Sentinel Defensive Fund Reporting period: Q3 2014

Fund Manager Quarterly Review

Sentinel Defensive FundReporting period: Q3 2014

For professional adviser use only and not for distribution to retail clients

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Performance to 30 September 2014

Source: FE Analytics. Data to 30 September 2014. Taken on a bid to bid, total return, UK sterling basis. Data taken on 02 October 2014. *Annualised ratios taken from monthly returns from 30 September 2013 to 30 September 2014. The Fund launched on 13 May 2008. Past performance is not a guide to future returns.

3m 6m 1yrSince

13 May 2008Volatility*

Sentinel Defensive Fund 0.20% 1.65% 3.81% 22.40% 1.18%

3 Month GBP LIBOR + 1% 0.39% 0.78% 1.54% 15.24% 0.01%

FTSE UK Conventional Gilts All Stocks 3.73% 4.85% 5.65% 46.17% 4.12%

FTSE 100 -0.89% 2.28% 6.13% 35.42% 10.37%

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Source: FE Analytics. Taken on a bid to bid, total return, UK sterling basis. Data taken on 02 October 2014. Past performance is not a guide to future returns. 3

Discrete Performance

Discrete Quarterly Performance

30-Sept-14 30-Jun-14 31-Mar-14 31-Dec-13 30-Sept-13

Sentinel Defensive Fund +0.20% +1.45% +0.69% +1.42% +1.60%

Benchmark (LIBOR +1%) +0.39% +0.38% +0.37% +0.38% +0.39%

Discrete Annual CalendarPerformance

31-Dec-13 31-Dec-12 31-Dec-11 31-Dec-10 31-Dec-0931-May-08

to31-Dec-08

Sentinel Defensive Fund +5.34% +7.40% -0.41% +6.72% +18.55% -16.10%

Benchmark (LIBOR +1%) +1.52% +1.84% +1.87% +1.70% +2.22% +4.08%

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Source: FE Analytics. Data from 13 May 2008 to 30 September 2014. Taken on a bid to bid, total return, UK sterling basis. Data taken on 02 October 2014. Since change of management performance, data taken from 23 November 2009 to 30 September 2014. Past performance is not a guide to future returns.

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13/05/2008 13/05/2009 13/05/2010 13/05/2011 13/05/2012 13/05/2013 13/05/2014

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Performance Since Launch

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— Sentinel Defensive +23.9%

— FTSE 100 +46.9%

— FTSE UK Conventional Gilts All Stocks +28.3%

— LIBOR GBP 3m +1% +8.5%

Since 23 November 2009 (Change of Manager)

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Transactions

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Settlement DateB/S Full Name Amount Price Currency Consideration Notes

03/10/2014 S TRITAX Big Box REIT Plc 50,000 107 5/8 GBP 53,812.50 Selling into strength. Cash balance being invested quickly = leverage or capital raise

01/10/2014 B September 15 Puts on UKX 2 420.5 GBP 8,410.00

26/09/2014 B Soc Gen FTSE 100 / Euro Stoxx 6.6% Defensive Autocall (Gilt Backed) 2018 750 100 GBP 750,000.00 Socgen 4y FTSE/SX5E 6.6% Defensive Autocall Gilt Backed

22/09/2014 S Soc Gen FTSE 100 / Eurostoxx Defensive Autocall 9.6% 2019 400 109.6 GBP 438,400.00 REDEMPTION

22/09/2014 S British Empire Trust 50,000 519 GBP 259,500.00 Trading c-11.8 discount from average of c-14%

19/09/2014 S Barclays FTSE Synthetic Product 2015 250 137.03 GBP 342,575.00 Rasing Cash 2.29% Gry, 1.94X, 1.26y

19/09/2014 S Goldman Sachs FTSE 100 / Euro Stoxx Synthetic Product 2016 250 105.7 GBP 264,250.00 Rasing Cash 3.1% Gry, 1.62X, 1.4Y 5.02%, GRY ON ISSUE 5.7%, RETURN IN 7.5 MONTHS

