1. This document is issued by Miton Asset Management Ltd who are authorised & regulated by The Financial Services Authority

2. Introduction The Special Situations Fund Martin Gray – Fund Manager
Roger Clarke – Offshore Sales Director
Who are Miton Asset Management?
Investment Philosophy and Process
Performance & Awards

3. Who are Miton? Subsidiary of UK AIM listed company (Midas Capital)
Global Tactical Asset Allocation Specialists
Managing global portfolios since 1979
Assets under management and advice of US$ 4,2
Offices in UK, Hong Kong, South Africa & Guernsey
Distributed throughout Europe, Middle East and Asia Pacific, South Africa

4. Special Situations Philosophy
A Balanced Managed Multi Asset Fund
Global tactical asset allocation specialists
Utilise multi manager, multi asset approach – Fund of Funds.
Focus on absolute not relative returns
Not constrained by benchmarks
Not Index based
Aims to produce positive returns, whilst managing downside risk.
Available in GBP US$ & Yen

5. Macro- Economic Research Geographical Exposure
Investment Process
Macro- Economic Research
Global Influences determining the asset class:
Cash/ Equities/ Bonds/ Commodities/ Property/ Alternative Strategies
FUNDAMENTAL
TECHNICAL
Geographical Exposure
Which are the favoured Financial Markets
90 % of
Returns
Sector Bias
Increasing Globalisation of economies
makes this a vital exercise
Market Cap Bias
Often determined by
sector bias
‘Asset Allocation More Important Than Fund Selection’
Fund
Selection
10 % of
Returns

6. Asset Allocation
As at

7. Risk Reward Analysis *Source Lipper Hindsight
CF Miton Special Situations Portfolio. Since Launch Risk / Return Scattergram to

8. YTD 5.5% in excess of sector

9. 1 Year 13.4% in excess of sector

10. 3 Years 18% in excess of sector

11. 5 Years 71.6% in excess of sector

12. Bear market 2000-2003 25.7% in excess of the sector

13. since launch151.7% in excess of the sector

14. Discrete Annual Returns
*Source: Lipper Hindsight as at since launch

15. Awards 2008: CF Miton Special Situations Top 10 Consistent UK Funds
2008: CF Miton Special Situations Daily Telegraph Top Dozen Fund Managers
of the Decade
2007: CF Miton Special Situations Lipper Global Mixed Asset GBP Short listed
2006: CF Miton Special Situations Investment Week Asset Allocator Award
CF Miton Special Situations Lipper Global Mixed Asset GBP Short listed
CF Miton Special Situations Moneywise Pension Top Balanced Managed Fund
CF Miton Special Situations Investment Week Asset Allocator Award Winner
CF Miton Special Situations Lipper Global Mixed Asset GBP Balanced
2005: CF Miton Special Situations Investment Week Asset Allocator Award
CF Miton Special Situations IMA Balanced Sector 1st over 1 yr, 3ys, 5yrs
CF Miton Special Situations Lipper Mixed Asset Balanced GBP 3 Yrs Winner
: CF Miton Special Situations Lipper Balanced Sector 1Year Winner

16. Special Situations – Key Points
An award winning multi asset managed fund
10 yr + track record
Manages downside as well as capturing upside
Annualised return of 17.99% in GBP over 5 yrs and 10.65%pa over 10 yrs
Available in GBP US$ & Yen
Sales Support throughout Asia & Middle East
UK or Guernsey domiciled funds

17. “..It is refreshing to meet a group that not only wants to make money for its clients but also wants to manage downside risk”
Mark Dampier Money Marketing 17

18. Important Information
This document has been issued by Miton Asset Management limited which is authorised and regulated by the Financial Services Authority and is registered in England No Its registered office is at 82 Saint John Street, London EC1M 4JN. This document does not constitute an offer or invitation to any person. This document is for information only; the information and opinions contained have been compiled or arrived at from sources believed to be reliable and given in good faith but no representation is made as to their accuracy, completeness or correctness The opinions contained in this document are subject to change and are not to be interpreted as investment advice. Miton Asset Management limited, its directors, officers, employees and their associates may have a holding in the Fund as well as in the securities referred to herein. The value of investments and the income from them may vary and you may realise less than the sum invested. Tax assumptions may change and you should rely on your own tax advisor when considering your personal circumstances. The fund may have exposure to securities denominated in currencies other than sterling; changes in exchange rates may have an adverse impact upon the fund’s performance. The investment may not be suitable for all recipients of this publication and any doubts regarding this should be addressed to your financial advisor. The current prices, details of the fund holdings and the simplified prospectus, which contains details of the risks and charges of the fund , can be obtained at or by telephoning