The Portfolio

 Company

 Lloyds TSB
 Barclays Bank
 Morgan Sindall
 Centamin Egypt
 HSBC Holdings
 Qinetiq
 Michael Page Int.
 McBride
 TUI Holdings
 Premier Research Group
 Avocet Mining
 Healthcare Locums
 Sportingbet
 Stanley Gibbons Group
 Aberdeen Asset Mgmnt.
 New Star Asset Mgmnt.
 Royal Bank of Scotland
 Babcock Int. Group

Updated 18th March 2008

The club normally values the portfolio at close of business on the 28th or 29th of each month.