19/09/2014 S Ecofin Water & Power 6% CULS 2016 250 110.5 GBP 276,250.00 Profit from purchase at 109 a week ago

18/09/2014 C Short Gilt Future Sep14 100 103.99 GBP 10,399,000.00 rolling gilt future

18/09/2014 H Short Gilt Future Dec14 100 103.29 GBP 10,329,000.00 rolling gilt future

18/09/2014 H Long Gilt Future Dec14 25 111.87 GBP 2,796,750.00 rolling gilt future

18/09/2014 C Long Gilt Future Sep14 25 112.73 GBP 2,818,250.00 rolling gilt future

18/09/2014 B September 15 Puts on UKX 2 453 GBP 9,060.00 Rolling Hedge for HRI LN

18/09/2014 S UBS FTSE 100 / SP500 Synthetic Product 2016 300,000 1.1403 GBP 342,090.00

18/09/2014 B DB FTSE 100 / Euro Stoxx 5.1% Defensive Autocall 2018 400 100 GBP 400,000.00 4Year Volante Defensive Autocall

16/09/2014 B Ecofin Water & Power 6% CULS 2016 400 109 GBP 436,000.00 YTM 2.05% cover 2.6x, premium 9.7%

12/09/2014 B Santander 3yr HPI Linked Note 2017 500 95.44 GBP 477,200.00 3yr Structured Product linked to HPI Index

11/09/2014 S Soc Gen FTSE/S&P 5.8% Autocall 2017 500 102.88 GBP 514,400.00 7.6% To Call (2.9% Uplift), 4% Headroom 42% Headroom Knock In Put

11/09/2014 B ST Modwen Properties Securities 2.875% 2019 Convertible 300 99.375 GBP 298,125.00 YTM 3.025% delta (%) 29.7, premium (%) 42

11/09/2014 S JP Morgan Private Equity 2015 ZDP 600,000 84 1/8 GBP 504,750.00

05/09/2014 S Stoxx Europe 600 Healthcare Short Daily UCITS ETF 12,500 1360 1/2 GBP 170,062.50

03/09/2014 S JZ Capital Partners 6% CULS 2021 122 1062.5 GBP 129,625.00 2.5% premium to NAV (shares trade on large discount). YTM 6%, c.3.6x covered

19/08/2014 B Credit Suisse FTSE/CAC Synthetic Product 2016 250 99.8 GBP 249,500.00 3.9% GRY,1.61x Covered,-21.07% pa.

18/08/2014 S Electra Private Equity 5% CULS 2017 35 1300 GBP 45,500.00 YTM -3.2%, high equity correlation

15/08/2014 S Electra Private Equity 5% CULS 2017 100 1300 GBP 130,000.00 YTM -3.2%, high equity correlation (delta 100%, 1.8% premium)

15/08/2014 S Electra Private Equity 5% CULS 2017 100 1300 GBP 130,000.00 YTM -3.2%, high equity correlation (delta 100%, 1.8% premium)

15/08/2014 S JZ Capital Partners 2016 ZDP 100,000 343 5/8 GBP 343,625.00 Raising cash. GRY 4.05% cover 4.41x

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Transactions Continued

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15/08/2014 S Premier Energy & Water Trust 2015 ZDP 100,000 211 3/4 GBP 211,750.00 Raising cash

15/08/2014 B Soc Gen 8.25% 2049 CoCo 300 106.2 USD 318,600.00 YTC 6.56% (11/18), CoCo writedown if capital ratios falls below 5.125% (Tier 1 capital ratio 10.6%)

14/08/2014 S JP Morgan Income & Capital 2018 ZDP 37,500 168 GBP 63,000.00 3.86% GRY at bid, better value in SP following volatile markets

14/08/2014 S JZ Capital Partners 2016 ZDP 28 1070 GBP 29,960.00 Raising cash

14/08/2014 S Barclays FTSE Synthetic Product 2015 500 136.45 GBP 682,250.00 Reducing Low Yielding Structured Product

