Signature Perspectives – US Multi-Sector Fixed Income

Seeks growth through capital appreciation and income accumulation over a mid to long term investment horizon. The portfolio invests predominantly in US dollar-denominated investment gradecorporate bonds, US government and agency bonds and mortgage-backed securities.

The strategy employs a bottom-up fundamental investment approach, utilising Investment Sub-advisor’s proprietary credit analysis focusing on the quality and sustainability of corporate cash flowsand balance sheet strength to identify attractively valued corporate bonds. The portfolio is typically duration neutral to mitigate losses from interest rate differentials relative to benchmark.

• Diversified portfolio of US corporate bonds with sound credit quality and attractive valuation.

• US Treasuries and mortgage-backed securities may be included to manage credit risk exposure

• Experienced Investment Sub-advisor management team with a proven track • No non-USD currency risk

• Portfolio delivered as a segregated managed account

• Investing in non-government bonds can increase the risk of potential default / loss. The portfolio can hold all its assets in the non-government sector

• The portfolio may invest up to 25% of assets in sub-investment grade bonds. The risk of default / loss rises substantially in this sub-sector

• Returns are not guaranteed and the value of investments can fall as well as rise. You may get backsignificantly less than you invested, and all your capital is at risk

Investment Objective

Investment Process

Features and Benefits

Risks

Inception DateInvestment Sub-Advisor

Investment Time HorizonBase CurrencyBenchmark

Minimum InvestmentNumber of Securities

General Information

Dolan McEniry Capital Management, LLC

28/02/2007

Medium to Long TermUS Dollar65% Barclays US IntermediateCredit Bond Index, 25% Barclays MBS Fixed Rate Indexand 10% Barclays Ba/B IndexUS$ 750,00033

GAP INC 4.4%

SEAGATE TECNO HLDG 4.4%

LIMITED BRANDS INC 4.4%

BRINKER INTL INC 4.2%

MASCO CORP 4.2%

DELUXE CORP 4.1%

BANC OF AMER MTGE S2004-8-1A19 4.1%

EXPEDIA INC DEL 4.0%

FISERV INC 3.9%

VALMONT IND INC 3.9%

Top 10 Portfolio Holdings

Top 10 Portfolio Holdings

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Performance Review

Signature Securities PortfoliosUS Multi-Sector Fixed Income As of 31 January 2012–

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1 Performance is rounded to one decimal point. The portfolio performance is shown against the relevant benchmark performance. For further details on the relevant benchmarks and the composite return calculation methodology, please refer tothe Important Information section. Past performance is not an indication of future performance.

2.6%Portfolio 1.2% 2.0% 1.2% 7.4%

Benchmark 1.7% 1.9% 2.5% 1.7% 6.8%

— —

— —

7.6%12.4%Portfolio

9.8% 6.6%Benchmark

Risk (Standard Deviation)

Sharpe Ratio

3.4%3.5%

2.83.4

Statistics (3y annualised data) Portfolio BenchmarkCumulative 1 Month 3 Months 6 Months YTD 1 Year Annualised 3 Years 5 Years 10 Years Inception

Corporate

Mortgages Mortgages

Consumer Discretionary

Industrials

Information Technology

Financials

Consumer Staples

Health Care

Category Breakdown Sector Breakdown

Performance1

YTD 2011 2010 2009 2008 2007 Inception-20.0%

0.0%

20.0%

40.0%

60.0%

1.2% 1.7%7.1% 5.7%

9.6% 7.9%

23.7%16.0%

-6.3%-2.1%

2.9% 5.6%

43.1%36.9%

PortfolioBenchmark

3 Year 5 Year Inception0.0%

4.0%

8.0%

12.0%

16.0%

20.0%

12.4%

9.8%

7.6%6.6%

PortfolioBenchmark

0%

2%

4%

6%

8%

10%

12%

14%

0% 1% 2% 3% 4% 5% 6% 7% 8%

Ret

urn

Risk (Standard Deviation)

Portfolio

Benchmark

Signature Securities PortfoliosUS Multi-Sector Fixed Income

Asset Allocation Overview

Risk/Return

As of 31 January 2012–

Signature Securities Portfolios US Multi-Sector Fixed Income – As of 31 January 2012

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Performance Review

•  For the month of January, the mandates had a net return (after fees) of +1.2% versus the Barclays custom benchmark return of +1.7%.

Outlook & Positioning

•  The main reason for the positive absolute performance was a general corporate spread tightening trend during the month. Corporate IG was the best performing sector followed by corporate HY. The main reason for the monthly relative under-performance versus the benchmark was a slight under-performance in both these corporate sectors versus the corresponding benchmark components. During January, U.S. treasury rates decreased slightly across the curve. The 10 year treasury yield deceased from 1.88% on 12/31/11 to 1.80% on 01/31/12 and the 5 year treasury fell from 0.83% to 0.71% during this same period. Treasury rates continue to remain at historically low levels.

•  DMC believes that our clients’ portfolios are well positioned to continue to provide reasonable absolute and relative returns going forward. Dolan McEniry’s core competence is credit analysis and we focus on a company’s ability to generate generous amounts of free cash flow over time. Currently, the average free cash flow coverage of interest expense is approximately eight to one. This is an indication of strong credit quality and a wide margin of safety.

•  Our clients’ portfolios enjoy an attractive yield premium versus the benchmark. As of month end 01/31/12, the Standard Chartered accounts had a 98 basis point yield premium and similar duration, which should allow the portfolio to continue to outperform the benchmark over time.

•  The corporate-IG sector had the best absolute performance at +1.58% and all sectors had positive absolute performance during the month. Under-performance versus the benchmark was due to slight relative under-performance of all three sectors versus the respective portions of the benchmark.

•  For the year ending 2011, the Standard Chartered accounts were up 7.97% gross versus 5.71% for the benchmark.

•  The best performing securities during the month were: Verisk Analytics 4.875% 2019 and Masco 6.125% 2016. Verisk was up 4.38% and Masco was up 3.56%. The worst performing security during the month was RR Donnelley 6.125% 2017 with a return of -4.05%.

Portfolio Changes •  During the month, we continued to add to our core positions.

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