Myddleton Croft Investment Managers Balanced Moderate Risk Model

Myddleton Croft Investment Managers KEY FACTS

Portfolio Risk Spectrum

April 2012

MANAGERS COMMENTARY Thrice the brinded cat hath mew'd. Thrice and once the hedge-pig whined. ..."'Tis time, 'tis time." Round about the cauldron go; In the poison'd entrails throw. Toad, that under cold stone Days and nights has thirty-one Swelter'd venom sleeping got, Boil thou first i' the charmed pot. Double, double toil and trouble; Fire burn, and cauldron bubble. Macbeth: Act 4, Scene 1 Europe The Witches Brew The caterwaul for a bail out by Portugal, Ireland and Greece predicated the start of European debt crisis, as bond yields moved above 6 to 7% threshold, above which debt sustainability for these sovereigns was highly unlikely. Our worry - will Spain follow suit? Spain (the hedge pig?) is squeaking under the strain of refinancing its debt at 6% presently. Spain is in recession as a consequence of weak growth combined with a property bubble, and the Euro zone imposed austerity measures. Unemployment is at grave levels particularly amongst the youth. High debt levels in banks and the cajas are well recognized but questions remain whether real estate loans have been properly marked to market, never mind the outlook for real estate in Spain which looks set to fall further, perhaps by as much as 20%. The subsequent and much vaunted LTRO, once seen as a cure all, is now viewed as a short term fix, as it was by us from inception. S&Ps downgrade of Spain to BBB+, seems likely to be followed by the other rating agencies. Its effect, you may ask? Well, it would be to oblige Spanish banks to pay 5% to the ECB to maintain their collateral on the LTRO. Medicine turned poisoned entrails? This is no quixotic episode, of Spain jousting at its banking and financial windmills. The Euro zones penchant for using sticking plasters not surgery could see investors flee to safety if no action to remedy is actioned over coming months. Confidence is a fragile commodity and one which seems to be foundering under the yoke of the current Euro zone policy of cutting your way to growth within a straightjacket of fixed exchange rate mechanism. If you remember in 2008/9, certain banks were deemed too big to fail; another reference, at the time of the first three Euro zone bailouts, was that Spain and Italy were too big to bail. We are concerned that we may be moving into a new chapter, one which could become very fraught for investors. Europes Manufacturing PMI (April) releases from both the core and the peripheral European economies disappointed, with each individual country recording greater than expected contractions in their respective manufacturing sectors (see chart below). The Dutch government resigned because they were unable to agree a budget. It is concerning that a country so close to the centre of the Euro zone, is having issues over austerity. Another Hollande has now been voted in as the next French President on 6th May. Hes a socialist whose stated goal is to raise income tax on the rich to 75% and lower retirement age to 60. He is likely to make a number of demands such as an end to the fiscal compact (austerity) and a push for a new growth compact. He also favours Eurobonds which is in effect a Euro zone mutual debt club. Perhaps by sharing the burden he thinks they could squeeze out more cash than they could individually. The problem is that Germany will have to fund or act as guarantor, something they wont do, making for all kinds of volatile markets. May 6th looked like a European witching hour, as it is was the election day for the Greeks. Its outcome has shown the scale of vitriol within the electorate toward austerity. Remember, there is one overriding issue when it comes to politics: politicians are not altruistic on the whole and their primary driver is to be re-elected. The electorate has the ultimate power of censure, by voting individuals and parties out of office. Politicians understand this and recognise the extent to which they can push an unpopular policy. Icelands government

Defensive Cautious Moderate Adventurous Highly Adventurous Speculative

1 2 3 4 5 9

Investment Managers Patrick Toes

Investment Director with over 20 years experience in fund management. Previously a member of Rensburg Sheppards Asset Allocation and Fund Selection Committees for over 9 years and former chairman of those committees at BWD Rensburg, he holds a MSC in Investment Analysis and is an Associate Member of the Society of Investment Professionals (ASIP).

