2/8/12

Brand wine December Newsletter

Monthl Performance Report Januar 2012

Performance Summar
Brandywine s Symphony program gained +0.41% in January and +8.34% since its launch in July 2011. The Brandywine Symphony Preferred Fund gained +1.57% in January and +43.09% since its launch in July 2011. Brandywine s fundamentally-based systematic approach also resulted in low volatility and returns that have been uncorrelated with other managed futures traders. The benefits of this non-correlation are displayed in this report: The Diversification Benefits of Brandywine s Symphony Program. Performance

Report Contents Performance Summar Diversification Benefits News & Events

Other Documents Brand wine S mphon Past Performance Disclosure Document

Investm ent Brand w ine's S mphon Brand w ine S mphon Preferred Fund BTOP 50 S&P 500

Jan 2012

YTD 2012

2011 (1)

Annual Annual Volatilit (2) Return 6.84%

S m phon Return When Others Lose (3) NA

Mr. Dever's Book How To Invest Brand wine web site

+0.41% +0.41%

+7.90% +14.74%

+1.57% +1.57% +40.88% +79.96% +0.56% +0.56% +4.48% +4.48% -0.71% -3.69% -0.23% +1.08%

29.95% 4.68% 28.10%

N/A +0.62% +1.10%

(1) Beginning July 2011 (start of actual trading for Brandywine's Symphony) (2) Annualized standard deviation of daily returns (3) Based on 20 years of testing, the BTOP 50 suffered 34 drawdowns averaging -4.35% each. During those periods, the tested performance of Brandywine s Symphony program gained an average of +0.62%. S&P 500 had 28 drawdowns averaging -5.56%. Brandywine gained +1.10% on average during those periods.

Mike Dever CEO & Director of Research mike@brandywine.com 610.361.4000 x111

Rob Proctor Principal & Head Trader rob@brandywine.com 610.361.4000 x105

www.brand wine.com/newsletters/januar 2012/performancesummar .htm

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2/8/12

Brand wine December Newsletter

Brand wine's S mphon Program

Month Jan Feb Ma Ap Ma J n J l A g Sep Oc No Dec 0.41% 0.92% 2.47% 2.83% -0.45% 0.65% 1.27% 7.90% 2012 0.41% 2011

Brand wine S mphon Preferred Fund

Month Jan Feb Ma Ap Ma J n J l A g Sep Oc No Dec 1.57% 4.34% 11.60% 14.89% -1.91% 2.44% 4.80% 40.88%
ine'

2012 1.57%

2011

Ta ge 12% ann al e n and 8% ann ali ed anda d de ia ion

Agg e i e - ade a 3 - 5 anda d le e age of B and S mphon p og am

Brandywine Asse t Manage m e nt

The Mill

381 Brinton Lak e R oad

Thornton, PA 19373

610-361-4000

PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE PERFORMANCE. THERE IS THE RISK OF LOSS AS WELL AS THE OPPORTUNIT FOR GAIN WHEN INVESTING WITH BRAND WINE.

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