Renaissance Renasset Select Funds Plc (Formerly Griffin Umbrella Fund Plc) Is an Umbrella Fund with Segregated Liability Between Sub-Funds

Renaissance Renasset Select Funds plc (formerly Griffin Umbrella Fund plc) is an umbrella fund with segregated liability between sub-funds

Open-ended umbrella investment company with variable capital listed on the Irish Stock Exchange

RENAISSANCE EASTERN EUROPEAN FUND RENAISSANCE EASTERN EUROPEAN ALLOCATION FUND GRIFFIN EUROPEAN OPPORTUNITIES FUND RENAISSANCE OTTOMAN FUND

Annual Report and Audited Financial Statements for the year ended 30 September 2012

Registration Number: 282792

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

Contents

General Information………………………………………………………………………………………………………………………… 1

Report of the Directors……………………………………………………………………………………………………………………… 4

Report of the Investment Manager………………………………………………………………………………………………………… 9

Custodian’s Report……………………………………………………………………………………………………………………………13

Report of Independent Auditor………………………………………………………………………………………………………………14

Balance Sheet…………………………………………………………………………………………………………………………………16

Comparative Balance Sheet…………………………………………………………………………………………………………………17

Income Statement……………………………………………………………………………………………………………………………18

Comparative Income Statement…………………………………………………………………………………………………………… 19

Statement of Changes in Net Assets Attributable to the Holders of Redeemable Shares………………………………………… 20

Comparative Statement of Changes in Net Assets Attributable to the Holders of Redeemable Shares………………………… 21

Statement of Cash Flows……………………………………………………………………………………………………………………22

Comparative Statement of Cash Flows……………………………………………………………………………………………………23

Notes to the Financial Statements………………………………………………………………………………………………………… 24

Portfolio Statements………………………………………………………………………………………………………………………… 65

Unaudited Significant Portfolio Changes………………………………………………………………………………………………… 81

Financial Information (unaudited)………………………………………………………………………………………………………… 85

Other Information…………………………………………………………………………………………………………………………… 87

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

General Information

Directors Adrian Harris (United Kingdom) (appointed on 22 December 2011) Andrew Edwards (United Kingdom) (appointed on 31 August 2012) Blake Klein (United States of America) (appointed on 22 December 2011) Gerard Kelleher (Irish) (resigned on 22 December 2011) Hugh Ward * (Irish) John Walley * (Irish) Martin Pelley (United Kingdom) (appointed on 22 December 2011 and resigned on 31 August 2012) Reto Simonett (Switzerland) (resigned on 22 December 2011)

* Directors independent of the Investment Manager.

Registered Office Riverside Two Sir John Rogerson’s Quay Grand Canal Dock Dublin 2 Ireland

Secretary Corporate Compliance & Secretarial Services Limited 8 Cloister Green Blackrock Dublin Ireland

Investment Manager** Griffin Capital Management Limited 2nd floor Montarik House 1-3 Bedlam Court PO Box 608 GX11 1AA Gibraltar

** Griffin Capital Management Limited is acting as Investment Manager of Griffin European Opportunities Fund and as the Distributor for Griffin European Opportunities Fund and Renaissance Eastern European Fund Class A Shares.

Investment Manager*** Renaissance Asset Managers (Guernsey) Limited Block F Hirzel Court St Peter Port Guernsey GY1 2NH

*** Renaissance Asset Managers (Guernsey) Limited was appointed to act as Investment Manager of Renaissance Eastern European Fund on 22 December 2011, Renaissance Eastern European Allocation Fund and Renaissance Ottoman Fund on 26 January 2012.

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

General Information (continued)

Independent Auditor Deloitte & Touche Earlsfort Terrace Dublin 2 Ireland

Custodian BNY Mellon Trust Company (Ireland) Limited Guild House Guild Street IFSC Dublin 1 Ireland

Administrator and Registrar BNY Mellon Investment Servicing (International) Limited Riverside Two Sir John Rogerson’s Quay Grand Canal Dock Dublin 2 Ireland

Investment Advisor Up to 22 December 2011 Griffin Capital Management (UK) Limited 49 Berkeley Square London W1J 5AZ United Kingdom

From 22 December 2011 Renaissance Asset Managers (UK) Limited One Angel Court Copthall Avenue London EC2R 7HJ United Kingdom

Swiss Representative First Independent Fund Services Limited Klausstrasse 33 8008 Zurich Switzerland

Paying Agent NPB New Private Bank Ltd in Switzerland Limmatquai 1 8022 Zurich Switzerland

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

General Information (continued)

Paying Agent in Germany BHF-Bank AG Bockenheimer Landstrasse 10 60323 Frankfurt am Main Germany in Austria Erste Bank der Oesterreichischen Sparkassen AG Graben 21 A-1010 Vienna Austria

Legal Advisors A&L Goodbody in Ireland IFSC North Wall Quay Dublin 1 Ireland

Legal Advisors Freshfields Bruckhaus Deringer LLP in Germany Park Tower Bockenheimer Anlage 44 60323 Frankfurt am Main Germany

Sponsoring Stockbroker Davy Stockbrokers Davy House 49 Dawson Street Dublin 2 Ireland

Transfer Agent BNY Mellon Investment Servicing (International) Limited Rochestown Drinagh Wexford Ireland

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

Report of the Directors For the year ended 30 September 2012

The Directors of Renasset Select Funds plc (the “Company”) (formerly Griffin Umbrella Fund plc) present herewith their Annual Report and audited financial statements for the year ended 30 September 2012.

Statement of Directors’ Responsibilities The Directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable Irish Company law and International Financial Reporting Standards.

Irish company law requires the Directors to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing those financial statements, the Directors are required to:

 select suitable accounting policies and then apply them consistently;

 make judgements and estimates that are reasonable and prudent; and

 prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Directors confirm that they have complied with the above requirements in preparing the financial statements.

The Directors are responsible for keeping proper books of account which disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”) and comply with Irish Statute comprising the Companies Acts, 1963 to 2012 and with the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 and the Listing Rules of the Irish Stock Exchange. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Books of Account The Directors believe that they have complied with the requirements of section 202 of the Companies Act, 1990 with regard to the obligation to keep proper books of account by employing personnel with appropriate expertise. The books of the Company are located at BNY Mellon Investment Servicing (International) Limited, Riverside Two, Sir John Rogerson’s Quay, Grand Canal Dock, Dublin 2.

Risk Management Objectives and Policies The principal risks and uncertainties faced by the Company are disclosed in Note 10 of the financial statements.

Important Events during the Year As of 22 December 2011 Griffin Eastern European Fund changed its name to Renaissance Eastern European Fund and as of 26 January 2012 Griffin Eastern European Value Fund and Griffin Ottoman Fund changed their names to Renaissance Eastern European Allocation Fund and Renaissance Ottoman Fund respectively.

As of 22 December 2011 Renaissance Assets Managers (Guernsey) Limited were appointed to act as Investment Manager for Renaissance Eastern European Fund and as of 26 January 2012 they were also appointed to act as Investment Manager for Renaissance Eastern European Allocation Fund and Renaissance Ottoman Fund.

The Company issued a new prospectus in January 2012. The key changes to the prospectus were the appointment of Renaissance Asset Managers (Guernsey) Limited to act as Investment Manager for Renaissance Eastern European Fund, Renaissance Eastern European Allocation Fund and Renaissance Ottoman Fund and the launch of the new share classes. Renaissance Eastern European Fund Class AA EUR shares, Class AA GBP shares, Class AA USD shares, Class C EUR shares, Class C GBP shares and Renaissance Ottoman Fund Class AA USD shares were all created on 5 March 2012. Renaissance Eastern European Fund Class C USD shares were created on 20 January 2012. Renaissance Ottoman Fund Class C USD shares were created on 6 June 2012.

Effective 31 August 2012, by a special resolution of the Company and with the approval of the Registrar of Companies, Griffin Umbrella Fund plc changed its name, the Company is now incorporated as a limited company under the name Renasset Select Funds plc.

The Company issued another new prospectus in September 2012. The key changes to the prospectus were the name change of the Company and the launch of the new share classes. Renaissance Ottoman Fund Class C EUR shares were created on 6 June 2012.

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

Report of the Directors For the year ended 30 September 2012 (continued)

Review of the Business and Future Developments A detailed review of the Company’s activities for the year ended 30 September 2012 is included in the Report of the Investment Manager on pages 9 to 12.

Directors The Directors of the Company are stated on page 1. On 22 December 2011 both Gerard Kelleher and Reto Simonett resigned as Directors and were replaced by Adrian Harris and Blake Klein. Martin Pelley was appointed on 22 December 2011 and resigned on 31 August 2012. Andrew Edwards was appointed on 31 August 2012.

Directors’ and Secretary’s Interests in Shares of the Company Other than as stated below, no Director had, at any time during the year or at the end of the year, a material interest in any contracts or agreements of any significance in relation to the business of the Company, as defined in the Companies Act, 1990.

Griffin Capital Management Limited (Gibraltar), the Investment Manager of Griffin European Opportunities Fund holds 20,000 (2011: 20,000) redeemable Class B Shares in Griffin European Opportunities Fund and 10,000 (2011: 10,000) redeemable Class B Shares in Renaissance Eastern European Fund. Renaissance Asset Managers (Guernsey) Limited, the Investment Manager owns all of the Class AA EUR shares, Class AA GBP shares, Class AA USD shares, Class C EUR shares, Class C GBP shares and Class C USD shares in Renaissance Eastern European Fund, 100.78 (2011: Nil) Class A Shares in Renaissance Eastern European Allocation Fund, 359.27 (2011: Nil) Class A Shares and all of the Class AA USD and Class C USD shares in Renaissance Ottoman Fund.

Revenue The results of operations for the year are set out in the Income Statement on page 18.

Dividends The Directors do not intend to distribute dividends to Shareholders.

Independent auditor The independent auditor, Deloitte & Touche, have indicated their willingness to continue in office in accordance with section 160(2) of the Companies Act, 1963.

Events since Year-End The Company issued another new prospectus on 21 November 2012. The key changes to the prospectus were the official regulatory approval of the Renasset Russian Ruble Bond Fund and the Renasset Turkey Fund which are due to launch in quarter one of 2013. Also all sub-funds will no longer have the Renaissance brand but will be instead named Renasset.

Corporate Governance Statement

The Company is subject to and complies with Irish Statute comprising the Companies Acts, 1963 to 2012 and with the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 and the Listing Rules of the Irish Stock Exchange. The Company does not apply additional requirements in addition to those required by the above. Each of the service providers engaged by the Company are subject to their own corporate governance requirements.

Financial Reporting Process - description of main features The Board of Directors (“the Board”) is responsible for establishing and maintaining adequate internal control and risk management systems of the Company in relation to the financial reporting process. Such systems are designed to manage rather than eliminate the risk of failure to achieve the Company’s financial reporting objectives and can only provide reasonable and not absolute assurance against material misstatement or loss.

The Board has established processes regarding internal control and risk management systems to ensure its effective oversight of the financial reporting process. These include appointing the Administrator, BNY Mellon Investment Servicing (International) Limited, to maintain the accounting records of the Company independently of the Investment Manager and the Custodian. The Administrator is contractually obliged to maintain proper books and records as required by the Administration Agreement. The Administrator is also contractually obliged to prepare for review and approval by the Board the Annual Report including financial statements intended to give a true and fair view and the half yearly financial statements.

The Board evaluates and discusses significant accounting and reporting issues as the need arises. From time to time the Board also examines and evaluates the Administrator’s financial accounting and reporting routines and monitors and evaluates the external auditors’ performance, qualifications and independence. The Administrator has operating responsibility for internal control in relation to the financial reporting process and the Administrator’s report to the Board.

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

Report of the Directors For the year ended 30 September 2012 (continued)

Corporate Governance Statement (continued)

Risk Assessment The Board is responsible for assessing the risk of irregularities whether caused by fraud or error in financial reporting and ensuring the processes are in place for the timely identification of internal and external matters with a potential effect on financial reporting. The Board has also put in place processes to identify changes in accounting rules and recommendations and to ensure that these changes are accurately reflected in the Company’s financial statements.

Control Activities The Administrator is contractually obliged to design and maintain control structures to manage the risks which the Board judges to be significant for internal control over financial reporting. These control structures include appropriate division of responsibilities and specific control activities aimed at detecting or preventing the risk of significant deficiencies in financial reporting for every significant account in the financial statements and the related notes in the Company’s annual report. Examples of control activities exercised by the Administrator include approval of transactions, analytical procedures, reconciliations and automatic controls in IT systems. Prices for investments that are not available from external independent sources are subject to Directors’ review and approval.

Information and communication The Company’s policies and the Board’s instructions with relevance for financial reporting are updated and communicated via appropriate channels, such as e-mail, correspondence and meetings to ensure that all financial reporting information requirements are met in a complete and accurate manner.

Monitoring The Board receives regular presentations and reviews reports from the Custodian, Investment Manager and Administrator. The Board also has an annual process to ensure that appropriate measures are taken to consider and address the shortcomings identified and measures recommended by the independent auditors.

Given the contractual obligations on the Administrator, the Board has concluded that there is currently no need for the Company to have a separate internal audit function in order for the Board to perform effective monitoring and oversight of the internal control and risk management systems of the Company in relation to the financial reporting process.

Capital structure No person has a significant direct or indirect holding of securities in the Company. No person has any special rights of control over the Company’s share capital.

There are no restrictions on voting rights.

With regard to the appointment and replacement of Directors, the Company is governed by its Articles of Association, Irish Statute comprising the Companies Acts, 1963 to 2012, the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 and the Listing Rules of the Irish Stock Exchange as applicable to investment funds. The Articles of Association themselves may be amended by special resolution of the Shareholders.

Powers of the directors The Board is responsible for managing the business affairs of the Company in accordance with the Articles of Association. The Directors may delegate certain functions to the Administrator and other parties, subject to the supervision and direction by the Directors. The Directors have delegated the day to day administration of the Company to the Administrator and the investment management and distribution functions to the Investment Manager. Consequently none of the Directors is an executive director.

The Articles of Association provide that the Directors may exercise all the powers of the Company to borrow money, to mortgage or charge its undertaking, property or any part thereof and may delegate these powers to the Investment Manager.

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

Report of the Directors For the year ended 30 September 2012 (continued)

Corporate Governance Statement (continued)

Powers of the Directors (continued) The Directors may, with the consent of the Custodian, at any time and from time to time temporarily suspend the calculation of the NAV of a particular sub-fund and the issue, repurchase and conversion of Shares in any of the following instances:-

(a) during any period (other than ordinary holiday or customary weekend closings) when any market or Recognised Exchange is closed and which is the main market or Recognised Exchange for a significant part of investments of the relevant sub-fund, or in which trading thereon is restricted or suspended;

(b) during any period when an emergency exists as a result of which disposal by the Company of investments which constitute a substantial portion of the assets of the relevant class is not practically feasible; or it is not possible to transfer monies involved in the acquisition or disposition of investments at normal rates of exchange; or it is not practically feasible for the Directors or their delegate to fairly determine the value of any assets of the relevant sub-fund;

(c) during any breakdown in the means of communication normally employed in determining the price of any of the investments of the relevant sub-fund or of current prices on any market or Recognised Exchange;

(d) when for any reason the prices of any investments of the relevant class cannot be reasonably, promptly or accurately ascertained; or

(e) during any period when remittance of monies which will or may be involved in the realisation of or in the payment for any of the investments of the relevant class cannot, in the opinion of the Directors, be carried out at normal rates of exchange.

(f) upon mutual agreement between the Company and the Custodian for the purpose of winding up the Company or terminating any sub-fund; or

(g) if any other reason makes it impossible or impracticable to determine the value of a substantial portion of the investments of the Company or any sub-fund.

Notice of any such suspension and notice of the termination of any such suspension shall be given immediately to the Central Bank of Ireland and to The Irish Stock Exchange and shall be notified to Shareholders if in the opinion of the Directors it is likely to exceed fourteen (14) days and will be notified to applicants for Shares or to Shareholders requesting the repurchase of Shares at the time of application or filing of the written request for such repurchase. Where possible, all reasonable steps will be taken to bring any period of suspension to an end as soon as possible.

Registered Shares may be transferred by instrument in writing. The instrument of transfer must be accompanied by a certificate from the transferee that it is not acquiring such Shares on behalf of or for the benefit of a US Person. In the case of the death of one of the joint Shareholders, the survivor or survivors will be the only person or persons recognised by the Administrator as having any title to or interest in the Shares registered in the names of such joint Shareholders. The Directors may decline to register a transfer if they are aware or reasonably believe the transfer would result in the beneficial ownership of Shares by a person in contravention of any restrictions on ownership imposed by the Directors or might result in legal, regulatory, pecuniary, taxation or material administrative disadvantage to the relevant sub-fund or Shareholders generally.

Shareholder meetings The Annual General Meeting of the Company will usually be held in Dublin, normally during the month of February or such other date as the Directors may determine. Notice convening the Annual General Meeting in each year at which the audited financial statements of the Company will be presented (together with the Directors' and Auditor’s Reports of the Company) will be sent to Shareholders at their registered addresses not less than 21 clear days before the date fixed for the meeting. Other general meetings may be convened from time to time by the Directors in such manner as provided by Irish law.

Each of the Shares entitles the holder to attend and vote at meetings of the Company and of the sub-fund represented by those Shares. Matters may be determined by a meeting of Shareholders on a show of hands unless a poll is requested by 2 Shareholders or by Shareholders holding 10% or more of the Shares or unless the chairman of the meeting requests a poll. Each Shareholder has one vote on a show of hands. Each Share gives the holder one vote in relation to any matters relating to the Company which are submitted to Shareholders for a vote by poll.

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

Report of the Directors For the year ended 30 September 2012 (continued)

Corporate Governance Statement (continued)

Shareholder meetings (continued) No class of Shares confers on the holder thereof any preferential or pre-emptive rights or any rights to participate in the profits and dividends of any other Share Class or any voting rights in relation to matters relating solely to any other Share Class.

Any resolution to alter the class rights of the Shares requires the approval of three quarters of the holders of the Shares represented or present and voting at a general meeting of the class. The quorum for any general meeting of the class convened to consider any alteration to the class rights of the Shares shall be such number of Shareholders being two or more persons whose holdings comprise one third of the Shares.

Each of the Shares other than subscriber shares entitles the Shareholder to participate equally on a pro-rata basis in the dividends and net assets of the Company in respect of which the Shares have been issued, save in the case of dividends declared prior to becoming a Shareholder.

Management Shares entitle the Shareholders holding them to attend and vote at all general meetings of the Company but do not entitle the holders to participate in the dividends or net assets of the Company.

Composition and operation of board and committees There are five Directors currently, all of whom are non-executive directors and two of whom are independent of the Investment Manager as required by the Irish Stock Exchange Listing Rules for investment funds. None of the Directors has entered into an employment or service contract with the Company. The Articles of Association do not provide for retirement of Directors by rotation. However, the Directors may be removed by the Shareholders by ordinary resolution in accordance with the procedures established under the Irish Companies Acts, 1963 to 2012. The Board of Directors meets at least quarterly. There are no sub- committees of the Board of Directors.

On behalf of the Board

John Walley

Director

Hugh Ward

Director

13 December 2012

Report of the Investment Manager For the year ended 30 September 2012

Renaissance Eastern European Fund

Eastern European equity markets showed strong yet highly volatile performance over the reporting period. The fund rose 8.2% in the 12 months to 30 September, compared with a 23.1% gain of the MSCI EM Europe 10/40. Strong central bank action increased market volatility as monetary authorities unveiled unprecedented measures to stimulate growth. Towards the end of last year, the European Central Bank (ECB) launched a programme to provide secure funding to troubled banks in the region, easing concerns about the strength of the European financial system. This was followed by further initiatives from the ECB and the US Federal Reserve around midyear 2012. Particularly, the pledge of ECB chief Mario Draghi to do “whatever it takes” to save euro had a positive impact on the markets.

While the major drivers for the region remained external and concentrated around the Eurozone, the US and China, stock picking and differentiation also affected returns. In Russia, poor performance was driven primarily by weakening Chinese macro readings and uninspiring commodity prices. Particularly, materials and steel were hit hard, given the ailing state of the global economy. The US ‘shale gas revolution’ - which will allow the country to produce cheaper energy - added to Russia´s woes, as the country is a leading gas exporter.

A number of stock specific investments in the first part of the year also dented results. Two Polish midcap stocks operating in construction and real estate (PBG and GTC) failed to deliver, even against already low expectations. As a result, they were forced to seek additional funds via rights issues that weighted heavily on their stock price. In the case of GTC, we held discussions with top management and carried out a detailed analysis of the firm, concluding that the worst was over and that the valuation offered substantial upside. This proved to be correct as the stock recovered in the second part of the year. Earlier in the period, Russia´s Magnit and BIM of Turkey, both operating in the consumer staples sector, continued their outperformance despite their rich valuations. The Fund suffered by not owning them.

Overall, exposure to regional small/mid caps was a positive. Earlier in the year, we succeeded in picking KMG of Kazakhstan, as it offered deep value with a strong and sustainable dividend stream. We also bought Uranium One as a turnaround story following the sell-off triggered by the Japanese earthquake in June and the strong anti-nuclear sentiment that developed after the tragedy.

In Turkey, we also saw recoveries in Reysas (logistics), Boyner (retail), Torunlar (real estate) and Akenerji (energy) – whose share prices fell in 2011 on concerns about the funding gap in the Turkish economy. In 2012, and as the world´s biggest central banks injected billions of dollars of liquidity in the system, investors started to focus more on the low multiples and the exciting growth prospects of the aforementioned entities. We also generated profits in Eurocash of Poland (food retail), Kozaa of Turkey (mining), and most recently in Turkish Airlines, as a well-timed antidote to soft oil prices.

Turkey performed well, overall. Lower gas prices had a positive effect on the country, given its dependence on commodity imports. Turkey has also been a prime beneficiary of ample global liquidity and an increasing appetite for higher risk/return assets. The country´s healthy financial system and steady economic expansion have also provided strong foundation for this outperformance.

The Fund remains underweight in energy blue chip stocks, particularly in the Russian gas sector, as a substantial investment programme and a large discrepancy between Russian and US gas prices pose some fundamental economic questions. Also in central Europe, energy is among the Fund managers´ least preferred sectors, given the substantial investment requirements of Polish power generators and an oversupply in the refining industry.

We are positive on major, liquid real estate businesses as exceptional monetary conditions in the West, combined with a hunt for yield, create favourable conditions for top commercial properties in the region. The companies have also rebuilt their balance sheets and reduced debt levels. Their valuations remain attractive.

We continue to favour businesses growing and generating cash, with conservative balance sheets and management focus on shareholders’ value maximization. In our view, return on equity should consistently outpace cost of capital – a situation that we often find outside the blue chip space.

Report of the Investment Manager For the year ended 30 September 2012 (continued)

Renaissance Eastern European Allocation Fund

The period under review has continued to be volatile with events dominated by the eurozone debt crisis and policy actions to rectify funding problems. Regionally the most significant event was the Russian election which resulted in the return of Vladimir Putin to the Presidency. Market returns have bifurcated with the Russian market remaining weak after an early 2012 rally, whilst Turkey has recovered much of last year’s losses in euro terms. Over the period under review the fund returned 2.75%.

The relative proximity of the eurozone has continued to make it a dominant element in the investment climate of the East European region. Elevated levels of uncertainty early in the period surrounding sovereign funding and combined with domestic unrest in the run-up to the Russian presidential election resulted in markets closing 2011 near the year low. It was not until the positive effects of the European Central Bank (ECB) interest rate cut and long-term financing facilities for banks, that a more positive feedback loop was established. Early in 2012 this was reflected in equity and other risk assets making a dramatic rally. This was reversed in the second quarter as the solvency of Spain and Italy again came to the fore, and was coincidental with significant political turbulence from the French Presidential and Greek elections which required a second poll in June following failed attempts to form a coalition. Volatility reached a peak in June at which point the ECB president committed to further liquidity measures, conditional on further fiscal and legislative reforms to alleviate short-term funding of sovereign nations. Through the latter part of the summer, markets remained buoyed by the prospects of further stimulative measures from the US Federal Reserve which subsequently announced in early September an unlimited programme of quantitative easing.