David Cowell
Chief Executive, possessing over 40 years of experience in financial services, with over 25 years being investment management focussed. David formulates the macro economic position and leads the investment process across the portfolio range. He also has over 10 years experience of business consultancy to small and medium sized enterprises.

For further information call :

0113 274 7700

Email : info@mcim.co.uk

Or visit us at : www.myddletoncroft.co.uk
IMPORTANT INFORMATION This communication is for professional investors only and should not be relied upon by private investors. This document is provided to illustrate Myddleton Croft Investment Managers model portfolios and is for information purposes only and does not constitute an advertisement, financial promotion or financial, professional or investment advice. Nothing in this document constitutes a recommendation suitable or appropriate to a recipient's individual circumstances. It should not be inferred that all portfolios will perform exactly the same as the model portfolios as other factors, such as capital gains tax & the time taken to invest the portfolio, may affect individual portfolio performance. Please remember that past performance is not a guide to future performance and that the value of investments may go down as well as up. Any opinions expressed are subject to change and may not be current views.

Myddleton Croft Investment Managers, 1 Woodside Mews, Clayton Wood Close, Leeds, LS16 6QE T: 0113 274 7700 F: 0113 274 7711 E-mail: info@mcim.co.uk Website: www.myddletoncroft.co.uk Myddleton Croft Ltd is authorised and regulated by the Financial Services Authority. Registered in England & Wales number 05782909. VAT number UK 889 241088. Registered office: 11 Clifford Avenue, Ilkley, LS29 0AS.

Myddleton Croft Investment Managers Balanced Moderate Risk Model

Myddleton Croft Investment Managers April 2012 recognized this and opted to default rather than put the population through extended austerity. We do not minimize the pain of default but a nation such as Greece has been in a depression for 4 years already and with no end in sight. Some electors might ask how much worse would it be to default on their debt and leave the euro. It seems quite likely Greece will be returning to the polls as various anti-austerity parties have wrested enough seats from PASOK & New Democracy parties that no coalition looks possible. This uncertainty has already started to be reflected in equity and bond markets subsequent to the Greek elections. More to come?

Is Spain and indeed Europe about to sample the full venom of The Witches Brew? We dont know for certain and timing makes fools of us all but there is an increasing strain due to a lack of growth on debt sustainability and, as a corollary, austerity and the electoral will to bear it. The Euro zone may employ a new juggling act, LTRO 3, and keep the balls in the air a bit longer, although my expectation is that LTRO 3s half-life will be short to non-existent. Dont be surprised if the new Franco-German pact is no longer in the form MERKOZY but HO-MER. We are worried this has the potential to become quite risky and we are simply saying tis time. We would rather not play and have taken to picking up our bat and ball and going home. We feel that the risk is not quantifiable and is subject to political forces, which as we all know is less than rational. We prefer to play later, or elsewhere, when risk and return is tilted more in our favour. Dont be surprised in the best traditions of the Simpsons, that we dont see a .
For Further Information Call :

0113 274 7700

Email : info@mcim.co.uk

Or visit us at : www.myddletoncroft.co.uk
IMPORTANT INFORMATION This communication is for professional investors only and should not be relied upon by private investors. This document is provided to illustrate Myddleton Croft Investment Managers model portfolios and is for information purposes only and does not constitute an advertisement, financial promotion or financial, professional or investment advice. Nothing in this document constitutes a recommendation suitable or appropriate to a recipient's individual circumstances. It should not be inferred that all portfolios will perform exactly the same as the model portfolios as other factors, such as capital gains tax & the time taken to invest the portfolio, may affect individual portfolio performance. Please remember that past performance is not a guide to future performance and that the value of investments may go down as well as up. Any opinions expressed are subject to change and may not be current views.

Myddleton Croft Investment Managers, 1 Woodside Mews, Clayton Wood Close, Leeds, LS16 6QE T: 0113 274 7700 F: 0113 274 7711 E-mail: info@mcim.co.uk Website: www.myddletoncroft.co.uk Myddleton Croft Ltd is authorised and regulated by the Financial Services Authority. Registered in England & Wales number 05782909. VAT number UK 889 241088. Registered office: 11 Clifford Avenue, Ilkley, LS29 0AS.

