date: Wed, 28 May 2008 11:22:03 +0100 from: "Carey, Gerald" subject: Re Your ISA to: "Keith Briffa" Dear Keith, There is a substantial deposit cash balance in your ISA which currently stands at £18,350.49.I would like to invest the majority of this to try and take advantage of the setback seen in equity markets in the last 2 or 3 weeks.Also,under the HMRC rules which govern ISAs, we should not hold significant cash balances for long periods. The cash balance has been increased recently by the receipt of the £6,840 take over proceeds of the former holding in Scottish & Newcastle. Taking up the RBS rights issue,as agreed, will account for £4,612 of the deposit balance and I will be writing to you shortly to recommend taking up the HBOS rights issue which,if you agree,will account for a further £203.50 ( your holding in HBOS is a small one ).On this basis,the total rights calls would be £4,815.50 which would leave a cash balance of £13,534.99.I would like to keep a modest balance on deposit to meet our management fees;possible further rights issues calls etc.If £1,534.99 were retained,this would leave £12,000 available for investment. I suggest investing £6,000 into a new holding in JP Morgan Fleming New Europe.The fund invests in companies in Central and Eastern Europe and Russia with particular emphasis on the latter.This Eastern Europe and Russia emerging markets fund has produced good capital growth from a major region of economic development with the unit price rising by 42.5%:185.5% and 351.7% over the last1,3 and 5 year periods.The unit price is 247.3p.The income return is very low with a gross yield of 0.6%. I suggest the balance of £6,000 be split to add £4,000 and £2,000 respectively to the existing holdings in BG Group and Pacific Horizon to increase their values to £9,550 and £5,375.BG Group is the former British Gas and the company is currently achieving record earnings driven by the huge rise in natural gas prices.The company has transformed over the years into an international oil and gas business from its former businesses of production,transmission and distribution of gas in the UK.Pacific Horizon invests in the Asia Pacific economies ( ex the poorly performing economy in Japan ) which continues to be an area of considerable growth potential.The managers have consistently performed well in capital growth terms.The respective shares prices and gross yields are £12.82 and 0.8% and 159p and 0.8% I hope these ideas will be 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 This e-mail message, and any attachment, are intended only for and are confidential to the addressee. Any views expressed in this e-mail message or in any attachment are solely those of the individual sender, except where the sender specifically states them to be the views of Brewin Dolphin Holdings Plc or Brewin Dolphin Limited. If you are neither the addressee, nor an authorised recipient from the addressee, please notify us of receipt, delete this message from your computer system, and do not use, copy or disseminate the information in or attached to it in any way. We do not accept liability to any person other than the intended addressee who acts or refrains from acting on any information in this e-mail message or any attachment. Though our e-mail messages are checked for viruses, we do not accept liability for any viruses which may be transmitted by, through, with or in this e-mail message. Recipients are expected to take their own steps to ensure that e-mail messages are checked for, and free from, viruses. Brewin Dolphin Holdings Plc, registered office at 12 Smithfield Street, London, EC1A 9BD, registered in England and Wales Company No. 2685806, is the parent company of Brewin Dolphin Limited. Brewin Dolphin Limited is a member of the London Stock Exchange, authorised and regulated by The Financial Services Authority No. 124444, regulated under the Financial Service (Jersey) Law 1998 by the Jersey Financial Services Commission for the conduct of business in Jersey, and regulated in Guernsey by the Guernsey Financial Services Commission for the provision of investment business, registered office at 12 Smithfield Street, London, EC1A 9BD, registered in England and Wales Company No. 2135876. VAT No. GB-609 8994 69. 28/05/200811:15:19