37p apr

OVER 50p

OVER 55p

OVER 65p

55,254 BP Global Financials - A Class Eire 6,434,185 URSA Bank Russia 83,920 Bank Vozrozhdenie Russia 14,165,529 Raiffeisen Bank Aval Ukraine 1,209,982 New Star Asset Management United Kingdom
430 DNB NOR ASA Norway 140 Banco Bilbao Vizcaya Argentaria Spain 79 National Bank of Greece S.A. Greece

total 3,689,681 70.0

OVER 70p

NAV and BID PRICE at 05 June 2009.
Net Asset Value (Cum-income) for the above trust, was 76.74 pence per share. Investment values are calculated using BID prices.

The closing share price at BID on the London Stock Exchange on that date was 53.00 pence per share.

ALL BANKS

OVER 65p again.

OVER 75p

OVER 80p

OVER 85p

856,629 Equity Henderson Group 1,884,584 7.3
76,190 Equity Lloyds Banking 1,646,166 6.4
6,436,500 Equity Bank Of Ireland 1,557,899 6.0
49,280 Equity NXP 1,447,351 5.6
83,800 Equity ETRACS 2x 1,446,478 5.6
159,200 Equity Och-Ziff Capital 1,352,218 5.2
241,930 Equity Banco Santander Spain 1,266,421 4.9
50,000 Equity EDF S.A. France 1,239,088 4.8
95,502 Equity CNP Assurances France 1,138,141 4.4
6,250 Equity Zurich Insurance Switzerland 1,104,397 4.3
120,850 Equity Ford Motor Us 1,097,702 4.2
108,471 Equity Genel Energy plc United 1,065,728 4.1
32,700 Equity Rio Tinto plc UK 1,060,298 4.1
74550 Equity GDF Suez S.A. France 1,001,911 3.9
Other Equity Other Other 13,206,739 51.1

31,515,121 122.0