The Global Gold And Natural Resources Fund has successfully out-performed both the benchmark share index (FTSE Gold Mines Index) and physical gold bullion since its inception in February 2003. If you would like to read the latest Investors Monthly Report, please go to the updates section or contact us to receive the latest Report by e-mail.

PERFORMANCE in USD since inception   28/2/03 31/3/08 % ch P&C Global Gold and Natural Resources Fund (gross NAV) 1000 2658.82 +165.9%         FTSE Gold Mines Index 1190.83 3016.42 +153.3%         Gold bullion 349.95 916.88 +162.0% Silver bullion 4.60 17.24 +274.8% Palladium bullion 241.50 450.20 +86.4% Platinum bullion 683.50 2043.4 +199%

Monthly performance (%, gross) 2003 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Yr n/a 0.0 -3.8 -0.6 13.3 2.0 9.8 19.1 4.5 7.4 7.1 3.3 80.0 2004 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Yr -5.0 2.00 6.8 -19.4 1.4 -6.1 -2.2 4.9 9.9 5.2 8.4 -9.2 -7.7 2005                         Jan Feb Mar Apr May Jun July Aug Sep Oct Nov Dec Yr -2.7 7.6 -4.0 -11.6 -4.0 5.9 3.6 1.7 22.1 -8.2 9.85 6.72 25.0 2006                         Jan Feb Mar Apr May Jun July Aug Sep Oct Nov Dec Yr 18.5 -2.3 3.5 15.4 -10.0 -5.4 -2.56 1.15 -8.11 9.02 5.40 -2.15 19.68 2007                         Jan Feb Mar Apr May Jun July Aug Sep Oct Nov Dec Yr -2.99 1.94 1.27 3.8 0.57 1.53 -2.01 -12.08 21.11 11.1 -11.0 8.0 12.8 2008                         Jan Feb Mar Apr May Jun July Aug Sep Oct Nov Dec Yr 0.17 8.8 -12.7                   - 4.9

Chart of performance and asset allocation All prices and comparative numbers are unaudited and for indication purposes only.