At the regional level the benchmark index recorded a low early in the period, as high oil prices helped the Russian market stay resilient to these exogenous shocks. As the period progressed however, the broadening slowdown in China kept many commodity prices under pressure. This was seen to benefit countries such as Turkey and their efforts to contain the current account deficit. Interest rates declined through the year and the positive implications were reflected in a strong equity market. Russia, being the reciprocal, was disadvantaged and many commodity-related companies remained weak through much of the year.

Throughout the period the fund manager has maintained a highly defensive stance with the net exposure to equities at the lower end of the historic range. Early in 2012 equity exposure was increased but not sufficiently to take full advantage of the strong market as the fund manager did not believe it represented the start of a significant new positive cycle. Within the four sub strategies in the portfolio the fund manager’s strategy has been as follows:

The focus in the main Value portfolio has been on equities that had dislocated from historic valuation means, but did not show a deterioration of the underlying business. The fund manager was also attracted to the broadening universe of companies that were generating superior returns on invested capital, with strong balance sheets and paying out meaningful dividends. This is increasingly the core metric used for determining the long and short universe for the fund. There has also been an increased effort to geographically diversify the fund away from the two dominant markets of Russia and Turkey. This has lead to profitable positions in countries bordering the core investment universe.

Within the Alpha portfolio the fund manager has sought to increase the use of market neutral strategies through pair trades on highly correlated assets, and to take advantage of some of the positive changes in the Russian market infrastructure. This will result in spreads between local listings and the internationally listed Global Depository Receipts (GDRs) reducing from elevated levels and should provide attractive returns on a market neutral basis.

In the Yield portfolio the fund manager took advantage of market weakness in late 2011 and added exposure to short dated corporate bonds which will be held to maturity. Longer dated and higher yielding corporate bonds were also added periodically through the year, as well as non-CIS corporate bonds which have previously been under-represented. This included Turkish corporate bonds ahead of the expected sovereign debt rating upgrade of Turkey to investment grade. Towards the end of the period however, both yields and spreads contracted to what the fund manager believed to be unsustainable levels. As a result the fund has started to reduce exposure to credits that offer limited tangible spread compression. Corporate balance sheets in the region continue to be strong relative to previous cycles and so the fund manager will buy back higher yielding bonds on any market weakness, as the fund manager does not see any material interest rate risk in the foreseeable future.

The Hedge portfolio continues to mitigate significant exogenous risk factors through the use of futures, options and credit default swaps. The fund manager also continues to maintain a very high level of liquidity within the Fund. The Fund will continue to be focused on high conviction bottom-up long and short positions. The net exposure will remain at the lower end of the historic range, but gross exposure will further increase as the fund manager sees continued bifurcation between good quality companies that continue to generate cash returns which can potentially be reinvested in the company or returned to shareholders, and those that do not.

Report of the Investment Manager For the year ended 30 September 2012 (continued)

Renaissance Ottoman Fund

The Fund’s Net Asset Value per share increased by 17.1% in euro terms during the period under review. In a global context, focus somewhat shifted from the U.S. to Europe in 2012 with countries like Greece, Italy, Spain and Portugal making the major headlines. Compared to these, most major Emerging European countries were in good economic shape with low indebtedness and good growth projected for the region in 2012.

Turkish equities were among the best performing asset in emerging markets during the first three quarters of 2012 after being among the worst performing markets during the calendar year of 2011. Investors may recall that Turkish Lira depreciated in 2011 in light of the increased current account deficit in the country. Macroeconomic data improved with a decline in the current account deficit and declining inflation. Anticipating this downward trend in inflation, thus bond yields, the Fund Manager was well positioned in selected Turkish banks at the beginning of the year due to their attractive valuation and when consensus was calling for their expensiveness. The Fund’s Turkish banks including Vakifbank, Isbank, Halkbank and Sekerbank were among the best performing banking stocks in Turkey as well as in the region during the first three quarters of 2012. In light of their strong performance the Fund Manager locked in gains in Isbank and Halkbank as he believed valuation was exhausted in these names. After a relatively long period the Fund Manager decided to buy Akbank shares again as Citi was forced to halve its share in Akbank at a discount, which made the valuation compelling. Having called the Turkish banks early in 2012, the Fund Manager was reduced or sold a number of the Fund’s Turkish positions by September 2012 as they reached or overshot the Manager’s price targets.

The Fund Manager decided to increase the holding in Turkish refiner, Tupras, gradually in the summer months of 2012 as he believed the situation with regards to Iranian Crude was over-exaggerated by the market. At the same time, the company’s increasing debt pile is a result of its ongoing US$ 2.8 billion residuum upgrade project which should be completed by 2015. The Fund Manager understands that this is primarily financed by long-term project finance with maturities of seven to 12 years and with grace periods of three to four years. Thus, there should not be any disruption to the company’s dividend policy. Tupras became the Fund’s top position by the end of September 2012.

The Fund Manager remained highly selective in Russia. Rosneft was divested in the spring due to relative strong performance and limited upside potential. Sberbank remained a core holding of the Fund, though it was reduced in August in anticipation of the sale of the government’s almost 8% stake in the bank. Sistema was included in the Fund in early 2012 as its discount to net asset value widened to an attractive 40%. The Fund Manager decided to sell and lock in profits in late summer on the back of strong share price performance.

In GCC, the Fund’s exposure was limited to a number of high quality companies that the Fund Manager preferred for a long period of time including First Gulf Bank and Union National Bank. Long-term holding, Mobily, was divested based on strong stock performance as it reached the Manager’s price target. A new addition was DP World. After years of organic and inorganic growth, the company seems to be turning around and focusing on profitability, which should eventually yield in much higher cash earnings.

In Central Europe, Erste Bank was bought in the summer months on the belief that it should benefit from improvements in the Eurozone and it was trading at some 0.7 time of its book value at the time of purchase based on our projected numbers. Telefonica Czech Republic performed satisfactorily and the Fund Manager cashed in to deploy capital in more attractive stocks. OTP and MOL were sold early on as the Fund Manager had issues with the fundamentals of both companies. On the other hand Gedeon Richter was bought as the Fund Manager believes that the company will be back on the growth path with improved profitability from new product introductions.

Turkish equities accounted for the majority of Net Asset Value at the end of September 2012, although this decreased compared to the beginning of 2012 on the back of locking in profits in a number of positions that reached the Fund Manager’s price targets. However, the Fund Manager still believes that the most attractively valued opportunities are offered in Turkey at present. In addition, the country is expected to be upgraded to investment grade in the near term which the Fund Manager believes is well deserved. Investment grade should help Turkey attract more long-term funds going forward which should further improve current account deficit worries in Turkey.

Renaissance Asset Managers (Guernsey) Limited 7 November 2012

Report of the Investment Manager For the year ended 30 September 2012 (continued)

Griffin European Opportunities Fund

The reporting period saw a gain of 3.78% in Class A shares and 3.53% in Class B shares.

The year under review was marked with sharp spikes and falls in the market and sustained periods where markets reacted contrary to the news. The entire reporting period was first characterised by discussions about the Eurozone sovereign debt crisis and later on about corporate earnings.

October was a bleak month in news terms with global banks reporting weak earnings and announcing plans to significantly reduce their workforce through 2012. MF Global went bust as a result of proprietary trades gone wrong - this was the largest bankruptcy filing by a securities firm since Lehman Brothers in 2008. Despite all this bad news the markets actually rallied.

Both November and December saw mid-month falls and a ramp up in the last few days of each month which took the performance past the respective month’s opening point. Again this market action was contrary to the news as the Eurozone crisis was in full swing with European leaders continuing to haggle over potential solutions. Italy and Greece saw their prime ministers step down and replaced by technocrats.

With the fundamentals showing a generally negative outlook for the start of 2012, the portfolio had been positioned for a downward market trend by removing smaller names and replacing them with larger blue chip stocks. During January, February and March the portfolio underperformed due to a sell-off of defensive stocks during the market rally. As far as we can see, it was the first time that this happened over an extended period as we would normally expect these stocks to continue rising in a rally albeit not as quickly as the higher beta stocks. Whilst the rally was taking place, politicians placed great effort in finding a way out of the labyrinth of fiscal problems and finally came up with a debt swap at a deep discount for Greece.

Again conversely it was only after the Greek deal was finalised in mid-March that the markets turned negative and maintained a strong pull back all the way to the second week of June. This allowed the portfolio to outperform in the reporting period’s third quarter with a 0.3% gain against the Eurostoxx which saw a 5.3% loss. Having said that, in the final quarter of the period under review markets again rallied on the possibility of better corporate earnings despite more and more requests for bailout money coming to the ECB and Greece struggling with the impact of austerity measures demanded by its lenders.

The market exposure in Griffin European Opportunities Fund will remain around 35 - 50% until we see some clear indication of sustainable recovery in the fundamentals. The mostly long portfolio continues to focus on quality stocks with a higher dividend yield. The hedged coverage centers around the FTSE 100, Eurostoxx and Dax and a small FX position in Euro/Sterling. With the persisting uncertainty across Europe and a negative outlook for 2012 corporate earnings, we anticipate the portfolio exposure to remain as is in order to protect against large downside moves.

Griffin Capital Management Limited 24 October 2012

Custodian’s Report

Report of the Custodian to the Shareholders

We have enquired into the conduct of Renasset Select Funds plc (the “Company”) for the year ended 30 September 2012, in our capacity as custodian to the Company.

This report including the opinion has been prepared for and solely for the shareholders in the Company, in accordance with the Central Bank of Ireland’s UCITS Notice 4, and for no other purpose. We do not, in giving this opinion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown.

Responsibilities of the Custodian

Our duties and responsibilities are outlined in the Central Bank of Ireland’s UCITS Notice 4. One of those duties is to enquire into the conduct of the Company in each annual Accounting Period and report thereon to the Shareholders.

Our report shall state whether, in our opinion, the Company has been managed in that period in accordance with the provisions of the Company’s Memorandum and Articles of Association and the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (the “Regulations”). It is the overall responsibility of the Company to comply with these provisions. If the Company has not so complied, we as custodian must state why this is the case and outline the steps which we have taken to rectify the situation.

Basis of Custodian Opinion

The custodian conducts such reviews as it, in its reasonable opinion, considers necessary in order to comply with its duties as outlined in UCITS Notice 4 and to ensure that, in all material respects, the Company has been managed (i) in accordance with the limitations imposed on its investment and borrowing powers by the provisions of its constitutional documentation and the appropriate regulations and (ii) otherwise in accordance with the Company’s constitutional documentation and the appropriate regulations.

Opinion

In our opinion, the Company has been managed during the year, in all material respects:

(i) in accordance with the limitations imposed on the investment and borrowing powers of the Company by the Memorandum and Articles of Association and by the Regulations; and

(ii) otherwise in accordance with the provisions of the Memorandum and Articles of Association and the Regulations.

Yours faithfully,

______

For & on behalf of BNY Mellon Trust Company (Ireland) Limited, Guild House, Guild Street, IFSC, Dublin 1, Ireland.

Date: 13 December 2012

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

Report of Independent Auditor TO THE MEMBERS OF RENASSET SELECT FUNDS PLC

We have audited the financial statements of Renasset Select Funds plc (the “Company”) (formerly Griffin Umbrella Fund plc) for the year ended 30 September 2012 which comprise the Balance Sheet, the Income Statement, the Statement of Changes in Net Assets Attributable to the Holders of Redeemable Shares, the Statement of Cash Flows and the related notes 1 to 17. These financial statements have been prepared under the accounting policies set out therein.

This report is made solely to the Company's members, as a body, in accordance with Section 193 of the Companies Act, 1990. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditors’ report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Respective responsibilities of directors and auditors The Directors are responsible for preparing the Annual Report, including as set out in the Statement of Directors’ Responsibilities, the preparation of the financial statements in accordance with applicable law and International Financial Reporting Standards (IFRSs) as adopted by the European Union.

Our responsibility, as independent auditor, is to audit the financial statements in accordance with relevant legal and regulatory requirements and International Standards on Auditing (UK and Ireland).

We report to you our opinion as to whether the financial statements give a true and fair view, in accordance with IFRSs as adopted by the European Union and are properly prepared in accordance with Irish statute comprising the Companies Acts, 1963 to 2012 and the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011. We also report to you whether in our opinion: proper books of account have been kept by the Company; and whether the information given in the Directors' Report is consistent with the financial statements. In addition, we state whether we have obtained all the information and explanations necessary for the purposes of our audit and whether the Company's balance sheet and income statement are in agreement with the books of account.

We also report to you if, in our opinion, any information specified by law or the Listing Rules of the Irish Stock Exchange regarding Directors’ remuneration and Directors’ transactions is not disclosed and, where practicable, include such information in our report.

We read the other information contained in the Annual Report and consider the implications for our report if we become aware of any apparent misstatement or material inconsistencies with the Financial Statements. The other information comprises only the Report of the Directors, the Report of the Investment Manager, the Custodian’s Report, the Portfolio Statements, the Unaudited Significant Portfolio Changes, the Financial Information and the Other Information. Our responsibilities do not extend to other information.

Basis of audit opinion We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the significant estimates and judgements made by the Directors in the preparation of the financial statements and of whether the accounting policies are appropriate to the Company’s circumstances, consistently applied and adequately disclosed.

We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we evaluated the overall adequacy of the presentation of information in the financial statements.

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

Report of Independent Auditor TO THE MEMBERS OF RENASSET SELECT FUNDS PLC (continued)

Opinion In our opinion the financial statements:

 give a true and fair view, in accordance with IFRSs as adopted by the European Union, of the state of the affairs of the Company as at 30 September 2012 and of the profit for the year then ended; and

 have been properly prepared in accordance with the Companies Acts, 1963 to 2012 and the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011.

We have obtained all the information and explanations we considered necessary for the purpose of our audit. In our opinion proper books of account have been kept by the Company. The Company’s balance sheet and its income statement are in agreement with the books of account.

In our opinion the information given in the Directors' Report is consistent with the financial statements.

Michael Hartwell

For and on behalf of Deloitte & Touche

Chartered Accountants and Registered Auditors

Dublin

Date: 13 December 2012

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

Balance Sheet As at 30 September 2012 (in Euros)

Renaissance Renaissance Griffin Eastern Eastern European Renaissance European European Opportunities Ottoman Total Fund Allocation Fund Fund Fund Note€€ €€€

Cash at bank 9 32,968,686 7,277,413 22,032,462 1,150,424 2,508,387 Financial assets at fair value through profit or loss 4 252,379,556 181,984,246 25,551,725 8,414,901 36,428,684 Amounts receivable on sale of investments 3,263,275 60,370 2,637,110 248,538 317,257 Amounts receivable on subscriptions 105,585 102,032 - - 3,553 Other receivables 872,965 778,023 37,909 14,829 42,204 Total assets 289,590,067 190,202,084 50,259,206 9,828,692 39,300,085

Financial liabilities at fair value through profit or loss 4 1,211,328 299,669 572,171 - 339,488 Amounts payable on redemptions 570,080 256,202 - 305,644 8,234 Amounts payable for investments purchased 2,428,497 1,625,218 634,433 - 168,846 Investment Management fees payable 5 816,268 527,189 162,380 12,380 114,319 Custodian fees payable 5 147,028 46,946 27,754 4,213 68,115 Administration fees payable 5 160,221 114,099 14,615 11,713 19,794 Other expenses payable 888,181 562,160 158,284 74,667 93,070 Total liabilities (excluding net assets attributable to holders of redeemable shares) 6,221,603 3,431,483 1,569,637 408,617 811,866

Net assets attributable to holders of redeemable shares 283,368,464 186,770,601 48,689,569 9,420,075 38,488,219

Redeemable shares in issue: 8 - Class A* 372,703.49 124,536.78 57,452.92 304,466.84 - Class AA EUR 200.00 - - - - Class AA GBP 200.00 - - - - Class AA USD 200.00 - - 200.00 - Class B 67,593.42 - 20,109.43 - - Class C EUR 200.00 - - 75,000.00 - Class C GBP 200.00 - - - - Class C USD 200.00 - - 200.00

Net asset value per redeemable share: - Class A* € 482.28 € 390.97 € 129.71 € 123.92 - Class AA EUR € 9.16 - - - - Class AA GBP £8.75 - - - - Class AA USD $8.93 - - $10.20 - Class B € 103.76 - € 97.86 - - Class C EUR € 9.16 - - € 10.08 - Class C GBP £8.75 - - - - Class C USD $10.27 - - $11.80

* Renaissance Eastern European Allocation Fund and Renaissance Ottoman Fund had their shares re-branded as Class A during the year ended 30 September 2012.

The financial statements were approved by the Board of Directors on 13 December 2012 and signed on its behalf by:

John Walley Hugh Ward Director Director Date: 13 December 2012

The accompanying notes form an integral part of the financial statements

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

Comparative Balance Sheet As at 30 September 2011 (in Euros)

Griffin Griffin Griffin Eastern Eastern European Griffin European European Opportunities Ottoman Fund* Value Fund* Fund Fund* 30 September 30 September 30 September 30 September Total 2011 2011 2011 2011 Note€€ €€€

Cash at bank 9 106,087,622 40,309,245 44,279,385 19,650,165 1,848,827 Financial assets at fair value through profit or loss 4 246,599,295 167,101,437 25,408,716 15,119,133 38,970,009 Amounts receivable on sale of investments 13,044,443 5,845,046 3,445,772 3,378,539 375,086 Amounts receivable on subscriptions 2,603 2,603 - - - Other receivables 967,101 588,103 349,482 459 29,057 Total assets 366,701,064 213,846,434 73,483,355 38,148,296 41,222,979

Financial liabilities at fair value through profit or loss 4 2,148,688 1,414,305 92,442 292,061 349,880 Bank overdraft 9 4,969,738 4,937,800 31,938 - - Amounts payable on redemptions 5,773,864 509,848 2,266,135 2,997,145 736 Amounts payable for investments purchased 13,603,732 4,589,885 5,687,273 3,326,574 - Investment Management fees payable 5 508,067 292,753 112,675 44,109 58,530 Custodian fees payable 5 36,468 28,078 3,376 2,601 2,413 Administration fees payable 5 54,549 32,529 9,729 5,957 6,334 Other expenses payable 811,869 410,383 255,935 98,635 46,916 Total liabilities (excluding net assets attributable to holders of redeemable shares) 27,906,975 12,215,581 8,459,503 6,767,082 464,809

Net assets attributable to holders of redeemable shares 338,794,089 201,630,853 65,023,852 31,381,214 40,758,170

Redeemable shares in issue: 8 - Class A 438,765.48 170,893.26 235,905.48 385,312.21 - Class B 63,846.88 - 20,055.51 -

Net asset value per redeemable share: - Class A € 445.58 € 380.49 € 124.99 € 105.78 - Class B € 95.95 - € 94.52 -

* See Note 1 for details of the changes in the sub-fund names.

The accompanying notes form an integral part of the financial statements

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

Income Statement For the year ended 30 September 2012 (in Euros)

Renaissance Renaissance Griffin Eastern Eastern European Renaissance European European Opportunities Ottoman Total Fund Allocation Fund Fund Fund Note€€ €€€

Income Investment income 11,134,472 7,445,350 2,051,974 425,538 1,211,610 Deposit interest 440,169 153,932 147,479 88,996 49,762 Net gain on financial assets and liabilities at fair value through profit or loss 3 20,740,191 14,094,863 1,053,350 1,085,913 4,506,065 Total Investment Income 32,314,832 21,694,145 3,252,803 1,600,447 5,767,437

Expenses Investment Management fees 5 (5,378,058) (3,301,516) (1,124,196) (285,445) (666,901) General expenses (612,574) (351,038) (140,497) (32,278) (88,761) Custodian fees 5 (553,951) (324,204) (74,661) (31,767) (123,319) Administration fees 5 (454,359) (297,301) (60,717) (40,462) (55,879) Directors' fees 5 (68,170) (42,317) (12,797) (5,207) (7,849) Auditor fees 5 (56,748) (13,956) (15,649) (12,543) (14,600) Transaction costs 5 (42,186) (36,174) (436) (2,337) (3,239) Total Operating Expenses (7,166,046) (4,366,506) (1,428,953) (410,039) (960,548)

Operating gain 25,148,786 17,327,639 1,823,850 1,190,408 4,806,889

Finance costs Interest expense (276,419) (63,911) (165,888) (18,441) (28,179)

Net gain from operations after finance costs 24,872,367 17,263,728 1,657,962 1,171,967 4,778,710 Non-recoverable withholding tax (1,494,070) (1,254,010) (69,226) (16,204) (154,630)

Increase in net assets attributable to holders of redeemable shares from operations 23,378,297 16,009,718 1,588,736 1,155,763 4,624,080

The financial statements were approved by the Board of Directors on 13 December 2012 and signed on its behalf by:

John Walley Hugh Ward Director Director

Date: 13 December 2012

The accompanying notes form an integral part of the financial statements

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

Comparative Income Statement For the year ended 30 September 2011 (in Euros)

Griffin Griffin Griffin Eastern Eastern European Griffin European European Opportunities Ottoman Total Fund* Value Fund* Fund Fund* Note € € € € €

Income Investment income 8,248,526 6,277,137 99,221 738,572 1,133,596 Deposit interest 522,478 340,870 110,788 43,911 26,909 Net loss on financial assets and liabilities at fair value through profit or loss 3 (55,335,226) (41,850,189) (4,574,233) (1,855,512) (7,055,292) Total Investment Loss (46,564,222) (35,232,182) (4,364,224) (1,073,029) (5,894,787)

Expenses Investment Management fees 5 (7,751,405) (4,546,817) (1,597,973) (760,165) (846,450) Administration fees 5 (816,369) (474,974) (138,690) (104,355) (98,350) Custodian fees 5 (569,460) (387,070) (79,408) (43,245) (59,737) General expenses (771,587) (475,085) (114,500) (122,367) (59,635) Directors' fees 5 (98,574) (57,868) (16,940) (13,319) (10,447) Auditor fees 5 (62,842) (15,710) (15,710) (15,711) (15,711) Total Operating Expenses (10,070,237) (5,957,524) (1,963,221) (1,059,162) (1,090,330)

Operating loss (56,634,459) (41,189,706) (6,327,445) (2,132,191) (6,985,117)

Finance costs Interest expense (176,867) (44,866) (31,795) (87,053) (13,153)

Net loss from operations after finance costs (56,811,326) (41,234,572) (6,359,240) (2,219,244) (6,998,270) Non-recoverable withholding tax (1,368,534) (1,072,407) (99,499) (45,266) (151,362)

Decrease in net assets attributable to holders of redeemable shares from operations (58,179,860) (42,306,979) (6,458,739) (2,264,510) (7,149,632)

* See Note 1 for details of the changes in the sub-fund names.

The accompanying notes form an integral part of the financial statements

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

Statement of Changes in Net Assets Attributable to the Holders of Redeemable Shares For the year ended 30 September 2012 (in Euros)

Renaissance Renaissance Griffin Eastern Eastern European Renaissance European European Opportunities Ottoman Total Fund Allocation Fund Fund Fund Note € € € € €

Net assets attributable to holders of redeemable shares - beginning of the year 338,794,089 201,630,853 65,023,852 31,381,214 40,758,170

Increase in net assets attributable to holders of redeemable shares from operations 23,378,297 16,009,718 1,588,736 1,155,763 4,624,080 Issue of redeemable shares during the year 8 23,481,283 14,495,632 51,243 461,185 8,473,223 Redemption of redeemable shares during the year 8 (102,285,205) (45,365,602) (17,974,262) (23,578,087) (15,367,254) Net assets attributable to holders of redeemable shares - end of the year 283,368,464 186,770,601 48,689,569 9,420,075 38,488,219

The accompanying notes form an integral part of the financial statements

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

Comparative Statement of Changes in Net Assets Attributable to the Holders of Redeemable Shares For the year ended 30 September 2011 (in Euros)

Griffin Griffin Griffin Eastern Eastern European Griffin European European Opportunities Ottoman Total Fund* Value Fund* Fund Fund* Note € € € € €

Net assets attributable to holders of redeemable shares - beginning of the year 488,892,184 292,445,539 81,260,869 66,036,777 49,148,999

Decrease in net assets attributable to holders of redeemable shares from operations (58,179,860) (42,306,979) (6,458,739) (2,264,510) (7,149,632) Issue of redeemable shares during the year 8 34,675,230 3,793,293 27,514,922 1,015,260 2,351,755 Redemption of redeemable shares during the year 8 (126,593,465) (52,301,000) (37,293,200) (33,406,313) (3,592,952) Net assets attributable to holders of redeemable shares - end of the year 338,794,089 201,630,853 65,023,852 31,381,214 40,758,170

* See Note 1 for details of the changes in the sub-fund names.

