July 2013 Fact Sheet

Kestrel Global Portfolio

Investment objective
The objective of the Fund is to achieve capital growth by investing in a diversified portfolio of asset classes across global markets.

Share price as at 31 July 2013

I Class Shares

11.379321 $11.357852 11.354438

C Class Shares

Investment strategy
The Fund seeks primarily to invest globally in listed equities, debt securities, money market instruments, structured financial instruments, cash and financial derivative instruments such as futures, forwards, options and swaps. The Fund will also invest in exchange traded funds, exchange traded commodities and collective investment schemes which will give exposure to these instruments and asset classes as well as to global real estate markets and commodity markets. Allocation between asset classes is based on the level of risk that the Investment Manager deems appropriate using its own proprietary statistical models. In order to enhance returns, the proportion of risk assets to which the Fund will be exposed, and hence the Funds overall risk profile, will be adjusted according to the Investment Managers view on the direction of markets over the coming quarter.
Kestrel Global Portfolio, 60%40% World Equity Barclays Bond & Bloomberg Global Asset Allocation Active Index 2 Apr 2012 - 31 Jul 2013
12.30
Base 10.01 on 2 Apr 2012

11.132239 11.071225
A Class Shares

11.911206 $11.860038 11.874155 CHF11.885446 SEK101.272217

Share class statistics Launch date 2 April 2012 10.00 10,000 5,000,000 2.40% 3.40% 1.65%

11.80 11.30 10.80 10.30 9.80 9.30 8.80

Launch price of I Class Minimum investment TER * A & C Class I Class A Class C Class I Class
02-Apr-12 16-Apr-12 30-Apr-12 14-May-12 28-May-12 11-Jun-12 25-Jun-12 09-Jul-12 23-Jul-12 06-Aug-12 20-Aug-12 03-Sep-12 17-Sep-12 01-Oct-12 15-Oct-12 29-Oct-12 12-Nov-12 26-Nov-12 10-Dec-12 24-Dec-12 07-Jan-13 21-Jan-13 04-Feb-13 18-Feb-13 04-Mar-13 18-Mar-13 01-Apr-13 15-Apr-13 29-Apr-13 13-May-13 27-May-13 10-Jun-13 24-Jun-13 08-Jul-13 22-Jul-13

* Estimate based on Fund NAV of 50m

Dealing/quotation information Dealings Dealing deadline Valuation point Status GBP Symbol GBP ISIN Daily subscriptions and redemptions 12:00pm (UK time) Close of business NYSE Listed on the Irish Stock Exchange A Class shares KESTGPA C Class shares KESTGPC I Class shares KESTGPI A Class shares IE00B54C6Z39 C Class shares IE00B5BNKV38 I Class Shares IE00B774VM27 EUR ISIN USD ISIN A Class shares IE00B5N5KX95 A Class shares IE00B5758420

Kestrel Global Portfolio (Class I GBP) 60%:40% MSCI World Equity Hedged Total Return : Barclays Aggregate Bond Total Return Bloomberg Global Asset Allocation Active Index

Monthly review
The fund rose +9.13% net of fees year to date as of 31 July 2013. In July the fund price rose by +1.98%. This compares to a monthly rise of +3.09% in the Bloomberg Global Asset Allocation Active Index (BBOOGLAA) and a rise of +3.32% in a 60%:40% balanced index of MSCI World Equity Total Return:Barclays Aggregate Bond Total Return. Our managers expected valuations for risk assets in early Q3 2013 to be somewhat less under pressure from global macro-economic trends than was the case in late Q2 2013, when the slowdown in Chinese activity was becoming evident, and the US Federal Reserve chairman and New York Federal Reserve president were issuing contradictory statements about when the US economy would recover sufficiently to warrant reducing the Feds $84bn supplementary monthly purchases of fixed-income securities. The combination of upward revisions in early Q2 US jobs data and uncertainties about the timing of US central bank policy shifts, meant that investors would have to discount higher long-term sovereign yields once the expansion in central bank balance sheets eventually would begin to put a floor under major economy growth rates and overall price levels. Equity market valuations became somewhat more resistant to the global sell off in longduration fixed-income securities, treating the rise in interest rates as an expected normalisation, wherein yields rise much closer to the levels that earlier in this cycle had been consistent with sub-trend growth across most regions. Kestrels managers interpreted the change in global liquidity conditions to be less favourable to emerging markets in relative terms, as these quickly would be subject to rising short-term interest rates. In China and Japan, the political environment remained largely unchanged, with authorities in the former concentrating on resolving structural problems in their credit markets, and the latter ensuring that majorities in both houses were in place to carry on with structural reforms in the monetary system. The pace of continental European banking integration clearly will depend upon the results of the German elections to come early in Q4 2013.