14/08/2014 B RBC FTSE/S&P Synthetic Product 2016 300 98.75 GBP 296,250.00 4.32% GRY 1.61x Covered

14/08/2014 B BNP FTSE/SP500 Synthetic Product 2016 200 99.22 GBP 198,440.00 4.26% GRY Cover 1.62x

14/08/2014 S JP Morgan Chinese Investment Trust 37,143 162 3/4 GBP 60,450.23

14/08/2014 S JP Morgan Chinese Investment Trust 17,857 162 3/4 GBP 29,062.27 C8% Gain Since Investment

14/08/2014 S Foreign & Colonial Investment Trust 100,000 374 GBP 374,000.00 9.5% discount

14/08/2014 S JP Morgan Chinese Investment Trust 17,857 162 3/4 GBP 29,062.27 C8% Gain Since Investment

13/08/2014 S December 14 Puts on HSI 1 1025 HKD 51,250.00 Closing hedge for JMC as sold out

13/08/2014 S TRITAX Big Box REIT Plc 200,000 105 3/4 GBP 211,500.00 Quick profit

12/08/2014 S March 15 Puts on UKX 1 321 GBP 3,210.00 Reducing hedge for FRCL Ln given sales

12/08/2014 S March 15 Puts on UKX 1 317 GBP 3,170.00 Reducing Hedge for FRCL given reduction of holding commission 2 per lot

12/08/2014 S Inland Homes 2019 ZDP 50,000 123 3/4 GBP 61,875.00 C+21% Total Gain Since Investment


12/08/2014 S Inland Homes 2019 ZDP 50,000 123.6 GBP 61,800.00 C+21% Total Gain Since Investment

11/08/2014 B Credit Suisse S&P500 Twin-Win Straddle Note 2018 250 100 GBP 250,000.00 Credit Suisse Straddle - Defensive

08/08/2014 S JP Morgan Chinese Investment Trust 32,143 166 GBP 53,357.38 C8% Gain Since Investment

07/08/2014 S JP Morgan Chinese Investment Trust 14,500 166 1/2 GBP 24,142.50 C10.% gain on ord return

06/08/2014 S JP Morgan Chinese Investment Trust 3,000 167 GBP 5,010.00 C10.% gain on ord return

05/08/2014 S JP Morgan Chinese Investment Trust 20,000 167 GBP 33,400.00 C10.% gain on ord return

05/08/2014 S BlueCrest AllBlue Fund 70,000 184.6 GBP 129,220.00 Following Recent Strength

04/08/2014 B December 14 Puts on HSI 1 1020 HKD 51,000.00


01/08/2014 B Credit Suisse FTSE/CAC Synthetic Product 2016 250 100 GBP 250,000.00 Synthetic Zero, 3.67% Gry, 60% Soft Protection Worst Off FTSE/CAC Indices

31/07/2014 S Fidelity China Special Situations 110,000 110 GBP 121,000.00 Selling remaining holding

31/07/2014 S December 14 Puts on HSI 5 315 HKD 78,750.00

31/07/2014 S UBS FTSE 100 / S&P500 Synthetic Product 2016 600,000 1.129 GBP 677,400.00 2.97% Gry, 1.97x Cover

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Transactions Continued

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30/07/2014 S JP Morgan Chinese Investment Trust 22,500 168 1/4 GBP 37,856.25 c10.% gain on ord return

30/07/2014 S Fidelity China Special Situations 150,000 110.15 GBP 165,225.00 c6% Ord Gain

30/07/2014 S Goldman Sachs FTSE 100 Synthetic Product 2015 460,000 1.366 GBP 628,360.00 c3% gry

30/07/2014 S Fidelity China Special Situations 150,000 110.2278 GBP 165,341.70 c6% ord gain

30/07/2014 B JZ Capital Partners 6% CULS 2021 1000 1000 GBP 1,000,000.00 Placing

30/07/2014 B TRITAX Big Box REIT Plc 287,869 103 GBP 296,505.07

30/07/2014 B F&C Global Smaller Companies 3.5% CULS 2019 10,000 100 GBP 1,000,000.00 Placing

