Disclosure requirements pursuant to the Investment Recommendation Regulation § 2-5 (4)

The following table shows quarterly statistics on the overall ratio of Fearnley Fonds' recommendations of equities, including a split with respect to issuers where Fearnley Fonds has provided investment banking services the last 12 months.

Rating distribution				Investment banking relationship
Buy	Accumulate	Reduce	Sell	Buy	Accumulate	Reduce	Sell
68%	16%	8%	8%	3%	0%	0%	0%