Myddleton Croft Investment Managers Balanced Moderate Risk Model

Balanced Defensive Risk Model KEY FACTS
Portfolio Risk Spectrum

April 2012

PORTFOLIO OBJECTIVE
To generate a portfolio with a balance of income and capital growth over the medium to long term by harnessing the higher return potential of equity markets. The model will seek to reduce the fluctuations in capital values inherent in equity investments through a significant allocation to fixed interest, commodities, absolute return/hedge funds and other non-equity vehicles. Over the medium term, a base case would be 40:60 allocation to equity and non-equity investments respectively. However this allocation is flexible and could vary between 30% and 50% in equities, dependent on valuation and risk. Portfolios are also available with an income or growth mandate.

Defensive Cautious Moderate Adventurous Highly Adventurous Speculative

1 2 3 4 5 9

Investment Profile

Balanced

PORTFOLIO KEY ATTRIBUTES

Performance Since Launch (Jan 2008)

Investment Managers Patrick Toes

Investment Director with over 20 years experience in fund management. Previously a member of Rensburg Sheppards Asset Allocation and Fund Selection Committees for over 9 years and former chairman of those committees at BWD Rensburg, he holds a MSC in Investment Analysis and is an Associate Member of the Society of Investment Professionals (ASIP).

David Cowell
Chief Executive, possessing over 40 years of experience in financial services, with over 25 years being investment management focussed. David formulates the macro economic position and leads the investment process across the portfolio range. He also has over 10 years experience of business consultancy to small and medium sized enterprises.

3 Year Rolling Volatility

For Further Information Call :

0113 274 7700

Email : info@mcim.co.uk

Or visit us at : www.myddletoncroft.co.uk
IMPORTANT INFORMATION This communication is for professional investors only and should not be relied upon by private investors. This document is provided to illustrate Myddleton Croft Investment Managers model portfolios and is for information purposes only and does not constitute an advertisement, financial promotion or financial, professional or investment advice. Nothing in this document constitutes a recommendation suitable or appropriate to a recipient's individual circumstances. It should not be inferred that all portfolios will perform exactly the same as the model portfolios as other factors, such as capital gains tax & the time taken to invest the portfolio, may affect individual portfolio performance. Please remember that past performance is not a guide to future performance and that the value of investments may go down as well as up. Any opinions expressed are subject to change and may not be current views.

Asset Allocation

Performance Statistics

Myddleton Croft Investment Managers, 1 Woodside Mews, Clayton Wood Close, Leeds, LS16 6QE T: 0113 274 7700 F: 0113 274 7711 E-mail: info@mcim.co.uk Website: www.myddletoncroft.co.uk Myddleton Croft Ltd is authorised and regulated by the Financial Services Authority. Registered in England & Wales number 05782909. VAT number UK 889 241088. Registered office: 11 Clifford Avenue, Ilkley, LS29 0AS.

Myddleton Croft Investment Managers Balanced Moderate Risk Model

Balanced Cautious Risk Model KEY FACTS
Portfolio Risk Spectrum

April 2012

PORTFOLIO OBJECTIVE
To generate a portfolio with a balance of income and capital growth over the medium to long term by harnessing the higher return potential of equity markets. The model will seek to reduce the fluctuations in capital values inherent in equity investments through a significant allocation to fixed interest, commodities, absolute return/hedge funds and other non-equity vehicles. Over the medium term, a base case would be 45:55 allocation to equity and non-equity investments respectively. However this allocation is flexible and could vary between 35% and 55% in equities, dependent on valuation and risk. Portfolios are also available with an income or growth mandate.

Defensive Cautious Moderate Adventurous Highly Adventurous Speculative

1 2 3 4 5 9

Investment Profile

Balanced

PORTFOLIO KEY ATTRIBUTES

Performance Since Launch (Jan 2008)

Investment Managers Patrick Toes

Investment Director with over 20 years experience in fund management. Previously a member of Rensburg Sheppards Asset Allocation and Fund Selection Committees for over 9 years and former chairman of those committees at BWD Rensburg, he holds a MSC in Investment Analysis and is an Associate Member of the Society of Investment Professionals (ASIP).

