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IFA Support

TRADING NOTES

Applicable to Liberation Absolute Growth Fund
30th March 2012 - BUY: HICL Infrastructure
27th March 2012 - BUY: Doric Nimord Air 2
19th March 2012 - SELL: Bilfinger Berger Infrastructure

27th February 2012 - BUY: Utilico 2016 ZDP
21st December 2011 - BUY: Acorn Income ZDP

1st December 2011 - BUY: UBS 3 year S&P Synthetic Zero

9th November 2011 - BUY: Damille 2 Investments
19th October 2011 - BUY: John Laing Infrastructure
17th October 2011 - BUY: AXA US Short Duration High Yield
10th August 2011 - BUY: Aberforth Geared Income ZDP

5th August 2011 - SELL: L&G Dynamic Bond Trust

3rd August 2011 - BUY: HSBC 8% FTSE 100 Defensive Autocall
31st July 2011 - MATURED: EPIC Securities ZDP

7th July 2011 - BUY: Juridica Investments

10th June 2011 - BUY: BNP Paribas Absolute Progression 2

12th May 2011 - BUY: CATCo Reinsurance Opportunities Fund

18-19th April 2011 - SELL: Henderson Diversified Income

13th April 2011 - BUY: SG Inflation Plus Accrual
30th March 2011 - BUY: Elders FT100 Capital Protected 3 (22a)

29th March 2011 - SELL: HICL Infrastructure
15th March 2011 - BUY: HSBC 8% DJ Eurostoxx Defensive Autocall

15th March 2011 - BUY: Acenica Debt Strategies
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14th March 2011 - BUY: MS FT100 3yr Synthetic Zero Accrual
March 2011 - MATURED: M&G Equity ZDP
26th January 2011 - MATURED: Symphony 8.65%/10% Defensive Autocall

Applicable to Liberation No.V Fund
3rd April 2012 - SELL: Henderson Global Technology, BUY: Jupiter Japan Income
2nd April 2012 - SELL: GLG Japan Core Alpha
30th March 2012 - BUY: HICL Infrastructure

19th March 2012 - SELL: Bilfinger Berger Infrastructure
17th January 2012 - SELL: L&G Growth, BUY: Standard Life UK Equity High Income

6th October 2011 - BUY: Blackrock Frontiers Trust

28th April 2011 - BUY: Merrill Lynch (ML30) 11% European Defensive Autocall

18-19th April 2011 - SELL: Henderson Diversified Income
17th February 2011 - BUY: AXA US Short Duration High Yield Bond Fund

11th January 2011 - BUY: Schroder Japan Alpha Plus
11th January 2011 - MATURED: Symphony 12.25%/5% FTSE 100 Defensive Autocall

30th November 2010 - BUY: HICL 'C' Infrastructure

29th April 2010 - SELL: Cazenove UK Dynamic, BUY: Chelverton UK Equity Income, BUY: Neptune Income

29th April 2010 - SELL: Neptune European Opportunities