GUERNSEY FINANCIAL SERVICES COMMISSION INVESTMENT SUPERVISION AND POLICY DIVISION QUARTERLY STATISTICAL REVIEW 31 DECEMBER 2013 OPEN ENDED SCHEMES

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1 Net Value of Total Value Total Value Net New Date Authorised/ of Sales of Repurchases Investment ( mn) Holders ( mn) ( mn) ( mn) 1-Dec-1 1-Mar-1 1 DECEMBER 1 OPEN ENDED -.,1 -. 1,69 +.,77, %, %,76-1.7%,96, ,717 -Jun % 9, , -6.%,9,877 -,9 -Sep ,7-1.% 7, -.%,91,9 -,18 Gross Values ( mn) 68,8 67,791 6,1 1-Dec % 1,7-6.% 6,6-1.8%,9,9 -,96,7 Investment Protected Unit Incorporated Limited Total Single class Umbrella Fund of Company Cell Trust Cell Partnership Funds Company Company % 19% % 1% 8 1 Feeder Fund Analysis by Investment Style and Class (NOTE: may have more than one category) Type Authorised Exchange Total % Class A Class B Class Q Listed Money Market / Cash 19 6% 1 Managed Currency 8 % 8 Debt Equity / Securities 78 6% Derivatives 1 7% Real Property 8% 18 1 Private Equity 1 Venture Capital 1 % 1 1 Infrastructure % Hedge Fund 19 6% 16 1 Fund of Hedge Fund Emerging Markets 1 % 1 Balanced 9 % 8 1 Other 1 1% Total 1% 1 9 NUMBER OF CELLS OF UMBRELLA CLASS A CLASS B CLASS Q REGISTERED 1, TOTAL 198 OTHER JAPAN CHINA DENMARK EGYPT HONG KONG JERSEY MALASIA NETHERLANDS POLAND THAILAND TURKEY OPEN-ENDED : 1% 1 *The geographic breakdown is based on investments actually acquired by the scheme and does not take account of commitments or off-balance sheet positions. Where investments are feeder funds or fund of funds structures, or assets held by holding vehicles, the breakdown is based on the country of incorporation/establishment of the fund(s) or holding vehicles into which the fund for which the Form NST has been submitted invests. 16% Notes: Class A schemes are those which meet the Commission's Collective Investment (Class A) Rules, and are thereby eligible for recognition by the UK Financial Services Authority for sale to the public in the United Kingdom by virtue of Guernsey's designation under Section 7 of the Financial Services and Markets Act. In addition to the United Kingdom there are nine other countries in which the Class A funds may be marketed to the public (upon application to the relevant authority) and these are: Australia, Belgium, Hong Kong, Japan, The Netherlands, The Republic of Ireland, South Africa, Sweden and Switzerland. Class B schemes are authorised under the Protection of Investors Law 1987 and are subject to the Collective Investment (Class B) Rules 199. They will also be considered for public marketing by the relevant authorities in the countries referred to above. Class Q schemes, designed for qualifying professional investors, are also authorised under the Protection of Investors Law 1987 and are subject to the Collective Investment (Qualifying Professional Investor Funds) (Class Q) Rules schemes are registered under the Protection of Investors (Bailiwick of Guernsey) Law 1987 and are subject to the Collective Investment Scheme Rules 8.

2 1 DECEMBER 1 CLOSED ENDED Total Net Value of Total Value Total Value Net New Gross Date Authorised/ of Sales of Repurchases Investment ( mn) Holders ( mn) ( mn) ( mn) Values ( mn) 1-Dec % 1, ,78 -.,881,6-17,96 1-Mar ,97 +.6% 7,78 +.,867,9 -, 1,11 -Jun % 17,9 +.% 7,8 +1.%,8,611-1,8 1,8 -Sep % 1,6 -.8% 77,7 +.7%,97, ,7 1-Dec % 16,1 +.9% 8,8 +.%,6,7-69 1,9 Investment Limited Unit Protected Incorporated Total Single class Umbrella Fund of Company Partnership Trust Cell Cell Funds Company Company % 7% % 1% Feeder Fund 6 Analysis by Investment Style and Class (NOTE: may have more than one category) Type Authorised Exchange Total % Listed Money Market / Cash % Managed Currency % Debt 8% 1 Equity / Securities 7 1% Derivatives Real Property 1 17% 71 7 Private Equity % 6 6 Venture Capital % 1 Infrastructure 7 % Hedge Fund Fund of Hedge Fund Emerging Markets 1 8 Balanced 1 % 1 1 Other 7% 1 Total 7 1% 191 NUMBER OF CELLS OF UMBRELLA 6 AUTHORISED 6 REGISTERED 18 TOTAL 66 CLOSED ENDED : OTHER NETHERLANDS NORWAY SWEDEN BRAZIL CHINA CYPRUS DENMARK FINLAND ITALY JAPAN JERSEY MAURITIUS POLAND SPAIN TURKEY % 8% 8% 1 1 % *The geographic breakdown is based on investments actually acquired by the scheme and does not take account of commitments or off-balance sheet positions. Where investments are feeder funds or fund of funds structures, or assets held by holding vehicles, the breakdown is based on the country of incorporation/establishment of the fund(s) or holding vehicles into which the fund for which the Form NST has been submitted invests.