David Cowell
Chief Executive, possessing over 40 years of experience in financial services, with over 25 years being investment management focussed. David formulates the macro economic position and leads the investment process across the portfolio range. He also has over 10 years experience of business consultancy to small and medium sized enterprises.

3 Year Rolling Volatility

For Further Information Call :

0113 274 7700

Email : info@mcim.co.uk

Or visit us at : www.myddletoncroft.co.uk
IMPORTANT INFORMATION This communication is for professional investors only and should not be relied upon by private investors. This document is provided to illustrate Myddleton Croft Investment Managers model portfolios and is for information purposes only and does not constitute an advertisement, financial promotion or financial, professional or investment advice. Nothing in this document constitutes a recommendation suitable or appropriate to a recipient's individual circumstances. It should not be inferred that all portfolios will perform exactly the same as the model portfolios as other factors, such as capital gains tax & the time taken to invest the portfolio, may affect individual portfolio performance. Please remember that past performance is not a guide to future performance and that the value of investments may go down as well as up. Any opinions expressed are subject to change and may not be current views.

Asset Allocation

Performance Statistics

Myddleton Croft Investment Managers, 1 Woodside Mews, Clayton Wood Close, Leeds, LS16 6QE T: 0113 274 7700 F: 0113 274 7711 E-mail: info@mcim.co.uk Website: www.myddletoncroft.co.uk Myddleton Croft Ltd is authorised and regulated by the Financial Services Authority. Registered in England & Wales number 05782909. VAT number UK 889 241088. Registered office: 11 Clifford Avenue, Ilkley, LS29 0AS.

Myddleton Croft Investment Managers Balanced Moderate Risk Model

Balanced Moderate Risk Model KEY FACTS
Portfolio Risk Spectrum

April 2012

PORTFOLIO OBJECTIVE
To generate a portfolio with a balance of income and capital growth over the medium to long term by harnessing the higher return potential of equity markets. The model will seek to reduce the fluctuations in capital values inherent in equity investments through a significant allocation to fixed interest, commodities, absolute return/hedge funds and other non-equity vehicles. Over the medium term, a base case would be 50:50 allocation to equity and non-equity investments respectively. However this allocation is flexible and could vary between 40% and 60% for each asset class, dependent on valuation and risk. Portfolios are also available with an income or growth mandate.

Defensive Cautious Moderate Adventurous Highly Adventurous Speculative

1 2 3 4 5 9

Investment Profile

Balanced

PORTFOLIO KEY ATTRIBUTES

Performance Since Launch (Jan 2008)

Investment Managers Patrick Toes

Investment Director with over 20 years experience in fund management. Previously a member of Rensburg Sheppards Asset Allocation and Fund Selection Committees for over 9 years and former chairman of those committees at BWD Rensburg, he holds a MSC in Investment Analysis and is an Associate Member of the Society of Investment Professionals (ASIP).

David Cowell
Chief Executive, possessing over 40 years of experience in financial services, with over 25 years being investment management focussed. David formulates the macro economic position and leads the investment process across the portfolio range. He also has over 10 years experience of business consultancy to small and medium sized enterprises.

3 Year Rolling Volatility

For Further Information Call :

0113 274 7700

Email : info@mcim.co.uk

Or visit us at : www.myddletoncroft.co.uk
IMPORTANT INFORMATION This communication is for professional investors only and should not be relied upon by private investors. This document is provided to illustrate Myddleton Croft Investment Managers model portfolios and is for information purposes only and does not constitute an advertisement, financial promotion or financial, professional or investment advice. Nothing in this document constitutes a recommendation suitable or appropriate to a recipient's individual circumstances. It should not be inferred that all portfolios will perform exactly the same as the model portfolios as other factors, such as capital gains tax & the time taken to invest the portfolio, may affect individual portfolio performance. Please remember that past performance is not a guide to future performance and that the value of investments may go down as well as up. Any opinions expressed are subject to change and may not be current views.

