MidasIM.co.uk

Institutional Investment Management

Midas offers a comprehensive institutional investment management service to Offshore Companies and Vehicles, a London Stock Exchange Investment Trust, Pension funds and Charities and Trusts.

Operating from our Manchester and London offices, Midas provides segregated and pooled investment solutions. Specialist mandates include cash and fixed interest as well as UK and Global equities. We also manage UK balanced portfolios as follows:

   •  Balanced Income & Growth: Medium Risk - Collectives;

   •  Balanced Income & Growth: Medium Risk - Direct Equities;

   •  Balanced Income & Growth Medium Risk: Direct Equities (with Collectives for
      Overseas Exposure);

   •  Medium Risk Income Portfolio: Equities, Collectives & Fixed Interest; And

   •  Medium Risk Income Portfolio: Collectives.

We also provide a wide choice of tailored or generic benchmarks.
Our investment track record is complemented by service standards and professional relationships that we believe to be amongst the best in the industry.

Please call Mark Sheppard on 0161 242 2895 should you require further information on any of these services.

Manchester & London Investment Trust plc (“MLIT”)

Our in-house investment trust, the Manchester & London Investment Trust plc (“MLIT”), which is listed on the official list of the London Stock Exchange, has the following awards and attributes:

   •  MLIT has outperformed the FTSE All Share by 36.5 per cent over the last three years and 91.9%
      over the last five years on a dividend reinvested basis to the end of April 2006
      (source: Fundamental Data, June 2006);

   •  MLIT is ranked by Standard & Poors as the best performing UK Growth Trust over five years
      to 31st March 2006 (source: Money Management, May 2006);

   •  Winner of the Money Observer’s award for best UK Growth Investment Trust of 2004 and 2005;

   •  Winner of Investment Week’s best UK Investment Trust 2004.

The principle objective of MLIT is to achieve capital appreciation with reasonable levels of income through taking a global perspective on investing.

Our Investment Approach

Midas has the following approach for all its investments:

   •  "Absolute" performance is more important than “Relative” performance;

   •  Aim is to be a performer over 3 year cycles and not short term cycles. For example,
      MLIT has had an average holding period for a stock of 27 months over the last 5 years (to
      5th May 2006);

   •  Performance in all market conditions and not to be constrained by asset allocation models etc;

   •  Be reactive to cycles.

When researching a stock, Midas looks at the following as its guidelines:

   •  Value - focusing on valuations based on an enterprise value to sustainable cash flow;

   •  Affordable growth - Stocks which are growing strongly and which are not relatively overpriced;

   •  Event driven situations - Buying rumoured bid targets but only for businesses we would be
      happy to hold should the bid not materialise; and

   •  Under researched or special situations - Stocks that have reasonable liquidity but are not actively
      researched yet the situation may change due to the growth of the company towards the FTSE
      250 index or another index.