Investment Trust Sales - Investment Recommendation History Current As of 19/01/2018

Cantor Fitzgerald Europe - Investment Trust Sales - Investment Recommendation History Current as of 19/01/2018

Discount or Disclosures of Recommendation Producer(s) Date of Recommendation ISIN Security Name Recommendation Premium (%) Interest Navin Chauhan 11/04/2019 GB0005800072 Merchants Trust Premium 1.20 4,5,6 Navin Chauhan 10/04/2019 GB0000175058 BMO Global Smaller Companies Discount -4.50 4,5,6 Navin Chauhan 09/04/2019 GB0005268858 Henderson European Focus Trust Discount -10.00 4,5,6 Navin Chauhan 08/04/2019 GB0000353929 CQS Natural Resources Growth & Income Discount -20.70 4,5,6 Navin Chauhan 05/04/2019 GB0003920757 Aberdeen Japan Discount -13.50 4 Navin Chauhan 04/04/2019 GB0009064097 TR Property Discount -6.90 4 Navin Chauhan 03/04/2019 GB0006674385 Pacific Assets Premium 2.10 4 Navin Chauhan 02/04/2019 GB0030961691 BlackRock Income & Growth Discount -6.70 4 Navin Chauhan 01/04/2019 GB00BVG1CF25 Woodford Patient Capital Trust Discount -18.30 4 Richard Harris 22/03/2019 GB0006108418 Schroder UK Mid-Cap Discount -10.20 4 Richard Harris 21/03/2019 GB0008536574 Henderson Opportunities Discount -17.80 4 Richard Harris 20/03/2019 GG00BZ8VFG05 River & Mercantile UK Micro Discount -11.20 4,5,6 Richard Harris 19/03/2019 GB0004199294 Montanaro UK Smallaer Companies Discount -18.40 4 Richard Harris 18/03/2019 GB0004199294 Aberforth Split Level Discount -8.50 4 Richard Harris 15/03/2019 GB00BF7L8P11 JP Morgan Smaller Companies Discount -0.01 4 Richard Harris 14/03/2019 GB00B3SXM832 Blackrock Frontiers Discount -0.01 4 Richard Harris 13/03/2019 GB00B5ZZY915 JP Morgan Emerging Markets Income Discount -0.30 4 Navin Chauhan 11/03/2019 GB0006111909 Murray International Discount -5.10 4 Navin Chauhan 10/03/2019 GB0005368062 Lowland Discount -7.10 4 Navin Chauhan 08/03/2019 GB0006436108 Blackrock Smaller Companies Discount -3.10 4 Navin Chauhan 07/03/2019 GB0004199294 Henderson EuroTrust Discount -9.30 4 Navin Chauhan 06/03/2019 GB00BFWJJT14 JPMorgan Multi Asset Discount -8.70 4 Navin Chauhan 05/03/2019 GB0002357613 JPMorgan Mid Cap Discount -8.00 4 Navin Chauhan 04/03/2019 GB00B62Z3C74 Fidelity China Special Discount -8.90 4 Navin Chauhan 25/02/2019 GB00B0P6J834 Aberdeen Asian Income Fund Discount -5.80 4 Navin Chauhan 22/02/2019 GB0003418950 JPMorgan Emerging Markets Discount -8.40 4 Navin Chauhan 21/02/2019 GB0008022849 Schroder Japan Growth Fund Discount -10.20 4 Navin Chauhan 20/02/2019 GB00BTLJYS47 Gabelli Value Plus Trust Discount -12.20 4,5,6 Navin Chauhan 19/02/2019 GB0000353929 CQS Natural Resources Growth & Income Discount -19.40 4,5,6 Navin Chauhan 15/02/2019 GB0008910555 BlackRock Throgmorton Trust Discount -4.60 4 Navin Chauhan 14/02/2019 GG00B1W59J17 Aberdeen Frontier Markets Discount -14.90 4 Navin Chauhan 13/02/2019 GB0004220025 Polar Capital Technology Discount -6.20 4 Richard Harris 12/02/2019 GB0034365949 Miton Global Opportunities Discount -5.00 4 Navin Chauhan 11/02/2019 GB0000197722 Jupiter European Opportunities Discount -6.00 4 Navin Chauhan 08/02/2019 GB00B018CS46 Ruffer Investment Trust Discount -3.90 4 Navin Chauhan 07/02/2019 GB00BMTS0Z37 JPMorgan European Smallers Comp Discount -13.60 4 Navin Chauhan 06/02/2019 GG00BZ8VFG05 River & Mercantile UK Micro Discount -12.50 4,5,6 Navin Chauhan 05/02/2019 GB0009064097 TR Property Discount -6.40 4 Richard Harris 25/01/2019 GB00B7W0XJ61 European Assets Discount -8.00 4 Richard Harris 24/01/2019 GB00B7W0XJ61 Blackrock North American Premium 2.90 4 Richard Harris 23/01/2019 GB0006436108 Henderson European Focus Discount -7.80 4 Richard Harris 22/01/2019 GB0006436108 Blackrock Smaller Companies Discount -2.80 4 Richard Harris 21/01/2019 GB0001216000 Henderson Alternative Strategies Discount -20.00 4 Richard Harris 18/01/2019 GB0003585725 Invesco Income Growth Trust Discount -14.80 4 Navin Chauhan 17/01/2019 GB0003450359 JPMorgan Indian Discount -10.70 4 Navin Chauhan 16/01/2019 GB0003322319 Fidelity Asian Values Premium 3.60 4 Navin Chauhan 15/01/2019 GB0003422184 JPMorgan Claverhouse Premium 3.00 4 Navin Chauhan 14/01/2019 GG00B90J5Z95 TwentyFour Income Discount -0.20 4 Navin Chauhan 11/01/2019 GB00BMTS0Z37 JPMorgan European Smallers Comp Discount -13.70 4 Navin Chauhan 10/01/2019 GB00BTLJYS47 Gabelli Value Plus+ Trust Discount -11.80 4 Navin Chauhan 09/01/2019 GB000555221 Majedie Investments Discount -19.30 4 Navin Chauhan 08/01/2019 GB00BYT25542 Scotgems Premium 0.70 4 Navin Chauhan 07/01/2019 GB00BWFGQ085 Miton UK Microcap Discount -11.00 4 Richard Harris 