1. EPFR Global 1 Equity Fund Sector Weightings Reports How to read EPFR Equity Fund Sector Weightings Reports

2. EPFR Global 2 Equity Fund Sector Weightings Reports ………………………………………………………………………………….……… The data tracks the actual sector/industry by individual fund and fund category Individual equity funds grouped by fund category (GEMs, Asia ex-Japan, Latin America, EMEA, Europe, Global & Global ex-US, Country Funds) The sector weightings are calculated into Global Industry Classification System (GICS) Level II industry group categories Each fund category is detailed on a separate tab and includes a listing of individual funds and their sector/industry weightings in % terms, plus cash. Average weightings of all individual funds and by investment manager (with multiple funds) Historical data available from November 2001

3. EPFR Global 3 Equity Fund Sector Weightings Reports Definitions

4. EPFR Global 4 Equity Fund Sector Weightings Data Definitions ……………………………………………………………………………………...……………………. Fund Category: GEM: Global Emerging Market Funds (invest in all emerging market regions of the world) Global & Global ex-US: Global funds that invest in both developed and emerging markets (main benchmarks MSCI World and MSCI EAFE) Asia: Asia ex-Japan Regional funds EMEA: Emerging Europe/Middle East/Africa Regional funds Europe: Europe Regional funds LatAm: Latin America Regional funds Country Funds: Asia Ex-Japan, Emerging Europe/Middle East/Africa, Latin America Country funds Fund Weighted Average: Fund weighted average involves calculating the $ amounts invested in each country for all funds individually, and then adding up the $ amounts for each sector and dividing by the total assets of all funds combined. Fund Simple Average: Fund simple average is calculated by adding up all of the % weights in a sector for all funds tracked and then dividing by the total number of funds tracked. Manager Simple Average: (% weighting for all Managers in fund category for specified sector) / (total number of Managers in fund category). [An average is first calculated for Managers with more than one fund in a fund category for each sector. These averages are then combined to come up with the numerator in the above formula].

5. EPFR Global 5 GEM: Global Emerging Market Funds (invest in all emerging market regions of the world) Asia Ex-Japan : Asia ex-Japan Regional Funds EMEA: Emerging Europe/Middle East/Africa Regional funds LatAm: Latin America Regional funds Fund Category Country Funds: Asia Ex-Japan, Emerging Europe/Middle East/Africa, Latin America Country funds Global & Global ex-US: Global funds that both invest in developed and emerging markets (main benchmarks MSCI World and MSCI EAFE) Europe: Europe Regional funds

6. EPFR Global 6 Fund Weighted Average = Fund weighted average involves calculating the $ amounts invested in each sector for all funds individually, and then adding up the $ amounts for each sector and dividing by the total assets of all funds combined

7. EPFR Global 7 Fund Simple Average = Fund simple average is calculated by adding up all of the % weights in a sector for all funds tracked and then dividing by the total number of funds tracked

8. EPFR Global 8 Manager Simple Average = (% weighting for all Managers in fund category for specified sector) / (total number of Managers in fund category)

9. EPFR Global 9 Equity Fund Sector Weightings Reports FAQ & Contact Us

10. EPFR Global 10 Q: What is the GICS level 2 industry classification system used in the Sector Weightings report? A: Yes, GICS Level 2 is the MSCI Global Industry Classification System - for more information, go to http://www.msci.com/index.html and click on GICS on the tabs across the top of the page. Frequently Asked Questions ………………………………………………………..………

11. EPFR Global 11 Sample reports and pricing information are available at http://www.epfr.com/feedback.aspx or please feel free to contact us By Email: marketing@epfr.com By Phone: 1-617-864-4999 Or, visit EPFR website at http://www.epfr.com