Overview

This discussion looks at the performance of the Praetor fund, which invests in water companies within the United States, Europe and emerging markets, and addresses segments of the industry expected to see significant growth over the long run as factors such as development in China and India as well as infrastructure spending escalates.

About the Praetor Global Water Fund

The Praetor Global Water Fund is managed by William S. Brennan, Managing Director and Director of Equities at Boenning and Scattergood in Philadelphia, Pa. Mr Brennan has managed the fund since April 15, 2005, producing 11.57% returns YTD (May 8, 2006) and 26.6 returns since the fund's inception. The water portfolios which he constructed for Claymore Securities water UIT products have returned 20.7% in the Global Portfolio Series 1 and 14.7% in the Domestic Portfolio Series 1. These investments represent approximately $125 million invested in the global water business which Mr Brennan oversees. The Praetor Water Fund is a value fund that holds concentrated positions in 30-45 companies from a pool of approximately 400 companies that participate in the global water business.

Mr Brennan is internationally recognized for his investment expertise in the water industry having both operational experience in the water sector as an environmental engineer prior to his last 13 years in the investment business and as a top ranked Wall Street analyst while at Pacific Growth Equities. He has recently been quoted by the Financial Times and Institutional Investor regarding his thoughts on the water sector.

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Safe Harbor Statement: Matters discussed in these presentations contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in these presentations the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company, and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the Company.
* Seidler makes a market of the stock of Southwest Water (NASDAQ: SWWC), a public water company mentioned in the interview with Neil Berlant.