04/01/2019 GB0003322319 Fidelity Asian Values Premium 3.70 4 Richard Harris 03/01/2019 GB00B018CS46 Ruffer Investment Trust Discount -3.60 4 Richard Harris 02/01/2019 GB0000197722 Jupiter European Opportunities Discount -5.10 4 Navin Chauhan 21/12/2018 GG00BZ8VFG05 River & Mercantile UK Micro Discount -13.40 4 Navin Chauhan 20/12/2018 GB0008063728 Aberdeen Smaller Companies Inc Discount -21.40 4 Navin Chauhan 19/12/2018 GB0004559349 International Biotechnology Premium 3.60 4 Navin Chauhan 18/12/2018 GB00B0BDCB21 Strategic Equity Capital Discount -17.70 4 Richard Harris 17/12/2018 GB0009066928 TR Rueopean Growth Discount -12.60 4 Navin Chauhan 14/12/2018 GB0003418950 JPMorgan Emerging Markets Discount -11.20 4 Richard Harris 13/12/2018 GB00B0P6J834 Aberdeen Asian Income Discount -10.50 4 Navin Chauhan 12/12/2018 GB00BZ1H9L86 Montanaro UK Smaller companies Discount -7.10 4 Richard Harris 11/12/2018 GB0005774855 BlackRock World Mining Trust Discount -17.00 4 Navin Chauhan 10/12/2018 GB0032273343 Baring Emerging Europe Discount -14.60 4 Navin Chauhan 07/12/2018 GG00BPFJTF46 Pershing Square Discount -27.10 4 Navin Chauhan 06/12/2018 GB00BDR05757 Jupiter Emerging and Frontier Income Discount -6.50 4 Richard Harris 05/12/2018 GG00B1W59J17 Aberdeen Frontiers Discount -15.60 4 Navin Chauhan 04/12/2018 GB00B602HS43 JPMorgan Brazil Discount -19.50 4 Navin Chauhan 03/12/2018 GB0003165817 JPMorgan Japan Smaller Companies Discount -14.40 4 Richard Harris 30/11/2018 GB0004355946 Artemis Alpha Discount -18.70 4,5,6 Navin Chauhan 29/11/2018 GB0000485838 Baillie Gifford Japan Premium 4.80 4 Navin Chauhan 28/11/2018 GB00BWXC7Y93 Fidelity Special Values Premium 2.10 4 Richard Harris 27/11/2018 GG00B61ND550 Atlantis Japan Growth Discount -13.80 4,5,6 Richard Harris 26/11/2018 GB0003422184 JP Morgan Claverhouse Premium 0.02 4 Navin Chauhan 23/11/2018 GB00B05NYM32 Invesco Perpetual Enhanced Income Premium 7.10 4 Navin Chauhan 22/11/2018 GB0004543517 Montanaro European Smaller Discount -6.40 4 Navin Chauhan 21/11/2018 GG00B45L2K95 Aberdeen Emerging Markets Discount -16.90 4 Navin Chauhan 20/11/2018 GB0000197722 Jupiter European Opportunities Discount -4.00 4 Navin Chauhan 19/11/2018 GB0003322319 Fidelity Asiian Values Premium 4.00 4 Navin Chauhan 16/11/2018 GB00BF03YC36 Henderson Diversified Income Discount -5.20 4 Navin Chauhan 15/11/2018 GG00B1FQG453 JPMorgan US Smaller Companies Premium 1.20 4 Navin Chauhan 14/11/2018 GG00B1FQG453 Boussard & Givaudan Holding Discount -20.90 4 Navin Chauhan 13/11/2018 GB0005800072 Merchants Trust Premium 0.10 4 Navin Chauhan 12/11/2018 GB0008769993 Seneca Global Income & Growth Discount -1.30 4 Navin Chauhan 09/11/2018 GB0008063728 Aberdeen Smaller Companies Inc Discount -18.10 4 Navin Chauhan 08/11/2018 GB0007873697 Scottish American Premium 3.80 4 Richard Harris 07/11/2018 GB00B120GL77 Jupiter Green Discount -7.20 4 Navin Chauhan 06/11/2018 GB0006667470 Pacific Horizon Investment Trust Premium 3.80 4 Navin Chauhan 05/11/2018 GB00B7W0XJ61 BlackRock North American Premium 1.20 4 Richard Harris 02/11/2018 GB00B9XQT119 Polar Capital Technology Discount -6.10 4 Navin Chauhan 01/11/2018 GB0000293620 North American Income Trust Discount -9.90 4 Navin Chauhan 31/10/2018 GB00B0P6J834 Aberdeen Asian Income Fund Discount -10.90 4 Navin Chauhan 30/10/2018 GB0003328555 Fidelity Japan Values Discount -3.50 4 Richard Harris 29/10/2018 GB00B1DPVL60 Invesco Perpetual Select Trust Premium 1.70 4 Navin Chauhan 25/10/2018 GB0009065060 Henderson Smaller Companies Trust Discount -6.20 4 Richard Harris 24/10/2018 GB00BD45S967 Utilico Emerging Markets Discount -0.16 4 Navin Chauhan 23/10/2018 GB0000175058 F&C Global Smaller Companies Premium 1.20 4 Navin Chauhan 22/10/2018 GB0031232498 Impax Environmental Markets Premium 1.10 4 Richard Harris 11/10/2018 GB0006048770 Aberdeen New India Discount -16.10 4 Navin Chauhan 10/10/2018 JE00B44ZTP62 Aberdeen Latin American Income Discount -16.20 4,5,6 Navin Chauhan 09/10/2018 GB00BZ1H9L86 Montanaro UK Smaller companies Discount -13.40 4 Richard Harris 08/10/2018 GB0006039597 Standard Life Equity Income Discount -5.10 4 Navin Chauhan 05/10/2018 GB00BYT25542 Scotgems Discount -7.70 4 Navin Chauhan 04/10/2018 GB00BMPHJ807 Sanditon Investment Trust Discount -12.20 4 Richard Harris 03/10/2018 GB00BF50VS41 Ashoka India Equity Premium 6.40 4 Navin Chauhan 02/10/2018 KYG9361X1043 Vietnam Holding Discount -17.50 4 Cantor Fitzgerald Europe - Investment Trust Sales - Investment Recommendation History Current as of 19/01/2018

