Fund Manager Quarterly Review Reporting period: Q2 2013 30 June - PowerPoint PPT Presentation

Fund Manager Quarterly Review Reporting period: Q2 2013 30 June 2013 For professional adviser use only and not for distribution to retail clients

Performance to 30 June 2013 Since 3m 6m 1yr Volatility* 13 May 2008 Sentinel Sentinel Defensive Fund +0.30% +2.23% +7.54% +16.05% 2.09% 3 Month GBP LIBOR + 1% +0.38% +0.74% +1.57% +13.15% 0.03%** FTSE Government All Stocks -3.76% -3.08% -2.37% +37.70% 5.34% FTSE 100 -2.03% 7.62% 15.81% +21.62% 9.07% Source: FE Analytics. Data to 30 June 2013. Taken on a bid to bid, total return, UK sterling basis. Data taken on 1 July 2013. *Annualised ratios taken from monthly returns from 30 June 2012 to 30 June 2013. The fund launched on 13 May 2008.** 3 Month GBP LIBOR volatility. Past performance is not a guide to future returns.

Discrete Performance Discrete Quarterly Performance 30-June-13 31-Mar-13 31-Dec-12 30-Sept-12 30-June-12 Sentinel Defensive Fund +0.30% +1.92% +1.68% +3.46% -0.82% Sentinel +0.38% +0.36% +0.39% +0.43% +0.50% Benchmark (LIBOR +1%) Discrete Annual Calendar 31-May-08 to 31-Dec-12 31-Dec-11 31-Dec-10 31-Dec-09 Performance 31-Dec-08 Sentinel Defensive Fund +7.40 -0.41% +6.72% +18.55% -16.10% Benchmark (LIBOR +1%) +1.84% +1.87% +1.70% +2.22% +4.08% Source: FE Analytics. Taken on a bid to bid, total return, UK sterling basis. Data taken on 1 July 2013. Past performance is not a guide to future returns.

Performance Since Launch Since 23 November 2009 (Change of Manager) — FTSE 100 +31.9% — FTSE Government All Stocks +20.9% — Sentinel Defensive +17.4% — LIBOR GBP 3m +1% +6.4% Sentinel Source: FE Analytics. Data from 13 May 2008 to 30 June 2013. Taken on a bid to bid, total return, UK sterling basis. Data taken on 1 July 2013. Since change of management performance, data taken from 23 November 2009 to 30 June 2013. Past performance is not a guide to future returns.

