12 Upper Grosvenor Street, London, W1K 2ND ~ Tel +44 (20) 7208-1400 Fax: +44 (20) 7208-1401 ~ www.odey.com

Authorised and Regulated by the Financial Conduct Authority

■ The fund made +0.4% in January with a MSCI Daily TR Net World return of -3.0%.

■ Short equities contributed +2.57%, short equity index futures

+1.00%, equity index options +0.66%, long equities -1.25% and short government bond futures -1.61%.

■ Notable positive contributions came from long KPN (+1.11%), long

United Continental (+0.78%), short Ashmore (+0.75%), long a March 2014 FTSE 100 put (6650) (+0.66%), short Aberdeen (+0.38%), short the Dax index future (+0.38%) and short Kemira (+0.35%).

■ Notable negative contributions came from short the 10 year Gilt

future (-0.94%), long Best Buy (-0.84%), short the 10 year treasury future (-0.59%), long Ethan Allen (-0.59%), long Rockhopper (-0.47%) and short Netflix (-0.39%).

Note: Allocation and attribution figures are taken at close of business whereas fund performance is taken at 10am.

Source for 3 tables above: Internal unaudited figures. All

performance figures quoted are net of fees. Past performance is

not a reliable indicator of future performance

Source for above table and chart: Capita Financial Managers &

MSCI. Calculation on a NAV basis with net income reinvested

as at 31-Jan-14.

Commentary is provided on a quarterly basis.

The investment objective of the Fund is to achieve a positive absolute return over

a 12 month period independent of market conditions. Capital is at risk and there

is no guarantee that a positive return will be delivered over any one or a number

of 12 month periods.

The Fund will seek to achieve its investment objective by investing in or taking

exposures (using both long and synthetic short positions) to a range of asset

classes worldwide. The Fund may therefore invest in any, or all, of the following:

equities and equity related securities (including OTC derivatives), fixed and/or

floating rate debt securities issued by governments and/or corporate entities,

closed ended funds, collective investment scheme, derivatives, forward foreign

exchanges contracts, currencies and cash and cash equivalents.

James Hanbury

Portfolio Manager

Jamie Grimston

Portfolio Manager

Enquiries:

Andrew King

Tel: +44 20 7208-1454

Email: a.king@odey.com

Sarah St. George

Tel: +44 20 7208-1432

Email: s.stgeorge@odey.com

31-Jan-2014

% Nav

Long Equity 139.6

Short Equity -104.4

Government Bond -61.9

Corporate Bond 0.2

£ I Class (p) 295.05

£ R Class (p) 288.37

$ Class (p) 1.58

€ Class (p) 1.71

Fund Size (£m) 921.61

Inception Date

Primary Cash

Secondary MSCI Daily TR Net World

31-Ja n-2014

11-May-09

£ Fund Index Rel.

1-month 0.38 -2.97 3.35

3-month 5.34 -2.18 7.52

1-year 36.59 11.93 24.66

3-year 90.33 27.16 63.17

YTD 0.38 -2.97 3.35

1yr to 31-Jan-2014 36.59 11.93 24.66

1yr to 31-Jan-2013 35.86 15.41 20.45

1yr to 31-Jan-2012 2.57 -1.56 4.13

1yr to 31-Jan-2011 24.36 19.01 5.35

Inc. to 29-Jan-2010 21.83 13.68 8.15

Since Inception 188.37 72.04 116.33

CAGR since inception 25.10 12.16 12.94

31-Ja n -2014

2009 2010 2011 2012 2013 2014

January -0.6 7.5 6.9 6.6 0.4

February -0.6 2.8 8.9 3.1

March 0.8 1.7 2.2 1.3

April 2.9 1.0 -1.5 2.0

May 3.9 -2.5 2.4 -3.5 7.9

June 1.9 -4.7 -1.2 3.7 1.1

July 2.2 3.3 -1.2 0.9 3.4

August 6.3 -4.9 -11.0 3.6 1.1

September 8.9 9.2 1.0 3.0 4.9

October -1.5 2.3 3.8 4.1 1.8

November -1.1 2.7 -3.0 1.4 2.0

December 0.4 7.2 0.4 2.3 2.9

YTD 22.5 15.0 3.1 36.3 45.0 0.4

Since Incept ion

50

100

150

200

250

300

350

May-09 May-10 May-11 May-12 May-13

Odey Absolute Return(£)

MSCI Daily TR Net World

BBA LIBOR GBP 3 Month

50

100

150

200

250

300

350

May-09 May-10 May-11 May-12 May-13

Odey Absolute Return(£)

MSCI Daily TR Net World

BBA LIBOR GBP 3 Month

12 Upper Grosvenor Street, London, W1K 2ND ~ Tel +44 (20) 7208-1400 Fax: +44 (20) 7208-1401 ~ www.odey.com

Authorised and Regulated by the Financial Conduct Authority

Currency exposure is shown net of all assets held by the

fund, including any forward currency positions.

This is a marketing communication from Odey which is not intended to be viewed as a piece of independent investment research.