The accompanying notes form an integral part of the financial statements

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

Statement of Cash Flows For the year ended 30 September 2012 (in Euros)

Renaissance Renaissance Griffin Eastern Eastern European Renaissance European European Opportunities Ottoman Total Fund Allocation Fund Fund Fund €€ €€€ Cash Flows from Operating Activities Increase in net assets attributable to holders of redeemable shares from operations 23,378,297 16,009,718 1,588,736 1,155,763 4,624,080 Adjustments to reconcile increase in net assets attributable to holders of redeemable shares from operations to net cash provided by/(used in) operating activities: Purchase of investments (1,846,389,044) (1,028,119,094) (461,584,711) (112,379,012) (244,306,227) Proceeds from sale of investments 1,859,017,547 1,029,036,521 458,730,603 119,680,523 251,569,900 Net gain on financial assets and liabilities at fair value through profit or loss (20,740,191) (14,094,863) (1,053,350) (1,085,913) (4,506,065) Other receivables 94,136 (189,920) 311,573 (14,370) (13,147) Management fees payable 308,201 234,436 49,705 (31,729) 55,789 Other expenses 76,312 151,777 (97,651) (23,968) 46,154 Custody fees payable 110,560 18,868 24,378 1,612 65,702 Administration fees payable 105,672 81,570 4,886 5,756 13,460 Net Cash provided by/(used in) Operating Activities 15,961,490 3,129,013 (2,025,831) 7,308,662 7,549,646

Cash Flows from Financing Activities Issue of redeemable units 23,378,301 14,396,203 51,243 461,185 8,469,670 Redemption of redeemable units (107,488,989) (45,619,248) (20,240,397) (26,269,588) (15,359,756) Net Cash used in Financing Activities (84,110,688) (31,223,045) (20,189,154) (25,808,403) (6,890,086)

Net (decrease)/increase in Cash and Cash Equivalents (68,149,198) (28,094,032) (22,214,985) (18,499,741) 659,560

Cash and cash equivalents at the beginning of the year 101,117,884 35,371,445 44,247,447 19,650,165 1,848,827 Cash and cash equivalents at the end of the year 32,968,686 7,277,413 22,032,462 1,150,424 2,508,387

The accompanying notes form an integral part of the financial statements

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

Comparative Statement of Cash Flows For the year ended 30 September 2011 (in Euros)

Griffin Griffin Griffin Eastern Eastern European Griffin European European Opportunities Ottoman Total Fund* Value Fund* Fund Fund* € € €€€ Cash Flows from Operating Activities Decrease in net assets attributable to holders of redeemable shares from operations (58,179,860) (42,306,979) (6,458,739) (2,264,510) (7,149,632) Adjustments to reconcile decrease in net assets attributable to holders of redeemable shares from operations to net cash provided by operating activities: Purchase of investments (1,985,773,590) (829,542,526) (604,299,939) (228,838,011) (323,093,114) Proceeds from sale of investments 2,048,425,045 866,275,862 613,824,427 244,969,466 323,355,290 Net loss on financial assets and liabilities at fair value through profit or loss 55,335,226 41,850,189 4,574,233 1,855,512 7,055,292 Other receivables 1,964,544 1,990,270 (227,371) 43,735 157,910 Management fees payable (179,528) (105,994) (22,252) (39,782) (11,500) Other expenses 21,386 (170,345) 181,791 13,803 (3,863) Custody fees payable (221,383) (177,945) (24,827) (2,808) (15,803) Administration fees payable (16,531) (8,829) (1,741) (4,971) (990) Net Cash provided by Operating Activities 61,375,309 37,803,703 7,545,582 15,732,434 293,590

Cash Flows from Financing Activities Issue of redeemable units 34,940,948 3,790,690 27,723,542 1,074,961 2,351,755 Redemption of redeemable units (122,345,106) (52,712,830) (35,027,065) (31,002,286) (3,602,925) Net Cash used in Financing Activities (87,404,158) (48,922,140) (7,303,523) (29,927,325) (1,251,170)

Net (decrease)/increase in Cash and Cash Equivalents (26,028,849) (11,118,437) 242,059 (14,194,891) (957,580)

Cash and cash equivalents at the beginning of the year 127,146,733 46,489,882 44,005,388 33,845,056 2,806,407 Cash and cash equivalents at the end of the year 101,117,884 35,371,445 44,247,447 19,650,165 1,848,827

* See Note 1 for details of the changes in the sub-fund names.

The accompanying notes form an integral part of the financial statements

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

Notes to the Financial Statements

1. General

Renasset Select Funds plc (formerly Griffin Umbrella Fund plc) (the “Company”) was incorporated in Ireland on 30 March 1998 as an open-ended umbrella investment company with variable capital and limited liability authorised by the Central Bank of Ireland (“Central Bank”) as a UCITS (Undertakings for Collective Investment in Transferable Securities) pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011. The Company converted to a UCITS III on 23 December 2005. The Company upgraded from UCITS III to become compliant with UCITS IV on 1 July 2011.

As of 22 December 2011 Griffin Eastern European Fund changed its name to Renaissance Eastern European Fund and as of 26 January 2012 Griffin Eastern European Value Fund and Griffin Ottoman Fund changed their names to Renaissance Eastern European Allocation Fund and Renaissance Ottoman Fund respectively.

During the year ended 30 September 2012, the Shares of the following sub-funds were offered for issue and sale: (all sub-funds are expressed in Euro)

- Renaissance Eastern European Fund (formerly Griffin Eastern European Fund) (authorised by the Central Bank 15/07/1998) - Renaissance Eastern European Allocation Fund (formerly Griffin Eastern European Value Fund) (authorised by the Central Bank 06/11/2009) - Griffin European Opportunities Fund (authorised by the Central Bank 06/09/2002) - Renaissance Ottoman Fund (formerly Griffin Ottoman Fund) (authorised by the Central Bank 03/01/2006)

2. Significant Accounting Policies

(a) Basis of Preparation

The financial statements for the Company have been prepared in accordance with International Financial Reporting Standards (“IFRS”) and comply with Irish statute comprising the Companies Acts, 1963 to 2012, the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 and the Listing Rules of the Irish Stock Exchange.

The preparation of financial statements in conformity with IFRS requires the use of accounting estimates. It also requires management to exercise its judgement in the process of applying the Company’s accounting policies.

The functional and presentation currency of all sub-funds is Euro. Euro is the currency noted in the prospectus and is relevant to the stated investment strategy.

The accounting policies adopted are consistent with those of the previous year.

(b) Financial Assets and Liabilities at Fair Value through Profit or Loss

(i) Accounting for investments

The Company records investment transactions on a trade date basis, matching the cost of investments for the purpose of calculating realised gains and losses on a first-in, first-out basis. The Company records an unrealised gain or loss to the extent of the difference between the cost and the fair value of the position at any particular point in time. The Company records a realised gain or loss when the position is sold or closed. Realised gains and losses and the movement in unrealised gains and losses are recorded in the Income Statement within ‘Net gain/(loss) on financial assets and liabilities at fair value through profit or loss’.

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

Notes to the Financial Statements (continued)

2. Significant Accounting Policies (continued)

(b) Financial Assets and Liabilities at Fair Value through Profit or Loss (continued)

(i) Accounting for investments (continued)

The Company designates its financial assets and financial liabilities into the categories below in accordance with IAS 39.

 Financial assets designated at fair value through profit or loss. These include debt instruments, equity instruments and investment in collective investment schemes.

 Financial assets held for trading – sub category of financial assets at fair value through profit or loss. These include options, future contracts, forward contracts, contracts for difference and credit default swaps.

 Financial liabilities held for trading – sub category of financial liabilities at fair value through profit or loss. These include future contracts, forward contracts and contracts for difference.

Financial assets or financial liabilities held for trading are those acquired or incurred principally for the purposes of selling or repurchasing in the short term. Financial instruments designated at fair value through profit or loss upon initial recognition includes financial assets that are not held for trading purposes and which may be sold. Derivatives are categorised as financial assets or financial liabilities held for trading. The Company does not classify any derivatives as hedges in a hedging relationship.

- Recognition

The Company initially recognises financial assets and financial liabilities at fair value on the date it becomes a party to the contractual provisions of the instruments. A regular way purchase of financial assets is recognised using trade date accounting. From this date any gains and losses arising from changes in fair value of the financial assets or financial liabilities are recorded.

- Derecognition

The Company derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire or it transfers the financial asset and the transfer qualifies for derecognition in accordance with IAS 39.

The Company derecognises a financial liability when the obligation specified in the contract is discharged, cancelled or expires.

- Measurement

Financial instruments are measured initially at fair value (transactions price) plus, in the case of a financial asset or financial liability not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition or issue of the financial assets or liability.

Subsequent to initial recognition, all instruments classified at fair value through profit or loss are measured at fair value with changes in their fair value recognised in the Income Statement.

Financial liabilities, other than those at fair value through profit or loss, are measured at amortised cost using the effective interest rate.

(ii) Valuation of investments

The fair value of financial instruments is based on their quoted market prices where available at the Balance Sheet date. Quoted investments and investments traded on over the counter markets are valued at their bid-market price or, if no bid-market price is available, at last traded price. Options, futures and forwards are valued at market settlement price. Units or shares in collective investment schemes are valued at the latest available unaudited NAV of the relevant collective scheme as provided by the administrator of the scheme. The fair value of these schemes is estimated based on the most recent net asset values provided by the administrators of the underlying schemes. The net asset values provided by the administrators of the underlying schemes may subsequently be adjusted when audited financial statements for the underlying schemes become available and such adjustments may be material to the Company. The underlying schemes value securities and other financial instruments on a mark-to-market fair value basis of accounting.

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

Notes to the Financial Statements (continued)

2. Significant Accounting Policies (continued)

(b) Financial Assets and Liabilities at Fair Value through Profit or Loss (continued)

(ii) Valuation of investments (continued)

The estimated fair values of certain investments of the underlying schemes, are determined by the administrators of the respective underlying schemes and may not reflect amounts that could be realised upon immediate sale, nor amounts that ultimately may be realised. Accordingly the estimated fair values may differ significantly from the values that would have been used, had a ready market existed for these investments.

If a quoted market price is not available on a recognised stock exchange or from a broker/dealer for non-exchange-traded financial instruments, the fair value of the instrument is estimated using valuation techniques, including use of recent arm’s length market transactions, reference to the current fair value of another instrument that is substantially the same, discounted cash flow techniques, option pricing models or any other valuation technique that provides a reliable estimate of prices obtained in actual market transactions. This estimate is used until the Pricing Committee i.e. any two Directors, authorises a new price. The Board makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results.

(iii) Specific financial instruments

The unrealised gain or loss on forward currency contracts is calculated by reference to the difference between the contracted rate and the market rate to close out such contracts and is included in the Balance Sheet and in the Income Statement.

A contract for difference (“CFD”) is a contract between two parties, buyer and seller, stipulating that the seller will pay to the buyer the difference between the current value of an asset (a security, instrument, basket or index) and its value at contract time. The payment flows are usually netted against each other, with the differences being paid by one party to the other. The unrealised gain or loss depends upon the prices at which the underlying financial instruments of the CFD is valued at and is included in the Income Statement.

Interest expense on CFDs is included in the ‘Net gain/(loss) on financial assets and liabilities at fair value through profit or loss’ in the Income Statement.

A call option on a security is a contract under which the purchaser, in return for a premium paid, has the right to buy the securities underlying the option at the specified exercise price at any time during the term of the option. The writer (seller) of the call option, who receives the premium, has the obligation, upon exercise of the option, to deliver the underlying securities against payment of the exercise price. A put option is a contract that gives the purchaser, in return for a premium paid, the right to sell the underlying securities at the specified exercise price during the term of the option. The writer of the put, who receives the premium, has the obligation to buy the underlying securities, upon exercise, at the exercise price. An option contract remains in place until the option is exercised or, allowed to lapse, i.e. not exercised prior to expiration. Alternatively, it is possible for either party to the contract to enter into an "opposite" contract and for these contracts to be offset against each other, bringing net exposure to zero. Premiums paid on the purchase of options, which expire unexercised are treated as realised losses. Premiums received from written options, which expire unexercised are treated as realised gains.

Changes in the value of futures contracts are recognised as unrealised gains or losses by "marking-to-market" the value of the contract at the balance sheet date. When the contract is closed, the difference between the proceeds from (or cost of) the closing transaction and the original transaction is recorded as a realised gain or loss.

The fair value of derivatives that are not exchange-traded is estimated at the amount that the Company would receive or pay to terminate the contract at the balance sheet date taking into account current market conditions and the current credit worthiness of the counterparties.

Credit default swaps (“CDS”) are valued using counterparty valuations. Such valuations are arrived at from using standard net present value methodologies and are based on default probabilities, interest rates, notional amount of the contract and recovery rates. The Company records an unrealised gain/(loss) for the amount expected to be received or paid under a swap agreement if such amount was terminated on the balance sheet date minus or plus upfront payments or receipts made on entering into the swap agreement. A realised gain/(loss) is calculated as the difference between payments or receipts arising on closing the credit default swap position and the upfront payments or receipts arising on entering the credit default swap position. Fixed rate payments made by the Company and fixed rate payments received by the Company are included in the Income Statement within ‘Net gain/(loss) on financial assets and liabilities at fair value through profit or loss.’

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

Notes to the Financial Statements (continued)

2. Significant Accounting Policies (continued)

Income arising on investments, as well as deposit interest, is accounted for on an effective interest basis. The effective interest method is a method of calculating the amortised cost of a financial asset or financial liability and of allocating the interest income or interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts throughout the expected life of the financial instrument, or shorter period where appropriate, to the net carrying amount of the financial assets or financial liabilities.

Dividend income arising from investments, are accounted for on an ex-dividend basis.

The Company currently incurs withholding taxes imposed by certain countries on investment income and capital gains. Such income or gains are recorded gross of withholding taxes in the Income Statement. Withholding taxes are shown as a separate item in the Income Statement.

(d) Expenses

Each sub-fund is responsible for all normal operating expenses including administration fees, fees and expenses of the Investment Manager and the Custodian, audit fees, stamp and other duties and charges incurred on the acquisition and realisation of investments. Such costs are expensed in the period to which they relate. Interest expense is recorded on an effective interest basis.

(e) Foreign Exchange Translation

The functional currency of the sub-funds is Euro, as the Directors have determined that this reflects the primary domicile of the Shareholders of each sub-fund. The presentation currency of the Company is also Euro. Transactions in foreign currencies are translated at the foreign currency exchange rate ruling at the date of the transaction. Assets and liabilities denominated in foreign currencies are translated to Euro at the foreign currency closing exchange rate ruling at the balance sheet date. Foreign currency exchange differences arising on translation are recognised in the Income Statement. Foreign currency exchange differences relating to investments at fair value through profit or loss and derivative financial instruments are included in ‘Net gain/(loss) on financial assets and liabilities at fair value through profit or loss’.

(f) Redeemable Shares

Redeemable Shares are redeemable at the Shareholder's option and are classified as financial liabilities.

The Redeemable Share can be put back to the Company at any time for cash equal to a proportionate share of the Company’s NAV. The Redeemable Share is carried at the redemption amount that is payable at the balance sheet date if the Shareholder exercised its right to put the share back to the Company.

(g) Cash and Cash Equivalents

Cash and cash equivalents (including cash at bank and bank overdrafts) are valued at their face value together with interest accrued using the effective interest method, where applicable.

(h)Transaction Costs

Transaction costs are incremental costs that are directly attributable to the acquisition, issue or disposal of a financial asset or financial liability. An incremental cost is one that would not have been incurred if the entity had not acquired, issued or disposed of the financial instrument. When a financial asset or financial liability is recognised initially, an entity shall measure it at its fair value through profit or loss plus, transaction costs that are directly attributable to the acquisition or issue of the financial asset or liability. Transaction costs on purchases or sales of financial assets and financial liabilities at fair value through profit or loss are expensed immediately and are included in the Income Statement. Separately identifiable costs are disclosed in Note 5.

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

Notes to the Financial Statements (continued)

3. Net gain/(loss) on financial assets and liabilities at fair value through profit or loss

Renaissance Renaissance Griffin Eastern Eastern European Renaissance European European Opportunities Ottoman Total Fund Allocation Fund Fund Fund Year Ended 30 September 2012 € € € € €

Realised loss on investments (42,022,219) (34,965,629) (1,618,463) (1,110,214) (4,327,913) Realised gain/(loss) on foreign currency 5,860,880 6,354,838 1,100,515 121,088 (1,715,561)

Change in unrealised gain on investments 50,548,145 39,290,936 2,100,949 1,897,582 7,258,678 Change in unrealised gain/(loss) on foreign currency 6,353,385 3,414,718 (529,651) 177,457 3,290,861

Total 20,740,191 14,094,863 1,053,350 1,085,913 4,506,065

Renaissance Renaissance Griffin Eastern Eastern European Renaissance European European Opportunities Ottoman Total Fund Allocation Fund Fund Fund Year Ended 30 September 2011 € € € € €

Realised gain/(loss) on investments 48,666,131 34,532,300 5,214,838 (182,216) 9,101,209 Realised (loss)/gain on foreign currency (9,570,489) (6,972,795) (2,756,240) 114,728 43,818

Change in unrealised loss on investments (86,711,855) (65,899,033) (7,397,330) (2,145,401) (11,270,091) Change in unrealised (loss)/gain on foreign currency (7,719,013) (3,510,661) 364,499 357,377 (4,930,228)

Total (55,335,226) (41,850,189) (4,574,233) (1,855,512) (7,055,292)

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

Notes to the Financial Statements (continued)

4. Financial assets and liabilities at fair value through profit or loss

Renaissance Renaissance Griffin Eastern Eastern European Renaissance European European Opportunities Ottoman Total Fund Allocation Fund Fund Fund Year Ended 30 September 2012 € € € € €

Financial assets at fair value through profit or loss

Designated at fair value through profit or loss upon initial recognition - Debt instruments 12,958,153 - 12,958,153 - - - Equity instruments 233,687,016 181,984,246 12,030,212 5,319,650 34,352,908 - Collective Investment Schemes 5,062,929 - - 3,000,000 2,062,929 251,708,098 181,984,246 24,988,365 8,319,650 36,415,837

Held for trading - Derivatives Options 9,256 - - 9,256 - Future Contracts 63,171 - 21,475 28,849 12,847 Forward Contracts 71,309 - 14,163 57,146 - Contracts for Difference 502,589 - 502,589 - - Credit Default Swaps 25,133 - 25,133 - - 671,458 - 563,360 95,251 12,847

Total financial assets at fair value through profit or loss 252,379,556 181,984,246 25,551,725 8,414,901 36,428,684

Financial liabilities at fair value through profit or loss

Held for trading - Derivatives Future Contracts (433,274) (299,669) - - (133,605) Forward Contracts (150,962) - (103,286) - (47,676) Contracts for Difference (627,092) - (468,885) - (158,207) Total financial liabilities at fair value through profit or loss (1,211,328) (299,669) (572,171) - (339,488)

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

Notes to the Financial Statements (continued)

4. Financial assets and liabilities at fair value through profit or loss (continued)

Renaissance Renaissance Griffin Eastern Eastern European Renaissance European European Opportunities Ottoman Total Fund Allocation Fund Fund Fund Year Ended 30 September 2011 € € € € €

Financial assets at fair value through profit or loss

Designated at fair value through profit or loss upon initial recognition - Debt instruments 11,111,261 - 10,024,896 1,086,365 - - Equity instruments 234,018,155 166,744,157 15,297,968 13,497,435 38,478,595 245,129,416 166,744,157 25,322,864 14,583,800 38,478,595

Held for trading - Derivatives Options 824,339 - 46,327 287,086 490,926 Future Contracts 463,316 357,280 8,022 98,014 - Forward Contracts 488 - - - 488 Contracts for Difference 181,736 - 31,503 150,233 - 1,469,879 357,280 85,852 535,333 491,414

Total financial assets at fair value through profit or loss 246,599,295 167,101,437 25,408,716 15,119,133 38,970,009

Financial liabilities at fair value through profit or loss

Held for trading - Derivatives Options (85,730) - - (12,500) (73,230) Future Contracts (1,587,423) (1,414,305) (19,479) (3,200) (150,439) Forward Contracts (78,038) - (24,995) - (53,043) Contracts for Difference (397,497) - (47,968) (276,361) (73,168) Total financial liabilities at fair value through profit or loss (2,148,688) (1,414,305) (92,442) (292,061) (349,880)

5. Fees

Investment Management Fee

Griffin Capital Management Limited is acting as Investment Manager of Griffin European Opportunities Fund and as Distributor for Griffin European Opportunities Fund and Renaissance Eastern European Fund Class A Shares. As of 22 December 2011 Renaissance Asset Managers (Guernsey) Limited were appointed to act as Investment Manager for Renaissance Eastern European Fund. As of 26 January 2012 they were also appointed to act as Investment Manager for Renaissance Eastern European Allocation Fund and Renaissance Ottoman Fund respectively.

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

Notes to the Financial Statements (continued)

5. Fees (continued)

Investment Management Fee (continued)

The Company shall pay a fee to the relevant Investment Manager in respect of each sub-fund at the following percentage rate per annum of the value of the net assets of the sub-funds:

- Renaissance Eastern European Fund – Class A 1.65 per cent - Renaissance Eastern European Fund – Class B 1.75 per cent - Renaissance Eastern European Fund – Class AA EUR, Class AA GBP and Class AA USD 2.00 per cent - Renaissance Eastern European Fund – Class C EUR, Class C GBP and Class C USD 1.25 per cent - Renaissance Eastern European Allocation Fund – Class A 2.00 per cent - Griffin European Opportunities Fund – Class A 1.50 per cent - Griffin European Opportunities Fund – Class B 1.75 per cent - Renaissance Ottoman Fund – Class A 1.75 per cent - Renaissance Ottoman Fund – Class AA USD 2.00 per cent - Renaissance Ottoman Fund – Class C EUR, and Class C USD 1.25 per cent

The Company pays to the relevant Investment Manager an annual fee accrued as of each Valuation Day and payable monthly in arrears at the rates above per annum of the average NAVs of the sub-fund (plus VAT, if any). The Investment Manager pays the fees of any sub-investment manager or adviser appointed by it.

The Investment Management Agreement may be terminated by either party on giving not less than six months prior written notice to the other party. It may also be terminated forthwith upon certain breaches or upon the insolvency of a party (or upon the occurrence of a similar event).

During the year ended 30 September 2012, the Investment Managers charged management fees of €5,378,058 (2011: €7,751,405), of which €816,268 (2011: €508,067) was payable at 30 September 2012.

Performance Fee

Renaissance Eastern European Fund The Investment Manager will be paid from Renaissance Eastern European Fund a performance fee of (i) 15 percent in respect of Class A Shares of the amount (if any) by which the NAV per Share is on the relevant Calculation Day greater than the higher of (1) the highest NAV per Share on any preceding Calculation Day or (2) the Benchmark NAV (defined below), such excess being multiplied by the weighted average number of Shares in issue during the relevant Calculation Period or, in the case of (b) below, the number of Shares being redeemed or (ii) 20 percent in respect of Class B Shares of the amount (if any) by which the percentage return of the NAV per Share in the period from the preceding Calculation Day (or the Closing Date where applicable) to the relevant Calculation Day exceeds the percentage return of the MSCI EM Europe 10/40 Index Total Return (EUR) in the period from the preceding Calculation Day (or the Closing Date where applicable) to the relevant Calculation Day, such excess being multiplied by the NAV per Share at the end of the Calculation Period and multiplied by the weighted average number of Shares in issue during any Calculation Period or, in the case of (b) below, the number of shares being redeemed. The weighted average number of Shares in issue during any Calculation Period shall be calculated based upon the number of Shares in issue on each Valuation Day during the Calculation Period, taking account of the period of time for which such shares were in issue during the Period. In calculating the performance fee, account will be taken of performance fees paid on redemption. Due to the use of averaging in calculating the performance fee, the economic effect of performance fees on a per Share basis may substantially differ from the rate or 15 or 20 percent as applicable as described above. An appropriate provision for the amount of Performance Fee which is likely to be payable on the next Calculation Period based on the performance of the sub-fund to date will be included in the NAV per Share on each Valuation Day.

