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Ashburton Global Sterling Managed Income Fund Ashburton (Jersey) Limited Ashburton Global Sterling Managed Income Fund News Regional Portfolio Structure(Semi-Annual Comparison) Sectorial Portfolio Structure(Semi-Annual Comparison) Price   Ranking Sector: Global-Fixed Interest-Other Income Size: (GBP) 34 450 000   Sector Rank: 8 out of 10 (lump sum over 3 years to 31 Jul 2010)   Overall Rank: 79 out of 179 (lump sum over 3 years to 31 Jul 2010)   R20000 invested on 31 Jul 2007 was worth R17 694 at 31 Jul 2010 ((4.00)% annual compound return)   R5000 per month since 31 Jul 2007 was worth R161 266 at 31 Jul 2010 ((7.23)% annual return compounded monthly)   Please note that offshore fund performance figures are calculated from NAV prices (ie, equivalent to sell-to-sell) and therefore not directly comparable to domestic fund performance figures on this site.   Management Mr Nick Lee   Mr Peter Lucas   Focus and Objective The investment objective is to generate a competitive level of distribution without undue risk to capital through an internationally diversified portfolio of fixed interest securities, money market instruments and cash deposits. An active management approach is utilised to identify opportunities across the geographic and credit rating spectrum with cash seen as a specific asset class for use at times of bond market weakness. Individual securities are predominately AAA rated with a maximum of 20% allowed in investment grade securities less than A rated and a maximum of 10% allowed in sub investment grade securities. A currency overlay strategy is utilised whereby the maximum exposure to non-base currencies, after hedging, is 50%.   Technical Overview Benchmark: None Administration fee: Nil Is this fund a roll-up fund? No Allows debit orders? No Management fee (p.a.): 1.00% Base currency: GBP Min lump sum: £10 000 Broker comm payable? Yes Minimum lump sum: £10 000 Can divs be reinvested? Yes Performance fee? No Domicile: Jersey Pricing system: Forward Exit fee? No Risk rating: Low-Medium Formation date: 01 Jan 1995 Income declaration: Income payment: 15 January, April, July and October

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