Methodology:

· Citywire Euro Stars Ratings are a derivative of the information ratio, called the Manager Ratio, which uses a benchmark applied at the fund level in house by Citywire and considers all the eligible funds that individual runs.

· Euro Stars Ratings are based upon monthly, three year performance data to the end of September 2012.

· In order to be eligible for a Euro Stars rating, a manager must be active for a minimum of two and a half years with in that period and be active at the end of the period.

· In order to be eligible for a Citywire Euro Stars rating they must be managing a fund that is registered for sale in at least three of the following countries: UK, Ireland, Luxembourg, Austria, France, Germany, Italy, Netherlands, Spain, Sweden, Switzerland, Belgium, Denmark, Estonia, Finland, Latvia, Lithuania, Norway, Poland, Portugal, Cyprus, Gibraltar, Guernsey, Isle of Man, Jersey, Liechtenstein and Malta.

· Performance is calculated based upon total returns, priced at bid to bid, with income re-invested at the ex-dividend date.

· Once the eligibility criteria above are met, managers with a Citywire Manager Ratio of 0.25 or above gain a rating of A, AA, or the highest AAA. The total number of managers rated is around 9% of the 4652 managers tracked.