3 1 DECEMBER 1 TOTAL FUNDS UNDER MANAGEMENT Net Value of Exchange Gross Date Listed ( mn) Holders Values ( mn) 1-Dec ,1 -.% 1,9 +.6% 16 1,9 1-Mar % 191,1 +.% 1, +.8% 11,18 -Jun % 187,18 -.% 11,6-1.8% 7 1,61 -Sep % 176, ,8 +.% 99 9,6 1-Dec ,8 +.6% 17,1 +1.8% 8 6,, NET ASSET VALUES OF UNDER MANAGEMENT ( mn), 1, 1,, Dec-11 Mar-1 Jun-1 Sep-1 Dec-1 Mar-1 Jun-1 Sep-1 Dec-1 Closed-ended 119,116 1,9 16,16 1,9 1,989 16,97 17,9 1,6 16,1 Open-ended,7,8,98 1,6,1,16 9,691,7 1,7 Total 17,7 179,7 179, 181,8 181,1 191,1 187,18 176,86 177, TOTAL NUMBER OF Dec-11 Mar-1 Jun-1 Sep-1 Dec-1 Mar-1 Jun-1 Sep-1 Dec-1 Closed-ended Open-ended Total Funds

4 1 DECEMBER 1 NON- OPEN ENDED Date Number Net Value of Exchange Gross RESTRICTED ACTIVITY of Listed ( mn) Management Administration Custody Values 1-Dec , ,89 1-Mar ,96 +1.% , -Jun % 98, ,8 -Sep % 9, ,61 1-Dec , ,6 Investment Limited Unit Protected Incorporated Total Single class Umbrella Fund of Feeder Company Partnership Trust Cell Cell Funds Fund Company Company % 1% % 1% Cells of Umbrella Analysis by Investment Style and Class (NOTE: may have more than one category) Type Exchange Total % Listed Money Market / Cash 8 % Managed Currency Debt 17 6% Equity / Securities 6 Derivatives 11 % Real Property Private Equity 6 Venture Capital Infrastructure 1 % Hedge Fund 6 Fund of Hedge Fund 8 7% Emerging Markets 7% Balanced Other 18 6% Total 7 1% 17 COUNTRY OF INCORPORATION 19 ISLE OF MAN 1 1 MAURITIUS 6 COOK ISLANDS BAHAMAS LIECHENSTEIN MALTA ANGUILLA 1 GIBRALTAR 1 SINGAPORE NON- : OTHERS INDIA BAHAMAS BRAZIL INDONESIA TAIWAN % % 6% 7% 1 1 6% *The geographic breakdown is based on investments actually acquired by the scheme and does not take account of commitments or off-balance sheet positions. Where investments are feeder funds or fund of funds structures, or assets held by holding vehicles, the breakdown is based on the country of incorporation/establishment of the fund(s) or holding vehicles into which the fund for which the Form NST has been submitted invests. Non-Guernsey schemes are funds which are established / incorporated in other jurisdictions and have Guernsey institutions licenced under the POI law providing either management / administration or custodial services.

5 MOVEMENTS WITHIN PERIOD TYPE TOTAL OF OPEN-ENDED Of which Authorised Of which TOTAL OF CLOSED-ENDED Of which Authorised Of which TOTAL OF LICENCES TOTAL OF NON- TOTAL AS AT SEPTEMBER APPROVED IN QUARTER LOST IN QUARTER TOTAL AS AT 1 DECEMBER