Calculation Day for these purposes means: (a) the last Valuation Day in each calendar quarter for Class A Shares and the last Valuation Day in each business year ending 30 September for Class B Shares; (b) in respect of Shares which are redeemed, the Valuation Day immediately prior to the Dealing Day on which such Shares are redeemed; (c) the date of termination of the Investment Management Agreement; or (d) such other date on which the Company or the sub-fund may be liquidated or cease trading.

Calculation Period for these purposes means the period commencing on the preceding Calculation Day and ending on and including the Valuation Day in question and the first Calculation Period shall be from the Closing Date to the first Valuation Day.

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

Notes to the Financial Statements (continued)

5. Fees (continued)

Performance Fee (continued)

Benchmark NAV for these purposes shall be calculated by applying the EUR 3 month LIBOR rate on a quarterly basis to either the NAV per Share as at the beginning of the Calculation Period (where a performance fee based on this NAV was payable) or to the previously calculated Benchmark NAV at the beginning of the Calculation Period (where no performance fee was payable at the previous quarter end).

The relevant EUR 3 month LIBOR rate will be calculated as at the Calculation Day or date of initial issue, if earlier and will apply for the following Calculation Period.

For the purpose of calculating the performance fee, the NAV per Share will be calculated after deducting investment management fee described above but without accounting for the performance fee then payable by the Company. The Performance Fee may be adjusted in the event of any change in the manner in which the MSCI EM Europe 10/40 Index Total Return (EUR) is calculated or published and any rebasing of the MSCI EM Europe 10/40 Index Total Return (EUR). For Classes which are denominated in a currency other than that of the MSCI EM Europe 10/40 Index Total Return (EUR), the MSCI EM Europe 10/40 Index Total Return (EUR) shall be re-denominated in the currency of the Class or as the Directors may otherwise think fit.

Renaissance Eastern European Allocation Fund The Investment Manager shall be paid from Renaissance Eastern European Allocation Fund a performance fee payable as of each Calculation Day (defined below) of (i) 20 percent in respect of the Class A and Class C Shares of the amount (if any) by which the NAV per Share is on the relevant Calculation Day greater than the highest NAV per Share on any preceding Calculation Day, multiplied by the weighted average number of Shares in issue during the relevant Calculation Period or, in the case of (b) below, the number of Shares being redeemed. The weighted average number of Shares in issue during any Calculation Period shall be calculated based upon the number of Shares in issue on each Valuation Day during the Calculation Period, taking account of the period of time for which such shares were in issue during the Period. In calculating the performance fee, account will be taken of performance fees paid on redemption. Due to the use of averaging in calculating the performance fee, the economic effect of performance fees on a per Share basis may substantially differ from the effective rate. An appropriate provision for the amount of Performance Fee which is likely to be payable on the next Calculation Period based on the performance of the sub-fund to date will be included in the NAV per Share on each Valuation Day.

Calculation Day for these purposes means: (a) the last Valuation Day in each calendar quarter; (b) in respect of Shares which are redeemed, the Valuation Day immediately prior to the Dealing Day on which such Shares are redeemed; (c) the date of termination of the Investment Management Agreement; or (d) such other date on which the Company or the sub-fund may be liquidated or cease trading.

Griffin European Opportunities Fund The Investment Manager shall be paid from Griffin European Opportunities Fund a performance fee payable as of each Calculation Day (defined below) of (i) 15 percent in respect of the Class A Shares and (ii) 20 per cent in respect of the Class B Shares, of the amount (if any) by which the NAV per Share is on the relevant Calculation Day greater than the highest NAV per Share on any preceding Calculation Day (or greater than EUR 100.00 in the case of the first Calculation Day) multiplied by the weighted average number of Shares in issue during the relevant Calculation Period or, in the case of (b) below, the number of Shares being redeemed. The weighted average number of Shares in issue during any Calculation Period shall be calculated based upon the number of Shares in issue on each Valuation Day during the Calculation Period, taking account of the period of time for which such shares were in issue during the Period. In calculating the performance fee, account will be taken of performance fees paid on redemption, which will be deducted from redemption proceeds. Due to the use of averaging in calculating the performance fee, the economic effect of performance fees on a per Share basis may substantially differ from the rate of 15% or 20% as applicable as described above. An appropriate provision for the amount of Performance Fee which is likely to be payable on the next Calculation Period based on the performance of the sub-fund to date will be included in the NAV per Share on each Valuation Day.

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

Notes to the Financial Statements (continued)

5. Fees (continued)

Performance Fee (continued)

Calculation Day for these purposes means: (a) the last Valuation Day in each calendar quarter for Class A Shares and the last Valuation Day in each financial year for Class B Shares; (b) in respect of Shares which are redeemed, the Valuation Day immediately prior to the Dealing Day on which such Shares are redeemed; (c) the date of termination of the Investment Management Agreement; or (d) such other date on which the Company or the sub-fund may be liquidated or cease trading.

Renaissance Ottoman Fund The Investment Manager shall be paid from Renaissance Ottoman Fund a performance fee payable as of each Calculation Day (defined below) of 15 per cent in respect of the Class A Shares of the amount (if any) by which the NAV per Share is on the relevant Calculation Day greater than the highest NAV per Share on any preceding Calculation Day (or greater than EUR 100.00 in the case of the first Calculation Day) multiplied by the weighted average number of Shares in issue during the relevant Calculation Period or, in the case of (b) below, the number of Shares being redeemed. The weighted average number of Shares in issue during any Calculation Period shall be calculated based upon the number of Shares in issue on each Valuation Day during the Calculation Period, taking account of the period of time for which such shares were in issue during the Period. In calculating the performance fee, account will be taken of performance fees paid on redemption, which will be deducted from redemption proceeds. Due to the use of averaging in calculating the performance fee, the economic effect of performance fees on a per Share basis may substantially differ from the rate of 15% as described above. An appropriate provision for the amount of Performance Fee which is likely to be payable on the next Calculation Period based on the performance of the sub-fund to date will be included in the NAV per Share on each Valuation Day.

Calculation Period for these purposes means the period commencing on the last Calculation Day of the preceding financial year and ending on and including the Valuation Day in question and the first Calculation Period shall be from the Closing Date to the first Valuation Day. For the purpose of calculating the performance fee, the NAV per Share will be calculated after deducting investment management fee described above but without accounting for the performance fee then payable by the Company.

The Investment Manager may waive or reduce the performance fees payable at their entire discretion.

During the year ended 30 September 2012, the Investment Manager charged performance fees of €nil (2011: €nil), of which €nil (2011: €nil) was payable at 30 September 2012.

Administration Fees Up to 1 February 2012, the Company pays the Administrator out of the assets of each sub-fund an annual fee, paid monthly in arrears in accordance with the following schedule:  0.13% of the average net assets for Renaissance Eastern European Fund  0.16% of the average net assets for Renaissance Eastern European Allocation Fund, Griffin European Opportunities Fund and Renaissance Ottoman Fund

The Company shall also pay to the Administrator for services to be provided in relation to Shareholder and transfer agency services, the following fees which shall be accrued daily as at the Valuation Point together with any VAT, if applicable;  Account fee of €20 per account per annum  Transaction fee of €20 per transaction (subscription, redemption or switch)

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

Notes to the Financial Statements (continued)

5. Fees (continued)

Administration Fees (continued) For the year ended 30 September 2012 and 30 September 2011, the above administration fee agreement was still in place for Griffin European Opportunities Fund.

From 1 February 2012, in respect of Renaissance Eastern European Fund, Renaissance Eastern European Allocation Fund, and Renaissance Ottoman Fund, the Company pays the Administrator out of the assets of each sub-fund an annual fee, paid monthly in arrears in accordance with the following schedule, subject to a minimum fee of $85,000 per portfolio per annum:

 0.04% of average monthly net assets less than $100million  0.03% of average monthly net assets between $100 million – $500 million  0.02% of average monthly net assets between $500 million – $1billion  0.01% of average monthly net assets greater than $1billion

An annual minimum fee for Renaissance Eastern European Allocation Fund and Renaissance Ottoman Fund will be capped at $25,000 until July 2013. The Administrator may also charge German Tax reporting at a rate of $15,000 per annum per sub-fund and the preparation of year-end financial statements will be charged at rate of $3,500 per set.

The Company shall also pay to the Administrator for services to be provided in relation to Shareholder and transfer agency services, the following fees which shall be accrued daily as at the Valuation Point together with any VAT, if applicable;  Account fee of $20 per account per annum  Transaction fee of $15 per transaction (subscription, redemption or switch)

For the year ended 30 September 2012 and 31 September 2011, where corporate services are required by the Company, the Administrator may charge a fee of €3,000 per board meeting , corporate services include, coordinating and/or attending meetings, drafting and distributing meeting agenda, taking, distributing and amending minutes, filing statutory documents and preparing board packs. The Administrator shall not charge any fee where the Company does not avail of corporate services.

The Administrator further shall be entitled to be repaid all of its reasonable out-of-pocket expenses out of the assets of the sub- funds properly incurred by it in the performance of its duties and responsibilities under the Administration Agreement which shall include the cost of obtaining independent security market quotes, forms, envelopes, postage and courier expenses, travel expenses, any other expenses incurred at the direction of the Company, payable upon prior approval by the Company or its delegate.

During the year ended 30 September 2012, the Administrator charged fees of €454,359 (2011: €816,369), of which €160,221 (2011: €54,549) was payable at 30 September 2012.

Company Secretary Corporate Compliance & Secretarial Services Limited charges an annual fee of €12,500 plus VAT at 21% for the provision of company secretarial services.

Custodian fees Up to 1 February 2012, the Company shall pay the Custodian for services to be provided in relation to trustee services payable on a monthly basis, a fee of up to 0.02% p.a. of the average gross assets of each sub-fund. Such fees shall be accrued daily as at the Valuation Point together with any VAT, if applicable.

For the year ended 30 September 2012 and 30 September 2011, the above custodian fee agreement was still in place for Griffin European Opportunities Fund.

From 1 February 2012, in respect of Renaissance Eastern European Fund, Renaissance Eastern European Allocation Fund, and Renaissance Ottoman Fund, the Company shall pay the Custodian for services to be provided in relation to trustee services payable on a monthly basis, a fee of up to 0.015% p.a. of the average gross assets of each sub-fund. Such fees shall be accrued daily as at the Valuation Point together with any VAT, if applicable, subject to a minimum fee, per annum, of $12,000.

For the year ended 30 September 2012 and 31 September 2011, the Custodian shall also be entitled to be repaid out of assets of the Company all of its reasonable out-of-pocket expenses and transaction charges properly incurred by it in the performance of its duties and responsibilities under the Custodian Agreement which shall include courier costs and filing fees.

Additionally, the Custodian will charge to the Company all safekeeping charges incurred by its sub-custodian which shall be at normal commercial rates plus transaction fees to include stamp duties, scrip charges, registration fees and special taxes plus the usual ad hoc administration costs.

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

Notes to the Financial Statements (continued)

5. Fees (continued)

Custodian fees (continued) During the year ended 30 September 2012, the Custodian charged fees of €553,951 (2011: €569,460), of which €147,028 (2011: €36,468) was payable at 30 September 2012.

Directors’ Fees The Company pays the Directors such annual remuneration for acting as Directors of the Company as the Directors may from time to time agree, provided however that the annual remuneration of the Directors will not in aggregate exceed €100,000 per annum payable semi-annually in arrears.

Directors’ fees for the year are €68,170 (2011: €98,574), of which €46,877 (2011: €29,169) is outstanding at 30 September 2012.

Auditor Fees The fees charged by the independent auditor, Deloitte & Touche are comprised of the following:

2012 2011 € € Statutory Audit 56,000 62,000 Other Assurance - - Tax Advisory 748 842 Other Non-Audit Services - - 56,748 62,842

Transaction costs In order to achieve its investment objective, the Company will incur transaction costs in relation to trading activity on its portfolio. Disclosed in the table below are separately identifiable transactions costs incurred by the Company for the year ended 30 September 2012 and 30 September 2011. These include broker fees on exchanged traded future contracts.

2012 2011 € €

Broker fees 42,186 48,913 42,186 48,913

6. Related Party Disclosures

Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial or operational decisions.

The Company operates under an investment management agreement with Griffin Capital Management Limited and Renaissance Asset Managers (Guernsey) Limited. All fees (management and performance) paid to the Investment Managers are disclosed separately in the Income Statement. Amounts payable at 30 September 2012 and 30 September 2011 are included in the Balance Sheets. Reto Simonett and Gerard Kelleher, who were Directors of the Company until 22 December 2011, are a Director and an employee of Griffin Capital Management Limited respectively. Blake Klein and Adrian Harris, Directors of the Company, are all Directors of Renaissance Asset Managers (Guernsey) Limited.

John Walley and Hugh Ward are independent of the Investment Manager. Hugh Ward is a director and shareholder of Corporate Compliance & Secretarial Services Limited, who provide company secretarial services to the Company.

Reto Simonett who was a Director of the Company, was also a director of Forecastle Holdings Limited (formerly JCK Holdings Limited), the parent company of Griffin Capital Management Limited. As a result of a restructuring, Forecastle Holdings Limited transferred the holdings to Forecastle Strategic Limited on 4 January 2011. On 30 September 2012 Forecastle Strategic Limited held 217,370.51 (2011: 271,712.51) Class A Shares in Renaissance Ottoman Fund, 19,689.88 (2011: 139,371.56) Class A Shares in Griffin European Opportunities Fund, 21,388.50 (2011: 21,388.50) Class A Shares in Renaissance Eastern European Fund and 37,321.00 (2011: 75,944.71) Class A Shares in Renaissance Eastern European Allocation Fund. Forecastle Strategic Limited may hold securities which are also included in the portfolios of the sub-funds of the Company.

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

Notes to the Financial Statements (continued)

6. Related Party Disclosures (continued)

On 30 September 2012 the Investment Adviser holds zero (2011: 3,748.62) redeemable Class A Shares in Griffin European Opportunities Fund. Griffin Capital Management Limited (Gibraltar), the Investment Manager of Griffin European Opportunities Fund holds 20,000 (2011: 20,000) redeemable Class B Shares in Griffin European Opportunities Fund and 10,000 (2011: 10,000) redeemable Class B Shares in Renaissance Eastern European Fund. Renaissance Asset Managers (Guernsey) Limited, the Investment Manager, owns all of the Class AA EUR shares, Class AA GBP shares, Class AA USD shares, Class C EUR shares, Class C GBP shares and Class C USD shares in Renaissance Eastern European Fund, 100.78 (2011: Nil) Class A Shares in Renaissance Eastern European Allocation Fund, 359.27 (2011: Nil) Class A Shares and all of the Class AA USD and Class C USD shares in Renaissance Ottoman Fund.

7. Taxation

Under current law and practice, the Company qualifies as an investment undertaking as defined in Section 739B of the Taxes Consolidation Act, 1997, as amended. On that basis, it is not liable to Irish tax on its income or gains.

However, Irish tax can arise on the happening of a “chargeable event”. A chargeable event includes any distribution payments to shareholders or any encashment, redemption, cancellation or transfer of shares.

No Irish tax will arise on the Company in respect of chargeable events in respect of:-

(i) a shareholder who is neither Irish Resident nor ordinarily resident in Ireland for tax purposes at the time of the chargeable event, provided appropriate valid declarations in accordance with the provisions of the Taxes Consolidation Act, 1997, as amended, are held by the company; and

(ii) certain exempted Irish tax resident shareholders who have provided the company with the necessary signed statutory declarations.

Dividends, interest and capital gains (if any) received on investments made by the company may be subject to withholding taxes imposed by the country from which the investment income/gains are received and such taxes may not be recoverable by the company or its shareholders.

8. Share Capital

The Company has authorised two share classes:

Management Shares

As at 30 September 2012, there were thirty thousand shares of €1.27 each in issue. The Management Shares do not form part of the NAV of the Company and are disclosed in the financial statements by way of this note only. In the opinion of the Directors, this reflects the nature of the Company’s business as an investment fund. Management Shares do not have any distribution rights or rights to proceeds in the event of a winding up of the Company.

Redeemable Shares

The Company has an authorised share capital of 500 million shares (“Redeemable Shares”) of no par value. The share capital of the Company is equal to the Net Assets attributable to holders of Redeemable Shares.

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

Notes to the Financial Statements (continued).

8. Share Capital (continued)

Redeemable Shares (continued)

At 30 September 2012 the Company had the following Redeemable Shares in issue of no par value:

Renaissance Eastern European Fund Class A Class AA EUR Class AA GBP Opening Balance 438,765.48 - - Subscriptions 24,010.53 200.00 200.00 Redemptions (90,072.52) - - Closing Balance 372,703.49 200.00 200.00

Renaissance Eastern European Fund Class AA USD Class B Class C EUR Opening Balance - 63,846.88 - Subscriptions 200.00 24,120.24 200.00 Redemptions - (20,373.70) - Closing Balance 200.00 67,593.42 200.00

Renaissance Eastern Renaissance Eastern European Fund European Allocation Fund Class C GBP Class C USD Class A* Opening Balance - - 170,893.26 Subscriptions 200.00 200.00 132.16 Redemptions - - (46,488.64) Closing Balance 200.00 200.00 124,536.78

Griffin European Opportunities Fund Renaissance Ottoman Fund Class A Class B Class A* Opening Balance 235,905.48 20,055.51 385,312.21 Subscriptions 3,000.00 753.92 66,999.34 Redemptions (181,452.56) (700.00) (147,844.71) Closing Balance 57,452.92 20,109.43 304,466.84

Renaissance Ottoman Fund Class AA USD Class C EUR Class C USD Opening Balance - - - Subscriptions 200.00 75,200.00 200.00 Redemptions - (200.00) - Closing Balance 200.00 75,000.00 200.00

* Renaissance Eastern European Allocation Fund and Renaissance Ottoman Fund had their shares re-branded as Class A during the year ended 30 September 2012.

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

Notes to the Financial Statements (continued)

8. Share Capital (continued)

At 30 September 2011 the Company had the following Redeemable Shares in issue of no par value:

Renaissance Eastern European Fund Renaissance Eastern Class A Class B European Allocation Fund Opening Balance 528,975.09 48,125.37 194,134.58 Subscriptions - 31,172.18 69,295.80 Redemptions (90,209.61) (15,450.67) (92,537.12) Closing Balance 438,765.48 63,846.88 170,893.26

Griffin European Opportunities Fund Renaissance Ottoman Class A Class B Fund Opening Balance 436,905.67 96,050.60 396,093.49 Subscriptions - 10,579.48 19,614.95 Redemptions (201,000.19) (86,574.57) (30,396.23) Closing Balance 235,905.48 20,055.51 385,312.21

Redeemable Shares of the sub-funds are freely transferable and all are entitled to participate equally in the profits and distributions of the sub-fund and its assets in the event of termination.

All classes have the same voting rights at Company meetings (one vote per share).

To determine the NAV of the Company for subscriptions and redemptions, investments have been valued based on the last traded market prices as of the close of business on the relevant trading day.

Shareholders may subscribe for Shares on and with effect from any Dealing Day at the Subscription Price per Share on the relevant Dealing Day. Applications for Shares in Griffin European Opportunities must be received by 17:00hrs (Irish time) two Business Days before the relevant Dealing Day in order for Shares to be allotted on that Dealing Day. Applications for Shares in Renaissance Eastern European Fund, Renaissance Eastern European Allocation Fund and Renaissance Ottoman Fund must be received by 12:00hrs (Irish time) on the relevant Dealing Day in order for Shares to be allotted on that Dealing Day. If any application is received late, the Administrator will deal with the application on the following Dealing Day. Redemption requests for all sub-funds must be received the same times as subscription requests.

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

Notes to the Financial Statements (continued)

9. Cash and cash equivalents

As at 30 September 2012, cash was held with the following financial institutions:

Renaissance Renaissance Griffin Renasset Select Eastern Eastern European Renaissance Funds plc European European Opportunities Ottoman Total Fund Allocation Fund Fund Fund Cash at bank € € € € €

Barclays 8,000,000 - 8,000,000 - - BNYM SA/NV 14,345,422 5,819,663 6,126,492 743,215 1,656,052 Credit Suisse First Boston 300,210 - - 300,210 - Goldman Sachs 106,999 - - 106,999 - IS Investment 1,394,585 379,708 618,715 - 396,162 Lloyds Bank 7,000,000 - 7,000,000 - - Otkritie 1,821,470 1,078,042 287,255 - 456,173 Total 32,968,686 7,277,413 22,032,462 1,150,424 2,508,387

*As at 30 September 2012, the Company did not hold any collateral for derivatives.

As at 30 September 2011, cash was held with the following financial institutions:

Citigroup* 13,532,635 1,367,534 8,952,012 2,482,575 730,514 BNYM SA/NV 33,225,100 22,224,688 6,000,191 5,000,221 - UBS 3,056,655 - 2,183,488 743,807 129,360 Finansinvest 2,251,215 1,096,197 492,097 - 662,921 Credit Suisse First Boston 8,534,757 4,515,054 2,397,458 1,622,245 - Bank Zachodni WBK 7,081,358 6,777,497 303,861 - - Otkritie 5,978,118 4,328,275 1,443,087 - 206,756 JP Morgan 15,550,000 - 11,250,000 4,300,000 - Merrill Lynch 119,253 - - - 119,253 PNC Bank N.A. 16,758,531 - 11,257,191 5,501,317 23 Total 106,087,622 40,309,245 44,279,385 19,650,165 1,848,827

Bank Overdraft Citibank 4,937,800 4,937,800 - - - UBS 6,133 - 6,133 - - Credit Suisse First Boston 25,805 - 25,805 - - Total 4,969,738 4,937,800 31,938 - -

*As at 30 September 2011, the Company held collateral of €171,786 with Citigroup for OTC Options.

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

Notes to the Financial Statements (continued)

10. Financial Instruments and Associated Risks

The Company’s risks are set out in the Prospectus and any consideration of risk here should be viewed in the context of the Prospectus which is the primary document governing the operation of the Company. The Company’s investments expose it to a variety of financial risks including risks from the use of derivatives and other financial instruments, currency risk, interest rate risk, credit risk and liquidity risk. The Company’s overall risk management programme seeks to minimise potential adverse effects on the Company’s financial performance. BNY Mellon Trust Company (Ireland) Limited is responsible for monitoring the Company’s compliance with its investment policy and investment restrictions as specified in the Prospectus. The Investment Manager’s dedicated in-house Risk Management team monitors the Company’s risk factors on a daily basis and produces reports detailing each sub-fund’s exposures as well as cash and liquidity reports which are circulated to the relevant fund management teams and compliance. Renaissance Asset Managers (Guernsey) Limited uses Value-at-Risk (“VaR”) to monitor risk while Griffin Capital Management Limited uses sensitivity analysis.

Financial Derivative Instruments The Investment Managers apply the commitment approach to measure the global exposure of all financial derivative instrument positions on the sub-funds.

Market risk includes price, foreign currency and interest rate risks.

(a) Market Price Risk

Market price risk arises mainly from uncertainty about future prices of financial instruments held. It represents the potential loss the sub-funds might suffer through holding market positions in the face of price movements. Some of the recognised exchanges on which a sub-fund may invest may be less well-regulated than those in developed markets and may prove from time to time to be illiquid, insufficiently liquid or highly volatile. Investing in securities in Eastern Europe and the MENA Region involves certain considerations not usually associated with investing in securities in more developed capital markets. The securities markets in such countries are substantially smaller, less liquid and significantly more volatile than securities markets in developed countries. In addition to their small size, illiquidity and volatility, the markets of Eastern Europe and the MENA Region are less developed than other securities markets, to the extent that they are newer and there is little historical data.