Navin Chauhan 01/10/2018 GG00B96SW597 JPMorgan Convertiuble Income Fund Discount -6.90 4 Navin Chauhan 27/09/2018 GB0031232498 Impax Environmental Markets Premium 0.10 4 Richard Harris 26/09/2018 GB0004199294 Henderson EuroTrust Discount -10.50 4 Navin Chauhan 25/09/2018 GB0032164732 JPMorgan Russian Securities Discount -17.80 4 Richard Harris 21/09/2018 GB0008063728 Aberdeen Smaller Companies Inc Discount -20.10 4 Richard Harris 20/09/2018 GB0008022849 Schroder Japan Growth Discount -11.30 4 Richard Harris 19/09/2018 GB0006108418 Schroder UK Mid Cap Discount -18.70 4 Navin Chauhan 18/09/2018 CH0038389992 BB Biotech Premium 18.40 4 Richard Harris 17/09/2018 GB00BF03YC36 Henderson Diversified Income Discount 0.00 4 Richard Harris 14/09/2018 GB0001216000 Henderson Alternative Strategies Discount -18.10 4 Navin Chauhan 13/09/2018 GB0003322319 Fidelity Asian Values Premium 0.50 4 Navin Chauhan 12/09/2018 GB00BVG1CF25 Woodford Patient Capital Trust Discount -12.70 4 Navin Chauhan 11/09/2018 GB00B05NYM32 Invesco Perpetual Enhanced Income Discount -1.00 4 Navin Chauhan 07/09/2018 GB0009744060 Witan Discount -1.50 4 Navin Chauhan 06/09/2018 GB0009065060 Invesco Perpetual UK Smaller Discount -0.50 4 Navin Chauhan 05/09/2018 GB0009065060 Henderson Smaller Companies Discount -12.90 4 Richard Harris 04/09/2018 GB0008052507 Shires Income Discount -0.06 4 Navin Chauhan 03/09/2018 GG00B90J5Z95 TwentyFour Income Premium 6.40 4 Navin Chauhan 17/08/2018 GB0006111909 Murray International Discount -2.10 4 Richard Harris 16/08/2018 JE00B1GXH751 Henderson Far East Income Discount -3.70 4 Navin Chauhan 15/08/2018 GB0008910555 BlackRock Throgmorton Trust Discount -7.00 4 Richard Harris 14/08/2018 GB0006111123 Murray Income Trust Discount -9.90 4 Navin Chauhan 13/08/2018 GG00B4L0PD47 Genesis Emerging Markets Discount -10.40 4 Navin Chauhan 10/08/2018 GB0004228648 Herald Investment Trust Discount -13.40 4 Navin Chauhan 09/08/2018 GB00B6832P16 Polar Capital Global Healthcare Discount -8.00 4 Navin Chauhan 08/08/2018 GB00BD8P0741 Gabelli Merger Plus+ Trust Discount -18.20 4 Navin Chauhan 07/08/2018 GB0006615826 Chelverton UK Dividend Discount -4.90 4 Navin Chauhan 06/08/2018 GB0001335081 British Empire Discount -9.60 4 Navin Chauhan 03/08/2018 GG00BJ0JVY01 NextEnergy Solar Premium 6.80 4, 5, 6 Richard Harris 02/08/2018 GB0003450359 JP Morgan Indian Discount -14.20 4 Richard Harris 01/08/2018 GB0001297562 Aberdeen Diversified Income & Growth Discount -0.30 4 Navin Chauhan 30/07/2018 GB0006667470 Pacific Horizon Premium 3.30 4 Navin Chauhan 27/07/2018 GB0009580571 Henderson High Income Discount -4.90 4, 5, 6 Navin Chauhan 26/07/2018 GB00BYMK5S87 SQN Secured Income Discount -6.50 4, 5, 6 Navin Chauhan 25/07/2018 GB00BWXC7Y93 Fidelity Special Values Discount 1.40 4 Navin Chauhan 24/07/2018 GG00B1G9T992 Golden Prospect Precious Metal Discount -11.80 4.5.6 Richard Harris 23/07/2018 JE00B44ZTP62 Aberdeen Latin American Income Discount -11.80 4.5.6 Navin Chauhan 20/07/2018 GB00B0N8MF98 BlackRock Commodities Income Discount -8.20 4 Richard Harris 19/07/2018 GB00BMTS0Z37 JPMorgan European Smallers Comp Discount -11.90 4 Navin Chauhan 18/07/2018 GB0003463402 Jupiter US Smaller Companies Discount -5.60 4 Richard Harris 17/07/2018 GB0005268858 Henderson European Focus Trust Discount -8.50 4 Navin Chauhan 16/07/2018 GB0006436108 BlackRock Smaller Companies Discount -6.60 4 Navin Chauhan 13/07/2018 GB0003406096 Dunedin Income Growth Discount -11.50 4 Navin Chauhan 12/07/2018 GB0030517261 Monks Investment Trust Discount 4.20 4 Navin Chauhan 11/07/2018 GB0003585725 Invesco Income Growth Discount -13.60 4 Richard Harris 10/07/2018 GB0005058408 Blackrock Latin American Discount -15.40 4 Navin Chauhan 09/07/2018 GB0004199294 Henderson EuroTrust Discount -9.30 4 Richard Harris 05/07/2018 GB0000385517 Biotech Growth Discount -7.00 4 Richard Harris 04/07/2018 GB0004535307 Invesco Asia Trust Discount -13.60 4 Richard Harris 03/07/2018 GB0004228648 Herald Discount -11.90 4 Andrew Davey 02/07/2018 GB0006798424 Perpetual Income & Growth Discount -11.70 4 Andrew Davey 29/06/2018 GB0009065060 Henderson Smaller Companies Discount -6.30 4 Andrew Davey 28/06/2018 GB0000811686 Independent Investment Trust Premium 19.70 4 Andrew Davey 27/06/2018 GB0005800072 Merchants Trust Discount -3.30 4 Andrew Davey 26/06/2018 GB0009066928 TR European Growth Discount -10.20 4 Andrew Davey 25/06/2018 GB0006007560 Montanaro UK Smaller Companies Discount -22.90 4 Richard Harris 22/06/2018 GB0003435012 JP Morgan Chinese Discount -16.70 4 Richard Harris 21/06/2018 GB0007826091 Scottish Investment Trust Discount -8.90 4 Richard