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Brandywine March Newsletter

Monthly Performance Report April 2012

Performance Summary
Brandywine's Symphony program posted flat performance in April (specifically +0.01%), resulting in a year-to-date return of -0.79%. The aggressively-traded Brandywine Symphony Preferred Fund was down slightly, -0.10%, in April, bringing its 2012 performance to -2.99%. This follows its strong 2011 performance of +37.89%.

Report Contents Performance Summary Diversification Benefits News & Events

Other Documents Brandywine Symphony

Performance
Sym phony Return When Annual Others Annual Volatility (2) Lose (3) Return +8.55% 6.14% NA

Past Performance Disclosure Document Mr. Dever's Book How To Invest Brandywine web site
-0.10% +0.30% -2.99% +37.89% +46.35% -0.34% -0.71% -3.69% -0.99% +7.49% 31.81% 4.21% 18.16% N/A +0.62% +1.10%

Investm ent Brandyw ine's Symphony Brandyw ine Symphony Preferred Fund BTOP 50 S&P 500

Apr 2012 +0.01%

YTD 2012 -0.79%

2011 (1) +7.90%

-0.63% +11.87%

(1) Beginning July 2011 (start of actual trading for Brandywine's Symphony) (2) Annualized standard deviation of monthly 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 Brandywines 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

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Brandywine March Newsletter

Brandywine's Symphony Program

Month Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec -0.79% 0.92% 2.47% 2.83% -0.45% 0.65% 1.27% 7.90% 2012 0.41% 2.18% -3.31% 0.01% 2011

Brandywine Symphony Preferred Fund

Month Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec -2.99% 4.34% 11.72% 12.33% -2.01% 2.46% 4.89% 37.89% 2012 1.47% 8.23% -11.77% -0.10% 2011

Targets 12% annual returns and 8% annualized standard deviation

Aggressive - trades at 3x - 5x standard leverage of Brandywine's Symphony program

April Performance Attribution

April performance was the result of a tug-of-war between Brandywines directional arbitrage strategies, which produced gains of just under 1%, and our fundamentally-based strategies, which posted losses of the same magnitude. The majority of the arbitrage profits came from interest rate arbitrage, specifically long positions held in U.S. and European intermediate and long-term interest rate markets. The losses in the fundamentally-based strategies were primarily the result of long positions in the livestock markets. A fundamentallywww.brandywine.com/newsletters/april2012/performancesummary.htm 2/3

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Brandywine March Newsletter

based trade in natural gas, which led to losses in March, was profitable in April, helping to offset some of the other fundamental losses. Since the inception of Brandywines Symphony program in July 2011, the majority of the programs profits have come, approximately equally, from directional arbitrage, trend following and sentiment-based strategies.
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 OPPORTUNITY FOR GAIN WHEN INVESTING WITH BRANDYWINE.

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