The foreign exchange risk is also relevant. The sub-funds invest in securities denominated in currencies other than Euro, the functional currency of the sub-funds, and the Balance Sheet and Income Statement may be significantly affected by movements in the exchange rates against the Euro. The value of the sub-funds and their income, as measured in Euro, may suffer significant declines due to currency depreciation, disruptions in currency markets or delays and difficulties in currency conversions or be otherwise adversely affected by exchange control regulations or by changes in the method of controlling exchange rates or limiting exchange rate movements.

Currency devaluations may occur without warning and are beyond the control of the Investment Manager. There will be instances in which currency exposure is not hedged and in such instances, currency risks will be absorbed by the Shareholders.

Interest rate risk is the risk borne by an interest-bearing asset, such as a bond, due to variability of interest rates. In general, as rates rise, the price of a fixed rate bond will fall, and vice versa. For floating rate notes the interest will normally adjust in line with the specified rate. As a general policy bonds are not hedged through swaps.

The risk types mentioned above (price risk, foreign exchange risk and interest rate risk) are measured regularly applying different approaches (VaR, Sensitivity measures, Stress scenarios, etc.). VaR (99%, monthly) numbers represent the annualized expected return deviation of one standard deviation in size. They are calculated using the monthly returns in the fund’s currency over a 2-year observation period.

VaR Analysis 30 September 2012 VaR (99%, month) in EUR 000,s

- Renaissance Eastern European Fund 26,461 - Renaissance Eastern European Allocation Fund 2,101 - Renaissance Ottoman Fund 4,979

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

Notes to the Financial Statements (continued)

10. Financial Instruments and Associated Risks (continued)

(a) Market Price Risk (continued)

Sensitivity Analysis for Griffin European Opportunities Fund

Based on the Investment Manager's in-house theoretical correlation analysis of the portfolio of Griffin European Opportunities Fund as at 30 September 2012, a 15% increase in DJ Stoxx 600 TR Index with all other variables held constant would cause an increase in net assets of Griffin European Opportunities Fund of EUR 315,089 primarily as a result of revaluation of portfolio securities. Conversely, a 15% decrease in DJ Stoxx 600 TR Index with all other variables held constant would cause a decrease in net assets of Griffin European Opportunities Fund of EUR (187,771).

(b) Foreign Currency and Exchange Rate Risk

Renaissance Eastern European Fund has exposure to currency risk as 96.7% (2011: 100.4%) of its net assets are invested in securities and cash equivalents outside of the Eurozone at 30 September 2012, Renaissance Eastern European Allocation Fund has exposure to currency risk as 39.7% (2011: 26.8%) of its net assets are invested in securities and cash and cash equivalents outside of the Eurozone at 30 September 2012, Griffin European Opportunities Fund has exposure to currency risk as 37.2% (2011: 23.4%) of its net assets are invested in securities and cash and equivalents outside of the Eurozone at 30 September 2012 and Renaissance Ottoman Fund has exposure to currency risk as 93.8% (2011: 91.7%) of its net assets are invested in securities and cash equivalents outside of the Eurozone at 30 September 2012. As a general policy, non-Euro currency exposures are not usually hedged against Euro. Any cash debits or credits resulting from security purchases, sales and income are converted into Euros on a daily basis.

The following table sets out each sub-fund’s total exposure to foreign currency risk.

Currency Foreign Currency Foreign Currency Net Foreign Currency Monetary Assets Monetary Liabilities Monetary Assets/(Liability) 30 September 2012 € € €

Renaissance Eastern European Fund Czech Koruna 4,142,150 (32,238) 4,109,912 Hungarian Forint 2,097,472 - 2,097,472 Israeli shekel 1,677,417 (30,095) 1,647,322 Polish Zloty 28,484,678 (138,329) 28,346,349 Pound Sterling 2,201,486 (38) 2,201,448 Russian Ruble 23,792,310 (513) 23,791,797 Swedish Kronor 2,613 - 2,613 Swiss Franc 10,532 - 10,532 Turkish Lira 38,113,184 (1,542,532) 36,570,652 US Dollar 82,206,800 (321,644) 81,885,156 Total 182,728,642 (2,065,389) 180,663,253

Renaissance Eastern European Allocation Fund Hungarian Forint 10,681 - 10,681 Israeli shekel 867,618 (5,437) 862,181 Polish Zloty 16,240 (6,496) 9,744 Pound Sterling 56,844 (2,874) 53,970 Russian Ruble 2,480,508 (1,486,673) 993,835 Saudi Arabian Riyals - (22,279) (22,279) Swedish Kronor 219,468 (218,776) 692 Swiss Franc 3,066 - 3,066 Turkish Lira 5,109,349 (125,623) 4,983,726 US Dollar 15,565,657 (3,139,525) 12,426,132 Total 24,329,431 (5,007,683) 19,321,748

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

Notes to the Financial Statements (continued)

10. Financial Instruments and Associated Risks (continued)

(b) Foreign Currency and Exchange Rate Risk (continued)

Currency Foreign Currency Foreign Currency Net Foreign Currency Monetary Assets Monetary Liabilities Monetary Assets/(Liability) 30 September 2012 € € €

Griffin European Opportunities Fund Danish krone 104,652 - 104,652 Norwegian Krone 254,570 - 254,570 Pound Sterling 2,522,408 (158,856) 2,363,552 Swedish Kronor 213 - 213 Swiss Franc 742,042 - 742,042 US Dollar 90,342 (48,218) 42,124 Total 3,714,227 (207,074) 3,507,153

Renaissance Ottoman Fund Czech Koruna 419,739 (4,025) 415,714 Hungarian Forint 283,771 - 283,771 Israeli shekel 202,035 (3,625) 198,410 Polish Zloty 382,673 - 382,673 Pound Sterling 892,491 - 892,491 Russian Ruble 693,073 (10,154) 682,919 Saudi Arabian Riyals 2,062,929 - 2,062,929 Swedish Kronor 488 - 488 Swiss Franc 2,213 - 2,213 Turkish Lira 21,283,426 (185,792) 21,097,634 Ukrainian Hryvnia 273,946 - 273,946 United Arab Emirates Dirhams 452,323 - 452,323 US Dollar 9,617,919 (248,979) 9,368,940 Total 36,567,026 (452,575) 36,114,451

Currency Foreign Currency Foreign Currency Net Foreign Currency Monetary Assets Monetary Liabilities Monetary Assets/(Liability) 30 September 2011 € € €

Renaissance Eastern European Fund Hong Kong Dollar 776,200 - 776,200 Polish Zloty 40,557,418 (4,210,254) 36,347,164 Pound Sterling 2,285,902 (314,050) 1,971,852 Romanian Leu 8,767,509 (24,805) 8,742,704 Russian Ruble 1,485,415 - 1,485,415 Turkish Lira 31,532,281 - 31,532,281 US Dollar 127,894,501 (6,179,416) 121,715,085 Total 213,299,226 (10,728,525) 202,570,701

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

Notes to the Financial Statements (continued)

10. Financial Instruments and Associated Risks (continued)

(b) Foreign Currency and Exchange Rate Risk (continued)

Currency Foreign Currency Foreign Currency Net Foreign Currency Monetary Assets Monetary Liabilities Monetary Assets/(Liability) 30 September 2011 € € €

Renaissance Eastern European Allocation Fund Czech Koruna 873,961 (12,401) 861,560 Polish Zloty 1,757,920 (16,783) 1,741,137 Pound Sterling 573,519 (22,584) 550,935 Russian Ruble 476,194 (69) 476,125 Turkish Lira 5,604,069 (926,255) 4,677,814 Ukrainian Hryvnia 168,529 (140) 168,389 US Dollar 17,871,495 (2,315,632) 15,555,863 Total 27,325,687 (3,293,864) 24,031,823

Griffin European Opportunities Fund Canadian Dollar 166,223 (163,647) 2,576 Norwegian Krone 1,353,896 - 1,353,896 Pound Sterling 590,524 (476,653) 113,871 Swedish Kronor 2,363,379 (1,644,272) 719,107 Swiss Franc 1,709,954 (413,896) 1,296,058 Turkish Lira 1 - 1 US Dollar 5,220,120 (1,363,656) 3,856,464 Total 11,404,097 (4,062,124) 7,341,973

Renaissance Ottoman Fund Czech Koruna 718,186 - 718,186 Hungarian Forint 581,952 - 581,952 Pound Sterling 20,009 (73,168) (53,159) Polish Zloty 242,796 - 242,796 Russian Ruble 76,909 - 76,909 Saudi Arabian Riyals 1,751,447 - 1,751,447 Turkish Lira 26,607,535 (251,578) 26,355,957 Ukrainian Hryvnia 126,039 - 126,039 United Arab Emirates Dirhams 301,107 - 301,107 US Dollar 9,491,703 (145,748) 9,345,955 Total 39,917,683 (470,494) 39,447,189

Sensitivity Analysis

Based on the Investment Manager’s in-house theoretical correlation analysis of the portfolio of Griffin European Opportunities Fund as at 30 September 2012, a 15% decline in EUR exchange rate against currencies outside the Euro zone with all other variables held constant would cause an increase in net assets of Griffin European Opportunities Fund of EUR 470,656 mainly as a result of foreign exchange gains on translation of CHF, NOK and USD denominated assets at fair value. Conversely, a 15% strengthening of EUR against all other currencies with all other variables held constant would cause a decrease in net assets of Griffin European Opportunities Fund of EUR 470,656.

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

Notes to the Financial Statements (continued)

10. Financial Instruments and Associated Risks (continued)

Interest rate risk arises from the possibility that changes in interest rates will affect future cash flows or the fair values of financial instruments. In general, as rates rise, the price of a fixed rate bond will fall, and vice versa. For floating rate notes the interest will normally adjust in line with the specified rate. As a general policy bonds are not hedged through swaps.

Renaissance Eastern European Fund, Griffin European Opportunities Fund and Renaissance Ottoman Fund primarily invest in equities, which neither bear interest nor have a maturity date. However, Reniassance Eastern European Allocation Fund had several Russian bonds in the category ‘Financial assets at fair value through profit or loss’ as of 30 September 2012 and 30 September 2011 disclosed in the table below. Additionally, Griffin European Opportunities Fund had several Russian bonds as of 30 September 2011.

The interest rate exposure of Renaissance Eastern European Allocation Fund as at 30 September 2012 is as follows:

Over Non-interest Total Up to 1 year 1-5 years 5 years bearing 2012 €€ € € € Assets Cash at bank 22,032,462 - - - 22,032,462 Financial assets at fair value through profit or loss - 9,428,171 3,529,982 12,593,572 25,551,725 Amounts receivable on sale of investments - - - 2,637,110 2,637,110 Other receivables - - - 37,909 37,909 Total Assets 22,032,462 9,428,171 3,529,982 15,268,591 50,259,206

Over Non-interest Total Up to 1 year 1-5 years 5 years bearing 2012 €€ € € € Liabilities Financial liabilities at fair value through profit or loss - - - (572,171) (572,171) Amounts payable for investments purchased - - - (634,433) (634,433) Investment Management fee payable - - - (162,380) (162,380) Custodian fees payable - - - (27,754) (27,754) Administration fees payable - - - (14,615) (14,615) Other expenses payable - - - (158,284) (158,284) Net assets attributable to holders of redeemable shares - - - (48,689,569) (48,689,569) Total Liabilities - - - (50,259,206) (50,259,206)

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

Notes to the Financial Statements (continued)

10. Financial Instruments and Associated Risks (continued)

The interest rate exposure of Renaissance Eastern European Allocation Fund as at 30 September 2011 is as follows:

Over Non-interest Total Up to 1 year 1-5 years 5 years bearing 2011 €€ € € € Assets Cash at bank 44,279,385 - - - 44,279,385 Financial assets at fair value through profit or loss - 6,427,849 3,597,047 15,383,820 25,408,716 Amounts receivable on sale of investments - - - 3,445,772 3,445,772 Other receivables - - - 349,482 349,482 Total Assets 44,279,385 6,427,849 3,597,047 19,179,074 73,483,355

Over Non-interest Total Up to 1 year 1-5 years 5 years bearing 2011 €€ € € € Liabilities Financial liabilities at fair value through profit or loss - - - (92,442) (92,442) Bank overdraft (31,938) - - - (31,938) Amounts payable on redemptions - - - (2,266,135) (2,266,135) Amounts payable for investments purchased - - - (5,687,273) (5,687,273) Investment Management fee payable - - - (112,675) (112,675) Custodian fees payable - - - (3,376) (3,376) Administration fees payable - - - (9,729) (9,729) Other expenses payable - - - (255,935) (255,935) Net assets attributable to holders of redeemable shares - - - (65,023,852) (65,023,852) Total Liabilities (31,938) - - (73,451,417) (73,483,355)

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

Notes to the Financial Statements (continued)

10. Financial Instruments and Associated Risks (continued)

At 30 September 2012, Griffin European Opportunities Fund did not hold any interest bearing investments.

The interest rate exposure of Griffin European Opportunities Fund as at 30 September 2011 is as follows:

Over Non-interest Total Up to 1 year 1-5 years 5 years bearing 2011 €€ € € € Assets Cash at bank 19,650,165 - - - 19,650,165 Financial assets at fair value through profit or loss - 580,866 505,500 14,032,767 15,119,133 Amounts receivable on sale of investments - - - 3,378,539 3,378,539 Other receivables - - - 459 459 Total Assets 19,650,165 580,866 505,500 17,411,765 38,148,296

Over Non-interest Total Up to 1 year 1-5 years 5 years bearing 2011 €€ € € € Liabilities Financial liabilities at fair value through profit or loss - - - (292,061) (292,061) Amounts payable on redemptions - - - (2,997,145) (2,997,145) Amounts payable for investments purchased - - - (3,326,574) (3,326,574) Investment Management fee payable - - - (44,109) (44,109) Custodian fees payable - - - (2,601) (2,601) Administration fees payable - - - (5,957) (5,957) Other expenses payable - - - (98,635) (98,635) Net assets attributable to holders of redeemable shares - - - (31,381,214) (31,381,214) Total Liabilities - - - (38,148,296) (38,148,296)

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

Notes to the Financial Statements (continued)

10. Financial Instruments and Associated Risks (continued)

(d) Liquidity Risk

Liquidity risk is the risk that an entity will encounter difficulty in realising assets or otherwise raising funds to meet commitments associated with investment activities. Certain investments in Eastern Europe and the MENA Region are traded on OTC markets and, despite the large number of stock exchanges, there may not be an organised public market for such securities. This will increase the difficulty of valuing some of the sub-funds’ investments and, until a market develops, certain investments on Renaissance Eastern European Allocation Fund, Griffin European Opportunities Fund and Renaissance Ottoman Fund may generally be illiquid. No established secondary market may exist for certain debt securities in which the sub-funds invest. Reduced secondary market liquidity may have an adverse effect on market price and the Company’s ability to dispose of particular instruments to meet its liquidity requirements or in response to specific events such as a deterioration in the creditworthiness of any particular issue. Inadequate secondary market liquidity for securities also makes it more difficult for the Company to obtain quotations for purposes of valuing its portfolio and calculating its NAV. The Directors or their delegate may use probable realisation value as the Administrator or other competent professionals appointed by Directors or their delegate for such purposes may recommend. Due to the nature of such unquoted assets and the difficulty in obtaining a valuation from other sources, such a competent professional may be related to the Administrator.

The majority of the securities which are traded on recognised exchanges and held within the funds are monitored by Bloomberg, the Investment Manager uses this tool to calculate the liquidity of the fund using the 1/3rd traded volume over 30 days rule, this provides a clear ongoing indication of the liquidity of the portfolio to ensure that any redemptions can be met, also due to the nature of the current funds being daily dealing there are no large gaps of time in which substantial and ongoing market movements will effect redemptions. A small proportion of the fund is held in securities that are not measured by this tool, however due to the size of the positions and the fact that they are considered long term investments, it is not anticipated that these would ever effect redemptions.

Large redemptions of Shares in a sub-fund might result in a sub-fund being forced to sell assets at a time and price at which it would normally prefer not to dispose of those assets.

The Investment Manager takes the trading volume of underlying securities as well as liquidity terms of collective investment schemes into account when making investment decisions in order to maintain sufficient liquidity within individual sub-funds of the Company. The Company’s exposure to collective investment schemes as at 30 September 2012 and 2011 was:

30 September 2012 30 September 2011 % of NAV % of NAV

- Renaissance Eastern European Fund 0.00% 0.00% - Renaissance Eastern European Allocation Fund 0.00% 0.00% - Griffin European Opportunities Fund 31.84% 0.01% - Renaissance Ottoman Fund 5.36% 4.30%

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

Notes to the Financial Statements (continued)

10. Financial Instruments and Associated Risks (continued)

(d) Liquidity Risk (continued)

The tables below analyse the Company’s financial liabilities and net settled derivative financial liabilities into relevant maturity groupings based on the remaining period at the Balance Sheet date to the contractual maturity date. The amounts in the table are the contractual undiscounted cash flows. Balances due within twelve months equal their carrying balances, as the impact of discounting is not significant.

The Liquidity Risk exposure of the sub-funds as at 30 September 2012 is as follows:

Less than 1-6 No stated 1 month months maturity Total Renaissance Eastern European Fund € € € €

Financial liabilities at fair value through profit or loss - (299,669) - (299,669) Amounts payable on redemptions (256,202) - - (256,202) Amounts payable for investments purchased (1,625,218) - - (1,625,218) Investment Management fee payable (527,189) - - (527,189) Custodian fees payable (46,946) - - (46,946) Administration fees payable (114,099) - - (114,099) Other expenses payable - (562,160) - (562,160) Net assets attributable to holders of redeemable shares (186,770,601) - - (186,770,601) Total (189,340,255) (861,829) - (190,202,084)

Less than 1-6 No stated 1 month months maturity Total Renaissance Eastern European Allocation Fund € € € €

Financial liabilities at fair value through profit or loss (468,885) (103,286) - (572,171) Amounts payable for investments purchased (634,433) - - (634,433) Investment Management fee payable (162,380) - - (162,380) Custodian fees payable (27,754) - - (27,754) Administration fees payable (14,615) - - (14,615) Other expenses payable - (158,284) - (158,284) Net assets attributable to holders of redeemable shares (48,689,569) - - (48,689,569) Total (49,997,636) (261,570) - (50,259,206)

Less than 1-6 No stated 1 month months maturity Total Griffin European Opportunities Fund € € € €

Amounts payable on redemptions (305,644) - - (305,644) Investment Management fee payable (12,380) - - (12,380) Custodian fees payable (4,213) - - (4,213) Administration fees payable (11,713) - - (11,713) Other expenses payable - (74,667) - (74,667) Net assets attributable to holders of redeemable shares (9,420,075) - - (9,420,075) Total (9,754,025) (74,667) - (9,828,692)

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

Notes to the Financial Statements (continued)

10. Financial Instruments and Associated Risks (continued)

(d) Liquidity Risk (continued)

Less than 1-6 No stated 1 month months maturity Total Renaissance Ottoman Fund € € € €

Financial liabilities at fair value through profit or loss (205,883) (133,605) - (339,488) Amounts payable on redemptions (8,234) - - (8,234) Amounts payable for investments purchased (168,846) (168,846) Investment Management fee payable (114,319) - - (114,319) Custodian fees payable (68,115) - - (68,115) Administration fees payable (19,794) - - (19,794) Other expenses payable - (93,070) - (93,070) Net assets attributable to holders of redeemable shares (38,488,219) - - (38,488,219) Total (39,073,410) (226,675) - (39,300,085)

The Liquidity Risk exposure of the sub-funds as at 30 September 2011 was as follows:

Less than 1-6 No stated 1 month months maturity Total Renaissance Eastern European Fund € € € €

Financial liabilities at fair value through profit or loss - (1,414,305) - (1,414,305) Bank overdraft (4,937,800) - - (4,937,800) Amounts payable on redemptions (509,848) - - (509,848) Amounts payable for investments purchased (4,589,885) - - (4,589,885) Investment Management fee payable (292,753) - - (292,753) Custodian fees payable (28,078) - - (28,078) Administration fees payable (32,529) - - (32,529) Other expenses payable - (410,383) - (410,383) Net assets attributable to holders of redeemable shares (201,630,853) - - (201,630,853) Total (212,021,746) (1,824,688) - (213,846,434)

Less than 1-6 No stated 1 month months maturity Total Renaissance Eastern European Allocation Fund € € € €

Financial liabilities at fair value through profit or loss (47,968) (44,474) - (92,442) Bank overdraft (31,938) - - (31,938) Amounts payable on redemptions (2,266,135) - - (2,266,135) Amounts payable for investments purchased (5,687,273) - - (5,687,273) Investment Management fee payable (112,675) - - (112,675) Custodian fees payable (3,376) - - (3,376) Administration fees payable (9,729) - - (9,729) Other expenses payable - (255,935) - (255,935) Net assets attributable to holders of redeemable shares (65,023,852) - - (65,023,852) Total (73,182,946) (300,409) - (73,483,355)

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

Notes to the Financial Statements (continued)

10. Financial Instruments and Associated Risks (continued)

(d) Liquidity Risk (continued)

Less than 1-6 No stated 1 month months maturity Total Griffin European Opportunities Fund € € € €

Financial liabilities at fair value through profit or loss (276,361) (15,700) - (292,061) Amounts payable on redemptions (2,997,145) - - (2,997,145) Amounts payable for investments purchased (3,326,574) - - (3,326,574) Investment Management fee payable (44,109) - - (44,109) Custodian fees payable (2,601) - - (2,601) Administration fees payable (5,957) - - (5,957) Other expenses payable - (98,635) - (98,635) Net assets attributable to holders of redeemable shares (31,381,214) - - (31,381,214) Total (38,033,961) (114,335) - (38,148,296)

Less than 1-6 No stated 1 month months maturity Total Renaissance Ottoman Fund € € € €

Financial liabilities at fair value through profit or loss - (349,880) - (349,880) Amounts payable on redemptions (736) - - (736) Investment Management fee payable (58,530) - - (58,530) Custodian fees payable (2,413) - - (2,413) Administration fees payable (6,334) - - (6,334) Other expenses payable - (46,916) - (46,916) Net assets attributable to holders of redeemable shares (40,758,170) - - (40,758,170) Total (40,826,183) (396,796) - (41,222,979)

(e) Credit Risk

Credit risk represents the loss that could occur if (i) counterparties or issuers of securities or other instruments that the Investment Manager holds fail to discharge their contractual obligations, or (ii) upon deterioration in the credit quality of third parties whose securities or other interests the Investment Manager holds. The following are particular types of credit risk associated with the business of the Investment Fund: default risk, issuer risk and counterparty risk.

The financial assets and liabilities, which potentially expose the Company to credit risk, consist principally of cash at bank, bonds and derivative instruments. The receivables on sale of investments and on subscriptions are settled on a DVP basis within three days, so they are excluded from credit risk analysis.

The Investment Manager has taken action to moderate this risk by introducing the internal investment restrictions described below:

Any over-the-counter derivative counterparty of the Company must be with an EEA member state credit institution or have a credit rating or an implied credit rating of A2 provided by an internationally recognised rating agency. Alternatively, an unrated counterparty will be acceptable where the Company is indemnified against losses suffered as a result of a failure by the counterparty, by an entity which has and maintains a rating of A2. The UCITS Regulations are 10% for a credit institution within the EEA or Basle Capital Convergence and 5% for all others.

Each Sub-Fund may not invest more than 20% of net assets in deposits made with the same credit institution. Deposits with any one credit institution, other than credit institutions authorised in the EEA or credit institutions authorised within a signatory state (other than an EEA Member State) to the Basle Capital Convergence Agreement of July 1988, held as ancillary liquidity, must not exceed 10% of net assets. This limit may be raised to 20% in the case of deposits made with the Custodian.

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

Notes to the Financial Statements (continued)

10. Financial Instruments and Associated Risks (continued)

(e) Credit Risk (continued)

The calculation of credit risk exposure for Renaissance Eastern European Fund, Renaissance Eastern European Allocation Fund and Renaissance Ottoman Fund as at 30 September 2012, relates to the common regulatory approaches for the calculation of default, issuer and counterparty exposure.