Harris 20/06/2018 GB0003418950 JP Morgan Emerrging Markets Discount -13.50 4 Richard Harris 19/06/2018 GG00B45L2K95 Aberdeen Emerging Markets Discount -14.50 4 Richard Harris 18/06/2018 GB00B0CRWN59 Schroder Oriental Income Discount -3.40 4 Richard Harris 15/06/2018 GB0032273343 Baring Emerging Europe Discount -15.30 4 Andrew Davey 13/06/2018 GB00BWFGQ085 Miton UK Microcap Discount -7.80 4 Richard Harris 12/06/2018 GB00BF0P7H59 Triple Point Social Housing Premium 9.00 4 Andrew Davey 11/06/2018 GB0001216000 Henderson Alternative Strategies Discount -19.10 4 Andrew Davey 08/06/2018 GB0005774855 BlackRock World Mining Trust Discount -12.30 4 Andrew Davey 06/06/2018 GB0005268858 Henderson European Focus Discount -7.70 4 Andrew Davey 04/06/2018 GB00B7W0XJ61 BlackRock North American Discount -2.20 4 Richard Harris 01/06/2018 GB00BJL5F346 JP Morgan US Smaller Cos Premium 1.10 4 Andrew Davey 31/05/2018 GB00BWXC7Y93 Fidelity Special values Premium 2.10 4 Andrew Davey 30/05/2018 GB0007836132 Scottish Oriental Smaller Cos Discount -15.40 4 Richard Harris 29/05/2018 GB0008829292 Templeton Emerging Markets Discount -14.30 4 Richard Harris 25/05/2018 GB0003450359 JP Morgan Indian Discount -14.60 4 Richard Harris 24/05/2018 GG00B1G9T992 Golden Prospect Precious Metal Discount -24.70 4,5,6 Richard Harris 23/05/2018 GB00B5ZZY915 JP Morgan Global Emerging Markets Income Discount -7.10 4 Richard Harris 21/05/2018 GB0006667470 Pacific Horizon Premium 2.80 4 Richard Harris 18/05/2018 GB0008536574 Henderson Opportunities Discount -19.70 4 Andrew Davey 17/05/2018 GB0006436108 BlackRock Smaller Companies Discount -7.40 4 Andrew Davey 16/05/2018 GG00B1G9T992 Golden Prospect Precious Metals Discount -21.40 4 Andrew Davey 15/05/2018 GB00B1N4G299 F&C UK High Income Ord Discount -10.40 4 Richard Harris 14/05/2018 GB0009065060 Henderson Smaller Companies Trust Discount -8.50 4 Richard Harris 11/05/2018 GB0001297562 Aberdeen Diverdified Income & Growth Discount -2.10 4 Richard Harris 10/05/2018 GB0003165817 jp Morgan Japan Smaller Cos Discount -14.90 4 Richard Harris 09/05/2018 GB0003466074 F&C Investment Trust Discount -1.30 4 Richard Harris 08/05/2018 GB0006039597 JP Morgan Chinese Discount -15.10 4 Richard Harris 04/05/2018 GB0006039597 Standard Life Equity Income Discount -0.04 4 Andrew Davey 03/05/2018 GB0003450359 JP Morgan Indian Discount -13.70 4 Andrew Davey 02/05/2018 GB0007873697 Scottish American Premium 5.00 4 Richard Harris 01/05/2018 GB0006798424 Perpetual Income & Growth Discount -11.20 4 Andrew Davey 30/04/2018 GB0030961691 Blackrock Income & Growth Discount -5.80 4 Richard Harris 27/04/2018 GB0004543517 Montanaro European Smaller Discount -13.90 4 Richard Harris 26/04/2018 GB0031232498 Impax Environmental Markets Discount 0.00 4 Richard Harris 25/04/2018 GB0005268858 Henderson European Focus Trust Discount -3.70 4 Richard Harris 24/04/2018 GB0006007560 Montanaro UK Smaller Companies Discount -21.50 4 Richard Harris 23/04/2018 GB0009066928 TR European Growth Discount -9.50 4 Richard Harris 20/04/2018 GB0003322319 Fidelity Asian Values Discount -2.00 4 Alan Ray 19/04/2018 GB0031429219 Law Debenture Corporation Discount -10.10 4 Richard Harris 18/04/2018 GB0005800072 Merchants Trust Discount -2.70 4 Richard Harris 17/04/2018 GB0003920757 Aberdeen Japan Discount -12.50 4 Andrew Davey 16/04/2018 GB0001216000 Henderson Alternative Strategies Discount -17.50 4 Richard Harris 13/04/2018 GB0030517261 Monks Investment Trust Premium 3.50 4 Andrew Davey 12/04/2018 GB0008910555 BlackRock Throgmorton Trust Discount -7.90 4 Andrew Davey 11/04/2018 GB00BK1PKQ95 Fidelity European Values Discount -10.60 4 Andrew Davey 10/04/2018 GB0003390720 Allianz Technology Trust Premium 3.70 4 Andrew Davey 09/04/2018 GB0000811686 Independent Investment Trust Premium 17.70 4 Andrew Davey 06/04/2018 GB0003328555 Fidelity Japanese Values Discount -15.30 4 Andrew Davey 05/04/2018 GG00B1W59J17 Aberdeen Frontier Markets Discount -11.90 4 Richard Harris 04/04/2018 GB00BTLJYS47 Gabelli Value Plus Discount -10.40 4 Richard Harris 03/04/2018 JE00B6RMDP68 City Merchants High Yield Discount -5.80 4 Cantor Fitzgerald Europe - Investment Trust Sales - Investment Recommendation History Current as of 19/01/2018

