DKLN Corporate Services

Please find attached this week’s Bulletin which contains the following points:

1. The five largest banking institutions in the UK report half-year profits
2. Equity markets closed the week ahead, despite disappointing US economic data
3. The strong pound hits London properties
4. Analysts predict a gloomy inflation report from The Bank of England
5. Bernie Horn, of Polaris Capital Management, gives his views on the long-term opportunities in equity markets

Please find attached this week’s bulletin which includes the following points:

1. Global equity markets fell back last week as investors became unnerved by a slew of economic data that suggested global growth was slowing and that there is a possibility of Western economies enduring a ‘double-dip’ recession.
2. Worries that some European banks might default on their ECB loans proved unfounded last week which helped restore some confidence to markets.
3. There is a view that recent market volatility is merely a mid-cycle phase of consolidation before equity markets resume their upward march
4. Fund managers Stuart Mitchell and Alex Darwell give their views on current events

Please find attached this week’s bulletin which contains the following points:

• Global equity markets received a welcome boost from resurgent Merger & Acquisition activity last week with BHP Billiton’s $39bn for PotashCorp of Canada. Although rejected investors expect rival bids to emerge
• The relentless rise in demand for both soft commodities as well as oil and metals reflects increased demand amongst the growing middle class in emerging markets but is pushing up inflation in the West. It is also leading to potential shortages as East Asian countries seek to build reserves
• Another outcome has been to fuel investor demand for products to capture these opportunities – Emerging Market funds (and our own Alternative Assets Fund) can be part of this strategy
• But poor economic data from the US and Japan weighed on sentiment resulting in equities drifting as investors opted for the safe haven of government bonds where yields continued to fall
• Contrarian fund manager Andrew Green of GAM, shares his thoughts on the economic outlook and explains why he continues to favour Japan