30 September 2012

Renaissance Renaissance Eastern Eastern Renaissance European European Ottoman Total Fund Allocation Fund Fund € € € €

Default risk exposure 17,517,159 4,367,582 11,469,216 1,680,361 Issuer risk exposure 11,091,686 11,091,686 - - Counterparty risk exposure 2,123,566 273,159 1,377,388 473,019 Total credit risk exposure 30,732,411 15,732,427 12,846,604 2,153,380

Total capital charge on credit risk is €2,458,593.

The Griffin European Opportunities Fund’s credit risk exposure as at 30 September 2012 was as follows:

Counterparty S&P Rating % of Company's NAV Credit Suisse First Boston A-1 3.56% Goldman Sachs A-2 1.62%

The extent of the Company’s exposure to credit risk for Griffin European Opportunities Fund as at 30 September 2011 and for all sub-funds’ as at 30 September 2011, is calculated by adding the market value of the derivative instruments to the cash balances held in margin accounts for options and futures under ISDA or clearing agreements.

The Company’s credit risk exposure as at 30 September 2011 was as follows:

Counterparty S&P Rating % of Company's NAV Bank Zachodni WBK N/A 2.09% Barclays A-1 0.08% BNYM SA/NV A-1+ 9.82% Citigroup A-1 2.53% Credit Suisse First Boston A-1 2.67% Finansinvest* N/A 0.73% Goldman Sachs A-1 0.84% HSBC A-1+ 0.55% JP Morgan A-1 4.60% Merrill Lynch A-1 0.06% Otkritie N/A 2.35% PNC Bank N.A. A+ 6.42% UBS A-1 0.86%

*Finans Invest credit rating is for Finansbank

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

Notes to the Financial Statements (continued)

10. Financial Instruments and Associated Risks (continued)

(e) Credit Risk (continued)

The Company will be exposed to a credit risk in relation to the counterparties with whom it trades, and may bear the risk of settlement default. As at 30 September 2012, Bank Zachodni WBK, Barclays, BNP Paribas, Credit Suisse First Boston, Goldman Sachs, IS Investment, JP Morgan, Lloyds Bank, Merrill Lynch, Otkritie, PNC Bank, State Street and UBS were counterparties to the sub-funds. There can be no assurance that issuers of the securities or other instruments in which the Company invests will not be subject to credit difficulties leading to the loss of some or all of the sums invested in such securities or instruments.

When investing in fixed income securities, the Company has exposure to credit risk, which is the risk that the issuer will be unable to repay principal or interest in full when due. As at 30 September 2012, Renaissance Eastern European Fund, Griffin European Opportunities Fund and Renaissance Ottoman Fund did not have any fixed income exposure. Griffin European Opportunities Fund’s maximum exposure to fixed income credit risk at 30 September 2011 was €1,086,365 or 3.46% of NAV. Renaissance Eastern European Allocation Fund’s maximum exposure to fixed income credit risk at 30 September 2012 was € 12,958,153 (2011: €10,024,896) or 26.60% (2011: 15.40%) of NAV.

The assets of the Company are entrusted to the Custodian for safekeeping. The Sub-Custodian has S&P credit rating of A-1. The Custodian reports to the Board at the quarterly board meetings.

(f) Risks of Derivative Instruments

The sub-funds may use various derivative instruments. Use of derivative instruments presents certain risks, such as:

 when used for hedging purposes, an imperfect or variable degree of correlation between price movements of the derivative instrument and the underlying investment sought to be hedged may prevent a sub-fund from achieving the intended hedging effect or expose the sub-fund to the risk of loss;  derivative instruments, especially when traded in large amounts, may not be liquid in all circumstances, so that in volatile markets a sub-fund may not be able to close out a position without incurring a loss. In addition, daily limits on price fluctuations and speculative position limits on exchanges on which a sub-fund may conduct its transactions in certain derivative instruments may prevent prompt liquidation of positions, subjecting the sub-fund to the potential of greater losses;  trading in derivative instruments can result in leverage which could magnify the gains and losses experienced by a sub-fund and could cause the sub-fund’s NAV to be subject to wider fluctuations than would be the case if the sub- fund did not use the leverage feature in derivative instruments; and  derivative instruments that may be purchased or sold by a sub-fund may include instruments not traded on an exchange.

The counterparties for derivative instruments are UBS, Credit Suisse, Okirite, Goldman Sachs and IS Investment.

The techniques and instruments utilised for the purposes of efficient portfolio management are those that are reasonably believed by the Investment Manager to be economically appropriate to the efficient management of the Company. The main financial instruments include exchange traded and over-the-counter derivatives such as futures and options on equity indices and individual stocks as well as currency options. The Company uses derivative financial instruments to moderate or at times, enhance certain risk exposures within the investment portfolios. Compliance with UCITS derivative exposure restrictions is monitored by the Investment Manager on a daily basis.

(g) Efficient Portfolio Management

The Company is authorised to engage in certain transactions for the purposes of efficient portfolio management involving the use of derivative instruments, including forward currency exchange contracts and currency futures contracts and options on such futures contracts, as well as to purchase put or call options on foreign currencies. In order to hedge against adverse market movements, the Company is also permitted to purchase put and call options on securities, write covered put and call options on stocks and enter into securities index futures contracts and related options. The Company is also authorised to hedge against interest rate fluctuations affecting portfolio securities by entering into interest rate futures contracts and options thereon and to enter into repurchase agreements. The Company may seek to protect the value of some or all of its portfolio holdings against currency risks by engaging in hedging transactions within the conditions and limits set down by the Central Bank.

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

Notes to the Financial Statements (continued)

10. Financial Instruments and Associated Risks (continued)

(g) Efficient Portfolio Management (continued)

During the year under review, Renaissance Eastern European Fund, Renaissance Eastern European Allocation Fund, Griffin European Opportunities Fund and Renaissance Ottoman Fund entered into covered option contracts to protect against adverse market movement, resulting in a fair value gain which is included in the Income Statement on page 18.

All fair value and movements in fair value gains/(losses) arising during the year through the use of efficient portfolio management techniques are included in the Income Statement on page 18.

11. Fair Value of Financial Instruments

The following tables show financial instruments recognised at fair value, analysed between those whose fair value is based on:

 Quoted prices in active markets for identical assets or liabilities (Level 1);

 Those involving inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices) (Level 2); and

 Those with inputs for the asset or liability that are not based on observable market data (unobservable inputs) (Level 3).

The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety. For this purpose, the significance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a Level 3 measurement. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgement, considering factors specific to the asset or liability.

The determination of what constitutes ‘observable’ requires significant judgement by the Directors. The Directors consider observable data to be that market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market.

Renaissance Eastern European Fund Level 1 Level 2 Level 3 Total Financial Assets at Fair Value as at 30 September 2012 € € € €

Financial assets at fair value through profit or loss Designated at fair value through profit or loss upon initial recognition Equity instruments 181,984,246 - - 181,984,246 Total 181,984,246 - - 181,984,246

Level 1 Level 2 Level 3 Total Financial Liabilities at Fair Value as at 30 September 2012 € € € €

Financial Liabilities at Fair Value through profit or loss Held for Trading Future Contracts (299,669) - - (299,669) Total (299,669) - - (299,669)

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

Notes to the Financial Statements (continued)

11. Fair Value of Financial Instruments (continued)

Renaissance Eastern European Fund Level 1 Level 2 Level 3 Total Financial Assets at Fair Value as at 30 September 2011 € € € €

Financial assets at fair value through profit or loss Designated at fair value through profit or loss upon initial recognition Equity instruments 166,744,157 - - 166,744,157 166,744,157 - - 166,744,157

Financial assets at fair value through profit or loss Held for Trading Future Contracts 357,280 - - 357,280 357,280 - - 357,280

Total 167,101,437 - - 167,101,437

Level 1 Level 2 Level 3 Total Financial Liabilities at Fair Value as at 30 September 2011 € € € €

Financial liabilities at fair value through profit or loss Held for Trading Future Contracts (1,414,305) - - (1,414,305) Total (1,414,305) - - (1,414,305)

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

Notes to the Financial Statements (continued)

11. Fair Value of Financial Instruments (continued)

Renaissance Eastern European Allocation Fund Level 1 Level 2 Level 3 Total Financial Assets at Fair Value as at 30 September 2012 € € € €

Financial assets at fair value through profit or loss Designated at fair value through profit or loss upon initial recognition Debt instruments 12,958,153 - - 12,958,153 Equity instruments 11,069,342 - 960,870 12,030,212 24,027,495 - 960,870 24,988,365

Financial assets at fair value through profit or loss Held for Trading Future Contracts 21,475 - - 21,475 Forward Contracts - 14,163 - 14,163 Credit Default Swaps - 25,133 - 25,133 Contracts for Difference - 502,589 - 502,589 21,475 541,885 - 563,360

Total 24,048,970 541,885 960,870 25,551,725

Level 1 Level 2 Level 3 Total Financial Liabilities at Fair Value as at 30 September 2012 € € € €

Financial liabilities at fair value through profit or loss Held for Trading Forward Contracts - (103,286) - (103,286) Contracts for Difference - (468,885) - (468,885) Total - (572,171) - (572,171)

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

Notes to the Financial Statements (continued)

11. Fair Value of Financial Instruments (continued)

Renaissance Eastern European Allocation Fund Level 1 Level 2 Level 3 Total Financial Assets at Fair Value as at 30 September 2011 € € € €

Financial assets at fair value through profit or loss Designated at fair value through profit or loss upon initial recognition Debt instruments 10,024,896 - - 10,024,896 Equity instruments 14,337,098 - 960,870 15,297,968 24,361,994 - 960,870 25,322,864

Financial assets at fair value through profit or loss Held for Trading Options 46,327 - - 46,327 Future Contracts 8,022 - - 8,022 Contracts for Difference - 31,503 - 31,503 54,349 31,503 - 85,852

Total 24,416,343 31,503 960,870 25,408,716

Level 1 Level 2 Level 3 Total Financial Liabilities at Fair Value as at 30 September 2011 € € € €

Financial liabilities at fair value through profit or loss Held for Trading Future Contracts (19,479) - - (19,479) Forward Contracts - (24,995) - (24,995) Contracts for Difference - (47,968) - (47,968) Total (19,479) (72,963) - (92,442)

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

Notes to the Financial Statements (continued)

11. Fair Value of Financial Instruments (continued)

Griffin European Opportunities Fund Level 1 Level 2 Level 3 Total Financial Assets at Fair Value as at 30 September 2012 € € € €

Financial assets at fair value through profit or loss Designated at fair value through profit or loss upon initial recognition Equity instruments 5,319,650 - - 5,319,650 Collective Investment Schemes 3,000,000 - - 3,000,000 8,319,650 - - 8,319,650

Financial assets at fair value through profit or loss Held for Trading Options 9,256 - - 9,256 Future Contracts 28,849 - - 28,849 Forward Contracts - 57,146 - 57,146 38,105 57,146 - 95,251

Total 8,357,755 57,146 - 8,414,901

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

Notes to the Financial Statements (continued)

11. Fair Value of Financial Instruments (continued)

Griffin European Opportunities Fund Level 1 Level 2 Level 3 Total Financial Assets at Fair Value as at 30 September 2011 € € € €

Financial assets at fair value through profit or loss Designated at fair value through profit or loss upon initial recognition Debt instruments 1,086,365 - - 1,086,365 Equity instruments 13,493,662 - 3,773 13,497,435 14,580,027 - 3,773 14,583,800

Financial assets at fair value through profit or loss Held for Trading Options - 287,086 - 287,086 Future Contracts 98,014 - - 98,014 Contracts for Difference - 150,233 - 150,233 98,014 437,319 - 535,333

Total 14,678,041 437,319 3,773 15,119,133

Level 1 Level 2 Level 3 Total Financial Liabilities at Fair Value as at 30 September 2011 € € € €

Financial liabilities at fair value through profit or loss Held for Trading Options (12,500) - - (12,500) Contracts for Difference - (276,361) - (276,361) Future Contracts - (3,200) - (3,200) Total (12,500) (279,561) - (292,061)

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

Notes to the Financial Statements (continued)

11. Fair Value of Financial Instruments (continued)

Renaissance Ottoman Fund Level 1 Level 2 Level 3 Total Financial Assets at Fair Value as at 30 September 2012 € € € €

Financial assets at fair value through profit or loss Designated at fair value through profit or loss upon initial recognition Equity instruments 34,352,908 - - 34,352,908 Collective Investment Schemes 2,062,929 - - 2,062,929 36,415,837 - - 36,415,837

Financial assets at fair value through profit or loss Held for Trading Future Contracts 12,847 - - 12,847 12,847 - - 12,847

Total 36,428,684 - - 36,428,684

Level 1 Level 2 Level 3 Total Financial Liabilities at Fair Value as at 30 September 2012 € € € €

Financial liabilities at fair value through profit or loss Held for Trading Future Contracts (133,605) - - (133,605) Forward Contracts - (47,676) - (47,676) Contracts for Difference - (158,207) - (158,207) Total (133,605) (205,883) - (339,488)

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

Notes to the Financial Statements (continued)

11. Fair Value of Financial Instruments (continued)

Griffin Ottoman Fund Level 1 Level 2 Level 3 Total Financial Assets at Fair Value as at 30 September 2011 € € € €

Financial assets at fair value through profit or loss Designated at fair value through profit or loss upon initial recognition Equity instruments 38,478,595 - - 38,478,595 38,478,595 - - 38,478,595

Financial assets at fair value through profit or loss Held for Trading Options - 490,926 - 490,926 Forward Contracts - 488 - 488 - 491,414 - 491,414

Total 38,478,595 491,414 - 38,970,009

Level 1 Level 2 Level 3 Total Financial Liabilities at Fair Value as at 30 September 2011 € € € €

Financial liabilities at fair value through profit or loss Held for Trading Options - (73,230) - (73,230) Future Contracts (150,439) - - (150,439) Forward Contracts - (53,043) - (53,043) Contracts for Difference - (73,168) - (73,168) Total (150,439) (199,441) - (349,880)

Level 3 Reconciliation

Renaissance Eastern European Fund

There were no level 3 investments held by Renaissance Eastern European Fund as at 30 September 2012.

Level 3 € Balance as at 1 October 2010 58,563 Purchase/(Sales) - Net Transfer in/(out) of Level 3 - Gains/(Losses) reported -Realised - -Unrealised (58,563) Balance as at 30 September 2011 -

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

Notes to the Financial Statements (continued)

11. Fair Value of Financial Instruments (continued)

Level 3 Reconciliation (continued)

Renaissance Eastern European Allocation Fund Level 3 € Balance as at 1 October 2011 960,870 Purchase/(Sales) - Net Transfer in/(out) of Level 3 - Gains/(Losses) reported -Realised - -Unrealised - Balance as at 30 September 2012 960,870

Level 3 € Balance as at 1 October 2010 2,023,044 Purchase/(Sales) 100,000 Net Transfer in/(out) of Level 3 - Gains/(Losses) reported -Realised - -Unrealised (1,162,174) Balance as at 30 September 2011 960,870

Griffin European Opportunities Fund Level 3 € Balance as at 1 October 2011 3,773 Purchase/(Sales) - Net Transfer in/(out) of Level 3 - Gains/(Losses) reported -Realised - -Unrealised (3,773) Balance as at 30 September 2012 -

Griffin European Opportunities Fund Level 3 € Balance as at 1 October 2010 3,751 Purchase/(Sales) - Net Transfer in/(out) of Level 3 - Gains/(Losses) reported -Realised - -Unrealised 22 Balance as at 30 September 2011 3,773

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

Notes to the Financial Statements (continued)

11. Fair Value of Financial Instruments (continued)

Level 3 Reconciliation (continued)

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. When observable prices are not available for these securities, the Directors use one or more valuation techniques (e.g., the market approach, the income approach or the cost approach) for which sufficient and reliable data is available. Within level 3, the use of the market approach generally consists of using comparable market transactions, while the use of the income approach generally consists of the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors.

The inputs used by the Directors in estimating the value of Level 3 investments include the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalisations and other transactions across the capital structure, offerings in the equity or debt capital markets, and changes in financial ratios or cash flows.

Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Directors in the absence of market information. The fair value measurement of Level 3 investments does not include transaction costs that may have been capitalised as part of the investment’s cost basis. Assumptions used by the Directors due to lack of observable inputs may significantly impact the resulting fair value and therefore the Directors’ results of operations. There were no material transfers between Level 1 and Level 2 during the year.

12. Exchange Rates

The exchange rates applied at 30 September 2012 are:

Currency € Currency €

Czech Koruna 25.1526 Saudi Arabian Riyals 4.8356 Danish Krone 7.4541 Swedish Kronor 8.4385 Hungarian Forint 285.8457 Swiss Franc 1.2095 Israeli Shekel 5.0481 Turkish Lira 2.3157 Norwegian Krone 7.3744 Ukrainian Hryvnia 10.5064 Polish Zloty 4.1163 United Arab Emirates Dirhams 4.7362 Pound Sterling 0.7986 US Dollar 1.2895 Russian Ruble 40.2149

The exchange rates applied at 30 September 2011 are:

Currency € Currency €

Czech Koruna 24.7151 Russian Ruble 43.2543 Hong Kong Dollar 10.4449 Saudi Arabian Riyals 5.0319 Hungarian Forint 293.3973 Swedish Kronor 9.2151 Norwegian Krone 7.8771 Swiss Franc 1.2187 Polish Zloty 4.4152 Turkish Lira 2.4948 Pound Sterling 0.8613 Ukrainian Hryvnia 10.7400 Qatar Riyals 4.8858 United Arab Emirates Dirhams 4.9281 Romanian Leu 4.3567 US Dollar 1.3417

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

Notes to the Financial Statements (continued)

13. Comparative Net Asset Values

30 September 30 September 30 September A. Total Net Asset Value 2012 2011 2010

Renaissance Eastern European Fund Class A € 179,746,204 € 195,504,639 € 286,820,835 Class AA EUR € 1,832 - - Class AA GBP £1,750 - - Class AA USD $1,787 - - Class B € 7,013,370 € 6,126,214 € 5,624,704 Class C EUR € 1,832 - - Class C GBP £1,751 - - Class C USD $2,054 - - Renaissance Eastern European Allocation Fund Class A* € 48,689,569 € 65,023,852 € 81,260,869 Griffin European Opportunities Fund Class A € 7,452,267 € 29,485,591 € 56,602,135 Class B € 1,967,808 € 1,895,623 € 9,434,642 Renaissance Ottoman Fund Class A* € 37,728,482 € 40,758,170 € 49,148,999 Class AA USD $2,041 - - Class C EUR € 756,325 - - Class C USD $2,359 - -

30 September 30 September 30 September B. Net Asset Value per Share 2012 2011 2010

Renaissance Eastern European Fund Class A € 482.28 € 445.58 € 542.22 Class AA EUR € 9.16 - - Class AA GBP £8.75 - - Class AA USD $8.93 - - Class B € 103.76 € 95.95 € 116.88 Class C EUR € 9.16 - - Class C GBP £8.75 - - Class C USD $10.27 - - Renaissance Eastern European Allocation Fund Class A* € 390.97 € 380.49 € 418.58 Griffin European Opportunities Fund Class A € 129.71 € 124.99 € 129.55 Class B € 97.86 € 94.52 € 98.23 Renaissance Ottoman Fund Class A* € 123.92 € 105.78 € 124.08 Class AA USD $10.20 - - Class C EUR € 10.08 - - Class C USD $11.80 - -

* Renaissance Eastern European Allocation Fund and Renaissance Ottoman Fund had their shares re-branded as Class A during the year ended 30 September 2012.

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

Notes to the Financial Statements (continued)

14. Soft Commissions

The Investment Manager and/or its delegates have entered into commission sharing arrangements, whereby third party research services may be paid for out of commissions paid to a broker. Commission is paid on these transactions at customary institutional rates. The Investment Manager and/or its delegates ensure that, in accordance with rules imposed upon them by their financial regulators, the research services provided are capable of adding value to investment decisions, represent original thought, have intellectual rigour and involve analysis or manipulation of data to reach meaningful conclusions. The Investment Manager and/or its delegates do not receive any money from these commissions.

There were no other soft commission transactions during the year under review.

15. Important Events during the Year

As of 22 December 2011 Renaissance Assets Managers (Guernsey) Limited was appointed to act as Investment Manager for Renaissance Eastern European Fund and as of 26 January 2012 they were also appointed to act as Investment Manager for Renaissance Eastern European Allocation Fund and Renaissance Ottoman Fund respectively.

16. Subsequent Events

As at 22 November 2012, the latest available NAV per Share of the Funds was €481.55 for Class A, €9.12 for Class AA EUR, £8.81 for Class AA GBP, $8.87 for Class AA USD, €103.59 for Class B, €9.16 for Class C EUR, £8.80 for Class C GBP and $10.14 for Class C USD of Renaissance Eastern European Fund, €396.15 for Class A of Renaissance Eastern European Allocation Fund, €130.10 for Class A and €98.11 for Class B of Griffin European Opportunities Fund, €127.58 for Class A, $10.42 for Class AA USD, €10.39 for Class C EUR and $12.14 for Class C USD of Renaissance Ottoman Fund.

The Company issued another new prospectus on 21 November 2012. The key changes to the prospectus were the official regulatory approval of the Renasset Russian Ruble Bond Fund and the Renasset Turkey Fund which are due to launch in quarter one of 2013. Also all sub-funds will no longer have the Renaissance brand but will be instead named Renasset.

17. Approval of the Annual Report and Audited Financial Statements

The annual report and audited financial statements were authorised for issue by the Directors on 13 December 2012.