Asset Allocation

Performance Statistics

Myddleton Croft Investment Managers, 1 Woodside Mews, Clayton Wood Close, Leeds, LS16 6QE T: 0113 274 7700 F: 0113 274 7711 E-mail: info@mcim.co.uk Website: www.myddletoncroft.co.uk Myddleton Croft Ltd is authorised and regulated by the Financial Services Authority. Registered in England & Wales number 05782909. VAT number UK 889 241088. Registered office: 11 Clifford Avenue, Ilkley, LS29 0AS.

Myddleton Croft Investment Managers Balanced Moderate Risk Model

Balanced Adventurous Risk Model KEY FACTS
Portfolio Risk Spectrum

April 2012

PORTFOLIO OBJECTIVE
To generate a portfolio with a balance of income and capital growth over the medium to long term by harnessing the higher return potential of equity markets. The model will seek to reduce the fluctuations in capital values inherent in equity investments through a significant allocation to fixed interest, commodities, absolute return/hedge funds and other non-equity vehicles. Over the medium term, a base case would be 55:45 allocation to equity and non-equity investments respectively. However this allocation is flexible and could vary between 45% and 65% in equities, dependent on valuation and risk. Portfolios are also available with an income or growth mandate.

Defensive Cautious Moderate Adventurous Highly Adventurous Speculative

1 2 3 4 5 9

Investment Profile

Balanced

PORTFOLIO KEY ATTRIBUTES

Performance Since Launch (Jan 2008)

Investment Managers Patrick Toes

Investment Director with over 20 years experience in fund management. Previously a member of Rensburg Sheppards Asset Allocation and Fund Selection Committees for over 9 years and former chairman of those committees at BWD Rensburg, he holds a MSC in Investment Analysis and is an Associate Member of the Society of Investment Professionals (ASIP).

David Cowell
Chief Executive, possessing over 40 years of experience in financial services, with over 25 years being investment management focussed. David formulates the macro economic position and leads the investment process across the portfolio range. He also has over 10 years experience of business consultancy to small and medium sized enterprises.

3 Year Rolling Volatility

For Further Information Call :

0113 274 7700

Email : info@mcim.co.uk

Or visit us at : www.myddletoncroft.co.uk
IMPORTANT INFORMATION This communication is for professional investors only and should not be relied upon by private investors. This document is provided to illustrate Myddleton Croft Investment Managers model portfolios and is for information purposes only and does not constitute an advertisement, financial promotion or financial, professional or investment advice. Nothing in this document constitutes a recommendation suitable or appropriate to a recipient's individual circumstances. It should not be inferred that all portfolios will perform exactly the same as the model portfolios as other factors, such as capital gains tax & the time taken to invest the portfolio, may affect individual portfolio performance. Please remember that past performance is not a guide to future performance and that the value of investments may go down as well as up. Any opinions expressed are subject to change and may not be current views.

Asset Allocation

Performance Statistics

Myddleton Croft Investment Managers, 1 Woodside Mews, Clayton Wood Close, Leeds, LS16 6QE T: 0113 274 7700 F: 0113 274 7711 E-mail: info@mcim.co.uk Website: www.myddletoncroft.co.uk Myddleton Croft Ltd is authorised and regulated by the Financial Services Authority. Registered in England & Wales number 05782909. VAT number UK 889 241088. Registered office: 11 Clifford Avenue, Ilkley, LS29 0AS.

Myddleton Croft Investment Managers Balanced Moderate Risk Model

Balanced Highly Adventurous Risk Model KEY FACTS
Portfolio Risk Spectrum

April 2012

PORTFOLIO OBJECTIVE
To generate a portfolio with a balance of income and capital growth over the medium to long term by harnessing the higher return potential of equity markets. The model will seek to reduce the fluctuations in capital values inherent in equity investments through a significant allocation to fixed interest, commodities, absolute return/hedge funds and other non-equity vehicles. Over the medium term, a base case would be 60:40 allocation to equity and non-equity investments respectively. However this allocation is flexible and could vary between 50% and 70% in equities, dependent on valuation and risk. Portfolios are also available with an income or growth mandate.