Transactions Settlement B/S Full Name Amount Price Currency Consideration Notes Date 28/06/2013 S Invesco Income Growth Trust 17M 242.00 GBP 41,140.00 Discount tightened 28/06/2013 S SocGen FTSE Synthetic Zero 2013 (SZ16) 8170 69.95 GBP 571,491.50 3.2% gry,1.6X Cover, 0.52 yrs 27/06/2013 S Invesco Income Growth Trust 25M 241.00 GBP 60,250.00 Discount tightened 25/06/2013 B March 14 Puts on UKX 10 411.00 GBP 41,100.00 Vol still low providing cheap hedge 19/06/2013 B MS 5Y FTSE 100 5.50% Autocall 600 100.00 GBP 600,000.00 5 Year, Autocall Triggers 110, 100, 90, 80, 50, European Knock in Put @ 50 18/06/2013 S F&C Asset Management 9% 2016 137 107.75 GBP 153,698.05 Reducing following spread tightening 100,100,100,100,85,65. 8.2% Step up, SP500 & FTSE. 11.2% to next, +c5% on index, 7.4% 14/06/2013 B JP Morgan 6Y FTSE/SP500 8.2% Autocall 800M 0.97 GBP 777,680.00 to last, -31.7% to barrier (worst) 100,100,100,90,80,60. 8.35% step up, FTSE/Eurostoxx.12.6% to next,+8% required, 7.77% Sentinel 12/06/2013 B Credit Suisse 6yr FTSE/Eurostoxx 8.35% Autocall 600 95.95 GBP 575,700.00 to last,-36% 12/06/2013 B World Trust Fund 140M 218.00 GBP 305,200.00 Global discount opportunities, 11.3% Discount 10/06/2013 B December 13 Puts on SPX 4 52.00 USD 20,800.00 Held against WTR 05/06/2013 B JP Morgan Private Equity Limited Zero 2015 150M 79.00 GBP 118,500.00 Topping up Global equity portfolio, 50:50 ASX:FTSE W exU, large family position >30% managed by 05/06/2013 B Brunner Investment Trust 20M 489.50 GBP 97,900.00 Allianz, 23p rev reserve, c.18% discount, Beta c.1x 05/06/2013 B Jupiter Primadona Growth Trust 7500 1,310.00 GBP 98,250.00 9.7% Discount, DCM limits attractive, 75% FTSE All Share, 25% FTSE World ex UK 04/06/2013 B JZ Capital Partners Zero 20M 326.25 GBP 65,250.00 4.13% GRY, 5.66x cover,3.05yrs 04/06/2013 B Dexion Trading Limited 200M 136.00 GBP 272,000.00 3.6% Discount, 3% Discount Control, Low NAV, Permal Macro Fund 03/06/2013 B Long Gilt Future June 15 116.27 GBP 1,744,081.50 Rolling Gilt Futures 03/06/2013 S Long Gilt Future Sept 15 115.38 GBP 1,730,731.50 Rolling Gilt Futures 03/06/2013 S Short Gilt Future Sept 100 104.85 GBP 10,485,000.00 Rolling Gilt Futures 03/06/2013 B Short Gilt Future June 100 104.11 GBP 10,411,000.00 Rolling Gilt Futures 03/06/2013 B March 14 Puts on UKX 1 433.00 GBP 4,330.00 Hedging Brunner NAV risk 03/06/2013 B March 14 Puts on UKX 1 494.00 GBP 4,940.00 Hedge 31/05/2013 B Jupiter Primadona Growth Trust 2500 1,310.00 GBP 32,750.00 9.7% Discount, DCM limits attractive, 75% FTSE All Share, 25% FTSE World ex UK 29/05/2013 S RBC 6Y FTSE 100 6.75% Autocall 1200 106.75 GBP 1,281,000.00 Called 29/05/2013 B Acorn Income Fund ZDP 2017 310353 115.25 GBP 357,681.83 Tap Issue 28/05/2013 B JP Morgan 6Y FTSE/SP500/Euro50 10% Autocall 520M 1.04 GBP 538,720.00 Increasing exposure to JPM Defensive Autocall 24/05/2013 B JP Morgan Private Equity Limited Zero 2015 50M 79.00 GBP 39,500.00 Now the most senior of the companies zeros 24/05/2013 B Herald Investment Trust 20M 550.00 GBP 110,000.00 Adding tech exposure on a discount 23/05/2013 B Premier Energy and Water Trust Zero 2015 30M 193.25 GBP 57,975.00 5.44% gry, 1.41X cover, 2.59yrs 23/05/2013 B UBS FTSE/SP500 May 2016 Synthetic Zero 300M 1.07 GBP 320,070.00 gry 3.72% 1.94x 23/05/2013 B Jupiter Primadona Growth Trust 10M 1,310.00 GBP 131,000.00 9.7% Discount, DCM limits attractive 75% FTSE All Share, 25% FTSE World ex UK 9% Discount. Hedging off the NAV. Expecting discount tightening from here Conviction 23/05/2013 B JP Morgan Claverhouse Investment Trust 25M 539.00 GBP 134,750.00 trust but similar to benchmark. 22/05/2013 S Long Gilt Future June 5 117.78 GBP 588,900.00 Marginally increasing hedge against risk-free rates rising 22/05/2013 B Dexion Absolute Limited Ord GBP 12M 145.00 GBP 17,400.00 Listed line, wide discount