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

Portfolio Statement As at 30 September 2012 (in Euros)

Renaissance Eastern European Fund

Country of Fair Value % Origin Description Quantity Currency € Net Assets

Financial Assets at Fair Value through Profit or Loss

Equities

AUSTRIA Erste Group Bank AG 110,000 EUR 1,888,150 1.01% 1,888,150 1.01%

BERMUDA VimpelCom Ltd ADR 221,930 USD 1,996,501 1.07% 1,996,501 1.07%

CZECH CEZ AS 53,559 CZK 1,554,226 0.83% REPUBLIC Telefonica Czech Republic AS 150,992 CZK 2,373,008 1.27% 3,927,234 2.10%

HUNGARY Richter Gedeon Nyrt 15,522 HUF 2,097,472 1.12% 2,097,472 1.12%

ISRAEL Bezeq The Israeli Telecommunication Corp Ltd 1,660,522 ILS 1,496,667 0.80% 1,496,667 0.80%

KYRGIZISTAN CTC Media Inc 140,000 USD 1,009,733 0.54% 1,009,733 0.54%

NEHTERLANDS X5 Retail Group NV GDR 56,289 USD 931,129 0.50% 931,129 0.50%

POLAND Bank Pekao SA 36,305 PLN 1,375,887 0.74% BRE Bank SA 10,122 PLN 776,797 0.41% Eurocash SA 153,582 PLN 1,469,291 0.79% Globe Trade Centre SA 600,000 PLN 1,093,212 0.59% Hawe SA 933,625 PLN 973,020 0.52% KGHM Polska Miedz SA 106,883 PLN 3,944,193 2.11% PGE SA 662,061 PLN 2,973,902 1.59% Polski Koncern Naftowy Orlen SA 331,412 PLN 3,671,342 1.97% Powszechna Kasa Oszczednosci Bank Polski SA 504,365 PLN 4,347,307 2.33% Powszechny Zaklad Ubezpieczen SA 42,034 PLN 3,680,250 1.97% Tauron Polska Energia SA 1,577,830 PLN 1,866,728 1.00% Telekomunikacja Polska SA 484,749 PLN 1,937,201 1.04% 28,109,130 15.06%

PORTUGAL Jeronimo Martins SGPS SA 104,384 EUR 1,356,992 0.73% 1,356,992 0.73%

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

Portfolio Statement As at 30 September 2012 (continued) (in Euros)

Renaissance Eastern European Fund

Country of Fair Value % Origin Description Quantity Currency € Net Assets

Financial Assets at Fair Value through Profit or Loss (continued)

Equities (continued)

RUSSIA AK Transneft OAO PFD 1,936 RUB 2,752,713 1.47% Federal Grid Co Unified Energy System JSC 277,590,000 RUB 1,594,855 0.85% Federal Hydrogenerating Co JSC ADR 906,274 USD 1,870,954 1.00% Gazprom OAO ADR 2,053,605 USD 15,942,135 8.54% IDGC Holding JSC 12,436,000 RUB 723,616 0.39% Lukoil OAO ADR 357,393 USD 17,073,488 9.14% Magnit OJSC 6,500 RUB 670,769 0.36% Magnit OJSC GDR 123,166 USD 3,241,889 1.74% Mail.ru Group Ltd GDR 13,705 USD 355,100 0.19% Mechel ADR 231,548 USD 492,025 0.26% MMC Norilsk Nickel OJSC ADR 364,491 USD 4,502,960 2.41% Mobile Telesystems OJSC ADR 394,041 USD 5,378,356 2.88% NovaTek OAO GDR 57,818 USD 5,295,518 2.84% Novolipetsk Steel OJSC GDR 25,000 USD 383,497 0.21% Rosneft Oil Co GDR 981,821 USD 5,105,363 2.73% Sberbank of Russia 6,469,720 RUB 14,639,907 7.84% Sberbank of Russia GDR 37,500 USD 340,843 0.18% Sberbank of Russia PFD 748,900 RUB 1,232,429 0.66% Severstal OAO GDR 63,463 USD 620,628 0.33% Sistema JSFC GDR 94,419 USD 1,501,097 0.80% Surgutneftegas OJSC ADR 536,341 USD 3,737,271 2.00% Surgutneftegas OJSC PFD 4,167,900 RUB 2,145,355 1.15% Tatneft ADR 171,413 USD 5,437,040 2.91% Uralkali OJSC GDR 141,580 USD 4,536,884 2.43% VTB Bank OJSC GDR 470,059 USD 1,219,029 0.65% 100,793,721 53.96%

TURKEY Akbank TAS 992,359 TRY 3,025,428 1.62% Anadolu Efes Biracilik Ve Malt Sanayii AS 140,865 TRY 1,575,492 0.84% Asya Katilim Bankasi AS 1,573,247 TRY 1,351,958 0.72% BIM Birlesik Magazalar AS 22,230 TRY 724,769 0.39% Coca-Cola Icecek AS 35,000 TRY 497,253 0.27% Haci Omer Sabanci Holding AS 627,073 TRY 2,139,235 1.15% KOC Holding AS 244,596 TRY 752,043 0.40% Koza Anadolu Metal Madencilik Isletmeleri AS 1,962,148 TRY 3,711,242 1.99% Migros Ticaret AS 194,437 TRY 1,578,520 0.85% Reysas Tasimacilik ve Lojistik Ticaret AS 2,751,049 TRY 890,990 0.48% Sinpas Gayrimenkul Yatirim Ortakligi AS 2,475,167 TRY 1,368,131 0.73% Tofas Turk Otomobil Fabrikasi AS 244,888 TRY 955,981 0.51% Tupras Turkiye Petrol Rafinerileri AS 100,000 TRY 1,774,823 0.95% Turk Hava Yollari 1,524,715 TRY 2,462,485 1.32% Turkcell Iletisim Hizmetleri AS 288,350 TRY 1,357,250 0.73% Turkiye Garanti Bankasi AS 1,809,029 TRY 5,905,826 3.16%

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

Portfolio Statement As at 30 September 2012 (continued) (in Euros)

Renaissance Eastern European Fund

Country of Fair Value % Origin Description Quantity Currency € Net Assets

Financial Assets at Fair Value through Profit or Loss (continued)

Equities (continued)

TURKEY Turkiye Halk Bankasi AS 255,191 TRY 1,520,750 0.81% (continued) Turkiye Sise ve Cam Fabrikalari AS 1,194,880 TRY 1,284,804 0.69% Turkiye Vakiflar Bankasi Tao 1,122,373 TRY 1,895,079 1.01% Yapi ve Kredi Bankasi AS 760,588 TRY 1,418,883 0.76% 36,190,942 19.38%

UNITED Dragon Oil Plc 289,601 GBP 2,186,575 1.17% KINGDOM 2,186,575 1.17%

Total Equities 181,984,246 97.44%

Total Financial Assets at Fair Value through Profit or Loss 181,984,246 97.44%

Financial Liabilities at Fair Value through Profit or Loss

Futures - Long Positions

RUSSIA RTS Index Future 31/12/2012 2,000 USD (299,669) (0.16%) (299,669) (0.16%)

Total Futures - Long Positions (299,669) (0.16%)

Total Financial Liabilities at Fair Value through Profit or Loss (299,669) (0.16%)

Financial assets and liabilities at fair value through profit or loss 181,684,577 97.28%

Cash at Bank 7,277,413 3.90%

Other Net Liabilities (2,191,389) (1.18%)

Net Assets Attributable to Holders of Redeemable Shares 186,770,601 100.00%

Analysis of Total Assets % of Total Assets

Transferable securities admitted to an official stock exchange or traded on a regulated market 95.68% Cash at Bank 3.83% Other Assets 0.49% Total Assets 100.00%

Please see note 10 (e) for details regarding counterparties.

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

Portfolio Statement As at 30 September 2012 (in Euros)

Renaissance Eastern European Allocation Fund

Country of Fair Value % Origin Description Quantity Currency € Net Assets

Financial Assets at Fair Value through Profit or Loss

Equities

BERMUDA iO Adria Ltd* 4,804,348 EUR 960,870 1.97% 960,870 1.97%

FINLAND Nokian Renkaat OYJ 10,000 EUR 318,500 0.65% 318,500 0.65%

ISLE OF MAN Exillon Energy PLC 29,964 GBP 51,869 0.11% 51,869 0.11%

ISRAEL Bezeq The Israeli Telecommunication Corp Ltd 300,000 ILS 270,397 0.56% Israel Chemicals Ltd 60,000 ILS 564,565 1.16% 834,962 1.72%

KAZAKHSTAN Halyk Savings Bank of Kazakhstan JSC GDR 10,000 USD 54,093 0.11% 54,093 0.11%

KYRGIZISTAN CTC Media Inc 18,000 USD 129,823 0.27% 129,823 0.27%

RUSSIA Lukoil OAO ADR 20,000 USD 955,446 1.96% Magnit OJSC 2,500 RUB 257,988 0.53% Mail.ru Group Ltd GDR 25,000 USD 647,757 1.33% MMC Norilsk Nickel OJSC ADR 90,000 USD 1,111,869 2.28% Mobile Telesystems OJSC 50,000 RUB 284,309 0.58% Mobile Telesystems OJSC ADR 30,000 USD 409,477 0.84% Phosagro OAO GDR 500 USD 5,215 0.01% Rosneft Oil Co GDR 90,000 USD 467,990 0.96% Sberbank of Russia GDR 37,400 USD 339,934 0.70% Surgutneftegas OJSC PFD 750,000 RUB 386,050 0.79% Tatneft OAO PFD 60,000 RUB 155,166 0.32% 5,021,201 10.30%

TURKEY Akfen Holding AS 75,000 TRY 282,417 0.58% Anadolu Efes Biracilik Ve Malt Sanayii AS 20,000 TRY 223,688 0.46% Anel Elektrik Proje Taahhut ve Ticaret AS 50,000 TRY 45,990 0.10% Aselsan Elektronik Sanayi Ve Ticaret AS 215,000 TRY 592,342 1.22% Ford Otomotiv Sanayi AS 40,000 TRY 315,236 0.65% Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS 700,000 TRY 350,646 0.72% Koza Altin Isletmeleri AS 59,472 TRY 978,478 2.01% Koza Anadolu Metal Madencilik Isletmeleri AS 200,000 TRY 378,284 0.78% Tofas Turk Otomobil Fabrikasi AS 125,000 TRY 487,969 1.00%

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

Portfolio Statement As at 30 September 2012 (continued) (in Euros)

Renaissance Eastern European Allocation Fund

Country of Fair Value % Origin Description Quantity Currency € Net Assets

Financial Assets at Fair Value through Profit or Loss (continued)

Equities (continued)

TURKEY Turk Telekomunikasyon AS 150,000 TRY 459,900 0.94% (continued) Turkiye Is Bankasi 100,000 TRY 246,143 0.51% 4,361,093 8.97%

UNITED STATES ProShares UltraShort 20+ Year Treasury 25,000 USD 297,801 0.61% OF AMERICA 297,801 0.61%

Total Equities 12,030,212 24.71%

Contracts for Difference - Short Positions

AUSTRIA Immofinanz Immobilien Anlage CFD (125,000) EUR 5,238 0.01% 5,238 0.01%

HUNGARY OTP Bank PLC CFD (25,500) HUF 10,681 0.02% 10,681 0.02%

POLAND Powszechna Kasa Oszczednosci Bank Polski SA CFD (35,000) PLN 16,240 0.03% 16,240 0.03%

RUSSIA Lukoil (LKOD LI) CFD (11,125) USD 42,276 0.09% Magnit OJSC-SPON GDR CFD (110,109) USD 194,694 0.40% Mobile Telesystems CFD (34,679) USD 23,667 0.05% Sberbank CFD (800,000) RUB 130,534 0.27% Surgutneftegaz SP ADR CFD (25,000) USD 23,557 0.05% VTB Bank OJSC GDR CFD (125,000) USD 48,373 0.10% 463,101 0.96%

UNITED STATES iShares MSCI Turkey Index Fund CFD (6,750) USD 7,329 0.02% OF AMERICA 7,329 0.02%

Total Contracts for difference - Short Positions 502,589 1.04%

Fixed Income - Long Positions

AUSTRIA Immofinanz AG 08/03/2018 Flat & Unit Trading 475,000 EUR 1,974,100 4.05% 1,974,100 4.05%

IRELAND Alfa Bank OJSC Via Alfa Bond Issuance PLC 7.875% 25/09/2017 1,500,000 USD 1,259,749 2.59%

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

Portfolio Statement As at 30 September 2012 (continued) (in Euros)

Renaissance Eastern European Allocation Fund

Country of Fair Value % Origin Description Quantity Currency € Net Assets

Financial Assets at Fair Value through Profit or Loss (continued)

Fixed Income - Long Positions (continued)

IRELAND Vimpel Communications Via VIP Finance Ireland Ltd (continued) OJSC 8.375% 30/04/2013 1,000,000 USD 829,321 1.70% 2,089,070 4.29%

KAZAKHSTAN BTA Bank JSC 10.75% 01/07/2018 300,000 USD 45,892 0.09% 45,892 0.09%

LUXEMBOURG Evraz Group SA 8.25% 10/11/2015 1,000,000 USD 875,414 1.80% Gazprom 7.201% 01/02/2020 319,882 USD 283,070 0.58% Gazprom OAO Via Gaz Capital SA 4.56% 09/12/2012 3,000,000 EUR 3,130,300 6.43% Severstal OAO Via Steel Capital SA 9.75% 29/07/2013 1,500,000 USD 1,263,273 2.59% Vimpel Communications OJSC Via UBS Luxembourg SA 8.25% 23/05/2016 1,500,000 USD 1,319,904 2.71% 6,871,961 14.11%

NETHERLANDS VimpelCom Holdings BV 7.5043% 01/03/2022 1,500,000 USD 1,226,920 2.52% 1,226,920 2.52%

UNITED Ferrexpo Finance PLC 7.875% 07/04/2016 325,000 USD 248,369 0.51% KINGDOM Petropavlovsk 2010 Ltd 4.00% 18/02/2015 700,000 USD 501,841 1.03% 750,210 1.54%

Total Fixed Income - Long Positions 12,958,153 26.60%

Credit Default Swaps - Long Positions

RUSSIA CDS Russian Federation 20/09/2017 3M 1,500,000 USD 25,133 0.05% 25,133 0.05%

Total Credit Default Swaps - Long Positions 25,133 0.05%

Futures - Short Positions

TURKEY ISE 30 Futures 30/10/2012 (250) TRY 3,913 0.01% 3,913 0.01%

RUSSIA RTS Index Future 31/12/2012 (1,250) USD 17,562 0.04% 17,562 0.04%

Total Futures - Short Positions 21,475 0.05%

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

Portfolio Statement As at 30 September 2012 (continued) (in Euros)

Renaissance Eastern European Allocation Fund

Country of Fair Value % Origin Description Quantity Currency € Net Assets

Financial Assets at Fair Value through Profit or Loss (continued)

Open Forward Foreign Currency Transactions Unrealised Contract Maturity Gain % of Net Currency Sold Currency Bought Rate Date € Assets TRY 2,300,000 EUR 2.3593 31/10/2012 13,414 0.03% USD 250,000 EUR 1.2888 31/10/2012 282 0.00% EUR 430,807 USD 1.2920 21/12/2012 467 0.00% 14,163 0.03%

Total Open Forward Foreign Currency Translations 14,163 0.03%

Total Financial Assets at Fair Value through Profit or Loss 25,551,725 52.48%

Financial Liabilities at Fair Value through Profit or Loss

Contracts for Difference - Long Positions

ISLE OF MAN Exillon Energy PLC CFD 114,782 GBP (2,874) (0.01%) (2,874) (0.01%)

RUSSIA Magnit CFD 25,179 RUB (206,814) (0.43%) Market Vectors Russia ETF CFD 12,500 USD (15,123) (0.03%) Mobile Telesystems OJSC CFD USD 85,000 RUB (26,640) (0.05%) OAO Gazprom ADR CFD 62,625 USD (49,539) (0.10%) Sberbank Sponsored ADR CFD 200,000 USD (133,390) (0.27%) (431,506) (0.88%)

SAUDI ARABIA Etihad Etisalat Co CFD 47,900 SAR (22,279) (0.05%) (22,279) (0.05%)

TURKEY Akbank TAS CFD 75,000 USD (3,886) (0.01%) (3,886) (0.01%)

Total Contracts for difference - Long Positions (460,545) (0.95%)

Contracts for difference - Short Positions

POLAND TVN SA CFD PLN (150,000) PLN (6,496) (0.01%) (6,496) (0.01%)

TURKEY Turkiye Is Bankasi (isbank) TRY Swap (106,750) TRY (1,844) 0.00% (1,844) 0.00%

Total Contracts for difference - Short Positions (8,340) (0.01%)

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

Portfolio Statement As at 30 September 2012 (continued) (in Euros)

Renaissance Eastern European Allocation Fund

Country of Fair Value % Origin Description Quantity Currency € Net Assets

Financial Liabilities at Fair Value through Profit or Loss (continued)

Open Forward Foreign Currency Transactions Unrealised Contract Maturity Loss % of Net Currency Sold Currency Bought Rate Date € Assets TRY 2,300,000 EUR 2.3455 31/10/2012 (7,678) (0.02%) USD 10,000,000 EUR 1.3068 21/12/2012 (95,608) (0.20%) (103,286) (0.22%)

Total Open Forward Foreign Currency Translations (103,286) (0.22%)

Total Financial Liabilities at Fair Value through Profit or Loss (572,171) (1.18%)

Financial assets and liabilities at fair value through profit or loss 24,979,554 51.30%

Cash at Bank 22,032,462 45.25%

Other Net Assets 1,677,553 3.45%

Net Assets Attributable to Holders of Redeemable Shares 48,689,569 100.00%

Analysis of Total Assets % of Total Assets

Transferable securities admitted to an official stock exchange or traded on a regulated market 47.81% Securities valued by the Directors at probable realisable value in the absence of a readily ascertainable market value 1.91% Exchange traded financial derivative instruments 0.04% Over-the-Counter financial derivative instruments 1.08% Cash at Bank 43.84% Other Assets 5.32% Total Assets 100.00%

* Unquoted securities valued by the Directors at probable realisable value in the absence of a readily ascertainable market value.

Please see note 10 (e) for details regarding counterparties.

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

Portfolio Statement As at 30 September 2012 (in Euros)

Griffin European Opportunities Fund

Country of Fair Value % Origin Description Quantity Currency € Net Assets

Financial Assets at Fair Value through Profit or Loss

Equities

CAYMAN Pearl Group Ltd 148,557 GBP 55,803 0.59% ISLANDS 55,803 0.59%

DENMARK Novozymes A/S 4,900 DKK 104,652 1.11% 104,652 1.11%

FINLAND Kone OYJ 2,200 EUR 118,580 1.26% 118,580 1.26%

FRANCE Danone 6,355 EUR 307,900 3.27% Total SA 7,500 EUR 292,988 3.11% 600,888 6.38%

GERMANY Fresenius Medical Care AG & Co KGaA 3,450 EUR 196,202 2.08% Merck KGaA 3,500 EUR 336,560 3.58% 532,762 5.66%

IRELAND Paddy Power PLC 3,900 EUR 225,225 2.39% 225,225 2.39%

JERSEY International Marketing & Sales Group Ltd* 50,000 SEK - 0.00% - 0.00%

LUXEMBOURG BRIF S.C.A SICAR* 200,000 EUR - 0.00% - 0.00%

NETHERLANDS Fugro NV 1,955 EUR 103,537 1.10% Koninklijke Boskalis Westminster NV 3,700 EUR 104,747 1.11% Nutreco NV 4,639 EUR 267,902 2.84% TNT Express NV 17,000 EUR 137,530 1.46% 613,716 6.51%

PORTUGAL Jeronimo Martins SGPS SA 7,400 EUR 96,200 1.02% 96,200 1.02%

SWEDEN Nordisk Mobiltelefon AB* 714,800 NOK - 0.00% - 0.00%

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

Portfolio Statement As at 30 September 2012 (continued) (in Euros)

Griffin European Opportunities Fund

Country of Fair Value % Origin Description Quantity Currency € Net Assets

Financial Assets at Fair Value through Profit or Loss (continued)

Equities (continued)

SWITZERLAND Aryzta AG 6,460 CHF 241,148 2.56% Nestle SA 4,000 CHF 196,775 2.09% Novartis AG 4,150 CHF 198,149 2.10% Syngenta AG 360 CHF 105,187 1.12% 741,259 7.87%

UNITED Associated British Foods PLC 13,700 GBP 222,145 2.36% KINGDOM AstraZeneca PLC 5,150 GBP 191,003 2.03% British American Tobacco PLC 3,800 GBP 152,139 1.61% Centrica PLC 45,000 GBP 185,659 1.97% Diageo PLC 8,000 GBP 174,496 1.85% GlaxoSmithKline PLC 10,000 GBP 179,116 1.90% Imperial Tobacco Group PLC 7,000 GBP 201,592 2.14% National Grid PLC 20,000 GBP 171,666 1.82% Reckitt Benckiser Group PLC 2,200 GBP 98,727 1.05% Royal Dutch Shell PLC 4,400 GBP 118,423 1.26% Smith & Nephew PLC 23,000 GBP 197,560 2.10% Tate & Lyle PLC 23,100 GBP 192,345 2.04% Tesco Plc 35,000 GBP 145,694 1.55% 2,230,565 23.68%

Total Equities 5,319,650 56.47%

Collective Investment Schemes - Long Positions

IRELAND Deutsche Global Liquidity - Man Euro - AD 600,000 EUR 600,000 6.37% Goldman Sachs Funds PLC - Euro Liquid Reserves Fund 400,000 EUR 400,000 4.24% SSGA Cash Management Eur Liquidity - I 600,000 EUR 600,000 6.37% 1,600,000 16.98%

LUXEMBOURG BNP Insticash Fund 800,000 EUR 800,000 8.49% JPMorgan Liquidity Funds - Euro Liquidity Fund 600,000 EUR 600,000 6.37% 1,400,000 14.86%

Total Collective Investment Schemes - Long Positions 3,000,000 31.84%

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

Portfolio Statement As at 30 September 2012 (continued) (in Euros)

Griffin European Opportunities Fund

Country of Fair Value % Origin Description Quantity Currency € Net Assets

Financial Assets at Fair Value through Profit or Loss (continued)

Closed End Funds - Long Positions

GUERNSEY Romania Property Fund Ltd* 50,000 GBP - 0.00% - 0.00%

Total Closed End Funds - Long Positions - 0.00%

Options - Long Positions

GERMANY December 12 Puts on DAX Put 6400 21/12/2012 13 EUR 3,946 0.04% 3,946 0.04%

EUROPEAN December 12 Puts on SX5E Put 2100 21/12/2012 30 EUR 5,310 0.06% UNION 5,310 0.06%

Total Options - Long Positions 9,256 0.10%

Futures - Short Positions

EUROPEAN EURO STOXX 50 31/12/2012 (27) EUR 25,650 0.27% UNION 25,650 0.27%

UNITED FTSE 100 IDX Future 31/12/2012 (7) GBP 3,199 0.04% KINGDOM 3,199 0.04%

Total Futures - Short Positions 28,849 0.31%

Open Forward Foreign Currency Transactions Unrealised Contract Maturity Gain % of Net Currency Sold Currency Bought Rate Date € Assets GBP 2,000,000 EUR 1.2802 26/10/2012 57,146 0.61% 57,146 0.61%

Total Open Forward Foreign Currency Translations 57,146 0.61%

Total Financial Assets at Fair Value through Profit or Loss 8,414,901 89.33%

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

Portfolio Statement As at 30 September 2012 (continued) (in Euros)

Griffin European Opportunities Fund

Country of Fair Value % Origin Description Quantity Currency € Net Assets

Financial Assets at Fair Value through Profit or Loss 8,414,901 89.33%

Cash at Bank 1,150,424 12.21%

Other Net Liabilities (145,250) (1.54%)

Net Assets Attributable to Holders of Redeemable Shares 9,420,075 100.00%

Analysis of Total Assets % of Total Assets

Transferable securities admitted to an official stock exchange or traded on a regulated market 84.65% Exchange traded financial derivative instruments 0.39% Over-the-Counter financial derivative instruments 0.58% Cash at Bank 11.70% Other Assets 2.68% Total Assets 100.00%

* Unquoted securities valued by the Directors at probable realisable value in the absence of a readily ascertainable market value.

Please see note 10 (e) for details regarding counterparties.