Fund information Fund size Structure 49.5million (as at 31 July 2013) Sub fund of GlobalReach Kestrel PLC UCITS IV Republic of Ireland

Authorisation Domicile

www.kestrelip.com/funds-and-services/kestrel-global-portfolio/
Monthly performance since launch (%) - GBP I Class
Jan GBP I Class Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Year 9.13% (YTD) 7.52% (YTD)

2013 5.49% 2.56% 1.38% 1.48%

-0.67% -3.21% 1.98% -0.65% -2.12% 3.33% 1.59% 0.57% 1.32% 1.50%

60%40% World Equity Barclays Bond 2013 2.76% 0.30% 1.46% 2.57% GBP I Class 2012 n/a n/a n/a n/a n/a

-1.76% -3.61% 3.48% -0.83% -4.75% 2.91%

1.56% -0.07% 0.84% 1.78% 4.17% (Apr-Dec) 1.67% -0.32% 0.82% 1.06% 3.23% (Apr-Dec)

60%40% World Equity Barclays Bond 2012 n/a

Portfolio structure
Private Equity Real Assets Speciality Equity Emerging Equity Far East Equity Major Equity Property Government Bonds Corporate Bonds Equity Long/Short Hedge Funds Cash

Top 5 holdings (%) Vanguard MSCI Emerging Markets SPDR S&P 500 ETF Trust Vanguard MSCI EAFE ETF Hang Seng Investment Index Funds Series SPDR Dow Jones REIT ETF Total Administration 8.41 7.75 4.65 4.64 4.57 30.0

September 2012 Asset allocation

Investment Manager Promoter and Distributor Administrator Custodian/ Trustee Auditors Enquiries

Kestrel Partners LLP

7% 18% Cash

GlobalReach Securities Limited Maples Fund Services SMT Trustees (Ireland) Limited Grant Thornton

75%

Bonds and Absolute Return Equities and Commodities

September 2012 Managers

Kestrel Partners LLP The Mews 1a Birkenhead Street London WC1H 8BA (T) +44 203 371 6100 (F) +44 207 833 9853 info@kestrelip.com / www.kestrelip.com Max Royde Co-manager Previously a managing director at KBC Peel Hunt until the Spring of 2009 when he co-founded Kestrel Partners LLP in May 2009. Max was a co-founder of Kestrel Investment Partners in July 2011. He is also the manager of the Kestrel Opportunities Fund, a Guernsey based OEIC. Issued by Kestrel Partners LLP. Kestrel Investment Partners is a trading name of Kestrel Partners LLP which is authorised and Regulated by the Financial Services Authority. Share prices and performance have been calculated after taking into account all charges paid by the fund including fees paid to Kestrel as well as the distributor and promoter of the fund. No account has been taken of any other fees or charges that may be payable by the investor such as tax or advisers fees. Past performance is not a guide to future performance. The value of investments may go down as well as up and you may not get back the full amount originally invested.

John Ricciardi Lead Manager Previously head of global asset allocation at Alliance Bernstein (1996-2003), partner and head of asset allocation at Iveagh Ltd (2007-2011) and chairman and founder of Bullrun Financial Inc (2000-2010). John has created and managed global asset allocation funds for institutional and retail investors over six global cycles.