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Trading Notes

Applicable to the Elan Diversified Income Fund
10th August 2011 - SELL: AXA US Short Duration High Yield
28th July 2011 - BUY: M&G European Loans
18th July 2011 - BUY: Lazard Developing Markets, SELL: Baillie Gifford Emerging Markets Growth

11th July 2011 - BUY: Schroder Asian Total Return

8th June 2011 - SELL: NB Global Floating Rate Income Fund Ltd
8th June 2011 - BUY: Invesco Leveraged High Yield
s
6th June 2011 - MATURED: Barclays FTSE 10.75%/-5% DEF Autocall

16th May 2011 - SELL: John Laing Infrastructure

12th May 2011 - BUY: CATCo Reinsurance Opportunities Fund

9th May 2011 - SELL: HICL Infrastructure
28th April 2011 - BUY: Merrill Lynch M025 15.97% Autocallable

27th April 2011 - BUY: Merrill Lynch M006 Fixed Coupon Dow Jones EuroStoxx 50
27th April 2011 - SELL: Cazenove European

21st April 2011 - SELL: Baillie Gifford High Yield Bond

15th April 2011 - BUY: NB Global Floating Rate Income Fund Limited
14th April 2011 - BUY: John Laing Infrastructure

7th April 2011 - SELL: RWC Global Convertibles

5th April 2011 - MATURED: Merrill Lynch (ML30) 11% European Defensive Autocall
9th March 2011 - BUY: Polar Hiscox Insurance Portfolio

25th February 2011 - SELL: PSigma Income

25th February 2011 - SELL: M&G Strategic Bond, BUY: TwentyFour Dynamic Bond fund

7th February 2011 - BUY: Blackrock Gold & General
18th January 2011 - SELL: Schroder AS Agriculture

31st December 2010 - MATURED: Merrill Lynch 25B Japanese Accelerated Growth

30th December 2010 - BUY: Schroder Japan Alpha Plus
16th December 2010 - BUY: Cazenove UK Smaller Companies

15th December 2010 - BUY: Chelverton UK Equity Income
15th December 2010 - BUY: Blackrock Frontiers Trust

10th December 2010 - SELL: AXA Framlington Japan Smaller Companies
1st December 2010 - SELL: Close European Accelerated

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

15th November 2010 - BUY: Merrill Lynch 25B Japanese Accelerated Growth
9th November 2010 - SELL: Schroder US Mid Caps (Acc)
14th October 2010 - SELL: Blackrock European Dynamic
14th October 2010 - BUY: Symphony Defensive European Autocall 12%/-9%
12th October 2010 - SELL: Marlborough UK Large Cap Growth
27th July 2010 - BUY: Invista Foundation Property

9th July 2010 - BUY: ING UK Real Estate Income Trust
6th July 2010 - BUY: Elders 17B Japan Capital Protected 3

Applicable to the Elan High Income Fund
30th September 2011 - BUY: HICL Infrastructure
13th September 2011 - BUY: Harewood BNP Callable Eurostoxx Income Note

8th July 2011 - SELL: Henderson Diversified Income
7th July 2011 - SELL: Ecofin Power & Water Opportunities Trust

29th June 2011 - SELL: Ignis Corporate Bond

10th June 2011 - SELL: HICL Infrastructure
8th June 2011 - BUY: Invesco Leveraged High Yield

6th June 2011 - MATURED: Barclays FTSE 10.75%/-5% DEF Autocall

12th May 2011 - BUY: CATCo Reinsurance Opportunities Fund
15th April 2011 - BUY: NB Global Floating Rate Income Fund Limited
17th March 2011 - BUY: GLG Japan Core Alpha Plus (£ Hedged)

15th March 2011 - SELL: Dunedin Income & Growth Investment Trust
15th March 2011 - SELL: Aviva Global Convertibles
15th March 2011 - SELL: Harewood BNP UK High Income
15th March 2011 - SELL: Acenica Debt Strategies
11th January 2011 - MATURED: Symphony 12.25%/5% FTSE 100 Defensive Autocall

31st December 2010 - MATURED: Merrill Lynch 25B Japanese Accelerated Growth

15th December 2010 - SELL: F&C Commercial Property
30th November 2010 - BUY: HICL 'C' Infrastructure

29th November 2010 - BUY: John Laing Infrastructure

16th July 2010 - BUY: Elders 31C Income 4 Shares
13th September 2010 - SELL: Blackrock Gold & General
24th August 2010 - SELL: L&G High Income Trust
30th June 2010 - SELL: Henderson UK Property

21st June 2010 - BUY: AXA US Short Duration High Yield Bond Fund
21st June 2010 - MATURED: Elders Capital Accumulation 2
4th June 2010 - BUY: Barclays FTSE 100 Defensive 10.75% Autocallable Note
5th May 2010 - SELL: Goldman Sachs Dividend Linked Equity Income

Further Information - If you require any further information or have any queries :   Tel: +44 (0)845 230 9033