Richard Harris 29/03/2018 GB0000706274 Baillie Gifford Shin Nippon Premium 13.80 4 Richard Harris 27/03/2018 GB00BLDYK618 Scottish Mortgage Discount -2.30 4 Andrew Davey 26/03/2018 GB00B1GCL258 Dunedin Smaller Companies Discount -18.20 4,6 Richard Harris 23/03/2018 GB0006048770 Aberdeen New India Discount -14.10 4 Andrew Davey 22/03/2018 GB0003435012 JP Morgan Chinese Discount -14.00 4 Andrew Davey 21/03/2018 GB00B6832P16 Polar Capital Global Healthcare Discount -6.20 Andrew Davey 20/03/2018 GB00B0P8RJ60 India Capital Growth Discount -16.80 4 Andrew Davey 19/03/2018 No Recommendation Richard Harris 16/03/2018 GB0004912068 Keystone Discount -9.20 4 Richard Harris 15/03/2018 GB00B0N8MF98 Blackrock Commodities Income Premium 2.40 4 Richard Harris 14/03/2018 JE00B44ZTP62 Aberdeen Latin American Income Discount 14.00 4,5,6 Richard Harris 13/03/2018 GB0008052507 Shires Income Premium 5.60 4 Richard Harris 12/03/2018 GB0003585725 Edinburgh Investment Trust Discount -9.20 4 Richard Harris 09/03/2018 GB0003585725 Invesco Income Growth Discount -12.30 4 Richard Harris 08/03/2018 GB0003422184 JP Morgan Cdlaverhouse Discount -1.90 4 Richard Harris 07/03/2018 GB00BTLJYS47 Gabelli Value Plus+ Trust Discount -7.50 4 Richard Harris 06/03/2018 GB0008910555 BlackRock Throgmorton Trust Discount -11.50 4 Richard Harris 05/03/2018 GB0000175058 Twenty Four Income Discount -1.00 4 Richard Harris 02/03/2018 GB0000175058 F&C Global Smaller Companies Discount -3.40 4 Richard Harris 01/03/2018 JE00B6RMDP68 City Merchants High Yield Discount -5.30 4 Richard Harris 28/02/2018 GB00B6832P16 Polar Capital Glbal Healthcare Discount -5.60 Richard Harris 27/02/2018 GB0000811686 Independent Investment Trust Premium 17.00 4 Richard Harris 26/02/2018 GG00BDG13K82 River & Mercantile UK Micro Discount 12.20 Richard Harris 23/02/2018 GB0002916335 Edinburgh Worldwide Premium 2.80 4 Richard Harris 22/02/2018 GB0002357613 JP Morgan Mid Cap Discount -5.60 4 Andrew Davey 21/02/2018 GB0008063728 Aberdeen Smaller Companies Inc Discount -10.30 4 Richard Harris 20/01/2018 GB00BLSNND18 Hansa Trust A Discount -26.50 4 Richard Harris 19/02/2018 GB00BLSNND18 Fundsmith Emerging Equities Premium 3.90 4 Richard Harris 16/02/2018 GB0009064097 TR Property Discount -0.90 4 Richard Harris 15/02/2018 GB0001216000 Henderson Alternative Strategies Discount -19.20 4 Richard Harris 14/02/2018 GB00B9XQT119 Polar Capital Glb Financials Discount -1.40 4 Richard Harris, Andrew Davey 13/02/2018 GB0002959582 Standard Life UK Smaller Co. Premium 1.10 4 Richard Harris, Andrew Davey 12/02/2018 GB0000100767 Aberdeen Asian Smaller Companies Discount -15.50 4 Richard Harris, Andrew Davey 09/02/2018 GB00BK1PKQ95 Fidelity European Values Discount -6.50 4 Richard Harris, Andrew Davey 07/02/2018 GB0003322319 Fidelity Asian Values Discount -8.70 4 Richard Harris, Andrew Davey 06/02/2018 JE00B1LZS514 New City High Yield Discount -0.30 4,5,6 Richard Harris, Andrew Davey 05/02/2018 GB0006111909 Murray International Discount -0.30 4 Richard Harris 02/02/2018 GB00B0P6J834 Aberdeen Asian Income Fund Discount -7.70 4 Richard Harris, Andrew Davey 01/02/2018 JE00B6RMDP68 City Merchants High Yield Discount -2.00 4 Richard Harris, Andrew Davey 31/01/2018 GB0003435012 JP Morgan Chinese Discount -7.30 4 Richard Harris, Andrew Davey 30/01/2018 GB00BMTS0Z37 JP Morgan European Smaller Companies Discount -4.80 4 Richard Harris, Andrew Davey 29/01/2018 GB0000706274 Baillie Gifford Shin Nippon Premium 9.10 4 Grace Mitchell, Richard Harris, Andrew Davey 26/01/2018 GB0003052338 Edinburgh Investment Discount -8.40 4 Grace Mitchell, Richard Harris, Andrew Davey 25/01/2018 GG00BDG13K82 River and Mercantile UK Micro Premium 17.00 N/A Grace Mitchell, Richard Harris, Andrew Davey 24/01/2018 GG00B1W59J17 Aberdeen Frontier Markets Discount -8.70 4 Grace Mitchell, Richard Harris, Andrew Davey 23/01/2018 GB0000767003 Bankers Premium 1.20 4,8 Grace Mitchell, Richard Harris, Andrew Davey 22/01/2018 GB0008022849 Schroder Japan Growth Discount -4.50 4 Grace Mitchell, Richard Harris, Andrew Davey 19/01/2018 GB0003328555 Fidelity Japanese Values Discount -6.90 4 Grace Mitchell, Richard Harris, Andrew Davey 18/01/2018 KYG9361X1043 Vietnam Holding Discount -9.50 N/A Grace Mitchell, Richard Harris, Andrew Davey 17/01/2018 GB0005268858 Henderson European Focus Discount -3.50 4 Grace Mitchell, Richard Harris, Andrew Davey 16/01/2018 GB00BYMK5S87 SQN Secured Income Discount -4.50 4, 5, 6 Grace Mitchell, Richard Harris, Andrew Davey 15/01/2018 GB0000197722 Jupiter European Opportunities Premium 1.00 4 Grace Mitchell, Richard Harris, Andrew Davey 12/01/2018 GB0031232498 Impax Environmental Markets Discount -5.70 4 Grace Mitchell, Richard Harris, Andrew Davey 11/01/2018 GB00BF03YC36 Henderson Diversified Income Premium 5.50 4 Grace Mitchell, Richard Harris, Andrew Davey 10/01/2018 GB0007826091 Scottish Investment Trust Discount -8.00 4 Grace Mitchell, Richard Harris, Andrew