies within 5 years as a
     •       Every attempt is made to ensure the accuracy of the information within the newsletter however no responsibility is accepted for
             inaccuracy. Discounts correct at time of printing.
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              invest through us                                                                                Fax       01724 849482
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