29/07/2014 B Utilico Finance Limited 2016 ZDP 83,333 177 GBP 147,499.41 UTLB Maturing - c3.74% gry

28/07/2014 S JZ Capital Partners 2016 ZDP 280,000 343 1/4 GBP 961,100.00 3.99% gry, 4.41x Covered Raising Cash

25/07/2014 B Utilico Finance Limited 2016 ZDP 52,083 176.9 GBP 92,134.83 UTLB Maturing - c3.74% gry

25/07/2014 B Utilico Finance Limited 2016 ZDP 55,417 177 GBP 98,088.09 UTLB Maturing - c3.74% gry

25/07/2014 B Utilico Finance Limited 2018 ZDP 107,692 126 3/4 GBP 136,499.61 5.59% gry

25/07/2014 B Utilico Finance Limited 2018 ZDP 61,538 127 GBP 78,153.26 5.59% gry

24/07/2014 B ST Modwen Properties Securities 2.875% 2019 Convertible 200 99.5 GBP 199,000.00 YTM 2.99% +115bp, premium 44.5% delta 33%

24/07/2014 B British Land Jersey 1.5% 2017 Convertible 100 114.5 GBP 114,500.00 YTM -2.90% -411bp, premium 11.4% delta 77%

24/07/2014 B Unite Issuer Jersey 2.5% 2018 Convertible 200 103.4 GBP 206,800.00 YTM 1.66% +7bp, premium 30% delta 39%

24/07/2014 B Grand Properties SA 1.5% 2019 Convertible 100 111.875 EUR 111,875.00 YTM 0.33% +2bp, premium 18.5% delta 70%

23/07/2014 B TRITAX Big Box REIT Plc 62,477 103 GBP 64,351.31 Open Offer

15/07/2014 S BNP Defensive Autocall Gold & Silver 2016 400 100.9 GBP 403,600.00

14/07/2014 B Capital & Regional Plc 319,704 47 GBP 150,260.88

08/07/2014 S World Trust Fund 21,253 241.5528 GBP 51,337.22 Succesful tender

02/07/2014 B Utilico Finance Limited 2014 ZDP 100,000 165 5/8 GBP 165,625.00 Naturally safer structure 2.35% gry

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Trading Updates

� Despite market volatility, the Fund continues to generate a stable return using a diversified, multi-investment type approach.

� We continue to focus on risk management and capital preservation to deliver attractive returns with significantly less volatility when compared to UK equities and markets at present.

� Geographical, sector and asset class exposures are determined by our top-down analysis and then complemented by the bottom-up analysis focusing on stability and downside protection, looking to extract value from a continually moving set of opportunities.

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Examples

� We sold out of our ‘hedged’ exposure to Fidelity China Special Situations and JP Morgan Chinese Investment Trust on a c6% and c8% gain respectively.

� We participated in two new Convertible Unsecured Loan Stock Issues (CULS) - JZ Capital Partners 6% CULS 2021 and F&C Global Smaller Companies 3.5% CULS 2019.

� These were in line with the defensive characteristics that we look for and have preformed very well. The JZ CULS are up c8% in 2 months while the F&C CULS are up c7.75% in the same time period.

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Source: Bloomberg, JZ CULS and F&C CULS: performance from 30 July 2014 to 03 October 2014. Past performance is not a guide to future performance.

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Data as at 30 September 2014. Data in brackets as at 30 June 2014.

FF = Fixed Life and Fixed Entitlement

F = Fixed Life or Fixed Entitlement

+ = Further potential

FF+ 26.4% (22.0%)

FF 51.5% (55.3%)

F+ 3.3% (2.2%)

F 0.3% (0.8%)

Not Fixed 18.5% (19.8%)

The Two F Exposure

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Asset Allocation

Data as at 30 September 2014.

