Recently two WIOF sub-funds: WIOF Greece-Cyprus Opportunities Fund and WIOFChina Performance Fund were rated “A” by Standard & Poor’s (S&P).The WIOF Greece-Cyprus Opportunities Fund has received the „A“ rating asS&P believe that the approach set up by Fund Manager is sound andpragmatically applied. Also WIOF China Performance Fund received an „A“rating in recognition that the team at APS AM is experienced, the approachsensible and successfully applied even though the Fund has a track record ofless than 3 years.

An A rating shows that a fund demonstrates high standards of quality basedon its investment process and management’s con­sistency of performance ascompared to funds with similar objectives.

The Standard & Poor’s Fund Management Ratings are based on anevaluation of quantitative historic performance, volatility, and portfolioconstruction) and qualitative (management, corporate status and investmentprocess) factors that contribute to long-term performance measured fromA through to AAA. Funds only receive a rating after proven performance of atleast 3 years and not all funds attain a rating, as approximately 80% of fundsfail the original screening. Only the remaining 20% continue in the ratingsprocess and are eligible for interview therefore understating the viability ofthe fund as a suitable investment.

In Standard & Poor's opinion only funds that adhere to disciplinedprocesses and exhibit strong management are more likely, over the long run, toprovide consistent, above-average returns relative to other funds in the samesector.

One must note that a high-rating alone is not sufficient basis for investmentdecisions and is intended to be used as a first step in the fund evaluationprocess.