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Collecting Volume and Turnover Data

Assets Under Management (Portfolio Holding) and Volume information requires extra attention to
capture it accurately.

For long-term fixed income products, all Research Partners will be asked to provide assets under management
and trading volume.

If Research Partners are unable to provide trading volume information, they will be asked for annual turnover.

For short-term products, average maturity is collected instead of annual turnover.

For all products (except Interest Rate Derivatives), you can identify whether an RP trades a product (and is,
therefore, eligible to be interviewed for a product) in the AUM, Volume, or Turnover questions.

It is crucial that the RP allocates their quantitative information based on Greenwich Associates' definition of
each product. This requires carefully reviewing the product definitions with the RP.

Please check the reported volumes against the guidelines within each questionnaire. If the reported volume is
greater than 90% of the responses we typically receive for a product, you will be asked to verify that the
number is correct and ask the Research Partner to comment on any reasons why the volume is so high.

Turnover Ratios

It is important that you understand how to calculate these turnover ratios. See the following examples:

· If an RP says his AUM= 100 million but the volume per year is only 50 million that indicates
that his turnover ratio is 50%. (Volume/AUM) x 100

· If an RP turns his portfolio over 3 times a year his annual turnover is 300%, 4 times a year is
400%, etc.

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