© 2013 Odey Asset Management LLP (“OAM”) has approved this communication which is for private circulation only, and in the UK is directed to persons who are professional clients or eligible

counterparties for the purposes of the FCA’s Conduct of Business Sourcebook and it is not intended for and must not be distributed to retail clients. It does not constitute an offer to sell or an

invitation to buy or invest in any of the securities or funds mentioned herein and it does not constitute a personal recommendation or investment taxation or any other advice. The information and

any opinions have been obtained from or are based on sources believed to be reliable, but accuracy cannot be guaranteed. Past performance does not guarantee future results and the value of all

investments and the income derived therefrom can decrease as well as increase. Investments that have an exposure to currencies other than the base currency of the fund may be subject to exchange

rate fluctuations. This communication and the information contained therein may constitute a financial promotion for the purposes of the Financial Services and Markets Act 2000 of the United

Kingdom (the “Act”) and the rules of the FCA. This communication is not subject to any restrictions on dealing ahead. The distribution of this communication may, in some countries, be restricted by

law or regulation. Accordingly, anyone who comes into possession of this communication should inform themselves of and observe these restrictions. OAM is not liable for a breach of such

restrictions or for any losses relating to the accuracy, completeness or use of information in this communication, including any consequential loss. Please always refer to the fund’s prospectus. OAM

whose company No. is OC302585 and whose registered office is at 12 Upper Grosvenor Street, London, W1K 2ND, is authorised and regulated by the Financial Conduct Authority.

At 31-Jan-14

At 31-Jan-14 At 31-Jan-14

Internal unaudited figures Internal unaudited figures

Internal unaudited figures

Internal unaudited figures

Comparators Primary: Cash; Secondary: MSCI World TR Net

Fund inception date 11 May, 2009

Fund type UK Long / Short UCITS IV

Base currency £

Share classes £R, £I, €I & $I (Acc.)

Dealing / Valuation Daily forward to 10am / 10am

Front end fee Up to 4%

Annual Management fee (£R) 1.25% & (£I, €I & $I) 0.75%

Performance fee basis 20% of the increase in the value per share of the

fund between the beginning and the end of the year.

Fees crystallise annually. Losses carried forward.

Anti-dilution fee May apply 0.75% to NAV on subs/reds

Min. investment R £5,000; £I, €I & $I £100,000

Dividends Accumulation shares only

Authorised Corporate Director (ACD) Capita Financial Managers Ltd

Auditor Ernst and Young LLP

Price reporting Prices published daily in FT

ISIN R: GB00B55NGR79, £I: GB00B55NGS86

€I: GB00B3SX1S66, $:GB00B3Z00X80

SEDOL R: B55NGR7, £I: B55NGS8, €I: B3SX1S6, $:B3Z00X8

Internal unaudited figures

At 31-Jan-14

At 31-Jan-14

Internal unaudited figures

At 31-Jan-14

-0.60 -0.10

0.10 0.10 0.20 0.20

100.10

-20

0

20

40

60

80

100

120

EU

R

USD

AU

D

SEK

NO

K

CA

D

GBP

At 31-Jan-14

-40

-30

-20

-10

0

10

20

Auto

s & C

om

ponen

ts

Ban

ks & Fin

ance

Busin

ess Services

Chem

icals

Com

mercial Services

Constru

ction

Energy

Engr. &

Man

ufactu

ring

Food, B

ev & T

obacco

Health

care

Househ

old

Goods

Index

Insu

rance

Leisure &

Hotels

Med

ia

Min

ing &

Metals

Oth

ers

Real E

state

Retail

Softw

are & Services

Tech

nolo

gy Hard

ware

Teleco

mm

unicatio

ns

Tran

sport

Utilities

Long

Short-60

-40

-20

0

20

40

60

Australia

Austria

Berm

uda

Can

ada

Chin

a

Cyp

rus

Euro

pean

Countries

Finlan

d

France

Germ

any

Gib

raltar

Guern

sey

Ireland

Israel

Japan

Korea (So

uth

)

Luxem

bourg

Neth

erlands

Russian

Federatio

n

Spain

Swed

en

Switzerlan

d

UK

US

Virgin

Islands -

British

Long

Short

Rank Security Strategy Notional Exposure (%)

1 Regus Long 7.1

2 Koninklijke KPN Long 6.7

3 Sky Deutschland Long 5.2

4 Toyota Industries Corp Long 4.5

5 Samsung Electronics Co Long 4.3

-150

-100

-50

0

50

100

150

200

May-09 May-10 May-11 May-12 May-13

Long Equity Exposure

Short Equity Exposure

Net Equity Exposure

1-year 3-year Inc.

Fund annual s.dev. 6.82 11.84 12.68

Index annual s.dev. 10.27 10.96 12.82

alpha 2.37 1.34 1.21

beta 0.29 0.73 0.62

Correlation 0.47 0.69 0.64

Sharpe Ratio 4.59 1.83 1.75

Fund info Ratio 2.21 1.55 0.99

Fund tracking error 11.15 10.07 11.3

Treynor 125.1 31.87 37.91

Sortino ∞ 2.39 2.41

Rank Security Strategy Notional Exposure (%)

1 US 10Yr Note (CBT Mar14 Short 29.7

2 Long Gilt Future Mar14 Short 29.6

3 DAX INDEX FUTURE Short 10.6

4 FTSE 100 IDX FUT Short 8.9

5 FTSE 100 Index Short 7.0