Defensive Cautious Moderate Adventurous Highly Adventurous Speculative

1 2 3 4 5 9

Investment Profile

Balanced

PORTFOLIO KEY ATTRIBUTES

Performance Since Launch (Jan 2008)

Investment Managers Patrick Toes

Investment Director with over 20 years experience in fund management. Previously a member of Rensburg Sheppards Asset Allocation and Fund Selection Committees for over 9 years and former chairman of those committees at BWD Rensburg, he holds a MSC in Investment Analysis and is an Associate Member of the Society of Investment Professionals (ASIP).

David Cowell
Chief Executive, possessing over 40 years of experience in financial services, with over 25 years being investment management focussed. David formulates the macro economic position and leads the investment process across the portfolio range. He also has over 10 years experience of business consultancy to small and medium sized enterprises.

3 Year Rolling Volatility

For Further Information Call :

0113 274 7700

Email : info@mcim.co.uk

Or visit us at : www.myddletoncroft.co.uk
IMPORTANT INFORMATION This communication is for professional investors only and should not be relied upon by private investors. This document is provided to illustrate Myddleton Croft Investment Managers model portfolios and is for information purposes only and does not constitute an advertisement, financial promotion or financial, professional or investment advice. Nothing in this document constitutes a recommendation suitable or appropriate to a recipient's individual circumstances. It should not be inferred that all portfolios will perform exactly the same as the model portfolios as other factors, such as capital gains tax & the time taken to invest the portfolio, may affect individual portfolio performance. Please remember that past performance is not a guide to future performance and that the value of investments may go down as well as up. Any opinions expressed are subject to change and may not be current views.

Asset Allocation

Performance Statistics

Myddleton Croft Investment Managers, 1 Woodside Mews, Clayton Wood Close, Leeds, LS16 6QE T: 0113 274 7700 F: 0113 274 7711 E-mail: info@mcim.co.uk Website: www.myddletoncroft.co.uk Myddleton Croft Ltd is authorised and regulated by the Financial Services Authority. Registered in England & Wales number 05782909. VAT number UK 889 241088. Registered office: 11 Clifford Avenue, Ilkley, LS29 0AS.

Myddleton Croft Investment Managers Balanced Moderate Risk Model

Balanced Speculative Risk Model KEY FACTS
Portfolio Risk Spectrum

April 2012

PORTFOLIO OBJECTIVE
To generate a portfolio with a balance of income and capital growth over the medium to long term by harnessing the higher return potential of equity markets. The model will seek to reduce the fluctuations in capital values inherent in equity investments through a significant allocation to fixed interest, commodities, absolute return/hedge funds and other non-equity vehicles. Over the medium term, a base case would be 80:20 allocation to equity and non-equity investments respectively. However this allocation is flexible and could vary between 70% and 90% in equities, dependent on valuation and risk. Portfolios are also available with an income or growth mandate.

Defensive Cautious Moderate Adventurous Highly Adventurous Speculative

1 2 3 4 5 9

Investment Profile

Balanced

PORTFOLIO KEY ATTRIBUTES

Performance Since Launch (Jan 2008)

Investment Managers Patrick Toes

Investment Director with over 20 years experience in fund management. Previously a member of Rensburg Sheppards Asset Allocation and Fund Selection Committees for over 9 years and former chairman of those committees at BWD Rensburg, he holds a MSC in Investment Analysis and is an Associate Member of the Society of Investment Professionals (ASIP).

David Cowell
Chief Executive, possessing over 40 years of experience in financial services, with over 25 years being investment management focussed. David formulates the macro economic position and leads the investment process across the portfolio range. He also has over 10 years experience of business consultancy to small and medium sized enterprises.