Davey 09/01/2018 GB00BMPHJ807 Henderson High Income Discount -2.90 4 Grace Mitchell, Richard Harris, Andrew Davey 08/01/2018 GB0008710799 Schroder Asian Total Return Premium 3.40 4 Grace Mitchell, Richard Harris, Andrew Davey 22/12/2017 GB00B0N8MF98 BlackRock Commodities Income Discount -6.80 4 Grace Mitchell, Richard Harris, Andrew Davey 21/12/2017 GB0000353929 City Natural Resources Discount -22.40 4,5,6 Grace Mitchell, Richard Harris, Andrew Davey 20/12/2017 GB0002916335 Edinburgh Worldwide Premium 1.80 4 Grace Mitchell, Richard Harris, Andrew Davey 19/12/2017 GB0004559349 International Biotechnology Discount -0.70 4 Grace Mitchell, Richard Harris, Andrew Davey 18/12/2017 GB0005774855 BlackRock World Mining Trust Discount -13.30 4 Grace Mitchell, Richard Harris, Andrew Davey 15/12/2017 GB0002258472 Manchester & London Discount -3.60 4 Grace Mitchell, Richard Harris, Andrew Davey 14/12/2017 GG00BDG13K82 River and Mercantile UK Micro Discount -8.60 4 Grace Mitchell, Richard Harris, Andrew Davey 13/12/2017 GB00B62Z3C74 Fidelity China Special Discount -13.60 4 Grace Mitchell, Richard Harris, Andrew Davey 12/12/2017 GB0002945029 Edinburgh Dragon Discount -13.50 4 Grace Mitchell, Richard Harris, Andrew Davey 11/12/2017 GB00BVG1CF25 Woodford Patient Capital Trust Discount -10.20 4 Grace Mitchell, Richard Harris, Andrew Davey 08/12/2017 GB00BLDYK618 Scottish Mortgage Premium 0.10 4 Grace Mitchell, Richard Harris, Andrew Davey 07/12/2017 GB00B0P6J834 Aberdeen Asian Income Discount -8.10 4,5,6 Grace Mitchell, Richard Harris, Andrew Davey 06/12/2017 GB0006667470 Pacific Horizon Discount -6.10 4 Grace Mitchell, Richard Harris, Andrew Davey 05/12/2017 GB0002959582 Standard Life UK Smaller Co. Premium 0.80 4 Grace Mitchell, Richard Harris, Andrew Davey 01/12/2017 GB0003463402 Jupiter US Smaller Companies Discount -12.10 4 Grace Mitchell, Richard Harris, Andrew Davey 30/11/2017 GB0000706274 Baillie Gifford Shin Nippon Premium 11.60 4 Grace Mitchell, Richard Harris, Andrew Davey 29/11/2017 GB0008063728 Aberdeen Smaller Companies Inc Discount -10.60 4 Grace Mitchell, Richard Harris, Andrew Davey 28/11/2017 GB00BTLJYS47 Gabelli Value Plus+ Trust Discount -7.70 4 Grace Mitchell, Richard Harris, Andrew Davey 27/11/2017 GG00B61ND550 Atlantis Japan Growth Discount -9.70 4,5,6 Grace Mitchell, Richard Harris, Andrew Davey 24/11/2017 GB0003052338 Edinburgh Investment Discount -8.50 4 Grace Mitchell, Richard Harris, Andrew Davey 23/11/2017 JE00B44ZTP62 Aberdeen Latin American Income Discount -14.10 4 Grace Mitchell, Richard Harris, Andrew Davey 22/11/2017 GB00BWFGQ085 Miton UK Microcap Discount -6.00 4 Grace Mitchell, Richard Harris, Andrew Davey 21/11/2017 GB00B602HS43 JPMorgan Brazil Discount -17.60 4 Grace Mitchell, Richard Harris, Andrew Davey 20/11/2017 GB0006436108 BlackRock Smaller Companies Discount -9.70 4 Grace Mitchell, Richard Harris, Andrew Davey 17/11/2017 GB0030517261 Monks Premium 3.10 4 Grace Mitchell, Richard Harris, Andrew Davey 16/11/2017 GB0003328555 Fidelity Japanese Values Discount -5.80 4 Grace Mitchell, Richard Harris, Andrew Davey 15/11/2017 GB0002916335 Edinburgh Worldwide Discount -0.80 4 Grace Mitchell, Richard Harris, Andrew Davey 14/11/2017 GB00B0P6J834 Aberdeen Asian Income Discount -8.60 4,5,6 Grace Mitchell, Richard Harris, Andrew Davey 13/11/2017 GB0032164732 JPMorgan Russian Securities Discount -15.70 4 Grace Mitchell, Richard Harris, Andrew Davey 10/11/2017 GB0001490001 Brunner Discount -9.90 4 Grace Mitchell, Richard Harris, Andrew Davey 09/11/2017 GG00BJ0JVY01 NextEnergy Solar Premium 7.00 4,5,6 Grace Mitchell, Richard Harris, Andrew Davey 08/11/2017 GB0000485838 Baillie Gifford Japan Premium 6.70 4 Grace Mitchell, Richard Harris, Andrew Davey 07/11/2017 GB0000385517 Biotech Growth Premium 0.00 4 Grace Mitchell, Richard Harris, Andrew Davey 06/11/2017 GB0006674385 Pacific Assets Discount -5.20 4 Grace Mitchell, Richard Harris, Andrew Davey 03/11/2017 GB0003328555 Fidelity Japanese Values Discount -7.50 4 Grace Mitchell, Richard Harris, Andrew Davey 02/11/2017 GB0000706274 Baillie Gifford Shin Nippon Premium 10.90 4 Grace Mitchell, Richard Harris, Andrew Davey 01/11/2017 GB0004228648 Herald Discount -12.50 4 Grace Mitchell, Richard Harris, Andrew Davey 31/10/2017 GB00BYMK5S87 SQN Secured Income Discount -2.50 4,5,6 Grace Mitchell, Richard Harris, Andrew Davey 30/10/2017 GB00BMPHJ807 Sanditon Investment Trust Discount -5.90 4 Grace Mitchell, Richard Harris, Andrew Davey 27/10/2017 GB00B09G3N23 Securities Trust of Scotland Discount -8.00 4 Grace Mitchell, Richard Harris, Andrew Davey 