Zeros 36.9%

Defensive Autocalls 11.5%Convertible Unsecured

Loan Stock 10.8%

Synthetic Products 9.7%

Investment Companies

7.8%

Hedge Funds 5.3%

Investment Companies

(Hedged) 4.7%

Convertibles 2.4%

Structured Accrual 2.1%

Preference Shares 1.7%

Dividend Certificate 1.6%

Straddle Note 1.1%

Cash 0.8%

Participation Note 0.8%

Lookback Trackers 0.7%

Range Accrual 0.7%

REIT 0.7%

ETF 0.4%

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Fixed Income 0.28%

COPPS 0.16%

Options 0.16%

Futures -0.19%

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Underlying Exposure

Data as at 30 September 2014.

Global Utilities 12.4%

UK Equities 11.1%

Commercial Property10.7%

Private Equity 10.2%

UK/US Equities 8.4%Hedge Funds 7.0%

UK Smaller Companies6.7%

US Equities 4.8%

UK/EuroStoxx Equities4.3%

Absolute Returns 4.0%

Investment Companies 3.9%

Asian Equities 3.2%

Global Equities 2.4%

Residential Property 1.6%

Global Smaller Companies1.6%

Litigation Finance 1.2%

Cash & Fixed Income1.1%

Commodities 0.9%

Healthcare 0.8%French Equities 0.8%

UK/French Equities 0.7% Reinsurance 0.5%Natural Resources 0.5%

UK/German Equities 0.4%

Portfolio Hedge 0.4%

Telecommunications 0.3%UK/Canadian Equities

0.3%Life Policies 0.2%

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Risk Statistics

1 Year Volatility

3 Year Volatility

1 Year Max Loss

3 Year Max Loss

1 Year Max Drawdown

3 Year Max Drawdown

Sentinel Defensive Fund 1.18% 2.05% -0.40% -1.96% -0.40% -2.36%FTSE - 100 10.37% 12.69% -4.64% -8.62% -4.64% -11.00%

Volatility table source: FE Analytics. Annualised ratios. Data to 30 September 2014, taken on 02 October 2014. Chart source: Bloomberg. Data from 23 November 2009 to 30 September 2014. Past performance is not a guide to future returns.

Historic volatility chart against FTSE 100

Sentinel Defensive Fund FTSE - 100

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Outlook and Anticipated Changes

� The Fund will continue to maintain a large weighting in investments with defensive qualities and built in growth.

� We will continue to monitor the duration effects on the Fund with the view to protect against rising risk free rates.

� We seek diversification through investments in a range of underlying sectors, with downside protection and demand strong credit metrics from issuers.

� We continue to remain defensively positioned. We will continue to keep large exposure to the Two F’s to achieve predictability.

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Important Information

Risk of investments

� Past performance is not a guide to the future. The price of shares and income from them may go down as well as up and you may get back less than you invested. Movements in exchange rates may also affect the value of the investment. Please remember that these investments are typically intended as either medium or long term investments. Reference to any particular stock does not constitute a recommendation to buy or sell the stock.

Disclaimer

� Whilst every effort has been made to ensure the accuracy of the information contained within this presentation, we regret that we cannot accept responsibility for any omissions or errors. This presentation is directed only at authorised financial advisers and professional investors. The information given and opinions expressed are subject to change and should not be interpreted as investment advice. Persons who do not have professional experience in matters relating to investments should not rely on the content of this presentation.

� A free, English language copy of the Fund’s full prospectus, Key Investor Information Document and Supplementary Information Document are available on the Sentinel microsite, www.thesentinelfund.co.uk or by calling us on 01483 306090. For your protection, calls may be monitored and recorded for training and quality assurance purposes.

� Source: FTSE International Limited (“FTSE”) © FTSE 2014. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. All rights in the FTSE indices and / or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and / or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

� Issued by Premier Asset Management. Premier Asset Management is the marketing group for Premier Fund Managers Ltd and Premier Portfolio Managers Ltd, who are authorised and regulated by the Financial Conduct Authority of 25 The North Colonnade, Canary Wharf, London E14 5HS. 14.10.1091CK

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Sentinel Defensive Fund Reporting period: Q3 2014

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