3 Year Rolling Volatility

For Further Information Call :

0113 274 7700

Email : info@mcim.co.uk

Or visit us at : www.myddletoncroft.co.uk
IMPORTANT INFORMATION This communication is for professional investors only and should not be relied upon by private investors. This document is provided to illustrate Myddleton Croft Investment Managers model portfolios and is for information purposes only and does not constitute an advertisement, financial promotion or financial, professional or investment advice. Nothing in this document constitutes a recommendation suitable or appropriate to a recipient's individual circumstances. It should not be inferred that all portfolios will perform exactly the same as the model portfolios as other factors, such as capital gains tax & the time taken to invest the portfolio, may affect individual portfolio performance. Please remember that past performance is not a guide to future performance and that the value of investments may go down as well as up. Any opinions expressed are subject to change and may not be current views.

Asset Allocation

Performance Statistics

Myddleton Croft Investment Managers, 1 Woodside Mews, Clayton Wood Close, Leeds, LS16 6QE T: 0113 274 7700 F: 0113 274 7711 E-mail: info@mcim.co.uk Website: www.myddletoncroft.co.uk Myddleton Croft Ltd is authorised and regulated by the Financial Services Authority. Registered in England & Wales number 05782909. VAT number UK 889 241088. Registered office: 11 Clifford Avenue, Ilkley, LS29 0AS.

Myddleton Croft Investment Managers Balanced Moderate Risk Model

Enhanced Income Portfolio KEY FACTS PORTFOLIO OBJECTIVE
The objective of the Enhanced Income Portfolio is to target a 6% return of which 4% can be distributed either half yearly, yearly or rolled up. The secondary aim is to provide a degree of protection against the effects of inflation. The portfolio is predominantly invested in bonds, which will comprise 70% of the allocation on average with the balance invested in equities, absolute return and commodities. The Enhanced Income Portfolio was launched at the beginning of 2011. It should be noted that the performance and volatility data before that date (presented below) is from the back-tested portfolio and is provided for illustration purposes only.

Q1 2012

Investment Profile

Investment Managers Patrick Toes

Investment Director with over 20 years experience in fund management. Previously a member of Rensburg Sheppards Asset Allocation and Fund Selection Committees for over 9 years and former chairman of those committees at BWD Rensburg, he holds a MSC in Investment Analysis and is an Associate Member of the Society of Investment Professionals (ASIP).

EIP

David Cowell
Chief Executive, possessing over 40 years of experience in financial services, with over 25 years being investment management focussed. David formulates the macro economic position and leads the investment process across the portfolio range. He also has over 10 years experience of business consultancy to small and medium sized enterprises.

Back Tested Performance Since Jan 2008

PORTFOLIO KEY ATTRIBUTES

Back Tested 3 Year Rolling Volatility

For Further Information Call :

0113 274 7700

Email : info@mcim.co.uk

Or visit us at : www.myddletoncroft.co.uk
IMPORTANT INFORMATION This communication is for professional investors only and should not be relied upon by private investors. This document is provided to illustrate Myddleton Croft Investment Managers model portfolios and is for information purposes only and does not constitute an advertisement, financial promotion or financial, professional or investment advice. Nothing in this document constitutes a recommendation suitable or appropriate to a recipient's individual circumstances. It should not be inferred that all portfolios will perform exactly the same as the model portfolios as other factors, such as capital gains tax & the time taken to invest the portfolio, may affect individual portfolio performance. Please remember that past performance is not a guide to future performance and that the value of investments may go down as well as up. Any opinions expressed are subject to change and may not be current views.

Asset Allocation

Performance Statistics

Myddleton Croft Investment Managers, 1 Woodside Mews, Clayton Wood Close, Leeds, LS16 6QE T: 0113 274 7700 F: 0113 274 7711 E-mail: info@mcim.co.uk Website: www.myddletoncroft.co.uk Myddleton Croft Ltd is authorised and regulated by the Financial Services Authority. Registered in England & Wales number 05782909. VAT number UK 889 241088. Registered office: 11 Clifford Avenue, Ilkley, LS29 0AS.