26/10/2017 GB0000706274 Baillie Gifford Shin Nippon Premium 8.60 4 Grace Mitchell, Richard Harris, Andrew Davey 25/10/2017 GB0007416000 JPMorgan Smaller Companies Discount -17.60 4 Grace Mitchell, Richard Harris, Andrew Davey 24/10/2017 GB0004559349 International Biotechnology Discount -2.80 4 Grace Mitchell, Richard Harris, Andrew Davey 23/10/2017 GB0003322319 Fidelity Asian Values Discount -7.90 4 Grace Mitchell, Richard Harris, Andrew Davey 20/10/2017 GB0008710799 Schroder Asian Total Return Premium 1.50 4 Grace Mitchell, Richard Harris, Andrew Davey 19/10/2017 GB0009066928 TR European Growth Premium 1.90 4 Grace Mitchell, Richard Harris, Andrew Davey 18/10/2017 GG00B3KX4Q34 NB Global Floating Rate GBP Discount -2.80 4 Grace Mitchell, Richard Harris, Andrew Davey 17/10/2017 GB0007879728 Hansa Trust Discount -25.20 4 Cantor Fitzgerald Europe - Investment Trust Sales - Investment Recommendation History Current as of 19/01/2018

Grace Mitchell, Richard Harris, Andrew Davey 16/10/2017 GB0007826091 Scottish Investment Trust Discount -8.80 4 Grace Mitchell, Richard Harris, Andrew Davey 13/10/2017 GB0004535307 Invesco Asia Discount -12.00 4 Grace Mitchell, Richard Harris, Andrew Davey 12/10/2017 GB00BVG1CF25 Woodford Patient Capital Trust Discount -6.90 4 Grace Mitchell, Richard Harris, Andrew Davey 11/10/2017 JE00B1LZS514 CQS New City High Yield Premium 7.80 4,5,6 Grace Mitchell, Richard Harris, Andrew Davey 10/10/2017 GB00B1N4G299 F&C UK High Income Ord Discount -8.70 4 Grace Mitchell, Andrew Davey 09/10/2017 GB00B5ZZY915 JPMorgan Global Emerg Mkts Inc Premium 0.00 4 Grace Mitchell, Andrew Davey 06/10/2017 GB0007836132 Scottish Oriental Smaller Cos Discount -8.70 4 Grace Mitchell, Andrew Davey 05/10/2017 GB0000811686 Independent Premium 6.70 4 Grace Mitchell, Andrew Davey 04/10/2017 GG00BJ0JVY01 NextEnergy Solar Premium 10.40 4,5,6 Grace Mitchell, Andrew Davey 03/10/2017 GB0007915860 Schroder Income Growth Discount -9.10 4 Grace Mitchell, Andrew Davey 02/10/2017 GB0009580571 Henderson High Income Discount -1.10 4 Grace Mitchell, Andrew Davey 29/09/2017 JE00B1LZS514 CQS New City High Yield Premium 3.00 4,5,6 Grace Mitchell, Andrew Davey 28/09/2017 GB0003052338 Edinburgh Investment Discount -8.90 4 Grace Mitchell, Andrew Davey 27/09/2017 GB0003390720 Allianz Technology Trust Discount -3.20 4 Grace Mitchell, Andrew Davey 26/09/2017 GB00B0N8MF98 BlackRock Commodities Income Discount -7.10 4 Grace Mitchell, Andrew Davey 25/09/2017 GG00B90J5Z95 TwentyFour Income Discount -0.30 4 Grace Mitchell, Andrew Davey 22/09/2017 GB00B0P8RJ60 India Capital Growth Discount -8.30 4 Grace Mitchell, Andrew Davey 21/09/2017 GB0009064097 TR Property Discount -1.90 4 Grace Mitchell, Andrew Davey 20/09/2017 GG00BDG13K82 River and Mercantile UK Micro Premium 5.50 4 Grace Mitchell, Andrew Davey 19/09/2017 GB0002959582 Standard Life UK Smaller Co. Discount -4.10 4 Grace Mitchell, Andrew Davey 18/09/2017 GB0000100767 Aberdeen Asian Smaller Discount -10.30 4 Grace Mitchell, Andrew Davey 15/09/2017 GB0002357613 JPMorgan Mid Cap Discount -12.40 4 Grace Mitchell, Andrew Davey 14/09/2017 GB0009064097 TR Property Discount -2.80 4 Grace Mitchell, Andrew Davey 13/09/2017 GG00BN56JF17 SQN Asset Finance Income Discount -1.60 4 Grace Mitchell, Andrew Davey 12/09/2017 GB0006111909 Murray International Premium 2.90 4 Grace Mitchell, Andrew Davey 11/09/2017 GB0031429219 Law Debenture Corporation Discount -6.50 4 Grace Mitchell, Andrew Davey 08/09/2017 GB0008536574 Henderson Opportunities Discount -19.10 4 Grace Mitchell, Andrew Davey 07/09/2017 GB00B1FL3C76 Invesco Perpetual UK Smaller Discount -8.30 4 Grace Mitchell, Andrew Davey 06/09/2017 NL0000226090 European Assets Premium 2.10 4 Grace Mitchell, Andrew Davey 05/09/2017 GB0000197722 Jupiter European Opportunities Discount -5.30 4 Grace Mitchell, Andrew Davey 04/09/2017 GB0034365949 Miton Global Opportunities Discount -5.80 4 Grace Mitchell, Andrew Davey 01/09/2017 GB00BKZGVH64 JPMorgan American Discount -5.20 4 Grace Mitchell, Andrew Davey 31/08/2017 GB0001320778 JPMorgan Asian Discount -8.90 4 Grace Mitchell, Andrew Davey 30/08/2017 LU0483266259 Lazard World Trust Fund Discount -4.70 4 Grace Mitchell, Andrew Davey 29/08/2017 GB0000353929 City Natural Resources Discount -21.60 4,5,6 Grace Mitchell, Andrew Davey 25/08/2017 GB0002357613 JPMorgan Mid Cap Discount -12.50 4 Grace Mitchell, Andrew Davey 24/08/2017 JE00B44ZTP62 Aberdeen Latin American Income Discount -14.00 4,5,6 Grace Mitchell, Andrew Davey 23/08/2017 GB0007873697 Scottish American Premium 4.40 4 Grace Mitchell, Andrew Davey 22/08/2017 