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

Portfolio Statement As at 30 September 2012 (in Euros)

Renaissance Ottoman Fund

Country of Fair Value % Origin Description Quantity Currency € Net Assets

Financial Assets at Fair Value through Profit or Loss

Equities

AUSTRIA DO & CO Restaurants & Catering AG 5,000 TRY 162,476 0.42% Erste Group Bank AG 30,000 EUR 514,950 1.34% Immofinanz AG 135,000 EUR 383,670 1.00% 1,061,096 2.76%

BERMUDA EastPharma Sarl GDR 420,000 USD 205,204 0.54% VimpelCom Ltd ADR 60,000 USD 539,765 1.40% 744,969 1.94%

CYPRUS Hydraulic Machines and Systems Group PLC GDR 59,500 USD 221,490 0.58% 221,490 0.58%

CZECH Telefonica Czech Republic AS 25,000 CZK 392,903 1.02% REPUBLIC 392,903 1.02%

HUNGARY Richter Gedeon Nyrt 2,100 HUF 283,771 0.74% 283,771 0.74%

ISLE OF MAN Exillon Energy PLC 200,000 GBP 346,212 0.90% 346,212 0.90%

ISRAEL Bezeq The Israeli Telecommunication Corp Ltd 200,000 ILS 180,265 0.47% 180,265 0.47%

JERSEY Genel Energy Plc 30,000 GBP 287,738 0.75% Polymetal International PLC 18,772 GBP 254,323 0.66% 542,061 1.41%

LUXEMBOURG MHP SA GDR 50,000 USD 564,194 1.46% 564,194 1.46%

POLAND Eurocash SA 40,000 PLN 382,673 0.99% 382,673 0.99%

RUSSIA E.ON Russia JSC 5,000,000 RUB 338,020 0.88% Gazprom OAO ADR 100,000 USD 776,300 2.02% Lukoil OAO ADR 20,000 USD 955,446 2.48% MMC Norilsk Nickel OJSC ADR 50,000 USD 617,705 1.61% Mobile Telesystems OJSC ADR 50,000 USD 682,462 1.77% Novorossiysk Commercial Sea Port PJSC GDR 38,750 USD 201,947 0.52% Sberbank of Russia ADR 225,000 USD 2,045,058 5.31%

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

Portfolio Statement As at 30 September 2012 (continued) (in Euros)

Renaissance Ottoman Fund

Country of Fair Value % Origin Description Quantity Currency € Net Assets

Financial Assets at Fair Value through Profit or Loss (continued)

Equities (continued)

RUSSIA Sberbank of Russia GDR 36,500 USD 331,754 0.86% (continued) Sistema JSFC GDR 20,000 USD 317,965 0.83% TGK-1 OAO 2,108,458,000 RUB 355,053 0.92% 6,621,710 17.20%

TURKEY Akfen Gayrimenkul Yatirim Ortakligi AS 300,000 TRY 204,688 0.53% Aksa Enerji Uretim AS 234,304 TRY 384,483 1.00% Alarko Gayrimenkul Yatirim Ortakligi AS 40,000 TRY 324,737 0.84% Alarko Holding AS 160,000 TRY 263,935 0.69% Anadolu Efes Biracilik Ve Malt Sanayii AS 28,000 TRY 313,164 0.81% Anadolu Hayat Emeklilik AS 150,000 TRY 295,372 0.77% Anel Elektrik Proje Taahhut ve Ticaret AS 542,502 TRY 498,993 1.30% Aselsan Elektronik Sanayi Ve Ticaret AS 150,001 TRY 413,264 1.07% Asya Katilim Bankasi AS 400,000 TRY 343,737 0.89% Aygaz AS 150,000 TRY 494,878 1.29% Bimeks Bilgi Islem ve Dis Ticaret AS 250,000 TRY 141,425 0.37% Bizim Toptan Satis Magazalari AS 30,000 TRY 299,259 0.78% Cimsa Cimento Sanayi VE Tica 85,849 TRY 292,871 0.76% Dogan Sirketler Grubu Holding AS 2,500,000 TRY 766,499 1.99% EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS 300,000 TRY 240,961 0.63% Finans Fin Kiralama 200,000 TRY 362,738 0.94% Ihlas EV Aletleri 1,000,000 TRY 328,191 0.85% Is Finansal Kiralama AS 344,247 TRY 138,250 0.36% Is Gayrimenkul Yatirim Ortakligi AS 500,000 TRY 287,167 0.75% Is Yatirim Menkul Degerler AS 572,000 TRY 422,382 1.10% Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS 2,000,000 TRY 1,001,847 2.60% Koza Altin Isletmeleri AS 30,000 TRY 493,582 1.28% Koza Anadolu Metal Madencilik Isletmeleri AS 500,000 TRY 945,709 2.46% Marti Gayrimenkul Yatirim Ortakligi AS 1,000,000 TRY 228,870 0.59% Migros Ticaret AS 50,000 TRY 405,921 1.05% Net Turizm Ticaret ve Sanayi SA 1,000,000 TRY 276,372 0.72% Park Elektrik Uretim Madencilik Sanayi ve Ticaret AS 200,000 TRY 585,562 1.52% Penguen Gida Sanayii AS 200,000 TRY 123,504 0.32% Pinar Entegre Et ve Un Sanayi AS 162,500 TRY 370,511 0.96% Reysas Gayrimenkul Yatirim Ortakligi AS 726,470 TRY 235,284 0.61% Reysas Tasimacilik ve Lojistik Ticaret AS 279,661 TRY 90,575 0.23% Sekerbank TAS 800,000 TRY 435,285 1.13% Tofas Turk Otomobil Fabrikasi AS 90,000 TRY 351,337 0.91% Trakya Cam Sanayi AS 600,000 TRY 525,970 1.37% Tupras Turkiye Petrol Rafinerileri AS 140,000 TRY 2,484,753 6.46% Turk Hava Yollari 500,000 TRY 807,523 2.10%

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

Portfolio Statement As at 30 September 2012 (continued) (in Euros)

Renaissance Ottoman Fund

Country of Fair Value % Origin Description Quantity Currency € Net Assets

Financial Assets at Fair Value through Profit or Loss (continued)

Equities (continued)

TURKEY Turkcell Iletisim Hizmetleri AS 350,000 TRY 1,647,433 4.28% (continued) Turkiye Garanti Bankasi AS 200,000 TRY 652,928 1.70% Turkiye Sise ve Cam Fabrikalari AS 200,000 TRY 215,052 0.56% Turkiye Vakiflar Bankasi Tao 1,100,000 TRY 1,857,303 4.83% Uzel Makina Sanayii AS* 14,000 TRY - 0.00% 20,552,315 53.40%

UKRAINE Motor Sich PJSC 1,300 UAH 273,946 0.71% 273,946 0.71%

UNITED ARAB DP World Ltd 50,000 USD 436,233 1.13% EMIRATES Emaar Properties PJSC 280,000 AED 205,737 0.54% Emirates NBD PJSC 200,000 AED 125,841 0.33% SHUAA Capital PSC 953,114 AED 120,745 0.31% 888,556 2.31%

UNITED First Gulf Bank - HSBC Bank Cert 15/04/2014 400,000 USD 840,793 2.18% KINGDOM Union National Bank Abu Dhabi - HSBC Bank Cert 15/4/2014 700,000 USD 455,954 1.19% 1,296,747 3.37%

Total Equities 34,352,908 89.26%

Collective Investment Schemes - Long Positions

SAUDI ARABIA HSBC Saudi Equity Fund - SEF 105,911 SAR 2,062,929 5.36% 2,062,929 5.36%

Total Collective Investment Schemes - Long Positions 2,062,929 5.36%

Futures - Short Positions

TURKEY ISE 30 Futures 31/10/2012 (400) TRY 12,847 0.03% 12,847 0.03%

Total Futures - Short Positions 12,847 0.03%

Total Financial Assets at Fair Value through Profit or Loss 36,428,684 94.65%

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

Portfolio Statement As at 30 September 2012 (continued) (in Euros)

Renaissance Ottoman Fund

Country of Fair Value % Origin Description Quantity Currency € Net Assets

Financial Liabilities at Fair Value through Profit or Loss

Contracts for difference - Long Positions

RUSSIA OAO Gazprom ADR CFD 200,000 USD (158,207) (0.41%) (158,207) (0.41%)

Total Contracts for difference - Long Positions (158,207) (0.41%)

Futures - Long Positions

RUSSIA Lukoil future opt 31/12/2012 564 RUB (10,154) (0.03%) RTS Index Future 31/12/2012 950 USD (123,451) (0.32%) (133,605) (0.35%)

Total Futures - Long Positions (133,605) (0.35%)

Open Forward Foreign Currency Transactions Unrealised Contract Maturity Loss % of Net Currency Sold Currency Bought Rate Date € Assets TRY 10,000,000 EUR 2.3500 19/10/2012 (47,676) (0.12%) (47,676) (0.12%)

Total Open Forward Foreign Currency Translations (47,676) (0.12%)

Total Financial Liabilities at Fair Value through Profit or Loss (339,488) (0.88%)

Financial Assets and Liabilities at Fair Value through Profit or Loss 36,089,196 93.77%

Cash at Bank 2,508,387 6.52%

Other Net Liabilities (109,364) (0.29%)

Net Assets Attributable to Holders of Redeemable Shares 38,488,219 100.00%

Analysis of Total Assets % of Total Assets

Transferable securities admitted to an official stock exchange or traded on a regulated market 92.66% Exchange traded financial derivative instruments 0.03% Cash at Bank 6.38% Other Assets 0.93% Total Assets 100.00%

* Unquoted securities valued by the Directors at probable realisable value in the absence of a readily ascertainable market value.

Please see note 10 (e) for details regarding counterparties.

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

Unaudited Significant Portfolio Changes For the year ended 30 September 2012

Renaissance Eastern European Fund

Top 20 Purchases

Securities Shares € KGHM Polska Miedz SA 1,394,807 43,279,176 Sberbank of Russia 18,232,640 36,335,079 Lukoil OAO ADR 562,264 24,303,639 Gazprom OAO ADR 2,576,370 21,192,439 Tatneft ADR 693,113 18,504,574 Uralkali OJSC GDR 579,263 17,152,480 Turkiye Garanti Bankasi AS 5,936,642 16,799,165 Akbank TAS 6,323,789 16,538,784 Rosneft Oil Co GDR 3,112,676 16,036,465 VTB Bank OJSC GDR 4,705,419 15,514,475 NovaTek OAO GDR 154,615 14,856,302 MMC Norilsk Nickel OJSC ADR 1,111,772 14,618,269 Turkiye Vakiflar Bankasi Tao 10,013,319 13,444,703 Bank Pekao SA 394,328 13,437,548 Turkiye Is Bankasi 7,084,961 12,209,680 Surgutneftegas OJSC ADR 1,737,032 12,104,454 Yapi ve Kredi Bankasi AS 8,388,183 11,801,832 Telekomunikacja Polska SA 2,963,738 11,570,877 Mobile Telesystems OJSC ADR 799,338 10,663,303 Sistema JSFC GDR 702,638 10,404,236

Top 20 Sales

Securities Shares € KGHM Polska Miedz SA (1,362,899) (42,598,018) Sberbank of Russia (14,889,570) (30,487,013) Rosneft Oil Co GDR (5,043,383) (26,501,994) VTB Bank OJSC GDR (5,869,695) (18,501,451) Turkiye Is Bankasi (10,887,150) (18,194,362) Turkiye Garanti Bankasi AS (6,437,902) (17,736,976) NovaTek OAO GDR (181,699) (17,652,105) MMC Norilsk Nickel OJSC ADR (1,232,081) (16,914,295) Surgutneftegas OJSC ADR (2,403,695) (16,534,252) Lukoil OAO ADR (359,371) (15,971,258) Akbank TAS (5,331,430) (15,021,363) Tatneft ADR (521,700) (14,547,771) Powszechna Kasa Oszczednosci Bank Polski SA (1,684,327) (12,960,144) Uralkali OJSC GDR (437,683) (12,679,825) Bank Pekao SA (358,023) (11,960,322) Turkiye Vakiflar Bankasi Tao (8,890,946) (11,869,311) Surgutneftegas OJSC PFD (26,986,700) (10,749,033) Emlak Konut Gayrimenkul Yatirim Ortakligi AS (10,363,097) (10,200,147) Yapi ve Kredi Bankasi AS (7,627,595) (10,015,008) Telekomunikacja Polska SA (2,478,989) (9,909,198)

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

Unaudited Significant Portfolio Changes For the year ended 30 September 2012

Renaissance Eastern European Allocation Fund

Top 20 Purchases

Securities Shares € Gazprom OAO ADR 5,755,001 47,808,189 Magnit CFD 2,568,056 37,581,639 Magnit OJSC-SPON GDR CFD 24,421,922 35,105,795 Mobile Telesystems CFD 18,679,699 27,628,434 Mobile Telesystems OJSC CFD USD 3,799,601 25,781,282 Lukoil - SPON ADR (LKOD LI) 7,689,702 14,469,331 Turkiye Garanti Bankasi AS 4,350,000 11,621,734 Novatek 1,420,344 10,862,190 Akbank TAS CFD 6,633,308 10,074,546 NovaTek OAO GDR 100,081 9,913,830 Novatek CFD 7,317,752 9,870,704 Lukoil OAO ADR 217,614 9,467,484 iShares MSCI Turkey Index Fund CFD 5,790,361 8,819,124 Polymetal International PLC CFD 1,367,625 8,644,402 Rosneft Oil Co GDR 1,590,000 8,552,542 Turkiye Garanti Bankasi CFD 6,965,230 7,930,143 OAO Gazprom ADR CFD 521,875 7,463,875 Turkiye Halk Bankasi CFD 9,796,328 6,999,277 Turkiye Is Bankasi (isbank) TRY Swap 7,429,710 6,696,966 Sberbank - Sponsored ADR CFD 460,000 6,678,023

Top 20 Sales

Securities Shares € Gazprom OAO ADR (5,996,651) (50,537,914) Magnit CFD (26,208,641) (37,901,903) Magnit OJSC-SPON GDR CFD (4,344,586) (34,586,052) Mobile Telesystems CFD (2,554,318) (27,578,051) Mobile Telesystems OJSC CFD USD (18,574,759) (25,705,779) Lukoil - SPON ADR (LKOD LI) (3,761,342) (14,479,129) Turkiye Garanti Bankasi AS (4,397,000) (11,648,338) NovaTek OAO GDR (112,575) (11,197,348) Lukoil OAO ADR (250,426) (10,845,659) Novatek CFD (2,230,240) (10,577,509) Novatek (7,181,125) (10,224,826) Akbank TAS CFD (11,363,920) (10,154,191) iShares MSCI Turkey Index Fund CFD (700,022) (8,704,807) Polymetal International PLC CFD (3,841,690) (8,473,152) Turkiye Is Bankasi (4,500,000) (8,033,448) Turkiye Garanti Bankasi CFD (6,668,414) (7,998,537) OAO Gazprom ADR CFD (5,508,875) (7,539,227) Turkiye Halk Bankasi CFD (696,250) (7,018,565) Sberbank - Sponsored ADR CFD (5,803,856) (6,765,985) Rosneft Oil Co GDR (1,270,000) (6,761,064)

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

Unaudited Significant Portfolio Changes For the year ended 30 September 2012

Griffin European Opportunities Fund

Top 20 Purchases

Securities Shares € Citi Strategic CDS Adj Divs Index CFD 2,046,859 4,055,638 BP PLC CFD 562,585 3,213,239 JPMorgan Liquidity Funds - Euro Liquidity Fund 2,500,207 2,500,207 Bayer AG 55,500 2,458,499 HeidelbergCement AG 76,474 2,401,729 Zurich Insurance Group AG 14,500 2,221,212 Goldman Sachs Funds PLC - Euro Government Liquid Reserves Fund 2,000,000 2,000,000 Goldman Sachs Funds PLC - Euro Liquid Reserves Fund 2,000,000 2,000,000 Wolseley Plc CFD 155,683 1,904,642 BNP Insticash Fund 1,900,000 1,900,000 Merck KGaA 28,000 1,876,340 Goldcorp Inc 52,000 1,855,338 Swatch Group AG 6,600 1,763,109 ThyssenKrupp AG 80,000 1,636,185 Deutsche Global Liquidity - Man Euro AD 1,600,000 1,600,000 Barrick Gold Corp 45,000 1,570,636 Vallourec SA 33,285 1,520,867 Market Vectors Gold Miners ETF 35,000 1,512,706 Eni SpA 95,000 1,454,191 ProSiebenSat.1 Media AG PFD 93,500 1,424,731

Top 20 Sales

Securities Shares € Citi Strategic CDS Adj Divs Index CFD (2,046,859) (4,082,293) BP PLC CFD (1,955,358) (3,180,703) Zurich Insurance Group AG (18,000) (2,782,056) Eni SpA (175,000) (2,674,309) BP PLC (516,800) (2,652,367) Bayer AG (55,500) (2,620,110) HeidelbergCement AG (76,474) (2,440,578) Goldcorp Inc (67,000) (2,360,264) Newmont Mining Corp (48,000) (2,283,570) Goldman Sachs Funds PLC - Euro Government Liquid Reserves Fund (2,000,000) (2,000,000) Barrick Gold Corp (55,000) (1,937,357) Sanofi (37,000) (1,934,303) Wolseley Plc CFD (1,205,221) (1,931,837) JPMorgan Liquidity Funds - Euro Liquidity Fund (1,900,207) (1,900,207) Merck KGaA (24,500) (1,697,146) ThyssenKrupp AG (80,000) (1,650,296) Rio Tinto PLC (42,000) (1,606,448) Goldman Sachs Funds PLC - Euro Liquid Reserves Fund (1,600,000) (1,600,000) Vallourec SA (33,285) (1,555,137) Vivendi SA (92,892) (1,490,722)

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

Unaudited Significant Portfolio Changes For the year ended 30 September 2012

Renaissance Ottoman Fund

Top 20 Purchases

Securities Shares € OAO Gazprom ADR CFD 15,323,870 25,535,650 Tupras Turkiye Petrol Rafinerileri AS 235,000 4,121,718 Turkiye Garanti Bankasi AS 1,325,000 3,583,275 Akbank TAS 1,265,000 3,133,946 Gazprom OAO ADR 350,000 2,941,739 Turkiye Is Bankasi 1,500,000 2,582,556 Yapi ve Kredi Bankasi AS 1,700,000 2,274,852 Lukoil OAO ADR 48,500 2,134,187 Turkiye Vakiflar Bankasi Tao 1,400,000 1,961,903 Eurasian Natural Resources CFD 623,283 1,746,626 Turkcell Iletisim Hizmetleri AS 400,000 1,613,434 Sberbank of Russia ADR 150,000 1,388,231 Turkiye Halk Bankasi AS 250,000 1,203,410 Lukoil - SPON ADR 1,001,775 726,136 Evraz Group SA GDR 55,000 697,074 HSBC Bank PALM303 05/12/14 Certificate (Etihad Etisalat) 60,000 665,746 Komercni Banka AS 5,000 649,034 Tekfen Holding AS 250,000 647,939 MMC Norilsk Nickel OJSC ADR 50,000 638,160 Emlak Konut Gayrimenkul Yatirim Ortakligi AS 600,000 611,029

Top 20 Sales

Securities Shares € OAO Gazprom ADR CFD (18,004,930) (25,466,988) Turkiye Is Bankasi (3,200,000) (5,524,807) Turkiye Garanti Bankasi AS (1,525,000) (4,449,529) Gazprom OAO ADR (500,000) (4,413,059) Yapi ve Kredi Bankasi AS (3,100,000) (4,290,636) Akbank TAS (1,190,000) (3,452,452) Turkiye Halk Bankasi AS (580,000) (2,950,990) Turkiye Vakiflar Bankasi Tao (1,925,000) (2,774,602) Tupras Turkiye Petrol Rafinerileri AS (125,000) (2,049,572) Eurasian Natural Resources CFD (718,908) (1,600,153) Sberbank of Russia ADR (175,000) (1,565,559) Rosneft Oil Co GDR (300,000) (1,522,828) Tekfen Holding AS (550,000) (1,461,948) Haci Omer Sabanci Holding AS (470,000) (1,352,023) CEZ AS (25,000) (796,560) HSBC Bank PALM303 05/12/14 Certificate (Etihad Etisalat) (60,000) (786,306) VSMPO-AVISMA Corp (5,000) (774,577) Lukoil - SPON ADR (18,500) (726,136) Evraz Group SA GDR (55,000) (715,634) Asya Katilim Bankasi AS (850,000) (673,940)

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

Financial Information (Unaudited) 30 September 2012

The Total Expense Ratio and Portfolio Turnover Rate are calculated in accordance with the Swiss Funds Association’s (SFA) “Guidelines on the calculation and disclosure of the TER and PTR”. These guidelines are aimed at ensuring the uniform implementation of this provision with regard to the costs and commissions incurred in connection with the management of collective investment schemes, thereby contributing to the highest possible pricing transparency for the collective investment schemes offered on the Swiss market.

Total Expense Ratios (TER)

Ratio of Total Operating Ratio of Total Operating Expenses to average Fund Expenses to average Fund daily net assets for the daily net assets for the twelve months ended 30 twelve months ended 30 Fund Name Share Class September 2012 September 2011 Renaissance Eastern European Fund Class A Shares 2.17% 2.09% Class B Shares 2.26% 2.20%

Renaissance Eastern European Allocation Fund Class A Shares 2.50% 2.43%

Griffin European Opportunities Fund Class A Shares 2.14% 2.08% Class B Shares 2.48% 2.34%

Renaissance Ottoman Fund Class A Shares 2.51% 2.25%

Proforma Total Expense Ratios (TER)

Renaissance Ottoman Fund Class AA USD Shares* 2.58% - Class C EUR Shares* 1.75% - Class C USD Shares* 1.83% -

The method of calculation of the Total Expense Ratios (TER) is described on the website of the Swiss Funds Association www.sfa.ch

*Ratios have been annualised

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

Financial Information (Unaudited) 30 September 2012 (continued)

Portfolio Turnover Rate (PTR)

(A) Total 1 = Purchase of securities + sale of securities (B) Total 2 = Net absolute value of daily subscription of shares + daily redemption of shares

Ratio of Total 1 (A) less Total 2 (B) to average Fund daily net assets Ratio of Total 1 (A) less Total 2 (B) for the Year ended 30 September to average Fund daily net assets for 2012 the Year ended 30 September 2011 Renaissance Eastern European Fund 684.83% 302.64% Renaissance Eastern European Allocation Fund 1343.80% 729.00% Griffin European Opportunities Fund 928.70% 1197.00% Renaissance Ottoman Fund 285.42% 310.00%

The method of calculation of the Portfolio Turnover Rates (PTR) is described on the website of the Swiss Funds Association www.sfa.ch

*Ratios have been annualised

PERFORMANCE DATA

Performance data is calculated in accordance with the Swiss Funds Association’s (SFA) “Guidelines on the calculation and publication of performance data of collective investment schemes”. These guidelines are aimed at to ensure that this provision is implemented consistently and thus helps to ensure the greatest possible degree of transparency and comparability among the collective investment schemes offered to the public on the Swiss market, to ensure that investors receive objective, sound information, and to ensure that the information available on performance (information which is very important for market participants) is highly credible. The guidelines apply to all collective investment schemes authorized in Switzerland.

Fiscal YTD Calendar 3 Year Cumulative Class Inception 01/10/2011 - 01/01/2011 - 01/01/2009 - Fund Share Class CCY Date 30/09/2012 31/12/2011 31/12/2011 Renaissance Eastern European Fund Class A EUR 15/07/1998 8.24% (23.71%) 52.56% Class AA EUR EUR 05/03/2012 (8.38%)** 0.00%** 0.00%** Class AA GBP GBP 05/03/2012 (12.48%)** 0.00%** 0.00%** Class AA USD USD 05/03/2012 (10.66%)** 0.00%** 0.00%** Class B EUR 30/11/2009 8.14% (23.78%) (4.57%)* Class C EUR EUR 05/03/2012 (8.38%)** 0.00%** 0.00%** Class C GBP GBP 05/03/2012 (12.47%)** 0.00%** 0.00%** Class C USD USD 20/01/2012 2.70%** 0.00%** 0.00%**

Renaissance Eastern European Allocation Fund EUR 27/11/2009 2.75% (2.58%) 0.22%*

Griffin European Opportunities Fund Class A EUR 06/09/2002 3.78% 2.59% 7.53% Class B EUR 17/08/2009 3.53% 2.33% (0.88%)*

Renaissance Ottoman Fund Class A EUR 03/01/2006 17.15% (24.84%) 55.63% Class AA USD USD 05/03/2012 2.03%** 0.00%** 0.00%** Class C EUR EUR 06/06/2012 0.84%** 0.00%** 0.00%** Class C USD USD 06/06/2012 19.46%** 0.00%** 0.00%**

* Figures not representative of full period as share class launched during the last 3 years

** Share Classes only lauched during 2012. Fiscal YTD figures are since inception.

Renasset Select Funds plc is an umbrella fund with segregated liability between sub-funds

Other Information

Information for Investors in Germany

The Prospectus, any supplements and addendums, the Simplified Prospectus, the Articles of Association, the annual reports and semi-annual reports are available from the paying and information agent in Germany upon request free of charge. The bid and offer prices are published in Handelsblatt and Börsen-Zeitung.

The portfolio changes for each sub-fund in the year under review can also be obtained free of charge from the paying and information agent in Germany.

Taxable Deemed Distribution for German Investors

The Company intends to qualify as a so-called transparent fund from a German fund tax law point of view (in accordance with section 5 of the Investment Tax Act). To fulfil the major pre-requisites of the transparent status, the Company has to publish the German fund tax law figures together with a certificate issued by a lawyer, a tax adviser or an auditor stating that the aforementioned German fund tax law figures have been determined as defined by German tax law within 4 months after the Company business year-end (i.e. until end of January 2012) in the electronic federal gazette.

The web-address of the electronic federal gazette is: www.ebundesanzeiger.de

Austrian Tax Information for Investors

To view the tax figures relevant for Austrian investors, please view the website of the Austrian Finance Ministry at http://www.bmf.gv.at/steuern/WeitereSteuern/Investmentfondgesetz or contact the Company's Austrian tax representative, Erste Bank AG on +43 (0) 50100 - 19526 (or 12139).

Information for Investors in Switzerland

The Prospectus, the Articles of Association the Simplified Prospectus, the annual reports and semi-annual reports as well as a list containing all purchases and sales which have been made during the reporting period can be obtained free of charge at the Swiss Representative.