Topic: Closed vs.

Dynamic Reporting
All reports should be run in closed period. There will be the option when running reports to run them in either closed or dynamic. Dynamic will change both
opening and closing figures on all reports and if reconciling or reviewing cash will make it more difficult to see the effect for example of late trades or
accounting related transactions booked after the period has been closed. Closed on the other hand will keep the closing figures from when the accounting
period was closed for the previous valuation period and anything back posted will be reflected as an amendment , deletion etc in the present period and will be
reflected on trial balance as same.

All reports for internal review should be run with addendum pages at short. These addendum pages will list such things as securities not priced and over/under
sold positions plus any other errors or items that should be noted when the fund is being reviewed. If reports are being sent to clients these addendum pages
should be set to none.

For Internal Use Only Business Transformation Unit - EMEA March 2010