GB0002916335 Edinburgh Worldwide Discount -3.50 4 Grace Mitchell, Andrew Davey 21/08/2017 GB0008052507 Shires Income Discount -6.40 4 Grace Mitchell, Andrew Davey 18/08/2017 GB00BLSNND18 Fundsmith Emerging Equities Discount -1.90 4 Grace Mitchell, Andrew Davey 17/08/2017 GB0008910555 BlackRock Throgmorton Trust Discount -14.70 4 Grace Mitchell, Andrew Davey 16/08/2017 GB00B9XQT119 Polar Capital Glb Financials Discount -5.60 4 Grace Mitchell, Andrew Davey 15/08/2017 GB00BLDYK618 Scottish Mortgage Premium 3.20 4 Grace Mitchell, Andrew Davey 14/08/2017 GB0000811686 Independent Premium 0.40 4 Grace Mitchell, Andrew Davey 11/08/2017 GB00BYMKY695 JPMorgan Global Growth & Inc Premium 1.90 4 Grace Mitchell, Andrew Davey 10/08/2017 GB0000353929 City Natural Resources Discount -21.90 4,5,6 Grace Mitchell, Andrew Davey 09/08/2017 GB0007915860 Schroder Income Growth Discount -5.00 4 Grace Mitchell, Andrew Davey 08/08/2017 GG00BDG13K82 River and Mercantile UK Micro Premium 6.60 4 Grace Mitchell, Andrew Davey 07/08/2017 GB00B0P6J834 Aberdeen Asian Income Discount -7.20 4,5,6 Grace Mitchell, Andrew Davey 04/08/2017 GB00BVG1CF25 Woodford Patient Capital Trust Discount -0.60 4 Grace Mitchell, Andrew Davey 03/08/2017 GB00B62Z3C74 Fidelity China Special Discount -11.30 4 Grace Mitchell, Andrew Davey 02/08/2017 GB0007416000 JPMorgan Smaller Companies Discount -22.00 4 Grace Mitchell, Andrew Davey 01/08/2017 GB0007918872 Schroder Asia Pacific Discount -8.90 4 Grace Mitchell, Andrew Davey 31/07/2017 GB0008536574 Henderson Opportunities Discount -19.70 4 Grace Mitchell, Andrew Davey 28/07/2017 GG00B1RMC548 Tetragon Financial Discount -34.70 4,5,6 Grace Mitchell, Andrew Davey 27/07/2017 GB0004228648 Herald Discount -17.10 4 Grace Mitchell, Andrew Davey 26/07/2017 GB0003463402 Jupiter US Smaller Companies Discount -5.30 4 Grace Mitchell, Andrew Davey 25/07/2017 GB0005268858 Henderson European Focus Trust Premium 2.80 4 Grace Mitchell, Andrew Davey 24/07/2017 GB0005555221 Majedie Investments Discount -14.70 4 Grace Mitchell, Andrew Davey 21/07/2017 GB00B5ZZY915 JPMorgan Global Emerg Mkts Inc Discount -6.60 4 Grace Mitchell, Andrew Davey 20/07/2017 GB00BWXC7Y93 Fidelity Special Values Discount -2.10 4 Grace Mitchell, Andrew Davey 18/07/2017 GB0001490001 Brunner Premium 8.70 4 Grace Mitchell, Andrew Davey 17/07/2017 GB00B1FL3C76 Invesco Perpetual UK Smaller Premium 0.10 4

Recommendations under MAR

MAR defines investment recommendations as being " information recommending or suggesting an investment strategy, explicitly or implicitly, concerning one or several financial instruments or the issuers, including any opinion as to

Disclosures of interest

Disclosures of interests are made with reference to the table below Cantor Fitzgerald Europe

1. The named author of the investment recommendation or a connected person to them is a holder(s) of financial instruments issued by this company 2. Cantor Fitzgerald Europe or an affiliated company has a shareholding exceeding 0.5% of the total issued share capital in the relevant issuer 3. Cantor Fitzgerald Europe or an affiliated company has other financial interests in relation to the relevant issuer, which are significant in relation to the investment recommendation 4. Cantor Fitzgerald Europe or one of its affiliates is a market maker or liquidity provider in the securities of the relevant issuer 5. Cantor Fitzgerald Europe has been lead manager or co-lead manager over the previous 12 months of a publicly disclosed offer of securities of the relevant issuer 6. Cantor Fitzgerald Europe is party to an agreement with the relevant issuer relating to the provision of investment banking services (including, for example, broking and financial advisory roles) and the agreement has been in effect 7. Cantor Fitzgerald Europe is party to an agreement with the relevant issuer relating to the production of research, although the timing and content of the research is exclusively the preserve of the analyst 8. A director, officer, employee of Cantor Fitzgerald Europe or its affiliated companies, is an officer, director, or serves as an advisor or board member of the relevant issuer and / or one of its subsidiaries 9. A draft of this investment recommendation has been shown to the company following which factual amendments have been made 10. A draft of this investment recommendation has been shown to the company following which no factual amendments have been made 11. Cantor Fitzgerald Europe is party to an agreement with the relevant issuer relating to the provision of certain broking services